创业者与投资者信任关系构建的影响因素研究

立足于初创企业的创业者与投资者之间信任关系的构建,采用问卷调查法,研究创业者的知识水平、工作经验以及创新能力在不同的信任阶段对创业者与投资者之间的信任关系产生的影响。结果表明,创业者的知识水平、工作经验以及创新能力对创业者与投资者的信任关系构建存在正向影响。但是,在初步信任阶段,投资者关注的是创业者的工作经验和创新能力;在深度信任阶段,投资者增加了对创业者知识水平的审查。     

Most-Favored-Customer Clauses and Multilateral Contracting: When Nondiscrimination Implies Uniformity

DeGraba and Postlewaite (1992) show that the seller of a durable input can solve the time inconsistency problem by offering most-favored-customer (MFC) protection to buyers. McAfee and Schwartz (1994) show that if a supplier sells inputs to competing firms using two-part tariffs, MFC protection that allows a firm to replace its contract with a contract executed by any other firm will not solve the commitment problem, and argue this implies managers cannot use MFCs as a strategic commitment device in complex contracting situations. This paper shows that if the profits of the seller and the buyers are monotonic in each term of the contract, then applying MFC protection to each term of a contract allows a manager to solve his commitment problem in complex contacting situations. We show that "standard" contract arrangements (two-part tariffs, declining block tariffs, and royalties as a percentage of sales) meet this condition.     

When Promoters Like Scalpers

If a monopoly supplies a perishable good, such as tickets to a performance, and is unable to price discriminate within a period, the monopoly may benefit from the potential entry of resellers. If the monopoly attempts to intertemporally price discriminate, the equilibrium in the game among buyers is indeterminate when the resellers are not allowed to enter, and the monopoly's problem is not well defined. An arbitrarily small amount of heterogeneity of information among the buyers leads to a unique equilibrium. We show how the potential entry of resellers alters this equilibrium.

The moment a performance begins, that seat is dead … . It's like fruit. It's perishable.

— Jeffrey Seller, producer of Rent . New York Times , July 20, 2003.     

基于人力资本投资视角下的职业生涯管理与企业竞争优势分析

现代企业竞争中更重视"人"的因素,如何有效的提高组织中人才的竞争优势越来越受到企业家的重视。职业生涯管理在我国还属于一个较新的概念,将这一概念以人力资本投资方式之一的形式引入到企业的经营战略中,可以有效的提高员工的整体素质的同时提高企业的竞争优势,以此来达到一种企业和员工的双赢的模式。     

产业集群创业人才素质模型构建

借鉴相关研究成果,结合对产业集群创业人才素质的理论分析,并基于"资本"的视角构建了由心理资本、关系资本和能力资本三个维度组成的产业集群创业人才素质模型。在此基础上,为验证模型的科学性,设计产业集群创业人才素质调查问卷,运用SPSS和LISREL软件对问卷调查数据进行验证性因子分析,因子分析结果支持产业集群创业人才素质模型的理论建构,并显示该模型具有较高的拟合度和稳定性。     

Optimal auctions under collusion of buyers with discrete valuations

The potential seller of an indivisible good faces two potential buyers whose valuations for the good are private information. We derive the optimal selling mechanism under the assumption that the buyers collude both when the valuations are independently distributed and when they are correlated. We find that when the valuations are independent the seller can obtain the same expected revenue as if the buyers behaved noncooperatively; if instend the valuations are correlated then collusion harms the seller. In this latter case, moreover, each buyer’s information at the collusion stage about the other buyer’s valuation turns out to be very relevant for the effectiveness of collusion.     

Humanistic entrepreneurship and entrepreneurial career commitment

Although the crucial role of entrepreneurs in the process of establishing firms is common knowledge in SME research, a major theoretical problem has been how to combine theories of ‘persons’ (entrepreneurs) with theories of ‘organizations’ (firms).

In this study I suggest that what is missing is a dynamic or processual approach to the study of entrepreneurs. Just as organizations change during their development, so do persons. In order to understand how in particular new firms come about, we should look more closely into the dynamics of personal change that lead certain individuals to commit themselves to entrepreneurial careers.

A study of humanistic entrepreneurs in Denmark indicates that the process of becoming an entrepreneur can be seen as a particular kind of career commitment. The emergence of such career commitments is analysed. Different patterns of entrepreneurial career commitments are presented and explained in terms of both structural conditions and biographical self–narratives.     

