虚拟经济及其发展策略探析

虚拟经济作为新经济的一种活动模式，是近些年来出现的经济术语。虚拟经济起源于虚拟资本，虚拟资本是市场经济高度发展与货币资本化的产物。虚拟资本指的是独立于现实的资本运动之外，以有价证券（如股票、债券）的形式存在，能给持有者带来一定收入的资本。马克思认为，虚拟资本自身没有价值，是实体资本的“纸制复制品”。虚拟资本在质上和量上都与实际资本有着根本的不同。虚拟资本有价格，但没有价值。虚拟资本的价格实际上就是收入的资本化，它的变化与实际资本没有直接的联系。一般虚拟资本的价格总和大于实际资本的价格总和。     

关于PPP产业投资基金并表问题的研究

随着国内PPP模式的迅速发展,PPP产业投资基金成为社会资本重要的结构化融资手段,备受社会各界关注.PPP产业投资基金在减轻社会资本资金压力的同时,也带来了高杠杆高负债,而受到证监会监管的上市公司和国资委监管的国有企业对降杠杆降负债有明确要求,因此,如何采取有效措施帮助社会资本实现PPP产业投资基金出表已成为一个现实的问题.论文结合相关会计准则和法律法规,运用了经验总结法和规范分析法,对有限合伙型PPP产业投资基金的合并报表问题进行了研究和论证.具体而言,就是先通过分析新修订的会计准则对合并报表的具体要求,有限合伙制PPP产业投资基金的组织形式和主要特点,论证影响PPP产业投资基金合并报表的关键条件;再结合实践中的PPP产业投资基金案例,充分说明产业基金架构及条款设置,对PPP社会资本方合并报表的重要影响.本文认为在现有会计准则及法律法规的框架下,可以通过对PPP产业投资基金的架构及关键条款进行合理设计,从而解决社会资本方的合并报表问题,对现实中社会资本顺利引入PPP产业投资基金大力拓展PPP业务有一定的借鉴意义.     

投资基金投资策略趋同性的成因和影响

投资基金投资策略的趋同性，指资本市场中投资模仿，对相同的投资对象采用相同的投资策略。随着投资基金在资本市场中所占的比例与地位越来越重要，投资基金投资策略的趋同性这一现象,也越来越引起人们的关注与研究。     

浅析产业投资基金概念及发展历程

产业投资基金作为一种金融制度创新,具有迅速募集社会资本并进行集合投资的功能。大力发展产业投资基金对我国经济发展方式转变、产业结构调整、国企改革重组具有重要的现实意义。本文通过回顾我国产业投资基金发展的历史,对产业投资基金的概念进行了辨析。     

论虚拟资本的动态价格均衡机制

虚拟资本有其独特的运动规律，在开放市场经济条件下，虚拟资本的高度灵敏性能迅速引导货币、资本、外汇市场趋于动态价格均衡，产生最佳资本形成率，从而能有效地促进资源在实体经济与货币经济之间进行优化配置，提高整个经济体系运转的效率。现阶段我国亟需正确处理虚拟经济和实体经济的关系，进一步提升虚拟资本在我国资本市场中的积极作用。     

论证券投资基金的收益及其分配

证券投资基金的收益主要包括利息收入，股利收入和资本利得。在甸证券市场发育不完善的现阶段，出于会计谨慎性原则的考虑，证券投资基金的收益不应包括股票股利和未实现的资本利得。在收益分配方面，管理层对证券投资基金收益分配政策的限制过程多过死，不利于投资基金业的健康发展，基金持有人大会在基金收益分配政策的制定上应当享有更多的决定权。     

当代虚拟资本与金融创新的发展

本文从虚拟资本理论入手，研究了当代虚拟资本的特点与作用，揭示了金融创新是丰富和拓展虚拟资本内涵和外延的重要途径和形式，金融创新深化极大的刺激了当代虚拟资本的迅猛发展，而虚拟资本的“双刃性”和缺乏监管的过度金融创新，可能导致金融危机的爆发。因此，如何把握好金融创新，高效适度的发展虚拟经济将成为深化金融改革，防范金融危机的重要课题。     

投资基金:金融改革新热点

投资基金：金融改革新热点□许涛王孝清林榕峰当前，我国社会主义市场经济已取得阶段性的成就，产权制度改革日渐深入，资本市场迅速发展，基金管理条例已获通过，利率进一步下调，投资基金成长的条件和环境日趋成熟，可以预见：投资基金将步入一个发展时期。一、投资基金...     

浅析产业投资基金概念及发展历程

产业投资基金作为一种金融制度创新,具有迅速募集社会资本并进行集合投资的功能.大力发展产业投资基金对我国经济发展方式转变、产业结构调整、国企改革重组具有重要的现实意义.本文通过回顾我国产业投资基金发展的历史,对产业投资基金的概念进行了辨析.     

