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In this paper, a financing decision-making method is proposed based on the nonlinear differential equations (NDEs) to promote the healthy development of high-technological (high-tech) small and medium enterprises (SMEs). An assessment index system for financing risks is established, and the financing decision-making method is proposed based on the backward stochastic differential equation (BSDE). Then, the financing risk is evaluated with analytic hierarchy process (AHP) combined with fuzzy evaluation based on the financing status of Peilin Company. Finally, the corresponding financing decision is proposed based on the BSDE. It is found that the comprehensive score of financing risk of Peilin Company is 63.6124, indicating that the risk is high. The financing decision obtained shows that the current equity fund financing should be 396.24[Formula: see text]million to achieve the future goal. It is proved that the proposed financing risk evaluation method can assess the financing risks accurately, and the financing decision-making method based on NDE can obtain more appropriate financing decisions through calculation. This study can provide a crucial reference for management and control of financing risk for enterprises.

Viral myocarditis is a common clinical cardiovascular disease mainly induced by coxsackievirus B3 (CVB3) with no effective therapeutic measures. Induction of efficient mucosal immune responses is very critical against CVB3-induced myocarditis. FimH is an Escherichia coli (E. coli)-derived protein, which possesses an M cell-targeting property and functions as a TLR4 agonist. In this study, we introduced the recombinant FimH protein, into our previously developed CVB3 mucosal vaccine chitosan (CS)-pVP1, aiming to provoke more efficient mucosal immune responses and immunoprotection against CVB3-induced myocarditis. Compared with the CS-pVP1 vaccine, immunization with FimH-CS-pVP1 remarkably increased the levels and neutralizing titers of CVB3-specific protective secretory IgA (sIgA), enhanced the frequency of CVB3-specific IgA-producing B cells and amplified mucosal T-cell immune responses in mesenteric lymph nodes (MLNs), although failing to significantly amplify CVB3-specific systemic immune responses. Consistently, FimH-CS-pVP1 group showed the enhanced immunoprotection against CVB3-induced myocarditis, evidenced by the indices of limited myocardial injury, reduced viral loads and enhanced survival rate. Further study showed that this enhanced immunoprotection was not only ascribed to its M cell-targeting property, which led to the enhanced mucosal antigen VP1 expression, but also associated with the mucosal adjuvant effect of FimH, which facilitated the formation of germinal centers (GCs), production of IgA-inducing factors and maturation of antigen-presenting cells (APCs). Taken together, here we developed a bi-functional mucosal vaccine FimH-CS-pVP1, which simultaneously possessed the M cell-targeting property and mucosal adjuvant ability, and we showed that FimH-CS-pVP1 could efficiently induce the higher levels of CVB3-specific protective mucosal immune responses and provide better prophylactic effects against CVB3-induced myocarditis than CS-pVP1.

We examine the relationship between financial system reform and growth using data for China, which has undergone extensive financial liberalization since 1978. We construct an index of financial liberalization by combining the "Delphi method" and principal components analysis to combine eight aspects of the reform process for 1978 to 2004 and address the finance-growth nexus within a vector autoregressive model of growth, saving, and liberalization. We find robust evidence of significant positive effects of liberalization on growth in the short run and on accumulated growth in the long run but only weak effects on saving. Liberalization significantly causes both growth and saving, but there are no significant feedback effects to liberalization.

Efficient delivery of antigen to mucosal associated lymphoid tissue is a first and critical step for successful induction of mucosal immunity by vaccines. Considering its potential transcytotic capability, M cell has become a more and more attractive target for mucosal vaccines. In this research, we designed an M cell-targeting strategy by which mucosal delivery system chitosan (CS) was endowed with M cell-targeting ability via conjugating with a CPE30 peptide, C terminal 30 amino acids of clostridium perfringens enterotoxin (CPE), and then evaluated its immune-enhancing ability in the context of coxsackievirus B3 (CVB3)-specific mucosal vaccine consisting of CS and a plasmid encoding CVB3 predominant antigen VP1. It had shown that similar to CS-pVP1, M cell-targeting CPE30-CS-pVP1 vaccine appeared a uniform spherical shape with about 300 nm diameter and +22 mV zeta potential, and could efficiently protect DNA from DNase I digestion. Mice were orally immunized with 4 doses of CPE30-CS-pVP1 containing 50 μg pVP1 at 2-week intervals and challenged with CVB3 4 weeks after the last immunization. Compared with CS-pVP1 vaccine, CPE30-CS-pVP1 vaccine had no obvious impact on CVB3-specific serum IgG level and splenic T cell immune responses, but significantly increased specific fecal SIgA level and augmented mucosal T cell immune responses. Consequently, much milder myocarditis and lower viral load were witnessed in CPE30-CS-pVP1 immunized group. The enhanced immunogenicity and immunoprotection were associated with the M cell-targeting ability of CPE30-CS-pVP1 which improved its mucosal uptake and transcytosis. Our findings indicated that CPE30-CS-pVP1 may represent a novel prophylactic vaccine against CVB3-induced myocarditis, and this M cell-targeting strategy indeed could be applied as a promising and universal platform for mucosal vaccine development.

Most empirical analysis of the finance-growth nexus has used measures of financial development such as the ratio or monetary of financial assets to GDP to measure financial development. We argue that from a policy perspective measures of financial liberalisation or reform are of greater interest and, besides, are less likely to be beset by endogeneity problems which have dogged the empirical growth literature. We develop such a measure by combining the ‘Delphi’ method and principal components analysis to construct an index of financial liberalisation for China. Much of China’s financial development has been policy-driven and we could expect to find a distinct difference, at least in timing, between measures of financial reform and financial development. We compare our financial liberalisation index to a number of standard measures of financial development and find that there is pervasive evidence that financial liberalisation Granger-causes financial development but not vice versa.

The relationship between financial-system reform and growth is of continuing interest and the subject of ongoing research; yet many aspects of it remain unclear. This paper contributes to the literature by an analysis of this relationship using Chinese time-series data. China is a particularly interesting subject for such a study since it has undergone rapid and wide-ranging financial liberalisation since economic reforms began in 1978 thus providing a rich source of data. We construct an index of financial liberalisation by combining the ‘Delphi method’ and principal components analysis to combine eight aspects of the reform process for 1978 to 2004. We tackle the question of the finance-growth nexus by estimating and simulating a VAR model of growth, saving and liberalisation. We find robust evidence of significant positive effects of liberalisation on growth in the short run and on accumulated growth in the long run but weak and predominantly negative effects of liberalisation on saving. Tests of short-run Granger causality show that liberalisation significantly causes both growth and saving but that there are no significant feedbacks to liberalisation.

This paper reviews the history of the development of the Chinese stock market, analyses the market scale and structure, and sheds light on the prospects of the market. The development of the stock market can be classified into four stages, namely, the early stage of stock market development (1983-1991), the transition of the regulatory system (1992-1996), the Red Chips craze and the deflation (1997-1999), and WTO entry and state share reduction (2000-present). We argue that the current structure of China’s stock market is unbalanced and that this has important repercussions on the performance of listed companies and the further development of the stock market. Solving the problem with the poor liquidity of non-tradable shares is a particularly urgent task. As China is expected to maintain its current economic growth momentum, the prospects are that the Chinese stock market will continue to expand in the coming decade.