Why,did I lose? Debriefing quality and its effects on justice,protests, and sales loss attributions

When suppliers lose in a competitive tender process, they need feedback to make accurate sales loss attributions and adjustments to their competitive strategy. Unfortunately, buyers seldomly provide sufficient feedback to enable diagnostics, learning, and adaptation. The purpose of this research is to explore a buyer's debriefing as an effective feedback mechanism. Based on data from a sample of 218 U.S. government source selections, a new construct, debriefing quality, is developed as a multi-dimensional construct comprised of: proposal efficacy information, procedural compliance and decision understanding information, and competitive intelligence information. Results show that debriefing quality enhances procedural justice and internal and external attributions and reduces supplier opportunism and perceptions of buyer opportunism. Further, the underlying procedural justice of the source selection deters bid protests, and debriefing quality can impact perceptions of procedural justice. Importantly, debriefing quality is essential in the assignment of loss attributions to strategy, thus affecting strategy change. These findings expand attribution theory by identifying new external attributions particular to a business-to-business context, namely suspicion of buyer opportunism and procedural justice. The study closes with specific information buyers can provide to suppliers to mitigate bid protests and help suppliers learn from the tender enabling future strategy improvements.     

The Henry George Theorem and the Entrepreneurial Process: Turning Henry George on his Head

This chapter offers an interpretation of the Henry George Theorem (HGT) that brings it squarely into the study and analysis of entrepreneurship somewhat loosening its ties to the subfield of urban economics. I draw on the pioneering work of Spencer Heath whose insights about the viability of proprietary communities were developed further by his grandson, Spencer Heath MacCallum who, in 1970, recognized that private real estate developers sometimes make their capital gains (mostly) by creating useful public spaces that others enjoy. I also draw inspiration from Fred Foldvary's effort in 1994 to synthesize the pubic goods problem in economics with the Henry George Theorem in urban economics. While the real estate owner—developer does emerge on my pages in a somewhat more favourable light than as originally portrayed by Henry George in his Progress and Poverty in 1879, I offer a realistic appraisal of the duplicitous behaviours required of such entrepreneurs. in the context of the modern regulatory state. Real estate development remains a 'hot button' item in local politics, and real estate developers must become genuine 'political entrepreneurs' if they are to complete their projects in a timely way and capture business profits. It is a complicated story that the HGT helps make intelligible in terms of human action.     

Entrepreneurial Hustle: Navigating Uncertainty and Enrolling Venture Stakeholders through Urgent and Unorthodox Action

Entrepreneurs need to act under conditions of uncertainty and resource constraints to bring new, often-unrecognizable products to market and convince an unknown set of stakeholders to support their endeavours. The type of action entrepreneurs take to navigate uncertain entrepreneurial contexts is underspecified. We analysed 48 interviews with entrepreneurs to inductively identify an action-oriented construct we labelled as entrepreneurial hustle – an entrepreneur’s urgent, unorthodox actions that are intended to be useful in addressing immediate challenges and opportunities under conditions of uncertainty. In a follow-up study, we use an experimental vignette approach to assess the impact of an entrepreneur’s hustle on venture stakeholders. Findings suggest that entrepreneurial hustle positively influences stakeholder perceptions of the entrepreneur’s leadership effectiveness and a venture’s legitimacy, mediated by perceptions of the entrepreneur’s ability-based trustworthiness. We conclude that entrepreneurial hustle is a fundamental behaviour that enables entrepreneurs to enrol new venture stakeholders and lead their entrepreneurial efforts.     

Struggling with social capital: Pakistani women micro entrepreneurs’ challenges in acquiring resources

Abstract

A crucial aspect of successful venturing is social capital. In contrast to traditional Western-oriented research where social capital is construed positively, we found that in the traditional, patriarchal society of Pakistan, social capital puts high restrictions on women micro entrepreneurs – where social capital prevents or slows venturing efforts. Results also show that although women do get some selective access to resources from family members, they are restricted by limited access to social capital outside of family members. As women entrepreneurs have the potential to play an important role in the development of any society, and especially so in developing countries, based on the insights derived from this qualitative study, we propose suggestions for further research on women micro entrepreneurs in non-Western contexts.     

企业家人力资本参与企业收益分配研究

随着“知识经济“时代的来临,人力资本在企业利润创造中的作用日益重要,企业家作为企企业中的异质型人力资本,其在企业中的作用尤为重要。目前我国普遍存在对人力资本尤其是企业家人力资本的轻视与低估,企业家人力资本在分享企业收益时其产权没有得到承认,“剩余索取权“被剥夺,企业家的激励不足。本文对我国现了行社会、经济条件下如何对企业家人力资本进行收益分配问题进行了研究。     

Credit-rationing and entrepreneurial experience: Evidence from a resource deficit context