产业投资基金募投对象筛选及风险防控

产业投资基金是一种将金融产品和产业发展相结合的资本方式,在繁荣金融市场、激发资金活力的同时,也促进了当地产业的发展.本文分析了产业投资基金募投对象的筛选原则,指出了当前资本市场中产业投资基金运行的主要问题和风险,并结合相关理论提出了针对性的措施.     

Government venture capital and cross-border investment

We use data on venture capital investments from 26 countries from 1998–2013. We investigate the following questions: Do domestic government sponsored venture capital funds augment or curtail domestic private venture capital funds from cross-border investment? Do government sponsored venture capital funds attract or repel foreign private venture capital investment? The results show that a preponderance of mixed-structured over pure-structured government venture capital investment has a crowding-in effect overall: it attracts domestic and international private venture capital to the domestic venture capital market while simultaneously increasing total private venture capital investment. In contrast, a preponderance of pure-government over mixed-government venture capital fund investment repels foreign private venture capital investment (has a crowding out effect). We find that both these effects are more pronounced for domestic rather than foreign private venture capital and that the attraction effect is stronger than the repulsion effect.     

It Ain't Broke: The Past,Present, and Future of Venture Capital

This article presents a selective history of the U.S. venture capital (VC) industry, a discussion of the current state of the market, and some predictions about where the market is going. There is no doubt that the U.S. venture capital industry has been very successful. The VC model has provided an efficient solution to a difficult problem—that of enabling people with promising ideas but often limited track records to raise capital from outside investors. A large fraction of IPOs, including many of the most successful, have been funded by venture capitalists, and the U.S. VC model has been copied around the world. Armed with this historical perspective, the authors view with skepticism the recent claims that the VC model is broken. In the past, VC investments in companies have represented a remarkably constant 0.15% of the total value of the stock market; and commitments to VC funds, while more variable, have been consistently in the 0.10% to 0.20% range. Both of these percentages have continued to hold in recent years. And despite the relatively low number of IPOs, the returns to VC funds this decade have largely maintained their historical relationship to the overall stock market. To be sure, VC investment and returns continue to be subject to boom-and-bust cycles. But if the recent period has most of the features of a bust, the authors view today's historically low level of commitments to U.S. VC funds as a fairly reliable indicator of relatively high expected returns for the 2009 and (probably) 2010 vintage years. Perhaps the most promising future role for venture capital, as the authors suggest in closing, is to increase the productivity of the corporate research and development function through various kinds of partnerships and outsourcing arrangements.     

Public economics gone wild: Lessons from venture capital

A recent article in the Journal of Public Economics has asserted, among other things, that government venture capital funds in Europe have crowded out private venture capital. I explain that the findings in that paper are based on empirical measures that are completely flawed. Moreover, I show with data spanning 13 countries and the years 1989–2011 that government venture capital funds in Europe have not crowded out private venture capital investment. Finally, I draw implications for studying venture capital and public policy for other countries such as India and China.     

The determinants of venture capital funding: evidence across countries

This paper analyses the determinants of venture capital for a sample of 21 countries. In particular, we consider the importance of initial public offerings (IPOs), gross domestic product (GDP) and market capitalization growth, labor market rigidities, accounting standards, private pension funds, and government programs. We find that IPOs are the strongest driver of venture capital investing. Private pension fund levels are a significant determinant over time but not across countries. Surprisingly, GDP and market capitalization growth are not significant. Government policies can have a strong impact, both by setting the regulatory stage, and by galvanizing investment during downturns. Finally, we also show that different types of venture capital financing are affected differently by these factors. In particular, early stage venture capital investing is negatively impacted by labor market rigidities, while later stage is not. IPOs have no effect on early stage venture capital investing across countries, but are a significant determinant of later stage venture capital investing across countries. Finally, government funded venture capital has different sensitivities to the determinants of venture capital than non-government funded venture capital. Our insights emphasize the need for a more differentiated approach to venture capital, both from a research as well as from a policy perspective. We feel that while later stage venture capital investing is well understood, early stage and government funded investments still require more extensive research.     

The Determinants of Venture Capital in Europe — Evidence Across Countries

This article analyses the determinants of European venture capital activity. The main novelty of our work is in accounting for the idiosyncrasies of the European venture capital market. In particular, we investigate whether the size of the merger and acquisition market (M&A) is important in explaining venture capital. Moreover, our work is the first that analyses the impact of the degree of information asymmetry at the macro level, the direct impact of the level of entrepreneurial activity and the impact of the unemployment rate on venture capital activity. We use aggregate data from 23 European countries for the period 1998–2003 to estimate panel data models with fixed and random effects. Our results reveal that the size of the M&A market and the market-to-book ratio have a positive impact on venture capital activity whereas the unemployment rate influences the venture capital market negatively. These results highlight the importance of the exit environment and of the degree of asymmetric information for the venture capital market.     

