FDI对浙江产业集群影响的实证分析

产业集群与外商直接投资已成为浙江促进地方产业发展与升级、拉动经济增长的两个重要因素。外商直接投资对浙江产业集群的发展产生了重大影响。其促进作用主要是通过资本集聚、技术外溢和市场需求三个影响途径来实现,由此产生了产业集群效应EIC(Effect of Industrial Cluster)。本文对资本集聚、技术外溢以及集群效应进行实证分析,并在此基础上为浙江政府和企业如何更好地利用FDI发展地方产业集群提出指导性的建议。     

基于集群网络学习视角的河南产业集群创新发展分析

产业集群基于网络的学习能有效提高集群企业的创新能力。河南产业集群基于集群网络学习的层次较低,集群高科技产业含量低,集群网络中缺乏产学研的结合,影响着河南产业集群中企业的创新。从集群网络学习的角度看,要促进河南产业集群的创新发展,可以从培植产业集群网络中的龙头企业,发展高新技术产业,构建企业与大学、科研院所的合作交流网络以及完善政府的政策支持网络等方面来进行。     

投资高科技风险产业的问题与对策

科技成果难以转化是制约我国高科技产业发展的主要障碍,而投入资金不足又是导致科技成果难以转化的主要原因.受投资失败率高、投资期限长、投资回报率低、中介服务发展滞后等原因的影响,投资者投资我国高科技风险产业的动力不足.应通过投资主体改革、建立有效的多元化风险资本退出机制、采取一系列税收优惠政策、规范中介服务等措施来规范中国高科技产业的风险投资,增强投资者的信心.     

外商直接投资对上海产业集群的影响

近年来,上海市吸引外资规模逐步扩大,大批跨国企业在上海直接投资,促进了上海产业集群的兴起与成长。FDI对上海产业集群的发展带来积极的影响同时也会带来消极影响。本文首先介绍了上海市FDI与上海产业集群的发展现状,重点分析了FDI对上海产业集群带来的积极影响和消极影响,最后针对消极影响提出了上海加强利用FDI促进产业集群发展的几点建议。     

对产业集群的信贷风险分析与控制

本文通过对产业集群潜在风险及案例分析,剖析银行对产业集群贷款的风险特征与分析方法,指引商业银行把握对产业集群的贷款政策,探究规避风险的措施。文章认为,如果银行对产业集群的风险状况不能很好把握,盲目投放贷款,无异于高风险的聚集。因此,商业银行应从把握贷款规模,限制授信总量;根据产业集群生命周期把握贷款投放期限,有效进行结构调整;严密监控,严防地区性金融风险等方面规避和防范这类风险。     

滨海新区产业集群对银行信贷风险的影响分析

目前,商业银行对单一行业或企业的贷款风险判断及规避措施已有较为系统的操作程序,但对产业集群风险所引致的银行贷款风险及规避措施涉及较少。本文通过对天津滨海新区特有的产业集群现象分析,深入思考天津滨海新区产业集群对银行信贷风险的影响,试图在规避产业集群的信贷风险方面提出一些可行性建议。     

产业集群与区域经济发展探究

随着我国经济的不断发展,我国的产业集群现象也变得越来越明显.对于国家发展来说,无论是高科技的产业集群化,还是较为传统的产业群都取得了较为明显的效果.对于经济发展来说,产业集群化已经成为现代经济发展中的一个非常普遍的经济现象.产业集群化跟我国的经济发展来说,也起到了较为重要的作用,本文通过对产业集群与区域经济化发展进行相关的探究与探讨,希望能够对我国经济的发展做出一份力所能及的贡献.     

社会资本、非正规金融与产业集群发展——浙江经验研究北大核心CSSCISSCI

本文利用浙江省民间借贷监测网络的各地市民间借贷利率数据,对浙江非正规金融与产业集群发展的关系进行实证研究,结果表明,与正规金融相比较,非正规金融能够更加明显地解释浙江产业集群的发展。通过加入社会资本变量,本文发现非正规金融与社会资本变量存在内在关系,社会资本作为一种社会资源,通过非正规金融制度安排而对产业集群的发展提供强大的支持。此外,与社会结构导向的社会资本相比,社会道德规范导向的社会资本对产业集群的促进作用更为明显。     

产业集群的金融需求与金融促进

产业集群的快速发展向金融业提出了命题:金融业如何更好地发挥国民经济"血液"的作用,优化资源配置,促进产业集群又好又快地发展壮大?产业集群的金融促进问题实质上是一个金融发展与经济增长的关系问题.本文以"金融需求论"为主导,从产业集群的本质特征出发,分析产业集群金融需求的层次、内容、特征和金融引致效应,探讨产业集群金融支持的缺陷,提出促进产业集群发展的金融建议.     

景德镇陶瓷产业集群化问题研究

景德镇作为千年瓷都,拥有一千六百余年的制瓷历史,已经初步形成了地区陶瓷产业集群.集群化已经成景德镇陶瓷经济发展的必经之路,如何促进陶瓷产业集群化发展值得研究.文章以此为基础,对景德镇陶瓷产业集群化发展的意义、优势进行详细阐述,并为当地政府提出了相应的政策建议,以求促进景德镇陶瓷产业又快又好发展.     

