我国风险投资退出渠道分析

风险资本退出是风险投资活动的最后一个环节,对风险投资的最终成败有着举足轻重的作用。风险投资的退出机制是否完善有效,退出渠道的选择是否适当,是决定风险投资能否获得成功的关键所在。本文结合成熟市场国家风险资本的退出机制与我国的现状,分析我国当前风险资本的退出渠道。     

对现阶段我国风险资本退出路径的探讨

一、引言 资本的生命在于流动,风险投资公司一旦进行创业投资,资金就将在一定时期内固化为资本。在缺乏有效退出方式的情况下,投资者往往难以解决分散风险、获取投资收益等问题。因此,风险投资的有效退出是扩大风险资本来源的关键因素。有效的风险资本退出实质上是为了完成风险资本的良性循环,以保障风险投资的发展和整个资本市场的发展。如果没有灵活有效的退出路径,风险投资业将难以维系并获得长足的发展。本文将通过对风险投资有效退出路径的探讨,为现阶段我国风险投资的退出提供可资借鉴的建议。 二、退出方式 根据国外风险投资…     

我国风险投资模式设计

一、风险投资简介风险投资又叫风险资本,是指将风险资本投入到那些具有很大潜能和广阔前景的企业或机构,以获取最大资本增值为目的。它不是传统意义上的以资金为载体的投资行为,而是一种集技术、资金、管理于一体的一种崭新的投资理念和投资方式,是实业投资、金融投资、知识投资的统一体。风险投资由风险投资者、风险投资公司、风险企业三方构成,它的运作流程主要包括资金募集、风险项目选择、风险投资家和风险企业家间的评估谈判、风险投资家对风险企业的投入与管理、风险资本的退出等。风险投资主要投资于高新技术领域的中小企业,是高风险…     

我国风险投资退出机制分析

一、风险投资退出机制的含义所谓风险投资退出机制是指风险投资机构在其所投资的风险企业相对成熟后,将所投资的资金由股权形态转化为资金形态,即变现的机制及相关的配套制度安排。吸引投资者从事风险投资的最重要原因是其带来的高回报,与其他投资工具不同的是,风险投资获取收益主要不是通过分享企业的经营利润,而是通过上市、被其他企业收购或在股权变现过程中获得收益,所以风险投资的退出机制就成为风险投资最关键的一个环节。风险投资的顺利退出,对补偿风险资本承担的风险、准确评价创业资产和风险投资活动的价值、吸引社会资本加入风险…     

论风险投资退出机制

风险投资是近几年来兴起的一种新的科学技术与金融相结合的投资机制,是指在专业人才管理下将资本投入正处于发展中、具有高成长性的新生中小企业(通常为高科技企业),从而达到最大增值。一、风险投资退出机制概述所谓风险投资的退出机制是指风险投资机构在其所投资的风险企业发展相对成熟之后,将所投的资金由股权形态转化为资金形态即变现的机制和与其相关的配套制度安排。风险投资的顺利退出,对补偿风险资本承担的风险、准确评价创业资产和风险投资活动的价值、吸引社会资本加入风险投资行列,具有重要意义。风险投资的退出途径很多,根据被投…     

PPP水利项目模糊期权价值评估及影响因素分析

PPP水利项目具有周期长、投资大及风险高的特点,借鉴模糊数学思想,构建模糊决策条件下的PPP水利项目期权价值评估模型,定量评估分阶段实施的项目模糊期权价值和模糊决策条件下项目整体价值的变动情况。结合实例分析,找出模糊期权价值的关键影响因素,强调PPP水利项目实施中应注重现金流价值管理。结果有助于政府和社会资本全面了解项目价值,积极参与项目实施,并合理应对潜在的不确定因素。     

风险投资项目评估研究

一、风险投资项目风险研究的意义风险投资也称风险资本、风险投资基金、创业投资等，有广义和狭义两种内涵，广义的风险投资是指对于任何有风险的项目的投资；狭义的风险投资指对未上市具有潜在增值机会的中小型科技企业的一种长期性股权投资。一般所说的风险投资，是指狭义方面的风险投资，它具有高受益、高增值、高风险的特性。纵观当今的风险投资国际发展趋势，可以发现良好的风险投资运作对一个国家的产业结构调整和经济发展具有重大的推动作用，美、日等国家的发展已证明了这一点。但在我国风险投资的发展还处于一个起步阶段，远没有达…     

我国风险资本发展现状

风险投资是一种高风险、高回报的金融资本,因此发展我国风险投资业,扩大风险投资主体,完善风险资本退出渠道和体系,用法律保障良好的风险投资环境,对促进我国高新技术企业成长具有重要的意义。     

