我国风险投资主体种类及优劣分析

目前,我国风险投资主体主要有以下六类：各级政府机构其主要优势有：①具有充足的资金来源,我国政府从９０年代以来,每年拨款额度都在２００－３００亿左右,这是我国风险投资业处于初级阶段的主要资金来源。一些风险项目从研究开发到生产出产品,这一过程的投资需要的资金额往往高达几千万元,是一般企业、个人难以承担的。②政府还有各种各样的权力可以创造良好的风险投资环境,如创造政策环境、法律环境、人文环境、市场环境等。政府的意向及措施可以大力推动风险投资的发展,政府的作用远非其他投资主体所能比。③现阶段我国政府成为…     

刍议风险投资与我国金融制度改革

根据全美风险投资协会的定义 ,风险投资是由职业金融家投入到新兴的、迅速发展的、有巨大竞争潜力的企业 (特别是中小型企业 )中的一种股权资本 ;经济合作和发展组织 (OECD)定义凡是以高科技与知识为基础 ,生产与经营技术密集的创新产品或服务的投资 ,都可视为风险投资。一、风险投资与金融制度创新从业务性质来说 ,整个金融机构可被分为两大类型 :卖方金融和买方金融。各类商业银行和投资银行等都属于卖方金融 ,而风险投资企业则属于买方金融。所谓卖方金融就是金融机构通过出售自己的服务来获取利润。而买方金融的典型特征是首先筹集一…     

政府在发展风险投资中的定位

一、制定完善法律法规 西方国家的风险投资业之所以如此发达，除了企业经 营得力、政府政策扶持外，拥有健全的法律法规和政府管制 得力也是一个重要因素。就法律制度而盲，要保障风险投资 体系的良好运行，除了基本法律制度外，还需要两类法律制 度：第一类是与风险投资主体有关的各种法律制度，如《公 司法》、《商业银行法）、《证券投资法》、《风险投资基金法》、《风险投资管理办法》等；第二类是与风险投资活动过程有关的其它各种法律制度，如《经济法》、《经济合同法》、《专利保护法》、《著作权法》，以及有关会计师、律师事务所…     

风险投资之路还需深入探索

中国风险投资研究中心常务副主任张陆洋认为， 1998年以前中国的风险投资只是将财政“拨款”改为“投资”，由于资本缺乏撤出渠道，这样的投资不能算是真正的风险投资。 　　张陆洋认为，中国风险投资的发展轨迹有别于其它成熟的市场经济国家，由于中国正处于计划经济向市场经济过渡的时期，同时又面临着传统工业经济向知识经济转型的任务，客观条件的限制使得中国风险投资所必需的配套环境还没有完全建立起来，其中包括创业环境、法律环境和开放的市场环境，建立和完善这些配套环境应该是政府的一项重要任务。此外，“两个转型”还增加了中…     

成思危认为,发展风险投资,关键在于培养风险投资家

本刊记者就风险投资相关问题采访全国人大常委会副委员长、民建中央主席、中国软科学研究会理事长、国家自然科学基金会管理科学部主任成思危的时候发现,成老十分重视培养中国的风险投资家。基于《IT经理世界》对工作在风险投资第一线的投资家们的了解,我们评选出“1988年度中国IT领域最活路的风险投资人”。敬请关注以下的这组报道     

政府在风险投资中的制度供给作用

风险投资是高技术产业发展的"孵化器",不仅为高技术产业化提供了有力的资金保证,而且为高技术产业化注入了活力.而我国风险投资的发展则是步履维艰,缺乏相关的制度规范和支持是一个重要的原因.制度安排是一项公共产品,为社会提供公共产品是政府的一项基本职能,而且政府在提供制度安排方面具有规模效应,较制度的自发形成更有效率.政府通过明确参与者之间的游戏规则,可以降低他们从事风险投资活动的交易成本,使其在可预期的范围内进行博弈;通过规范中介机构的服务活动,可以避免信息不对称引发的逆向选择和道德风险,对风险投资的发展起到润滑的功效;通过培育风险投资的社会环境,可以扫清风险投资发展道路上的障碍,使风险投资得以顺利开展.     