创业投资网络对投资绩效的影响研究——基于投资决策的中介效应检验

依据2007-2013年中国市场创业投资数据,运用基于Bootstrap抽样的结构方程模型,考量投资决策在投资网络影响机构投资绩效过程中的中介效应。结果表明:创业投资网络可以通过投资决策影响投资绩效,具有较高网络中心性或占据丰富结构洞位置的创业投资机构可以通过采用项目后期介入策略、地域分散投资策略和行业专业化投资策略,提高机构投资绩效。     

Government venture capital and cross-border investment

We use data on venture capital investments from 26 countries from 1998–2013. We investigate the following questions: Do domestic government sponsored venture capital funds augment or curtail domestic private venture capital funds from cross-border investment? Do government sponsored venture capital funds attract or repel foreign private venture capital investment? The results show that a preponderance of mixed-structured over pure-structured government venture capital investment has a crowding-in effect overall: it attracts domestic and international private venture capital to the domestic venture capital market while simultaneously increasing total private venture capital investment. In contrast, a preponderance of pure-government over mixed-government venture capital fund investment repels foreign private venture capital investment (has a crowding out effect). We find that both these effects are more pronounced for domestic rather than foreign private venture capital and that the attraction effect is stronger than the repulsion effect.     

‘Cleantech’ venture capital around the world

Cleantech venture capital investment differs from the typical venture capital investment in that it tends to be very capital intensive and faces greater technology risks associated with the functioning of the technology, scalability and exit requirements than the typical venture capital investment. Moreover, unlike the typical venture capital investment, the benefits arising from cleantech cannot be totally captured by the venture capitalist as many of its benefits accrue to society via reduced environmental degradation and better health and quality of life outcomes. The public goods literature posits that such externalities reduce investment in cleantech below the socially optimal level. We seek to determine whether there are countervailing factors which may incite greater cleantech investment. We argue that oil prices, increased stakeholder attention, as well as the impact of various formal and informal institutions are such factors. This paper provides a cross-country analysis of the determinants of cleantech venture capital investment with a unique worldwide dataset of 31 countries spanning 1996–2010. The data show consistent evidence of a pronounced role for oil prices in driving cleantech venture capital deals, which is more important than other economic, legal or institutional variables. Cleantech media coverage is likewise a statistically significant determinant of cleantech venture capital investment and as economically significant as other country level legal, governance, and cultural variables. Uncertainty avoidance has a negative impact on cleantech venture capital investment, as well as a moderating effect on other variables.     

吸收风险投资对企业投资效率的影响研究--基于创业板的数据研究

以创业板上市公司为研究对象,就初创公司上市后是否吸收风险投资、吸收风险投资的比例以及是否存在风险投资机构的联合投资展开实证研究。结果表明:公司上市后风险投资参与仍可以显著提高企业的投资效率,风险投资比例越高,越有利于提高投资效率,联合投资也对此有正向促进作用。     

Human capital investment,new firm creation and venture capital

This paper studies the relation between firm investment in general human capital, new firm creation and financial development for new firm financing, such as the existence of a venture capital industry. On one hand, firm investment in general human capital leads employees to generate new innovative ideas for starting their own firm. Since employees need a venture capitalist to start their new firm, firm investment in general human capital encourages the creation of venture capitalists by increasing the need for their services, such as providing advice and monitoring. On the other hand, as new firm financing becomes available, firms’ willingness to invest in general human capital increases, and as a by-product, the creation of employee-founded and venture capital-backed new firms increases in the economy. Hence, our model provides a rational explanation for the emergence of new firms created by employees of established firms, which represents one of the most common type of new firms in many industries.     

Venture capitalists, investment appraisal and accounting information: a comparative study of the USA, UK, France, Belgium and Holland

The differences between the information used for the pre‐investment valuation and the valuation methods used by venture capital investors in five countries (USA, UK, France, Belgium and Holland) are empirically studied. The analysis is based on postal questionnaire surveys of representative samples of senior venture capitalists in each country. Differences are found, which may be attributed to the dominant corporate governance mechanism or the level of development of the venture capital market. Between‐country differences persist even after taking into account between‐country differences in the relative importance of investment stages and venture capital types. Apparently similar systems and venture capital markets place varying emphases on different valuation methods, with theoretically 'correct' methods not always being preferred in practice. The findings of the study highlight the need for venture capital firms entering non‐domestic markets to invest considerable effort in understanding the operation of these markets if they are to exploit fully their perceived competitive advantages and minimize the likelihood of repeating the problems experienced by venture capital entrants into foreign markets in the late 1980s.     

联合风险投资网络能提升企业投资效率吗——基于创业板数据的PSM回归分析

随着创业投资领域风险投资人的广泛引入,联合风险投资对企业投资效率的影响受到关注.利用2011-2015年5年间中国创业板相关联合风险投资和企业投资效率数据,基于资源基础观理论,利用PSM估计,实证分析了联合风险投资对企业投资过度和投资不足的不同影响作用,进而分析了行业层面和风险投资人层面不同调节变量的调节作用,并据此提出了相关的政策和企业战略建议     

国际风险投资在我国的投资运作研究

我国风险投资业带有明显的国际化色彩,国外风险资本对中国风险投资发展有着举足轻重的意义。本文通过近年来国外风投在中国的投资热点、投资阶段及其投资周期的分析,提出了促进国外风投在我国更好发展的系列建议。     

支持技术创新发展的政府主导型风险投资机制设计

从目前国际的发展形势来看,政府正在逐渐淡出或退出绝大多数风险投资机构的具体运作。但结合我国实际状况,政府有责任引导风险投资作为支持技术创新的重要融资手段。本文重点研究设计以"风险投资管理局"为核心的政府主导型风险投资机制,包括投资对象的综合评估与筛选、政府主导型风险投资融资方式、政府对投资公司的配套服务与扶持措施、政府对技术创新企业的承包采购政策及法律政策支持等。     

欧洲创业投资发展及启示

本报告基于对欧洲创业投资业发展历程的考察,从创业环境、政府基金支持、税收优惠政策、退出机制、监管体制和行业协会作用等六个方面,全面总结了欧洲主要国家发展创业投资业的经验。结合中国国情,我国发展创业投资须从创业环境、政府基金支持、税收优惠等方面加以促进和完善。