风险投资退出机制比较

风险投资退出机制是风险投资运作的最后、也是至关重要的环节。风险投资退出机制是否完善有效、退出方式的选择是否适当,是决定风险投资能否获得成功的关键所在。     

风险投资退出机制研究

本文明确风险投资退出机制的重要性,阐述国外风险投资的退出方式及其经验,通过分析我国风险投资退出机制存在的问题,提出健全风险投资退出的法律保障,建立多层次的资本市场,逐步开放场外交易市场,培育和规范中介服务机构等建议。     

工资协商制下企业人力资本投资决策均衡模型

由于人力资本的“天然”属性,企业人力资本投资决策有别于物质资本投资决策,企业人力资本投资主体与投资客体信息不对称,存在委托—代理关系。企业工资制度是影响投资主体和客体进行企业人力资本投资决策的重要因素。基于与市场经济相适应的工资决定和制衡机制———工资协商制度,建立了企业人力资本投资决策的博弈均衡模型,以探讨工资协商制度下的企业人力资本投资均衡策略。     

浅议我国风险投资退出的现实途径

风险投资是当前科技领域最具活力的资本运营方式 ,风险投资产业健康发展的关键环节在于风险投资的“退出”是否顺畅。公开上市虽然是风险投资退出的最理想方式 ,但在目前我国风险投资退出的现实途径只能是买壳或借壳上市、股权交易、海外上市、并购与回购、资产清算等。     

TAXATION,COST OF CAPITAL AND INVESTMENT IN AUSTRALIAN AGRICULTURE*

The concept and measurement of the cost of capital is developed to include particularly the role of taxation in investment behaviour. The relative importance of factors influencing investment in plant and machinery is examined for five sectors which make up the broadacre industry of Australia. It is shown that residual funds are important in determining plant and machinery investment, but not through the normally hypothesised channels. It is not the increased liquidity from increased income which raises investment, but the fall in the cost of capital, which is associated with the marginal rate of tax.     

“三圈理论”视角下农村宅基地退出模式比较——基于义乌市的观察

[目的]基于对义乌市宅基地制度改革试点的调研和观察,对宅基地退出的3种典型模式进行分析和比较,剖析各种模式运作过程中出现的问题,分析各种模式成功和推广的前提和基础。[方法]文章运用"三圈理论",从价值、能力、支持三个角度对宅基地三种退出模式进行剖析。[结果]义乌市宅基地退出的三种模式表现各不相同,但均处于公共价值、能力、支持三圈相交的"耐克区",是成功的宅基地退出模式。节约集约利用土地、显化宅基地财产价值是宅基地退出追求的价值目标,政府的资金投入和政策执行能力是保证宅基地退出顺利推进的基础条件,农户的支持是宅基地退出能够成功推进的前提条件。[结论]在宅基地退出过程中,应注重各种模式的适用性,切忌照搬滥用;政府应综合考虑各方面的因素,量力而为,切忌为了退出而退出,使改革陷入"风险区";要统筹兼顾中央政府、地方政府与农民的利益,最大程度的保护农民利益。     

基于行为决策理论的宅基地退出影响因素分析——甘肃省654户调查数据的实证

文章根据甘肃省654户农户问卷调查数据,基于行为决策理论,运用Probit模型和结构方程模型揭示了农户宅基地退出的影响因素。研究结果表明:农户的文化程度差异、是否在外非农务工、是否有城镇户口等自身特征的不同,会使他们对退出宅基地的态度产生差异;农户的从众示范效应和退出宅基地后不确定性风险对农户宅基地退出意愿影响最大,是影响农户退出宅基地意愿的主导因素;宅基地的禀赋效应也显著影响农户宅基地退出。相关政策建议:(1)从社保、就业和宅基地退出后生活支出三个方面减少农户宅基地退出后的不确定性风险,从而消除其宅基地退出后顾之忧;(2)利用农户的从众示范效应分批退出;(3)采取多样化的退出补偿方式。     

农户社会资本与宅基地退出意愿——基于抗险能力的中介效应分析

目的 将社会资本理论引入农户宅基地退出意愿问题研究,探究社会资本及各构成维度对农户宅基地退出意愿的影响和作用机制,以期为提升农户意愿提供参考。方法 基于苏北地区沛县和丰县的共411份农户调研数据,构建农户社会资本测度指标体系,并运用Logit模型、中介效应模型实证研究了社会资本对农户宅基地退出意愿的影响及抗险能力的中介效应。结果 （1）社会资本对农户的宅基地退出意愿具有显著的正向影响,社会资本越丰富的农户宅基地退出意愿越强;（2）各构成维度均显著影响农户宅基地退出意愿,且影响方向均为正,效用强度从大到小依次为社会规范（0.116）、社会网络（0.065）、社会参与（0.064）、社会信任（0.032）、社会声望（0.031）;（3）抗险能力在社会资本和各维度对农户宅基地退出意愿的影响过程中均具有中介效应,社会资本和各维度不仅可以直接影响农户的宅基地退出意愿,还可以通过抗险能力产生间接影响,但影响以直接效应为主。结论 社会资本和抗险能力是影响农户宅基地退出意愿的重要因素,政府部门在宅基地退出工作推进中,应立足农户的社会属性,加大农户社会资本培育力度,完善风险分担机制,提高农户收入水平。     

