我国风险投资机构组织模式选择研究

我国风险投资机构目前的组织模式主要为有限责任公司和股份有限公司两种组织形式。这两种组织模式存在资金来源有限、投资工具落后、报酬机制不合理等问题;应选择有限合伙制组织模式加以解决。     

我国风险投资模式存在的问题与对策

风险投资在我国还是一个新兴的产业。本文针对目前风险投资模式存在的风险投资主体不健全,退出渠道不畅,政策法规不健全,发展的相关环境不佳等一系列问题,认为我国在风险资本筹资模式上,应建立多元化的民间风险资本供给主体,发挥政府在风险投资中积极的促进作用;在风险投资机构组织模式的选择上,应设立公开上市的二级风险投资基金,在公司制中发展有限合伙制的组织模式;在风险投资退出模式的选择上,则应针对不同情况,采取积极灵活的退出决策,减少退出风险。     

风险投资中有限合伙制与子公司制的比较

不同的风险投资组织模式运作效率是不同的,从而在很大程度上会影响本国高科枝产业发展.世界各国在发展风险投资过程中主要采用了有限合伙制、子公司制及公司制等形式.本文重点分析了有限合伙制与子公司制.比较风险投资的组织模式,对于构建中国特色的风险投资制度具有一定的意义.     

浅析风险投资运作模式在小额信贷中的运用

本文研究的重要内容是如何完善小额信贷组织,并在逐步完善小额信贷组织的过程中融入风险投资模式。本文首先阐述了小额信贷的概念以及发展模式;然后分析了我国小额信贷组织在发展过程中存在的问题,主要表现在"三农群体"资金较少和成本较高;最后从增加村镇银行营业网点数量、完善相关制度和提高农户技能等多方面,引入风险投资运作模式,提出组建小额信贷组织的措施。     

关于高科技风险投资融资问题的研究

目前,与高科技密切相关的风险投资日益受到各国的重视。我国要适应国际竞争的需要,把高新技术转化为生产力,就必须大力促进风险投资事业和高科技企业发展。基于这一现实,本文首先论述了高科技企业发展风险投资的必要性,继而分析了风险投资发展中存在的主要问题,最后提出了高科技企业发展风险投资的战略思考。     

关于高科技风险投资融资问题的研究

目前,与高科技密切相关的风险投资日益受到各国的重视。我国要适应国际竞争的需要,把高新技术转化为生产力,就必须大力促进风险投资事业和高科技企业发展。基于这一现实,本文首先论述了高科技企业发展风险投资的必要性,继而分析了风险投资发展中存在的主要问题,最后提出了高科技企业发展风险投资的战略思考。     

国内风险投资发展问题讨论综述

新世纪 ,高新技术产业成为各国青睐的目标。国内风险投资业的发展问题引起社会广泛关注。作者主要对中国发展风险投资的意义、中国风险投资业的现状及存在问题和中国发展风险投资业的对策建议方面进行了综述。     

风险投资对上市公司短期业绩影响的探究——基于北京创新企业的实证分析

我国风险投资机构经历了从无到有、逐步发展的过程,且是在我国市场、风险投资机构的组织形式尚不完善的前提下。本文通过对深圳创业板中的样本数据分析,得出风险投资对北京创新企业上市一年后业绩的影响并不显著,而风险投资作用并未完全发挥的状况表明,这些风险投资机构在发展中也还存在问题。     

美、日风险投资运作机制及其借鉴

美、日风险投资运作机制不同,导致两国风险投资发展效果迥异。美国风险投资公司以有限合伙制为其主流组织形式,有发达的私人权宜资本市场和二板市场作为风险资本进入和退出的渠道,并且也形成了适宜于风险投资发展的人才和文化环境。而日本风险投资公司的组织形式、二板市场状况和文化环境等条件都难与风险投资发展的内在要求相适应。我国目前风险投资发展中存在许多问题,对美、日风险投资运作机制的分析能为我国发展风险投资提供重要的借鉴作用。     

浅论风险投资基金组织模式的选择

风险投资基金以其投资便利、专业管理、利益共享、风险共担等优点,在证券投资产业独树一帜,受到各国政府和投资者的广泛关注.本文以中国的风险投资发展为归宿,以风险投资基金的组织模式的选择为探讨的重点,以让创业者尤其是大学生创业者对其有全面的认识和了解.     

Socially Responsible Institutional Investment in Private Equity

This article studies institutional investor allocations to the socially responsible asset class. We propose two elements influence socially responsible institutional investment in private equity: internal organizational structure, and internationalization. We study socially responsible investments from Dutch institutional investments into private equity funds, and compare socially responsible investment across different asset classes and different types of institutional investors (banks, insurance companies, and pension funds). The data indicate socially responsible investment in private equity is 40–50% more common when the decision to implement such an investment plan is centralised with a single chief investment officer. Socially responsible investment in private equity is also more common among institutional investors with a greater international investment focus, and less common among fund-of-fund private equity investments.     

企业集团人力资本投资决策分析

企业集团是一种不同于一般企业的组织形式,其人力资本投资与一般企业相比有不同的特征和影响因素。企业集团人力资本投资决策的正确与否,直接关系到企业集团的生存与发展。为寻求正确的决策方法和途径,运用基于模糊集理论的人力资本投资决策模型,并进行了实际应用分析。     

Adoption of Mobile Internet Services: An Exploratory Study of Mobile Commerce Early Adopters

The extent to which investment in information technology (IT) is related to organizational performance and productivity remains an open question in the minds of managers responsible for such investment decisions. Most past research into this relation has been based on cross-sectional analyses of 1-year periods. Attempts to determine relations between IT investment and the associated effect of that investment in such short periods have resulted in mostly mixed or negative findings. This study is thought to be the first to apply a multiyear, cross-sectional analysis. In the research, covering a 3-year period and involving firm-level data for a broad cross-section of U.S. industry, we found positive relations between higher levels of IT investment and selected measures representing organizational performance and productivity. These results, being based on multiyear analysis, are thought to be an important contribution in view of the fact that much of the existing literature in the area has failed to explain conclusively the economic impact of IT investment on organizational performance and productivity.     

