企业管理诊断与风险投资公司的风险治理

风险投资是一种新型的投资工具,其最大特点是创造一种风险投资机制来识别、控制高风险。我国的风险投资机构由于主体数量少、规模小,尤其识别风险、衡量风险、规避风险、防范风险缺乏系统管理能力,而且在运作中出现不规范行为,不能很好地实现风险投资高投入、高风险、高回报的良性循环,大大阻碍了我国科技成果向实际生产力的转化,制约了经济增长。有效引入企业管理诊断的风险识别的效能,将有利于解决风险投资机构发展过程中的关键障碍性因素——投资风险的管理和控制问题。     

风险投资机构对创业企业的管理模式——行业专长与不确定性的视角北大核心CSSCISSCI

本文在梳理和分析风险投资与创业企业发展之间的关系、风险投资机构的风险及监控机制、风险投资机构的资源能力及增值服务这三个领域相关研究的基础上,开创性地构建了风险投资机构对创业企业管理模式的选择模型。该模型在创业企业类型和风险投资管理模式之间建立了匹配关系,指出风险投资机构可以通过组合激励约束机制和增值服务机制形成不同的管理模式,对在行业专长和不确定性上存在显著差异的创业企业进行分类管理,以促进创业企业的发展、提高风险投资的绩效。     

中国风险投资发展现状与对策

一、我国风险投资的发展现状不久前我们对风险投资机构进行了调查 ,这次调查的重点是各地科委、高新区管委会了解和掌握的风险投资机构。我们认为 ,这部分风险投资机构是目前我国风险投资的主导力量 ,基本能反映全国风险投资的总体情况。根据对反馈问卷的分析可以看出 ,我国风险投资机构目前具有以下特征。１ 我国的风险投资呈现良好的发展态势随着对风险投资认识的逐步深入 ,各地政府从发展当地高新技术产业出发 ,非常重视风险投资的发展 ,一些企业为增强技术竞争优势 ,也纷纷涉足风险投资行业 ,全国风险投资呈现蓬勃发展之势。目前各地不…     

促进风险投资的税收优惠政策经济学分析

首先分析了税收优惠政策促进风险投资发展的必要性,其次对税收优惠政策促进风险投资从风险投资收益和风险投资资本成本进行了经济学分析,得出了税收与风险投资数量同方向变化,税收优惠能降低风险投资的风险,使风险投资数量增加,为税收优惠提供了理论依据,最后提出了促进风险投资的税收优惠政策的几点选择。     

深圳发展风险投资的制约因素与应对措施

经过几年的发展,深圳市风险投资已经初具规模,初步形成了基本的框架体系。到2001年8月止,深圳市风险投资总规模达102亿元,共有投资机构、投资管理机构、创业孵化中心、专营担保机构、咨询顾问机构、研究机构、中介交易机构和境外创业投资公司驻深机构等风险投资机构131家。2000年10月成立了本行业的自律组织——深圳市创业投资同业公会。     

创业项目复杂性、声誉与风险投资联盟规模的实证研究

风险投资联盟已成为不确定性环境下风险投资机构获取竞争优势的一个非常重要的策略选择,联盟的规模对创业企业的绩效存在重要影响。文章研究了项目复杂性、风险投资机构声誉对风险投资联盟规模的作用机理,基于资源观、不确定性理论,提出了相应研究假设,利用国内CVsource的风险投资数据库,对2000-2012年间的VC融资事件进行了数据处理分析,运用多元回归分析验证了3个研究假设,实证研究表明:创业项目复杂性越高,该项目接受风险投资联盟规模就越大。风险投资机构的声誉越高,项目的风险投资联盟规模就越大,而且,还发现风险投资机构的声誉在项目复杂性与风险投资联盟规模的正相关关系中发挥了正向调节作用。文章研究结论弥补了联盟形成理论的不足,为联盟形成理论提供了一种新的情景。     

公司制风险投资组织结构的比较研究

风险投资基金组织结构的重要性问题,引起了学术界的广泛关注。通常观点认为,风险投资机构成功的关键是其特殊的组织结构———有限合伙制,但由于没有有限合伙制的法律制度安排,我国的风险投资机构的组织形态目前只能以公司的方式出现。本文从公司风险投资的历史与概况、公司内部风险投资的结构性缺陷、风险投资基金组织结构的重要性方面对公司制风险投资进行研究和分析,通过与有限合伙制的比较,结合国内风险投资组织形态的发展现状,提出了国内风险投资发展中组织结构设计的思路,并对我国公司制风险投资基金今后的发展方向提出了建议。     