Decision-making Criteria for Purchasing Milk Quota at the Individual Farm Level

Dairy farmers wishing to contemplate purchases of additional quota should first consider what the appropriate time horizon on their investment should be. If the chosen time horizon is one year or less, the problem of estimating how much they can afford to bid for quota can be solved with simple budgeting techniques. On the other hand, if the time horizon is taken as several years, and this would seem rational, then capital budgeting techniques are required. However, in either case, investment in additional quota should be compared with alternative investment opportunities before a final decision is made. Where capital budgeting techniques are used, a modification of the net present value approach permits the farmer to take account of his time preference for money, and allows calculation of the break-even price, or the maximum affordable price to pay for additional quota. This approach necessitates the provision of estimates of the expected net returns from investing in quota for each year of the selected time horizon, as well as provision of estimates of the salvage value of the quota and an appropriate discount rate. The calculation of the expected net returns figures represents the most difficult task for the farmer. If expansion of milk shipments rests upon increasing output of milk per cow, then the short-run production function and marginal cost curve provide the appropriate reference points. The expected net return on investment in quota is then given by the area under the marginal revenue line and above the relevant portion of the marginal cost curve. If, however, all short-run variable input decisions have already been implemented at the optimum level, and expansion of milk shipments depends upon expanding the number of cows, or the “fixed” plant and equipment, or both, then the average total cost curve is the appropriate reference point. The expected net return on investment in quota is then represented by the difference between total net revenue at the new planned level of output and total net revenue at the existing level of output.     

Population growth,agricultural intensification,induced innovation and natural resource sustainability: An application of neoclassical growth theory

Using a simple neoclassical type growth model including both man-made and natural capital as inputs to production, the theoretical basis for a U-shaped relationship between agricultural intensification and farm household investment in renewable resource capital is established. As development of technology, infrastructure, or markets increase the relative return to investment in man-made capital over natural capital, resource depletion occurs as man-made capital is substituted for lower return natural capital. Once returns are equalized, both man-made and natural capital are accumulated. If labor and these forms of capital are complementary, the output effects outweigh the substitution effects in the long run, leading to net accumulation of natural as well as man-made capital as a result of such technological or market development. Population growth also induces investment in both man-made and natural resource capital in the long run by increasing their marginal products. However, population growth causes declining per capita levels of both natural and man-made capital and production per capita in the long run, if technology is fixed and decreasing returns to scale. The model thus supports the Boserupian argument of induced intensification and resource improvement, as well as the Malthusian argument of the impoverishing effects of population growth. However, population growth may also induce development of infrastructure, markets, and technological or institutional innovation by reducing the fixed costs per capita of these changes, though these developments may not occur automatically. Government policies can play a large role in affecting whether these potential benefits of population growth are realized. In addition, credit policies may reduce resource degradation caused by substitution of man-made for natural capital, by allowing farmers to accumulate man-made capital (such as fertilizers) without depleting their natural capital. Policies to internalize the external environmental costs of using man-made capital will reduce both types of capital and production, indicating a clear trade-off between addressing environmental concerns on the one hand and reducing poverty and promoting resource conservation investments on the other. By contrast, internalizing the external benefits of investments in resources increases wealth and production per capita in the long run. The ‘intertemporal externality’ due to a higher private than social rate of time preference does not justify interventions to promote investments in resource capital; rather it argues for the promotion of savings and investment in general.     

碳汇林业融资机制研究

针对碳汇林业投入不足的问题,借鉴传统林业融资方式,提出了构建碳汇林业融资机制,包括碳交易平台融资、商业贷款融资、产业投资基金融资、资本市场融资以及BOT系列项目融资等途径和方式,同时对融资项目风险进行了分析,并从财政补贴、政策性保险、林权配套改革和林产品市场等4个方面构建碳汇林业融资保障体系,以解决碳汇林业融资过程中的问题,以及为保障融资机制的有效运行做好准备。     

我国公共投资与城市土地利用的问题与对策分析

城市发展的过程,实际上是经济要素向城市聚集与土地利用集约化的过程。通过公共投资对资本性公共品的提供,促进了城市土地的优化利用,提高了城市的集聚经济：而通过土地资产的运营,对提升城市土地资本价值,形成城市公共基础设施投资的良性循环将大有裨益。因此,有必要从城市土地公共投资政策的角度,来探讨当前我国城市公共投资与土地经营存在的问题及对策分析。