论股份有限公司的股份回购问题

美国铱星公司耗巨资、花近十年时间建立的卫星通信系统在正式商业运营不到十个月就不得不宣布破产倒闭。铱星公司的失败形象地说明了当代高新技术投资的风险性、复杂性、多变性等特点。铱星的失败有偶然性 ,也有其必然性。本文通过对铱星公司破产倒闭的原因分析 ,得到一些有益     

"铱星陨落"启示录

2003年3月17日,曾经盛况空前的"铱星计划"宣告失败,铱星公司破产,虽然现在它在筹划东山再起,但是已经不复当年的盛况,铱星公司作为一家高科技企业,为什么在瞬间就破产呢?仔细分析其失败的原因,对我国高新区的发展,尤其是对高新技术的发展是有积极的借鉴意义的。铱星失败的原因探究铱星事件给了我们很多思考,高技术带来的高风险即使在摩托罗拉这种跨国巨人面前也显得这样残酷无情,任何产品最终都要接受市场的检验,盲目发展以及对市场错误估计的代价是惨重的。主要失败的原因有:1、技术先进,但不成熟。铱星系统使用的是90年代初期发展起来的新     

风险投资：高新技术成果转化的资金依托

风险投资；高新技术成果转化的资金依托甄宏伦所谓风险投资，是指投资者对风险项目的投资行为。风险投资有两个基本特性：一是风险性，即投资失败的风险是容观存在的，不能预先消除的；二是收益性，即一旦投资成功，投资者可以得到远高于常规投资的收益。风险投资的是大魅...     

浅析风险投资进入中小企业的运行机理

一、风险投资的概念所谓风险投资，是指把资金投向蕴藏着较大失败危险的、有广阔发展前景的技术含量高的高新技术开发领域，并为风险企业提供管理和经营服务，以期成功后取得高资本收益的一种商业投资行为。     

发展风险投资必须建立有力的支持体系

风险投资是指将资金投入具有巨大增长潜力,但同时在技术、市场等各方面都存在巨大失败风险的高新技术产业的一种投资行为。风险投资家以专业知识主动参与经营,使被投资企业能够健全经营、迅速成长。风险投资家在被投资企业成功后,将所持有股票卖出收回资金及其高额利润,再投资另一新创企业,周而复始进行中长期投资并参与经营。 风险投资不单单是一个投     

论风险投资在我国的发展

关于风险投资，国内外的定义很多。一般认为，风险投资主要是对高新技术产业中具有增长潜力的、未上市的创业公司的投资。风险投资的风险性与高收益性是并存的。它的风险性主要表现在：首先，这种投资是在没有任何抵押和担保的前提下进行的。其次，它所投资的高新技术项目本身往往具有不成熟性和不稳定性。有些技术难关能否攻破尚难完全把握。再次，产品的市场前景尚不甚明朗。加之风险企业家的经营管理水平和道德水平尚待检验，因此，风险投资的风险系数很大，成功率不高。据国外估计，风险投资项目在总体上约有１／３完全失败，血本无归；…     

试议高新技术产业化投资保险的主体和对象

怎样降低风险,吸引更多的投资者将资金投向高新技术产业化项目,这是一个非常有意义的注重点、降低投资风险办法种类很多,保险是其中的一种。高新技术产业化投资引进保险机制,与保险相结合,让其风险进行合理的社会转移,降低单个投资者实际承受的风险,进一步完善科技投资市场的环境条件,用保险形式促进高新技术进步,使高新技术产业化投资的安全性与有效性有机的结合。 高新技术产业化是指研究成果走出实验室达到规模经营生产的过程,是其中包括研究成果商品化过程的广义统称,是将实验室的成果转化为现实生产力;成为具有规模生产商品能力产业的过程。作为保险,高新技术产业化投资保险和其他保险的有共同点,同时又有其特点。以下就高新技术产业化投资引入保险机制的保险的主体和对象试作分析。     

风险投资（VC）

一、风险投资的内涵风险投资（Venture Capital,简称VC）是指具备资金实力的投资家对具有专门技术并具备良好市场发展前景,但缺乏启动资金的创业家进行资助,帮助其创业,并承担创业阶段投资失败的风险的投资。广义的风险投资泛指一切具有高风险、高潜在收益的投资;狭义的风险投资是指以高新技术为基础,生产与经营技术密集型产品的投资。     

论风险投资

一、风险投资中的风险表现风险投资既能带来高于投资额数十倍的高收益,同时也存在投资失败而带来的高风险。一般风险投资的成功率在１０－２０％左右,大部分项目半路夭折。因此,在风险投资的实际运作中必须要注意如何降低和防范风险。１．技术风险。风险投资主要对象是高新技术产品,高新技术成果工业化程度低,有的仅是一些设想,距现实还有一段距离。在研究开发过程中,不确定的因素多,并且难以控制。２．市场风险。风险投资能否成功最终取决于企业所开发的高新技术产品能否被市场所接受。高新技术产品对消费者而言,都是新生事物,要…     

创业投资有待大步前行

我国创业投资发展面临的问题创业投资是由专业投资机构或职业投资者以权益资本形式投向新兴的、有巨大竞争潜力同时存在巨大失败风险的高新技术企业的一种投融资行为。我国的创业投资经过十几年的风风雨雨,已有了一定规模。一是国家及各省、市设立的创业投资公司,现有十余家。如中     