This study explores the following novel research question: Do attributes relating to the resources and signals of lead entrepreneurs, particularly prior business ownership experience quality signals, reduce the probability that entrepreneurs will be chronic credit-rationed entrepreneurs in a developing economy context with resource deficiencies? Guided by insights from signalling, resource-based view of the firm and human capital theory, profiles of credit-rationed entrepreneurs (i.e. debt finance obtained but below the amount requested) are highlighted. The length of the debt finance gap was considered with regard to temporary (over one year), major (over two years) and chronic (over three years) finance gaps. We find support for our hypotheses relating to entrepreneurs whose firms are more innovative being more likely to be chronically credit-rationed, whilst firms with partners, entrepreneurs with longer prior business ownership experience and habitual entrepreneurs are less likely to be credit-rationed. The interaction with serial or portfolio entrepreneur reduces the chronic credit-rationing problem faced by innovative firms. A case for developing linkages between inexperienced novice entrepreneurs and habitual entrepreneurs, particularly successful portfolio entrepreneurs, is made. Notably, we suggest that building upon the experienced entrepreneurs who do exist may be particularly beneficial in resource deficit contexts such as Ghana     

华夏科创：机遇识别和开发

华夏科创是一家位于北京中关村的高科技公司，主要研发、生产和销售与水质安全、油料品质和食品安全有关的分析仪器。本案例通过对华夏科创公司历史上几次重要的商机和商业想法的识别和开发过程的描述。试图讨论商机识别与外部因素和创业者个人特征的关系。本案例特别适用于创业学的商机识别和开发过程教学。     

信息不对称下供应链上下游企业质量守约博弈分析

讨论了在信息不对称情况下,供应链上、下游企业交接货品时质量守约的博弈问题,给出了购买者/供应者非合作博弈的纳什均衡解和多次重复博弈模型。通过模型分析,提出了双方增加质量守约的有效途径。     

试析青岛“中国品牌之都”形成的宏观原因

青岛"中国品牌之都"形成的宏观原因主要为:世界制造业由发达国家向发展中国家转移是其千载难逢的机遇;青岛市政府率先实施"名牌战略"是其重要环节;地理优势是其得天独厚的条件;齐文化和海洋文化的完美结合是其文化基础;殖民者以近代化技术和理念塑造青岛,商品经济观念相对较强,表明青岛发展经济的基础好,起点高。     

Long-term finance and entrepreneurship

This paper investigates whether long-term finance affects firm entry worldwide. We construct a new database on short- and long-term credit provided by commercial banks to the private sector in 85 countries over the period 1995–2014. We then analyze whether differences in entrepreneurship are related to the provision of short- and long-term bank credit. Data on entrepreneurship are extracted from two frequently used databases: the Global Entrepreneurship Monitoring dataset and the Entrepreneurship Database, each of which captures different aspects of firm creation. The econometric results indicate that long-term credit does not stimulate firm entry. By contrast, we find that short-term credit is positively related to firm creation, from birth to registration. Controlling for potential endogeneity by implementing an instrumental variables approach does not affect our conclusions. Our findings suggest that better provision of short-term credit allows entrepreneurs to apply for formal loans instead of having to rely exclusively on informal loans or internal funds. The absence of impact of long-term loans can be explained by the difficulty entrepreneurs face in getting access to long-term credit.     

创业融资决策领域与消费行为领域的感知风险对比分析

消费者的消费行为与创业者的融资行为在本质上是一致的。本文通过概括和总结创业融资领域的感知风险,并与消费行为领域的感知风险进行对比,得出彼此之间的相似性,进而建议可以尝试运用消费行为理论来解释创业融资决策行为。     

Selling goods of unknown quality: forward versus spot auctions

We consider an environment where the sale can take place so early that both the seller and potential buyers have the same uncertainty about the quality of the good. We present a simple model that allows the seller to offer the good for sale before or after this uncertainty is resolved, namely via forward auction or spot auction, respectively. We solve for the equilibrium of these two auctions and then compare the resulting expected revenues. We also consider the revenue implications of insurance in forward auctions.     

Sense and sensibility: The role of business incubator client advisors in assisting high-technology entrepreneurs to make sense of investment readiness status

For high-technology entrepreneurs, attaining an appropriate level of investment to support new ventures is challenging as substantial investment is usually required prior to revenue generation. Consequently, entrepreneurs must present their firms as investment ready in the context of an uncertain market response and an absence of any trading history. Gaining tenancy within a business incubator can be advantageous to this process given that placement enhances entrepreneurial contact with potential investors whilst professional client advisors (CAs) use their expertise to assist in the development of a credible business plan. However, for the investment proposal to be successful, it must make sense to fund managers despite their lack of technological expertise and product knowledge. Thus, this article explores how incubator CAs and entrepreneurs act in concert to mould innovative ideas into plausible business plans that make sense to venture fund investors. To illustrate this process, we draw upon empirical evidence which suggests that CAs act as sense makers between venture fund managers (VFMs) and high-technology entrepreneurs, yet their role and influence appears undervalued. These findings have implications for entrepreneurial access to much needed funding and also for the identification of investment opportunities for VFMs.