地理邻近性视角下独立董事网络结构特征对企业投资效率的影响研究

本文基于2002～2021年我国沪深两市A股上市公司为研究样本，采用复杂网络分析方法构建独立董事网络，并量化了独立董事网络的结构特征。在此基础上，实证检验了独立董事网络结构特征对企业投资效率的直接影响，以及地理邻近性在独立董事网络结构特征影响企业投资效率过程中所起的调节作用。研究发现，独立董事网络中心度和结构洞都对企业投资效率有显著的正相关关系。地理邻近性在中心度影响企业投资效率过程中起正向调节作用，但在结构洞影响企业投资效率过程中起负向调节作用。     

地理邻近与认知邻近下企业战略联盟伙伴选择的影响机制--基于SIENA模型的实证研究

文章首先解析了地理邻近、认知邻近对战略联盟伙伴选择的影响机制,并据此提出待验假设。以国家级产业技术创新战略联盟为研究对象,采用91个上市软件企业2009～2013年的数据,创造性地运用SIENA模型,从动态视角对企业战略联盟伙伴选择的影响因素进行实证研究,结果表明：地理邻近与认知邻近都对企业战略联盟的建立产生显著正影响,且认知邻近的影响效应大于地理邻近;成本因素对企业战略伙伴选择存在显著负影响;吸收能力对企业战略联盟的建立产生显著正影响。最后据此提出简要政策启示。     

我国产学研合作创新中的地理邻近效应——基于产学研合作创新优秀案例的统计分析

产学研合作创新是近些年来国内外学界关注的热点,本文在梳理国内外相关文献的基础上,从地理邻近视角出发,解析其对产学研合作创新的影响机制;以我国产学研合作的优秀案例作为研究对象,对企业与大学合作创新中的地理邻近效应进行统计分析。结果显示:整体上,我国企业与大学合作创新中的地理邻近效应明显;高技术企业对地理邻近的依赖明显弱于传统产业企业,大型企业弱于中小型企业。     

国际零售商海外市场选择机理--基于市场邻近模型与心理距离视角的解释

市场邻近模型是以地理邻近与文化邻近为基点，并增加了经济、社会、零售结构与公共政策这几个标准，而构建起的市场邻近六角模型。国际零售商在海外市场选择时，尤其是在国际化初期，将偏好于向与母国市场具有邻近性的海外市场进行扩张。通过心理距离来对市场邻近程度进行衡量，更符合零售商海外扩张团队决策的实际。本文对心理距离的含义进行了界定，提出了心理距离的测量方法，并对心理距离悖论问题进行了分析。最后对市场邻近模型与心理距离之间的关系，以及两者在国际零售商海外市场选择中的作用进行了评述。     

引入风险投资促进集团科技成果产业化

风险投资的特点和意义 经济学中习惯将未来的不确定性对企业实现其经营目标的影响称为风险。风险投资是指专业机构或人员向高增长、潜力大、风险大的项目（多为技术密集型的创新产品和服务）提供股权融资并参与管理以取得高回报的一种投资行为。风险投资过程可分为交易活动的产生、投资机会筛选、估价、构建和投资后管理五个连续的阶段。与传统投资方式相比，风险投资具有投资周期长、投资规模大、管理复杂、风险较高等特点，一般有以下特点：一是投资对象多是高新技术企业创业或中小型高科技企业，而非老企业扩张和传统技术产品的开发；二是投资风险大、收益高，由于投资瞄准的是新技术和新产品，其技术风险、市场风险、财务风险和管理风险都较大，投资失败率较高，     

高技术产业知识溢出的地理邻近性与技术相似性研究

我国高技术产业创新产出的空间分布存在着显著的局域空间相关性特征，本文将地理邻近性与技术相似性因素纳入到知识生产函数模型中，分析了邻域（地理/技术）地区研发投入对“本地区”高技术产业创新产出的影响。结果发现，“本地区”高技术产业创新绩效一方面受到周边邻近地区创新投入的影响；另一方面技术邻近对“本地区”的创新产出也很重要，但技术相似性与地理邻近性对知识溢出的影响不是相互独立的，在某种程度上可能是重叠的。     

谈风险投资基金的评价及收益分配

一、风险投资基金的评价风险投资以权益性投资形式投资于企业 ,在基金运作的过程中或基金退出后都要针对基金的价值、预期报酬率、基金回报率以及基金的风险进行评价。1 基金的价值。基金的价值即股权的价值 ,它包括创业企业盈利后预期的股利收入和风险投资公司未来出售股权而获得的价值增值。股利是股息和红利的总称 ,是创业企业对股东投资的一种报酬。股利的多少取决于创业企业的每股盈利和股利支付率两因素。由于风险投资一般投资于初创期 ,这个时期创业企业正处于技术研究阶段 ,盈利的可能性不是很大 ,所以 ,在这个阶段基金的价值依靠Ｎ…     

