企业吸纳科技成果作价投资的风险分析

科技成果作价投资是成果转化的一种重要形式,相比与技术转让、许可等成果转化形式,具有一定的优越性,但由于受到企业、科技成果、外部环境等因素的影响,企业在吸纳科技成果作价投资的过程中,存在一定的风险性。本文通过识别企业吸纳科技成果作价投资的风险,分析其影响因素,并提出相应的风险防范措施。     

人民币汇率与我国对外直接投资的关系研究

影响我国对外直接投资的因素很多,不同因素对于对外直接投资的重要性也是不同的,在此着重研究人民币汇率的变化和我国对外直接投资之间的关系。结合我国对外直接投资的特点,利用协整分析技术、Granger因果检验,从不同角度分析我国对外直接投资和人民币汇率之间的均衡关系。从分析得出的结果来看,人民币的汇率与我国的对外直接投资之间是互为因果关系。     

中国企业对加拿大直接投资分析

经济全球化使加拿大更深地融入到世界经济之中,同时也被中国企业认为是对中国企业投资最开放的国家。本文介绍了经济全球化背景下,中国企业对加拿大直接投资情况,并分析了影响中国企业对加拿大直接投资的因素,对投资领域与形式选择进行了探讨。     

快速成长的中国资本市场

随着经济的持续高速增长和改革、开放力度的加强。中国的资本市场在1993年获得了长足的进步,不仅市场容量迅速扩大,而且市场体系也日臻完善。初步形成了现代资本市场的框架。从形式上看,目前中国资本形成的主要途径有银行信贷市场、股票市场、国债市场、企业债券市场、基金市场等金融投资市场和政府与企业的直接积累投资以及外汇市场与外资投资市场。随着经济信用化和资本形成金融化程度的不断提高,政府与企业直接积累性投资基本上采取了金融化与信用化的形式,因而目前中国资本市场的基本形式实际上是由国内金融投资市场和国际资本流动市场这两大类组成。显而易见,资本市场是由多种投资形式组成的复杂体系,因而分析资本市场发展的短期变化情况,必须抓住变化较大的主要市场形式。中国的银行     

外商直接投资在大陆市场中的新变化研究

后金融危机时代外商在大陆市场中的直接投资势头放缓,呈现出调整期的诸多新变化,如总额减少,直接投资在第三产业的比例升高,区域布局优化和投资方式转变等。这是由经济因素、投资软硬环境因素、制度因素和研发因素等决定的。通过对其进行建模分析,提出了优化投资环境、有步骤的提高资本市场的开放程度、加快服务业发展,优化产业结构等建议,为后危机时代吸引外商投资提供指导和借鉴,推动我国经济的快速发展。     

当前我国外资并购的特点

一、并购成为外商在华投资的战略性举措 当前,跨国并购已经成为国际投资的主要形式,而跨国公司对外直接投资形式的变化是服从于其投资战略和动机的.     

河南省投资结构优化分析

本文对河南省"十一五"以来投资结构变化情况进行了分析,认为影响河南省投资结构变化的主要因素有产业结构升级、要素资源保障和资源环境制约等。作者针对投资结构变化趋势,提出了优化投资结构的方向和政策建议。     

河南省农村公共物品投资的经济增长效应研究

本文运用面板数据模型分析了河南省农村公共物品固定资产投资对农村经济增长的影响。固定效应模型表明,农村公共物品固定资产投资是造成地区间农业总产值差异的因素;随机效应模型表明,农村公共物品固定资产投资也是造成同一地区不同年份农业总产值变化的因素,即农村公共物品固定资产投资促进了农村经济增长。最后分析了河南省当前农村公共物品供给存在的问题及解决对策。     

转型背景下中国OFDI结构演化分析——基于企业投资动机和东道国需求结构的双重视角

本文突破了同质消费者分析框架,构建了一个带有消费者异质性偏好假设的跨国企业对外投资决策模型,用于刻画影响企业对外直接投资的决定因素及其作用机制。在此基础上,采用2003—2015年中国对98个国家(地区)的对外直接投资数据,利用时变系数模型检验转型背景下中国对外直接投资结构变化的特征。研究结果表明:中国对外直接投资流向受到企业投资动机和东道国需求结构两方面因素的影响,且随着国内经济结构转型和政府战略调整,中国对外直接投资结构呈现出由资源寻求向市场寻求、效率寻求和战略资产寻求转变、需求端不断拓展与深化的动态演化趋势。进一步分析"一带一路"倡议在中国对外直接投资结构变化中的作用机制,发现国内消费结构和产业结构转型升级是造成上述变化的重要内生推动因素,政府力量则进一步拓展了企业对外投资的需求端,并且只是起了加速作用。     

