  The concept of modulation is generalized to pseudo-modulation and its
subclasses including pre-modulation, generalized modulation and regular
modulation. The motivation is to define the valued analogue of natural quiver,
called {\em natural valued quiver}, of an artinian algebra so as to correspond
to its valued Ext-quiver when this algebra is not $k$-splitting over the field
$k$. Moreover, we illustrate the relation between the valued Ext-quiver and the
natural valued quiver. The interesting fact we find is that the representation
categories of a pseudo-modulation and of a pre-modulation are equivalent
respectively to that of a tensor algebra of $\mathcal A$-path type and of a
generalized path algebra. Their examples are given respectively from two kinds
of artinian hereditary algebras. Furthermore, the isomorphism theorem is given
for normal generalized path algebras with finite (acyclic) quivers and normal
pre-modulations. Four examples of pseudo-modulations are given: (i) group
species in mutation theory as a semi-normal generalized modulation; (ii)
viewing a path algebra with loops as a pre-modulation with valued quiver which
has not loops; (iii) differential pseudo-modulation and its relation with
differential tensor algebras; (iv) a pseudo-modulation is considered as a free
graded category.
