The impact of digital finance on SMEs financialization: Evidence from thirty million Chinese enterprise registrations.

Based on the registration information of 30 million Chinese enterprises, this study innovatively constructs a financialization index based on the text information of enterprise business scope. Then, the impact of digital finance on small and medium-sized enterprise (SME) financialization is examined. Specifically, this study screens out SMEs involved in financial transactions by counting the keyword information in their business scope. The level of SME financialization is measured at the provincial level, based on a large number of registration samples. Empirical results based on panel fixed effects show that digital finance significantly inhibits SME financialization. On average, for each standard deviation increase in digital finance, SME financialization decreases by 0.087 standard deviations. This conclusion remains valid after a series of robustness analyses. A mechanism analysis shows that digital finance inhibits SME financialization by alleviating financing constraints, especially by providing liquidity to SMEs with relatively high financing constraints. In addition, the risk consequences of SME financialization are further examined, and SME financialization is found to significantly increase bankruptcy risk, while digital finance alleviates financing constraints and thus reduces bankruptcy risk. This study provides a new perspective for the governance of SME financialization and the optimization of the survival environment for SMEs in the context of the digital economy.

Assessment of added activity of an antitumor agent.

An unprecedented number of novel oncology drugs are under preclinical and clinical development, and nearly all are developed in combinations. With an over-reliance on biological hypotheses, there is less effort to establish single agent activity before initiating late clinical development. This may be contributing to a decreased success rate going from phase 1 to approval in the immunotherapy era. Growing evidence in clinical trial data shows that the treatment benefit from most approved combination therapies can be explained by the independent drug action model. Using this working model, we develop a simple index to measure the added antitumor activity of a new drug based on mean response duration, an endpoint that naturally combines both response status and duration information for all patients, which is shown to be highly predictive of clinical benefit of FDA-approved anti-PD-(L)1 immunotherapies. This index sheds light on challenges and opportunities in contemporary oncology drug development and provides a practical tool to assist with decision-making in early clinical trials.

Construction and evaluation of a system to measure the coordinated development of the ecological environment and the economy of the construction industry.

Based on the core concept of coordinated development of ecological environment and economy, the five-dimensional evaluation indexes including scale expansion, sustained growth, innovation development, green development and open development are constructed. In this paper, the combined weight model of CRITIC-entropy weight method TOPSIS model are used to comprehensively evaluate the coordinated development of ecological environment and economy of construction industry in China's provinces, municipalities and autonomous regions (except Xizang, Hong Kong, Macao and Taiwan) from 2004 to 2017. The results show that: (1) Open development and innovative development are the main factors affecting the coordinated development of ecological environment and economy of construction industry. (2) From 2004 to 2017, the coordinated development level of ecological environment and economy of construction industry in 30 provinces, municipalities and autonomous regions in China has a growing trend. However, at present, the level of coordinated development of the ecological environment and the economy of the construction industry in China is generally low. (3) The level of coordinated development between ecological environment and economy of construction industry in eastern China, northeast China, central China and western China is obviously different, showing a spatial distribution pattern of "the level of development from east to west". On this basis, corresponding policy suggestions are put forward in order to provide reference for promoting the coordinated development of ecological environment and economy in China's construction industry.

Understanding the cooperative interaction between myosin II and actin cross-linkers mediated by actin filaments during mechanosensation.

Myosin II is a central mechanoenzyme in a wide range of cellular morphogenic processes. Its cellular localization is dependent not only on signal transduction pathways, but also on mechanical stress. We suggest that this stress-dependent distribution is the result of both the force-dependent binding to actin filaments and cooperative interactions between bound myosin heads. By assuming that the binding of myosin heads induces and/or stabilizes local conformational changes in the actin filaments that enhances myosin II binding locally, we successfully simulate the cooperative binding of myosin to actin observed experimentally. In addition, we can interpret the cooperative interactions between myosin and actin cross-linking proteins observed in cellular mechanosensation, provided that a similar mechanism operates among different proteins. Finally, we present a model that couples cooperative interactions to the assembly dynamics of myosin bipolar thick filaments and that accounts for the transient behaviors of the myosin II accumulation during mechanosensation. This mechanism is likely to be general for a range of myosin II-dependent cellular mechanosensory processes.