•We investigate the link between cash flow and firm-level productivity.•We use a panel of 130,840 Chinese manufacturing firms over the period 2001–2007.•We find that TFP is strongly constrained by ...the availability of internal finance.•The link is stronger for illiquid foreign and private firms.•Foreign non-exporters display higher dependence of TFP on cash flow than exporters.
Financial factors have been found highly important in influencing firms’ real activities and in promoting aggregate growth. Yet, the linkage between finance and firm-level productivity has been overlooked in the literature. We fill this gap using a panel of 130,840 Chinese manufacturing firms over the period 2001–2007 to estimate a TFP model augmented with cash flow. We find that, especially for illiquid foreign and private firms, productivity is strongly constrained by the availability of internal finance. Furthermore, contrary to private firms, foreign non-exporters display higher dependence of productivity on cash flow than exporters.
Abstract
Optical spectroscopic sensors are a powerful tool to reveal light-matter interactions in many fields. Miniaturizing the currently bulky spectrometers has become imperative for the wide range ...of applications that demand in situ or even in vitro characterization systems, a field that is growing rapidly. In this paper, we propose a novel integrated reconstructive spectrometer with programmable photonic circuits by simply using a few engineered MZI elements. This design effectively creates an exponentially scalable number of uncorrelated sampling channels over an ultra-broad bandwidth without incurring additional hardware costs, enabling ultra-high resolution down to single-digit picometers. Experimentally, we implement an on-chip spectrometer with a 6-stage cascaded MZI structure and demonstrate <10 pm resolution with >200 nm bandwidth using only 729 sampling channels. This achieves a bandwidth-to-resolution ratio of over 20,000, which is, to our best knowledge, about one order of magnitude greater than any reported miniaturized spectrometers to date.
Autism spectrum disorder (ASD) is a severe brain development disorder that is characterized by deficits in social communication and restricted, repetitive and stereotyped behaviors. Accumulating ...evidence has suggested that gut microbiota disorders play important roles in gastrointestinal symptoms and neurodevelopmental dysfunction in ASD patients. Manipulation of the gut microbiota by fecal microbiota transplantation (FMT) was recently shown to be a promising therapy for the treatment of various diseases. Here, we performed a clinical trial to evaluate the effect of FMT on gastrointestinal (GI) and ASD symptoms and gut microbiota alterations in children with ASD. We found that there was a large difference in baseline characteristics of behavior, GI symptoms, and gut microbiota between children with ASD and typically developing (TD) control children. FMT could improve GI symptoms and ASD symptoms without inducing any severe complications. Similarly, FMT significantly changed the serum levels of neurotransmitters. We further observed that FMT could promote the colonization of donor microbes and shift the bacterial community of children with ASD toward that of TD controls. The abundance of
Eubacterium coprostanoligenes
pre-FMT was positively correlated with high GSRS scores, whereas a decrease in
Eubacterium coprostanoligenes
abundance induced by FMT was associated with the FMT response. Our data suggest that FMT might be a promising therapeutic strategy to improve the GI and behavioral symptoms of patients with ASD, possibly due to its ability to alter gut microbiota and highlight a specific microbiota intervention that targets
Eubacterium coprostanoligenes
that can enhance the FMT response. This trial was registered at the Chinese Clinical Trial Registry (
www.chictr.org.cn
) (trial registration number ChiCTR1800014745).
Miniaturization of optical spectrometers is important to enable spectroscopic analysis to play a role in in situ, or even in vitro and in vivo characterization systems. However, scaled-down ...spectrometers generally exhibit a strong trade-off between spectral resolution and operating bandwidth, and are often engineered to identify signature spectral peaks only for specific applications. In this paper, we propose and demonstrate a novel global sampling strategy with distributed filters for generating ultra-broadband pseudo-random spectral responses. The geometry of all-pass ring filters is tailored to ensure small self- and cross-correlation for effective information acquisition across the whole spectrum, which dramatically reduces the requirement on sampling channels. We employ the power of reconfigurable photonics in spectrum shaping by embedding the engineered distributed filters. Using a moderate mesh of MZIs, we create 256 diverse spectral responses on a single chip and demonstrate a resolution of 20 pm for single spectral lines and 30 pm for dual spectral lines over a broad bandwidth of 115 nm, to the best of our knowledge achieving a new record of bandwidth-to-resolution ratio. Rigorous simulations reveal that this design will readily be able to achieve single-picometer-scale resolution. We further show that the reconfigurable photonics provides an extra degree of programmability, enabling user-defined features on resolution, computation complexity, and relative error. The use of SiN integration platform enables the spectrometer to exhibit excellent thermal stability of ±2.0 °C, effectively tackling the challenge of temperature variations at picometer-scale resolutions.
Abstract Photonic integrated circuits have been extensively explored for optical processing with the aim of breaking the speed and energy efficiency bottlenecks of digital electronics. However, the ...input/output (IO) bottleneck remains one of the key barriers. Here we report a photonic iterative processor (PIP) for matrix-inversion-intensive applications. The direct reuse of inputted data in the optical domain unlocks the potential to break the IO bottleneck. We demonstrate notable IO advantages with a lossless PIP for real-valued matrix inversion and integral-differential equation solving, as well as a coherent PIP with optical loops integrated on-chip, enabling complex-valued computation and a net inversion time of 1.2 ns. Furthermore, we estimate at least an order of magnitude enhancement in IO efficiency of a PIP over photonic single-pass processors and the state-of-the-art electronic processors for reservoir training tasks and multiple-input and multiple-output (MIMO) precoding tasks, indicating the huge potential of PIP technology in practical applications.