国际商务环境对于跨国投资影响的研究

随着世界经济一体化进程的加快,跨国投资无论从规模还是形式上都有了很大的变化,本文运用国际商务基本理论,结合诺基亚公司在中国投资的实际案例,就国际商务环境对于跨国投资决策的影响进行了分析。     

Concentrating Too Hard? Foreign and Corporate Venture Capital Involvement in Syndicates

We investigate the relationship between investment of corporate venture capital (CVC) and foreign venture capital (FVC), and the concentration of investors involved in a financing round. As forms of venture capital distinct from independent venture capital, CVC and FVC can offer different value to new ventures. However, having FVC or CVC investors in the syndicate can also pose additional risks to other investors. We find that a corporate venture capital or a foreign venture capital affiliation is related to lower concentration of investors. Our results suggest that the investors evaluate not only the venture but also their syndicate partners in determining their relative share of round investment.     

证券投资者行为及投资策略研究

行为金融学注重研究证券投资者在投资决策时的心理特征,其对投资者的有限理性决策假设使其能更好地解释许多证券市场异常现象。本文从行为金融学视角对证券投资者心理与行为特征进行分析,我国证券投资者的投资行为有逆向投资策略,惯性投资策略,小盘股投资策略。     

Does corporate governance risk at home affect investment choices abroad?

Disparity between control and ownership rights gives rise to the risk of tunneling by the controlling shareholder, and is prevalent in many emerging market economies and present in some developed countries. At the same time, international investors come from different countries whose home markets are characterized by varying degrees of control–ownership disparity. This paper studies whether this difference in investors' home countries affects their portfolio choice in an emerging market. It combines two unique data sets on ownership and control in business groups, and investor-stock level foreign investment in Korea. A key finding is that investors from low-disparity countries disfavor high-disparity stocks in Korea, but investors from high-disparity countries are indifferent. Moreover, investors from low-disparity countries became averse to disparity only after the Asian financial crisis. These results suggest that the nature of corporate governance in international investors' home countries affects their portfolio choice abroad, and therefore these investors should not be lumped together in the analyses of their portfolio choice.     

中国风险投资机构联合投资动机的影响因素研究

运用中国风险投资市场5316条风险投资数据,以欧美国家市场联合投资的动机为参考,结合中国的法律、政策、文化环境研究中国风险投资机构参与联合投资动机的影响因素。结果发现,融资规模大、外资机构参与以及向高新技术企业投资,出于规避风险和整合资源的考虑较倾向于采用联合投资方式;获利期阶段项目的投资,则出于IPO等因素考虑更倾向于联合投资。这表明中国风险投资市场联合投资的动机与欧美国家相比,会受到制度和市场环境的影响而有所差异。     

我国风险投资业的发展现状、问题及建议

通过对我国风险投资发展现状的分析,本文从宏观环境和微观运营等角度,指出了我国风险投资发展中存在风险投资主体严重缺乏,投资规模较小,缺少风险投资运作的法律环境支持,参与各方对风险投资的认识和理念还不成熟,资本市场不完善和资本趋利的流动性不足制约风险投资的发展等问题,并提出了可供借鉴的国际经验及对我国风险投资发展的建议。     

技术创新对中国外贸发展方式转变影响的实证研究

在分析1990年以来中国外贸发展方式转变状况的基础上,用协整检验和脉冲响应函数实证分析技术创新对外贸发展方式转变的影响。结果表明:技术创新是影响中国外贸发展方式转变的最主要因素,技术创新变量每增加1个百分点,外贸发展方式转变水平最大将提高1.91个单位;R&D投入强度对外贸发展方式转变过程中出现的波动性解释程度最大,达到56.33%,远大于其它因素的解释程度。因此,转变中国外贸发展方式,必须加快技术创新步伐,尤其要加大R&D投入。     

An intertemporal capital asset pricing model under heterogeneous beliefs

An intertemporal CAMP under heterogeneous beliefs is derived. It is shown that an asset's risk consists of three components: the market consensus of volatility risk, the market consensus of the risk induced by changes in the investment opportunity set, and risk associated with uncertain shifts in investor's subjective expectations. The multiperiod market price of risk with heterogeneous beliefs defines a new structure of market risk that captures contemporaneous changes in investors' subjective expectations and the dynamics of the investment opportunity set. The investors' demand for risky assets also is examined under heterogeneous belief. In addition, the model derived provides a generalized version of other CAPM's, such as the classical CAPM, Merton's intertemporal CAPM, and Bredeen's consumption-based CAPM.     