On the Major Transformation of the Asia-Pacific Regional Structure北大核心CSSCISSCI

Recent years have witnessedsignificant changes in the Asia-Pacific regionalstructure featuring the shift in power balance among related countries as well as adjust-ments in their respective regional strategies. So what is the prevailing trend in thistransformation and what kind of regional order will likely emerge in the future？ To an-swer these questions, the paper tries to explore the following dimensions： the evolvingregional context, shift in power balance and power conversion, geo-political and geo-e-conomic developments and interactions between them, and evolving regional order. Asthe study shows, the broadening of regional geographical scope, the rise in the numberof actors involved, as well as changesin the relations among them, have combined tocast a pluralistic and complex flavor to the regional structure. While the power balanceamong China, the United States and Japan shifts, and power conversion is also occur-ring. China and Japan are paying increasing attention to their security roles, whereasthe United States under the Obama administration laid more stress on expanding itsgeo-economic clout. In spite of the intensifying geopolitical competition among China,the United States and Japan in recent years, a Sino-US strategic compromise-whichholds the key to regional geopolitics-isother front, some kind of geo-economicmore likely to take place in the future. On thecooperation will probably emerge. In the longerterm, it will be the geo-economic trend thatwill prevail over the geopolitical trend inthe region. Finally, the future evolution of regional order wiI1 mainly follow the eco-nomic logic, accompanied by the dilutionof its hegemonic and hierarchical nature.Hence, a pluralistic and complex regional community will emerge.     

The German Hanse and Bergen – new perspectives on an old subject

Abstract

The Hanseatic League and her kontors (trading posts) were an integral part of the medieval trade system in Northern Europe. Hanse merchants dominated many markets in this region and managed to maintain a monopoly-like role in towns like Novgorod and Bergen for many centuries. Consequently, one focus of historical research about the Hanseatic League lay on the mechanisms that enabled the Hanse merchants to keep that strong of a position for such a long time.

This article is part of the discussion about this topic. Based on Lübeck merchants with business interest in the Norwegian town of Bergen, the so-called Bergenfahrers (Bergen travellers), it will give new insights into the Hansards' economical and social organization. The three main points are (a) the integration of the Bergen market in the Hanseatic trade network as an intermediary trading place on the vivid East–West route of Hanse trade; (b) the importance of the Bergenfahrers within the Hanse merchants' economical, social and political networks; and (c) the structure of the Bergenfahrers network patterns in the late Middle Ages.

In addition to new insights into the important role of Bergen and the Bergenfahrers within Lübeck's and the other Wendish Hanse towns' trading system, this articles provides further proof for the usefulness of the methods of Social Network Analysis in medieval economic research.     

Organization and incentives in the age of sail

The British Navy in the age of sail was the most successful bureaucracy of its time. Its organization and incentive structures differed importantly from contemporaneous private sailing ventures, but closely resembled those of today’s large corporations. To induce efficient effort, the navy used a hierarchical tournament, in which sailors competed for higher pay that came with promotions based on relative performance. Promotion probabilities, the option value of future promotions, and the higher effort required of men in higher ranks and on larger vessels, combined to yield a highly skewed pay structure.     

Financial Reporting and Trade Credit: Evidence from Mandatory IFRS Adoption*

We investigate the effect of mandatory IFRS adoption on trade credit. We document that firms in countries that adopt IFRS receive more trade credit from their suppliers, consistent with improved financial reporting quality and comparability playing a role in facilitating informal financing. This increase is larger for countries with a low level of societal trust, a poor pre‐IFRS‐adoption information environment, and stronger legal enforcement. These cross‐sectional results suggest that the conditions under which higher‐quality information is made publicly available affect suppliers' decisions to provide trade credit. This increase is also larger for firms with greater exposure to foreign markets, a finding that highlights the importance of more comparable international financial reporting standards in facilitating cross‐country trade credit. We also find that IFRS adoption has a stronger positive effect on trade credit for firms with greater liquidity needs. Finally, we find that firms in countries that adopt IFRS also extend more trade credit to their customers. Overall, our results support the notion that financial reporting can have a causal effect on trade credit.     

区域工业产业竞争力指标体系的构建及其评价方法研究

文章通过建立省级区域工业产业竞争力评价指标体系,设计竞争力模型,利用SPSS统计软件,对各省工业产业竞争力进行了评价测定。     

文化传播中电视暴力对青少年侵犯行为的影响

伴随当代传媒产业的蓬勃发展,暴力也成为影视艺术基本的叙事类型及消费主义文化日趋盛行的现实语境。＂电视暴力＂是作为＂媒介暴力＂的一个子概念存在的;从文化传播看电视暴力,其覆盖面大,且易于接触;电视暴力对受众特别是青少年的影响巨大而深刻。要从制作者、传播者和观众三个方面的自律出发,建立适应我国国情的影视分级制。     

理性与先验的完美整合——论笛卡尔的"上帝"观

笛卡尔是西方近代主体性哲学的先驱,是近代唯理论学说的创始人,他使人们从中世纪宗教势力的禁锢中解放了出来.虽然"上帝"这个被人们视为理性最大敌人的概念在他的哲学中大量存在,但他极力证明上帝存在的最终目的却是为了证明理性的伟大;作为真理化身的上帝,归根到底是为他的理性主义服务的.