地方政府如何推动创业风险投资业的发展

风险投资作为科技创新的一种重要工具和发展的“助推器”，其近年来的发展也越来越受到国家和各地方政府的高度重视。2005年十部委联合颁布了《创业投资企业管理暂行办法》；2006年国务院颁布了《国家中长期科学和技术发展规划纲要（2006—2020）》，明确指出我国应建立和完善创业风险投资机制。从上世纪90年代初至今的十多年的时间里，我国的创业风险投资业得到了长足的发展，主要表现在创业风险投资机构数量持续增加，资本总量快速增长（截至2005年．我国的创业风险投资机构达到319家；管理的资本额度达到631亿元）：金融机构资金增速加快：高新技术产业成为主要投向．行业分布相对稳定，退出机制逐渐成熟。     

河南省发展风险投资的制约因素与应对措施

近几年来,河南省的风险投资有了很大的发展。专业投资机构共有七家,总注册资金达三亿元。此外,创业孵化中心、咨询顾问机构、研究机构、中介服务机构等也初具规模。2002年6月成立了“河南省创业投资同业公会”,2002年10月又注册成立了“河南省高新技术产权交易所”,加快了建立风险投资机制的步伐。但客观地说,河南省风险投资的发展还存在很多问题,在一定程度上影响着河南省高新技术产业化和传统产业技术改造的步伐。因此采取有效的措施,加快发展风险投资业已是当务之急。(一)法律法规不完善完善的法律法规体系是风险投资健康运行发展的保障…     

建立创新的风险投资体系

风险投资即风险资本权益投资（equityinvestment），是指利用风险资本开发新产品、新行业，将最新科学成就、创新理念等创造性事业创建新公司的投资，它是一种在可以接受的“风险———收益”结构内进行投资。虽然近几年我国风险投资公司的迅速发展，对加快科技成果的研究、开发、转化、应用起到了一定作用，加快了国民经济的发展速度，但我国的风险投资体系仍存在着许多问题。１．风险投资企业数量较少、规模小、资金不足，没有形成产业规模；２．风险资本来源单一、社会化程度不够，参与风险投资的投资者与投资机构较少；３．风险投资主体…     

Minority business development: Where do we go from here?

Summary It is the contention here that the development of secondary markets to add liquidity to minority and small business equity and investors will greatly increase the flow of investment funds to institutions that originate those assets. While that may be true, investment originators can also create derivatives to contain the risk or to speculate in those markets. Also, investment originators can issue bonds or certificates using their minority C & I assets as securities.     

The limited role of small stock exchanges in economic development: A case study of Mozambique and Swaziland

The establishment of a successful stock market in a developing economy can provide a major source of development finance, both channelling domestic savings and attracting foreign investment. But small markets generally fail. Two micro-markets, Mozambique and Swaziland, provide an interesting case study to examine the features of new markets in sub-Saharan Africa that differ in a number of ways, including colonial legacy, membership of the Common Monetary Area and the dynamics of the political economy that defines the links between the citizens, the local elite and the state. In both countries, the operational aspects of the stock exchange are clearly inadequate as a means of promoting international investment. Thus, gains from regional integration initiatives or foreign investment are unlikely, as the market's small size and incomplete institutions currently offer limited potential for either domestic or international risk diversification. However, the political economy in both countries is the real barrier to growth.     

对我国发展房地产投资信托的思考

在房价的不断上涨下,政府出台了多项措施,来规范房地产业的发展。从房地产开发商到银行等金融机构也越来越感受到融资和金融风险的压力。房地产投资信托在某种程度上可以说是解决诸多问题的一条途径。本文在对我国现今房地产市场和房地产投资信托发展分析的基础上,借鉴了美国的房地产投资信托发展经验,对我国进一步发展房地产信托进行了思考。     

Integration in the absence of institutions: China–North Korea cross-border exchange

Theory tells us that weak rule of law and institutions deter cross-border integration, deter investment relative to trade, and inhibit trade finance. Drawing on a survey of more than 300 Chinese enterprises that are doing or have done business in North Korea, we consider how informal institutions have addressed these problems in a setting in which rule of law and institutions are particularly weak. Given the apparent reliance on hedging strategies, the rapid growth in exchange witnessed in recent years may prove self-limiting, as the effectiveness of informal institutions erode and the risk premium rises. Institutional improvement could have significant welfare implications, affecting the volume, composition, and financial terms of cross-border exchange.     