Information Technology Investments and Organizational Productivity and Performance: An Empirical Investigation

The extent to which investment in information technology (IT) is related to organizational performance and productivity remains an open question in the minds of managers responsible for such investment decisions. Most past research into this relation has been based on cross-sectional analyses of 1-year periods. Attempts to determine relations between IT investment and the associated effect of that investment in such short periods have resulted in mostly mixed or negative findings. This study is thought to be the first to apply a multiyear, cross-sectional analysis. In the research, covering a 3-year period and involving firm-level data for a broad cross-section of U.S. industry, we found positive relations between higher levels of IT investment and selected measures representing organizational performance and productivity. These results, being based on multiyear analysis, are thought to be an important contribution in view of the fact that much of the existing literature in the area has failed to explain conclusively the economic impact of IT investment on organizational performance and productivity.     

两类投资对经济增长的贡献性研究──对美国的分析

本文认为,社会上的资本要素可分为固定资产和智力资本两类,社会经济增长就是由这两类资本来推动的。固定资产投资和智力资本投资对经济增长的贡献不同,从世界范围看,知识经济时代的来临使得智力资本对国民经济的贡献越来越大,而我国的经济增长总体上还依赖于固定资产投资,尚未进入知识经济时代。文章就美国智力资本投资与固定资产投资对经济增长的贡献进行了相关分析、回归分析和因果关系分析,指出美国智力资本投资对经济增长的贡献高于固定资产投资的贡献,智力资本成为促进经济增长的主要推动力。     

经济发展水平对我国对外直接投资影响的实证研究

近30年来,我国经济一直保持较快的增长速度,我国不仅作为世界经济最具活力的地区而吸引了大量来自世界各地的投资,而且,正在成为新兴的以对外直接投资来参与世界经济的重要力量。通过运用格兰杰因果关系,对我国经济发展水平与我国对外直接投资间的关系进行了实证分析和检验,也进一步说明了我国的经济增长与对外直接投资具有明显的相关性,且经济增长成为推动我国对外直接投资的原因。     

Competing globally: How Japanese MNCs have matched goals and strategies in India and China

Japanese MNCs have established strong investment positions in the US, Europe and Asia. China has been a major recipient of Japanese foreign direct investment (FDI), while investment in India has grown much more slowly. We argue that the differences extend much beyond the levels of investment—Japanese involvement in India and China is qualitatively different. Japanese FDI in China was motivated by access to location-specific productive resources, and it involved a high degree of technology, management skills and organizational knowledge transfer. The Japanese subsidiaries in China were integrated with the network of international subsidiaries as a part of the MNC's global strategy. Japanese FDI in India, however, was motivated by the desire to access local markets. It involved less transfer of technology and management skills, and Japanese subsidiaries in India operated independently as part of a multi-domestic strategy. We conclude that foreign entrants to the region should be aware and able to respond to the unique advantages of each host country and to the different strategies and capabilities of the subsidiaries of Japanese MNCs.     

Is organizational slack honey or poison? Experimental research based on external investors' perception

Organizational slack is an important topic in the organization literature. The extant research has documented both the positive and the negative attributes of slack. However, regarding the effect of organizational slack on external investors' investment decisions, little is known. Based on insights drawn from the signaling and cognitive bias literature, this study proposed that organizational slack provides a signaling effect for external stakeholders and positively affects their subsequent decision making. We further proposed that external stakeholders are subject to the influence of cognitive bias and that the strength of the positive effect of slack is contingent on the context of the organization being a state-owned or a private firm. An experimental research design was used to test these hypotheses. Consistent with our predictions, we found that organizational slack has a positive signaling effect on external investors' investment decisions and that this positive effect is weaker in state-owned firms than in private firms. The contributions and implications of this study are also discussed.     

Drivers of R&D investment: The interaction of behavioral theory and managerial incentives

This research explores the interaction of behavioral theory and agency theory, investigating their joint effects on firm-level R&D investment. Based on the logic of organizational routines driving R&D investment, we rely on the effects of organizational slack, performance relative to aspirations and distance from bankruptcy as the foundation for our research model. We argue that managerial incentives moderate the relationships between these behavioral theory variables and R&D investment, albeit in contrasting directions. Specifically, we hypothesize that stock option pay positively moderates these relationships while managerial stock ownership has a negative moderating effect. Using panel data for 573 publicly-traded manufacturing firms, we find support for several of our hypotheses, highlighting the interdependence of these two perspectives on R&D investment.     

Practitioner-Based Theory Building in Organizational Ethics

Understanding of organizational ethics phenomena requires complex understanding of organizational practices in their real world contexts. We can try to understand and build theory about these complex real world practices from the points of view of: (1) a traditional deductive, ethics literature-based, literature gap formulation approach; or, (2) an inductive, practitioner-based literature gap formulation approach. This consideration of inductive, practitioner-based versus deductive, literature-based literature gap formulation is related to the discussion concerning “engaged scholarship” and relationships and gaps between theory and practice in organization studies [Van De Ven, 2007, Engaged Scholarship: A Guide for Organizational and Research Knowledge (Oxford University Press, NY)]. However, there is an important difference with respect to the key issue of ethics literature versus practitioner-based literature gap formulation. This article offers examples of the two different approaches and makes comparisons between them. Implications for practice-based organizational ethics theory building, Ph.D. education, and public intellectual work are considered.