中小企业创业辅导基地建设方案研究

在总结了我国中小企业存在的困难的基础上，根据多年从事中小企业创业辅导基地经营与管理及其企业管理工作经验，论述了中小企业创业辅导基地建设的必要性，给出了中小企业创业辅导基地的总体设计方案及系统框架，对中小企业创业辅导基地的功能和主要内容进行了设计，对中小企业创业辅导基地的建设标准、功能和主要内容给出了详尽的设计和说明，指出了在中小企业创业辅导基地内设立风险投资的必要性，对如何设立风险投资、风险投资的特性与投资原则、风险规避等运作方式进行了研究。论文内容对于中小企业创业辅导基地的建设及其改进具有一定的参考价值。     

中国城市间投资网络的结构特征与演化分析——基于企业并购视角

全球范围内， 企业并购已取代绿地投资成为跨国公司对外投资的主要方式。本文以城市为企业并购活动的地理节点， 将企业间的并购投射为城市间的链接， 并基于2012～2017年中国境内所有完成并购的交易事件， 利用社会网络、幂率分布、核密度函数等方法， 揭示了并购投资网络向外蔓延、向内稠密化的演进趋势以及“富国俱乐部” 与“空间距离衰减” 结构特征。“富国俱乐部” 表明并购交易属于典型的“循环累积” 与“金融极化” 过程， 大多数城市受到“金融排斥”， 少数城市占据主导地位； 而“空间距离衰减” 是信息不对称与跨越行政边界过程中制度障碍因素共同作用的结果。     

风险投资在国有企业发展中的运用

通过对风险投资的理解和认识,探讨国有企业在进行产业技术升级方面,如何借鉴风险投资的运行管理模式,补充完善国有企业投资方式。在大型国有企业内部设立企业创业风险投资,激励国有企业专业技术人员技术创新和创业热情,促进国有企业高新技术产业的发展。     

我国创投机构投资阶段选择及其绩效影响的实证研究

在我国创投市场不断繁荣但投资阶段显著后移的背景下,本研究就创投机构投资阶段选择的绩效影响问题进行了探讨,并利用2003—2008年我国创投产业数据进行实证分析,论证了早期投资和后期投资两种投资阶段选择正向影响创投机构绩效的可能性与边界条件。具体而言,当创投机构关联网络开放时,高声誉创投机构的早期投资较后期投资利于投资绩效,低声誉创投机构的后期投资较早期投资利于投资绩效;当创投机构关联网络封闭时,后期投资较早期投资利于创投机构绩效,且声誉资本强化后期投资的绩效影响。在此基础上,本研究对我国创投机构的实践及引导基金的运作提出相应的意见与建议,以期推动我国创投产业的有序发展与创业环境的不断优化。     

Entrepreneurial finance meets organizational reality: comparing investment practices and performance of corporate and independent venture capitalists

This paper investigates the effect of compensation of corporate personnel on their investment in new technologies. We focus on a specific corporate activity, namely corporate venture capital (CVC), describing minority equity investment by established‐firms in entrepreneurial ventures. The setting offers an opportunity to compare corporate investors to investment experts, the independent venture capitalists (IVCs). On average, we observe a performance gap between corporate investors and their independent counterparts. Interestingly, the performance gap is sensitive to CVCs' compensation scheme: it is the largest when CVC personnel are awarded performance pay. Not only do we study the association between incentives and performance but we also document a direct relationship between incentives and the actions managers undertake. For example, we observe disparity between the number of participants in venture capital syndicates that involve a corporate investor, and those that consist solely of IVCs. The disparity shrinks substantially, however, for a subset of CVCs that compensate their personnel using performance pay. We find a parallel pattern when analyzing the relationship between compensation and another investment practice, staging of investment. To conclude, the paper investigates the three elements of the principal‐agent framework, thus providing direct evidence that compensation schemes (incentives) shape investment practices (managerial action), and ultimately investors' outcome (performance). Copyright © 2010 John Wiley & Sons, Ltd.     

Venture capitalists' decision to withdraw: The role of portfolio configuration from a real options lens

When does a venture capital firm withdraw from an investment project prior to its completion? This study offers a real options view on this decision by examining the contingent effects of portfolio configuration. We explore how project withdrawal can be influenced by two distinct dimensions of portfolio configuration, portfolio focus in a strategic domain and portfolio diversity across multiple domains. The empirical analysis shows that while portfolio focus weakens the negative effect of industry‐level uncertainty on a venture capitalist's propensity to withdraw from a project, portfolio diversity strengthens the effect of uncertainty. This study informs current research on the boundary of real options theory and sheds light on the behavior of venture capitalists in financing entrepreneurship. Copyright © 2013 John Wiley & Sons, Ltd.     