(
) is a prevalent pathogenic bacterium responsible for significant global health concerns. Nonetheless, the precise pathogenic mechanisms of
have still remained elusive. Autophagy, a direct cellular ...response to
infection and other pathogens, involves the recognition and degradation of these invaders in lysosomes. Histone deacetylase 6 (HDAC6), a distinctive member of the histone deacetylase family, plays a multifaceted role in autophagy regulation. This study aimed to investigate the role of HDAC6 in macrophage autophagy via the autophagolysosomal pathway, leading to alleviate
-induced pneumonia. The results revealed a substantial upregulation of HDAC6 expression level in murine lung tissues infected by
. Notably, mice lacking HDAC6 exhibited a protective response against
-induced pulmonary tissue inflammation, which was characterized by the reduced bacterial load and diminished release of pro-inflammatory cytokines. Transcriptomic analysis has shed light on the regulatory role of HDAC6 in
infection in mice, particularly through the autophagy pathway of macrophages. Validation using
-induced macrophages from mice with HDAC6 gene knockout demonstrated a decrease in cellular bacterial load, activation of the autophagolysosomal pathway, and enhancement of cellular autophagic flux. In summary, the findings indicated that HDAC6 knockout could lead to the upregulation of p-ULK1 expression level, promoting the autophagy-lysosomal pathway, increasing autophagic flux, and ultimately strengthening the bactericidal capacity of macrophages. This contributes to the alleviation of
-induced pneumonia.
Irritable bowel syndrome (IBS) is a functional gastrointestinal disorder of unknown etiology. IBS is caused by a disruption in the gut-brain axis. Given the importance of the gut microbiota in ...maintaining local and systemic homeostasis of immunity, endocrine, and other physiological processes, the microbiota-gut-brain axis has been proposed as a key regulator in IBS. Neurotransmitters have been shown to affect blood flow regulation, intestinal motility, nutrient absorption, the gastrointestinal immune system, and the microbiota in recent studies. It has the potential role to play a function in the pathophysiology of the gastrointestinal and neurological systems. Transmitters and their receptors, including 5-hydroxytryptamine, dopamine, γ-aminobutyric acid, and histamine, play an important role in IBS, especially in visceral sensitivity and gastrointestinal motility. Studies in this field have shed light on revealing the mechanism by which neurotransmitters act in the pathogenesis of IBS and discovering new therapeutic strategies based on traditional pharmacological approaches that target the nervous system or novel therapies that target the microbiota.
Pharmacological treatment of inflammatory bowel disease (IBD) is inefficient and difficult to discontinue appropriately, and enterobacterial interactions are expected to provide a new target for the ...treatment of IBD. We collected recent studies on the enterobacterial interactions among the host, enterobacteria, and their metabolite products and discuss potential therapeutic options. Intestinal flora interactions in IBD are affected in the reduced bacterial diversity, impact the immune system and are influenced by multiple factors such as host genetics and diet. Enterobacterial metabolites such as SCFAs, bile acids, and tryptophan also play important roles in enterobacterial interactions, especially in the progression of IBD. Therapeutically, a wide range of sources of probiotics and prebiotics exhibit potential therapeutic benefit in IBD through enterobacterial interactions, and some have gained wide recognition as adjuvant drugs. Different dietary patterns and foods, especially functional foods, are novel therapeutic modalities that distinguish pro-and prebiotics from traditional medications. Combined studies with food science may significantly improve the therapeutic experience of patients with IBD. In this review, we provide a brief overview of the role of enterobacteria and their metabolites in enterobacterial interactions, discuss the advantages and disadvantages of the potential therapeutic options derived from such metabolites, and postulate directions for further research.
The pathogenesis of ulcerative colitis (UC) is unclear, but it is generally believed to be closely related to an imbalance in gut microbiota. Roseburia intestinalis (R. intestinalis) might play a key ...role in suppressing intestinal inflammation, but the mechanism of its anti-inflammatory effect is unknown. In this study, we investigated the role of R. intestinalis and Toll-like receptor 5 (TLR5) in relieving mouse colitis. We found that R. intestinalis significantly upregulated the transcription of TLR5 in intestinal epithelial cells (IECs) and improved colonic inflammation in a colitis mouse model. The flagellin of R. intestinalis activated the release of anti-inflammatory factors (IL-10, TGF-β) and reduced inflammation in IECs. Furthermore, butyrate, the main metabolic product secreted by R. intestinalis, regulated the expression of TLR5 in IECs. Our data show that butyrate increased the binding of the transcription factor Sp3 (specificity protein 3) to the TLR5 promoter regions, upregulating TLR5 transcription. This work provides new insight into the anti-inflammatory effects of R. intestinalis in colitis and a potential target for UC prevention and treatment.
The occurrence and development of Parkinson's disease (PD) have been demonstrated to be related to gut dysbiosis, however, the impact of fecal microbiota transplantation (FMT) on microbiota ...engraftment in PD patients is uncertain. We performed a randomized, placebo-controlled trial at the Department of Neurology, Army Medical University Southwest Hospital in China (ChiCTR1900021405) from February 2019 to December 2019. Fifty-six participants with mild to moderate PD (Hoehn-Yahr stage 1-3) were randomly assigned to the FMT and placebo group, 27 patients in the FMT group and 27 in the placebo group completed the whole trial. During the follow-up, no severe adverse effect was observed, and patients with FMT treatment showed significant improvement in PD-related autonomic symptoms compared with the placebo group at the end of this trial (MDS-UPDRS total score, group×time effect, B = -6.56 −12.98, −0.13, P < 0.05). Additionally, FMT improved gastrointestinal disorders and a marked increase in the complexity of the microecological system in patients. This study demonstrated that FMT through oral administration is clinically feasible and has the potential to improve the effectiveness of current medications in the clinical symptoms of PD patients.
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