Venture capitalist value-added activities,fundraising and drawdowns

This paper is the first to introduce an analysis of the effect of different types of venture capitalist value-added activities (financial, administrative, marketing, strategic/management) on fundraising. In addition, we include an analysis of the functional difference between committed funds and drawdowns from capital commitments vis-à-vis pension funds and venture capital funds. The new comprehensive data, collected by the Australian Bureau of Statistics for 1999–2001, enable controls for venture capitalist performance, risk, investment activity, and management and performance fees. The results indicate that significantly more capital is allocated to venture capitalists that provide financial and strategic/management expertise to entrepreneurial firms (as opposed to marketing and administrative expertise). In addition, fundraising is greater among funds with higher returns and performance fees and lower fixed management fees. In contrast, drawdowns from capital commitments are greater among venture capital funds that provide financial and marketing expertise to investees (as opposed to strategic and administrative expertise), and among funds with higher performance fees and fixed management fees. Further, the results indicate an adverse impact on venture capital fundraising from illiquidity attributable to a 2-year lock-up period in IPO exits over the period considered.     

Biomarker of Quality? Venture‐backed Biotech IPOs and Insider Participation

Corporate financial managers of biotech firms need long‐term financing to reach key milestones, and that requires a long‐ term capital structure. They must balance a mix of investors with different objectives and different investment horizons that includes traditional venture capitalists and also hedge funds and mutual funds. This study helps practitioners understand the complex role of exit decisions, as venture capitalists seek better exit strategies and performance. IPOs are financing but not “exit” moves. In addition to certifying firm value, insider purchasing of shares in the IPO offering has two major consequences. First, venture capitalists reallocate large sums of capital from early‐stage to late‐stage deals that are expected to have lower risk (but also lower expected return) and shorter time to exit. Second, the speed at which VCs exit after the IPO depends on the firm ownership structure after the IPO and the stock liquidity. Going public with a significant participation by venture capitalists will probably increase the post‐IPO ownership and decrease the free float of the stock, implying a delay of the exit and the realization of the capital gains from the investments. Although this study has focused exclusively on the biotechnology industry, insider participation is not unique to it. Biotech's venture brethren in the software and technology industries also have insider participation in IPOs. During 2003–2015, approximately 41 venture‐backed firms outside of the biotechnology sector had insider participation.     

The impact of the Arab Spring and the Ebola outbreak on African equity mutual fund investor decisions

Financial development and stock markets have been widely considered to be key factors in economic growth. Among institutional investors, mutual funds play a key role in providing financial resources to stock markets, particularly in developing countries. Different from other investments, mutual fund flows could be affected by retail investors’ behavior and their overreaction to specific events. We considered 78 equity mutual funds that are geographically specialized in African countries and observed monthly flows and performance for the period of 2006–2015. We find that two major events, Ebola and the Arab Spring, significantly affected the fund flows, controlling for fund performance, expenses and market returns. Retail investors over-reacted to these major events, withdrawing their savings from the African mutual funds. This result is particularly strong when connected to the media coverage of these events: the higher the number of articles about Arab Spring and Ebola, the higher the withdrawals. These irrational investors’ behavior damaged the funds’ managers market timing ability, and reduced the equity capital injection into African stock markets. Our results have several implications for both holders of frontier market mutual funds and the overall asset management industry.     

资源稀缺、技术冲击与风险投资退出时机

本文从风险投资市场资源稀缺的特征出发,建立了一个风险投资退出时机选择模型,在此基础上,运用2004-2011年中国风险投资退出的季度数据考察了技术冲击和市场利率等因素变化对风险投资退出时机的影响。研究发现：（1）资源稀缺的程度与风险投资退出时机的选择有着非常紧密的联系;（2）市场利率的变化对风险投资的退出行为的影响具有不对称性：市场利率下降可能会导致风险投资加速退出质量较差的风险企业,同时却更长时间地持有质量较好的风险企业;（3）技术进步会增加风险企业的数量,提高风险投资市场上风险企业的平均质量,加速风险投资退出。     

风险投资退出时机研究

信息不对称是风险投资运作过程中的重要特征,而退出环节的信息不对称的表现形式不仅与其它环节相似,而且还有其特殊性.不同类型的信息不对称从不同的角度影响风险投资的退出时机.风险投资家在退出过程中必须以企业当前的状态为基础,结合风险资金市场供求和已确定的退出方式,准确把握风险投资运作过程中各种信息不对称的状况,选择能最大化其退出收益的最优退出时机.