Entrepreneurial beacons: The Yale endowment,run‐ups,and the growth of venture capital

Research summary : This article investigates the social context of entrepreneurship in organizational sectors. Prior research suggests that firm foundings are driven by collective patterns of activity—such as patterns of prior foundings in a given sector. Building on research on social salience and signals, we consider the influence of singular sector‐level triggers, which we call entrepreneurial beacons. We argue that the actions or outcomes of single, salient organizations attract and motivate entrepreneurs, thus increasing the rate of foundings. We test this logic by examining the impact of the Y ale U niversity endowment's investment choices and of venture‐capital‐backed IPO run‐ups on venture‐capital foundings between 1984 and 2011. We find support for the existence and influence of beacons and outline boundary conditions for their effects . Managerial summary : What leads entrepreneurs to found new companies in nascent sectors? In contrast to prior research, which emphasizes patterns of activity, we argue that entrepreneurial activity can sometimes be driven by the actions of a singular trigger—what we call an entrepreneurial beacon. We examine the influence of two such beacons, Y ale U niversity's endowment investments and exceptional venture‐capital‐backed IPO run‐ups, on the founding of new venture‐capital firms over a 28‐year period. We find that Y ale's increased allocations to the venture‐capital asset‐class has a significant influence on the founding of new venture‐capital firms, while exceptional venture‐capital‐backed IPO run‐ups only influence venture‐capital foundings under certain conditions. Overall, we offer an explanation for heretofore anecdotal accounts of certain organizations or events that appear to have an outsized influence on entrepreneurial activity . Copyright © 2016 John Wiley & Sons, Ltd.     

Small fish,big fish: The performance effects of the relative standing in partners' affiliate portfolios

This study examines whether the value a venture derives from an affiliation depends on its relative standing in the portfolio of all affiliations held by its partner. Relative standing refers to how the venture ranks among other ventures in the partner's portfolio with respect to expected returns. The relative standing of a venture in its partner's portfolio influences the venture's access to the partner's resources and the venture's performance. We also argue that a venture's relative standing becomes more important to performance when the partner has a larger portfolio or higher status. In addition to a field study, we test the effect of a venture's relative standing in a venture capital portfolio on its exit likelihood, controlling for endogeneity. We find support for our hypotheses. Copyright © 2014 John Wiley & Sons, Ltd.     

风险投资进入时机对企业生产效率的影响研究

本文从风险投资进入时间及风险投资投资期限两个角度考察了风险投资进入时机对企业生产效率的影响,并进一步从企业异质性角度分析了这一影响的差异。研究发现,风险投资进入时间越早,越能有效提升企业生产效率,但是风险投资投资期限与企业生产效率呈U型关系;从企业异质性角度来看,对非高新技术企业而言,风险投资投资期限与企业生产效率的U型关系不明显。为验证结论的稳健性,本文采用更换被解释变量、增加遗漏关键变量及Heckman两步法进一步研究,结论维持不变。这一研究为风险投资如何更好地服务实体经济提供了理论支撑。     

Calls on high-technology: Japanese exploration of venture capital investments in the United States

The strategic logic of Japanese high-technology venture capital investment reveals the existence of an implicit call option, or ‘shadow option’, on new technology. This option is exercised by further investment in product development, manufacturing and distribution. The process is described with reference to a comparative study of Japanese and U.S. venture capital firms. Similarities and differences between the two groups are reported, and a conceptual model of Japanese option strategy is formulated. The implications for our understanding of Japanese strategy and for strategic management theory are discussed.     

The relationship between portfolio diversification and firm value: The evidence from corporate venture capital activity

Corporate venture capital (CVC) activity exposes firms to new technologies and markets. An important but as yet unexplored question is the relationship of the industry diversification profile of the portfolio of venture companies to corporate value creation. Insights from options and diversification perspectives support our hypothesis that diversification of a corporate investor's portfolio of venture companies is related to corporate wealth creation in a U‐shaped relationship. We also propose that a corporate investor's financial constraints moderate the relationship between the diversification profile of its CVC portfolio and value creation. When we tested our hypotheses using a sample of CVC investments across multiple industries, we found support for them, and these findings may inform the CVC activities of corporate investors. Copyright © 2013 John Wiley & Sons, Ltd.     

Which ties matter when? the contingent effects of interorganizational partnerships on IPO success

This paper investigates the contingent value of interorganizational relationships at the time of a young firm's initial public offering (IPO). We compare the signaling value to young firms of having ties with two types of interorganizational partnerships: endorsement relationships such as those with venture capital firms and investment banks, and strategic alliance partnerships. We propose that, under different equity market conditions, potential investors in an issuing firm attend to different types of uncertainty; attention to these different types of uncertainty affects investors' perceptions of the relative value of a young firm's different kinds of endorsements and partnerships and, hence, IPO success. Results from a sample of young biotechnology firms show that ties to prominent venture capital firms are particularly beneficial to IPO success during cold markets, while ties to prominent investment banks are particularly beneficial to IPO success during hot markets; a firm's strategic alliances with major pharmaceutical/health care firms did not have such contingent effects. Implications for understanding the contingent value of interorganizational ties are discussed. Copyright © 2003 John Wiley & Sons, Ltd.     

创意设计产业的风险投资评价指标体系研究

近年来,创意设计产业蓬勃发展,逐渐成为风险投资青睐的新兴领域.然而,创意设计产业是典型的高风险投资行业,为了控制风险获取高收益,综合评价项目对于风险投资者而言尤为重要.针对国内外缺少该领域研究的现状,本文简要分析了创意设计产业风险投资项目的特点,并结合层次化分析法(AHP)构造了一套风险投资评价指标体系,对于指导风险投资者进行投资决策具有实用价值和指导意义.