风险投资组织模式的比较研究

风险投资是一种特殊的投融资活动,由于国情的不同,各国的风险投资组织模式也存在很大的差异。概括来讲,可分为美国模式、日本模式和欧洲模式。如果对各国风险投资组织模式进行比较、分析,就可以了解到当前我国风险投资组织模式存在的问题,从而找出适合我国风险投资组织模式的再造问题。     

Institutional investor activism on socially responsible investment: effects and expectations

Concentrated attention on institutional investors' activism has been perceived in the last few decades and further intensified in the post-Enron era. A new area of particular significance that has emerged is institutional investors' growing awareness and practice of socially responsible investment (SRI). This article starts by reviewing the importance of institutional investor activism and the historical implication of SRI. Significantly, various elements that give rise to the growth of SRI in the modern business world are considered in detail. It is recognized that, although current empirical evidence suggests ambiguous effects of SRI, the positive impact of institutional investors' activism on SRI is likely to have been undermined due to the underdevelopment of evaluation systems, and SRI should stand out as a good investment option for its joint financial and societal concerns. Nevertheless, obstructions still exist in the exercise of investor activism and the pursuit of SRI strategy, which implies that, at least in the near future, SRI strategy will remain as a minor investment trend for institutional investors in Anglo-American countries. Additional regulatory methods and awarding schemes are, therefore, expected to motivate institutional investors' activism on SRI, and subsequently to promote global sustainability.     

Venture capitalists and serial entrepreneurs

Habitual entrepreneurship is receiving growing attention, much of which has focused on entrepreneurs who have started more than one venture. This paper examines the importance of habitual entrepreneurs to the venture capital industry, with particular emphasis on those who have exited from an initial investment in the venture capitalist's portfolio, termed serial entrepreneurs. As venture capital markets mature, increasing numbers of entrepreneurs are likely to exit from their initial enterprises, creating a pool of entrepreneurs with the potential for embarking on subsequent ventures. Venture capitalists making investments may invest both in entrepreneurs starting new ventures and those who purchase a venture through a management buy-out or buy-in. On this wider basis, the paper develops a classification of types of serial venture. A number of issues are raised for venture capitalists, notably the relative attractiveness of reinvesting in exited entrepreneurs and the policy they adopt in tracking and assessing such individuals.The paper addresses venture capitalists' perspectives on investing in serial entrepreneurs based on a representative sample of 55 UK venture capitalists (a response rate of 48.7%, and a follow-up survey of those who had more extensive experience of serial entrepreneurs (23 respondents). The results of the survey show that despite a strong preference for using an entrepreneur who had played a major role in a previous venture, the extent to which exiting entrepreneurs are funded from their own portfolio again is limited, though there is more extensive use of such individuals in a consultancy capacity. In screening entrepreneurs exiting from previous ventures for subsequent investments, venture capitalists scored attributes relating to commercial awareness, experience in a particular sector, and personal ambition of the entrepreneur most highly.Venture capitalists do make extensive use of serial entrepreneurs who have exited from other venture capitalists' portfolios, primarily to lead management buy-ins. Indications from the survey are that venture capitalists rarely assess entrepreneurs formally at the time of exit and that it is unusual to maintain formal links with entrepreneurs after they have exited. These apparent shortcomings suggest that perhaps investment opportunities are being missed. Those venture capitalists preferring serial entrepreneurs generally had a larger volume of funds under investment and were rather older than those venture capitalists who do not prefer to use serial entrepreneurs, reflecting the possibility that longer established venture capitalists have had more opportunity and experience in relation to second-time entrepreneurs.Investment appraisal factors were subject to a principal components analysis to identify underlying dimensions/relationships between them. With respect to the general investment appraisal factors, five factors were identified. Two factors were related to track record; one of these reflected ownership experience, while the other represented management experience. The third factor was related to personal attributes such as age, knowledge, and family background. The fourth factor represented links to the funding institution, and the final factor (a single variable factor) concerned financial commitment. The principal components analysis for screening factors on management buy-ins produced a single factor comprising all variables. These factors were then subject to a multivariate analysis of variance (MANOVA), with preference for use of a serial entrepreneur as the independent variable. The results suggest that there are significant differences between venture capitalists who prefer serial entrepreneurs and those who do not in respect to their business ownership experience, the length of their entrepreneurial careers, and the number of their previous ventures.The results of the study have implications for practitioners. First, the findings emphasize the importance of not considering previous venture experience in isolation but in the context of other key investment criteria. Second, the lack of strongly greater performance from serial, versus novice, entrepreneurs further emphasizes the care to be taken in assessing experienced entrepreneurs. Third, the relatively low degree of formal and rigorous post-exit assessment and monitoring by venture capitalists suggests that important opportunities to invest in experienced entrepreneurs may be missed.