来自政府和企事业单位科技经费对高校科研的促进效应——基于浙江省高等学校面板数据的实证分析

采用门限面板回归模型实证研究浙江省高校来自政府和企事业单位科技经费对高校科研的影响。结果表明,政府科技拨款和企事业单位委托研发经费对高校科研产出存在门限效应,当政府科技拨款和企事业单位委托研发经费比例高于门限值时,对高校科研都存在显著的促进作用。研究也表明浙江省高校应该进一步加强与企事业单位在科技活动方面的合作。     

日本对华直接投资的新发展、新特点及其对策

新世纪以来,日本对华直接投资经历了快速增加、下降徘徊和再增加的过程,出现了一些新的特点。目前,尽管日资企业在中国面临知识产权保护和法制不完善等方面的问题,撤出和迁移的企业有所增加,但日本企业继续看好中国经济前景特别是看好中国大市场的潜力,以中国为中心开展海外事业的基本姿态并未改变,出现了一些有利于对华直接投资发展的新动向。为此,我国应该有针对性地采取积极的政策措施,促使日本企业改变对华直接投资"雷声大雨点小"的现状,既扩大投资规模,又改善投资质量,全面提升日本对华直接投资的规模和档次。     

Corporation for development as a tool to attract foreign investment

The paper examines the characteristics of one of the key institutions of the investment policy—the agency for attracting investments, in particular its functions. We have found that the existence of this institution positively affects on the number of projects with the participation of foreign investors in the Russian regions.     

私人股权投资在中国的投资操作路线及其现状

海外私人股权投资机构通常运用完美闭环操作,用股权投资方式进入中国。但由于中国种种政策的限制,私人股权投资机构一般利用离岸公司进行投资,以便资金退出。本文介绍了离岸公司的特征及其离岸重组过程,最后介绍了私人股权机构利用离岸公司在中国进行投资的近况。     

Does stock market listing impact investment in Japan?

We provide the first large sample comparison of investment by Japanese listed and unlisted public firms. We show that listed firms invest more and have greater sensitivity to investment opportunities than comparable unlisted companies. Our findings suggest that the role of listing in alleviating financial constraints and agency costs is more important than potential underinvestment due to myopic behavior. However, the positive relationship between listing and investment is primarily driven by standalone firms. Further analysis confirms that as the number of subsidiaries in a business group increases the positive impact of listing on investment declines. Additionally, we find that the positive impact of listing on investment is greater for financially constrained firms. We also document a positive association between stock liquidity and investment for listed firms. Taken together, our results suggest that stock markets play an important role in easing financial constraints and preventing managerial shirking both of which increase investment. Finally, we show that higher levels of ownership by financial institutions, board members, and foreign investors increases corporate investment.     

Remittance,Institutions and Investment Volatility Interactions: An Intercontinental Analysis

Generating massive investment for growth and development has been one of the main policy goals of most economies around the globe. Countries, most especially developing ones, are highly susceptible to investment volatility owing largely to the fragile nature of their economies as well as weaknesses in terms of dysfunctional institutions. Therefore, sound economic management suggests the need to better understand possible sources for mitigating the adverse effects of investment volatility. Remittances have been identified as important capital flows which do a good job of dousing macroeconomic volatilities. It is on this basis that the study sought to uncover the causal relationship between remittances and investment volatility via the intermediating role of institutions. Using a panel of 70 countries and the system Generalized Method of Moments (GMM) estimator, three insightful outcomes come to the fore. First, remittances played countercyclical roles across the estimated regressions. Second, institutional quality had no significant role in mitigating investment volatility and lastly, the interactive terms of both remittances and institutions significantly mitigated the negative impacts of investment volatility with the exception of the political component of the institutional architecture. Policy suggestions are drawn based on our results.