中国风险投资的组织形式及其效率分析

风险投资的组织形式有公司制，风险投资基金制和有限合伙制三种形式。在我国公司制是风险投资组织形式的主体，国有资本参入的风险投资比例仍较大，由于公司制本身的运营结构和规制的因素，其运行效率仍有待提高。有限合伙制是一种风险和权益挂钩，分配比较合理的组织形式，目前还存在法制不完备，人才不足的障碍。为了风险投资更加快速和富有实效的发展，我国应该探索并应用国际上有成功经验的组织形式，并在法制和中介服务上完善投资环境。     

浅析科技型中小企业融资模式——风险投资

风险投资是一种新兴的高级形式的投融资方式,具有高投入、高风险、高收益的特点。由于其投资的主要对象是中小型高新技术企业,因此对于推进我国的中小企业发展,特别是高新技术的产业化发展具有重大意义。从国外经验看,风险投资的运营过程主要表现为:入口—运行—出口。我国目前尚处于发育或起步阶段,在这三个过程中都存在不少问题,特别是"入口"中的资金来源问题和"出口"中的退出机制问题。此外还有政策支持、产权市场、人才市场、法律制度、技术市场和证券市场等发展环境方面的问题。发展我国风险投资事业,要借鉴国际经验,把握好政府的角色定位,充分发挥政府的积极作用;要尽快建立符合国际惯例的风险投资机制;要积极制定修改和完善法律法规,促进我国风险投资的健康发展;要加强人才培育、完善监管,发展风险投资的社会服务体系。     

高新技术项目的投资风险识别及防范措施

一、高新技术项目的投资风险识别通过对部分风险投资机构进行调研,统计汇总得出目前影响我国风险投资机构投资决策的风险因素包括国家宏观政治经济环境y1、风险投资项目是否得到政府支持y2、技术的先进性y3、知识产权保护y4、产品的市场竞争力y5、风险企业的生产能力y6、创业者     

基于BS富客户端的山西省风险投资信息平台研究

针对山西省风险投资管理中资金信息、项目信息及企业信息分散,及缺少交易平台支持的现状.本文总结了山西省风险投资体系及平台建设的内容,并在研究BS富客户端技术的基础上,提出了一个基于AJAX与GWT服务的风险投资信息平台,有效实现了风险投资信息的共享与交互,并为后期交易功能及案例管理等其他功能的实现奠定了一个良好的技术基础.     

The political economy of a productivist agriculture: New Zealand dairy discourses

The New Zealand dairy industry faces political and commercial pressure to improve its environmental performance on the one hand while maintaining economic efficiency and commercial competitiveness in a global marketplace on the other. The growing scale and intensity of dairy production have caused significant cumulative environmental impacts. The industry response to political pressures for improved environmental performance has involved a narrow focus on water quality and pasture management. It is consistent with an approach which seeks to maintain size and industrial leverage in the face of global trade competition. This paper explores the productivist constructions of environmental management by the New Zealand dairy industry in the context of global economic competition and notes an alternative response inspired by an ethic of sustainability. It suggests that despite global pressures of economic competition, it is possible to incorporate non-material values into farm management provided these are recognised and rewarded.     

A study of the motivations for the environmental transformation of companies

This paper studies the relationship between the environmental motivations or beliefs prevailing in a company and the kind of environmental transformation the company is undertaking. In this sense, we distinguish four types of motivations: ethical, productive, commercial, and relational; and three areas where environmental transformation is typically conducted: the management system, the operations system, and the commercial system. The links between all these elements are analysed over a sample of 186 manufacturing companies from three industrial sectors. The results reveal that each environmental transformation responds to the presence or the predominance of certain motivations or environmental beliefs within the company.     

Environmental considerations associated with experimental units1

The emphasis of environmental protection has been expanded from the protection of our surrounding natural world to the protection of our health and well-being. Research facilities often have a responsibility, as individual organizations and as an industry, to consider this protection and comply with all applicable governmental regulations. The intent of this article is to increase the expertise of R&D managers so that they will be able to recognize environmental issues and potential costs associated with, and prior to any future commercialization of, their subject research. While it is directed toward considerations unique to pilot plant and laboratory operations, several of the issues discussed can be valid for full-scale commercial facilities developed as a result of that research.     

商业型与学术型服装动静态展示的对比研究

通过商业型服装动静态展示与学术型服装动静态展示之间概念、观众群、场地的设置、服装动态舞台设计与舞台氛围营造、服装动态表演策划与统筹、作品的设计、展示的创意等方面的对比,找出差异和不足,逐步完善学术型服装动静态展示.     

生物柴油制备方法的研究进展

生物柴油作为一种绿色的可再生能源,正逐步成为替代化石能源的研究热点。其制备分物理和化学两大类,在化学法中尤以酯交换法工业应用最为广泛。重点讨论了不同催化剂及其工艺路线下,酸、碱催化剂和生物酶等3种催化剂在酯交换过程中的应用,并对这些制备方法的优劣进行了初步的总结。     

On the Value of Environmental Certification in the Commercial Real Estate Market

A significant part of the global carbon externality stems from the real estate sector. Environmental certification is often hailed as an effective means to resolve the information asymmetry that may prevent markets from effectively pricing the energy performance of buildings. This study analyzes the adoption and financial outcomes of environmentally certified commercial real estate over time. We document that nearly 40% of space in the 30 largest U.S. commercial real estate markets holds some kind of environmental certification in 2014, as compared to less than 5% in 2005. Tracking the rental growth of 26,212 office buildings, we measure the performance of environmentally certified real estate over time. We document that certified office buildings, on average, have slightly higher rental, occupancy and pricing levels, but do not outperform non‐certified buildings in rental growth over the 2004–2013 period. Further performance attribution analysis indicates that local climate conditions, local energy prices and the extent of certification lead to significant heterogeneity in market pricing. On aggregate, these findings provide some evidence on the efficiency of the market in the adoption and capitalization of environmental characteristics in the commercial real estate market.     

Green Noise or Green Value? Measuring the Effects of Environmental Certification on Office Values

This study investigates the price effects of environmental certification on commercial real estate assets. It is argued that there are likely to be three main drivers of price differences between certified and noncertified buildings. These are additional occupier benefits, lower holding costs for investors and a lower risk premium. Drawing upon the CoStar database of U.S. commercial real estate assets, hedonic regression analysis is used to measure the effect of certification on both rent and price. The results suggest that, compared to buildings in the same submarkets, eco‐certified buildings have both a rental and sale price premium.     

盈利、决策、责任与竞争力——2007年中国企业竞争力年会综述

本文对2007年中国企业竞争力年会的主要议题及与会者主要观点进行了介绍,综述了上市公司盈利和竞争力关系、中国上市公司的价值回归、中国海外上市公司竞争力、分享全球资本实现突破性增长、中国商道对话西方管理思想、环境保护和可持续发展等问题。     

Employer Association Responses to the Effects of Bargaining Decentralization in Australia and Italy: Seeking Explanations from Organizational Theory

The literature has neglected to analyse employer associations as organizations facing potential environmental threats to their financial sustainability. We examine associations' responses to collective bargaining decentralization, a major, contemporary threat. Using a qualitative, comparative case approach, we examine eight associations — four each in Australia and Italy — to develop a model of response types. Stronger decentralization effects increase associations' exposure to new and heightened competition, which in turn produces stronger association responses. These include prioritizing commercial over associational objectives. We analyse responses using strategic choice and resource dependence theories, finding that associations use both. However, the decision how to combine them reflects environmental conditions as well as choices linking organizational purpose and financial sustainability.     

Certifying catfish in Vietnam and Bangladesh: Who will make the grade and will it matter?

Certification is an increasingly pervasive form of market governance through which retailers and NGOs are able to exert control over producers of primary products in order to secure their commercial and institutional interests. This paper assesses the likely outcomes of emerging certification standards intended to govern production of a new global commodity, Pangasius catfish. This evaluation focuses on Pangasius producers in Vietnam and Bangladesh, and one of the key areas which standards seek to regulate; the environment. We conclude that certification is likely to result in greater differentiation and polarisation between larger and smaller farm operators and will increasingly act to exclude of the latter from access to Western European and North American markets, and that any local environmental gains produced may be of relatively minor significance.