创业投资基金如何退出

创业投资由项目筛选、初始投资、培育创业企业直到退出的一系列步骤构成,而创业投资的退出是其中最关键的一个环节。创业投资的成功与否最终将表现为退出的成功与否。     

加入WTO:中国高等会计教育面临的挑战与对策

本文基于对进入、退出理论的综述 ,并以此为框架研究和分析了中国零售业发展中的进入和退出壁垒分布 ,指出尽快制定政策 ,调整零售业进入、退出壁垒高度和市场结构是目前的一个当务之急。     

理性进入和退出 走出微利经济

本文认为,过度竞争与企业的进入、退出有关。如果能够理性进入和退出,就能消除过度竞争,进而走出微利经济。在此基础上,本文就企业进入的内涵、条件、案例进行了论述和分析,并就企业退出的内涵、障碍、案例进行了论述和分析。     

The contribution of start-ups and young firms to industry-level efficiency growth

This article examines the impact of start-ups (active for 1 up to 5 years) and young firms (active for 6 up to 10 years) on industry-level efficiency growth in six EU countries, covering the period 2002–2009. Using semi-parametric estimates of meta-frontier efficiency, it is found that surviving entrants gradually raise their efficiency level in all countries considered. Firm-level efficiency growth decreases with firm age, whereas reallocation towards efficient firms contributes more to industry-level growth as firms mature. The relative contribution of start-ups appears to have been important as they actually contributed positively to overall efficiency growth which, over the period under consideration, was negative in most countries, even before the ‘Great Recession’. There are indications of ‘cleansing’, due to the exit of less efficient firms, during the ‘Great Recession’.     

Do managerial behaviors trigger firm exit? The case of hyperactive bidders

This paper investigates the effects of managerial mergers- and acquisitions-related investment strategies on the exit risk of firms. Using a sample of hyperactive bidders, I show that managerial excessive acquisitiveness can precipitate firm exit. Overbidding is associated with weak corporate governance and lower disclosure quality within firms. I find that hyperactive bidders take more risk compared to conservative bidders. Such bidders also misallocate firms’ resources and dent firms’ reputational capital. Eventually, the external corporate control market is more effective compared to mechanisms such as bankruptcy reorganization, forced liquidation, leveraged buy-out, and expulsion from stock exchanges in disciplining hyperactive bidders by turning them into targets of takeover. These results suggest that a hyper acquisition-induced growth strategy is, on average, detrimental to the long-term survivability of firms and that the internal and external corporate-control mechanisms may not be effective enough to forestall falling value of an excessively acquisitive firm.     

Relative price fluctuations in a two-sector model with imperfect competition

Counter-cyclical fluctuations in the price of investment in consumption units are often attributed to investment-specific technology shocks. This paper looks at an additional source for such fluctuations: sector-specific markup variations, the idea being that pro-cyclical competition and the higher variability of investment compared to consumption pushes down the relative price of investment during expansions. I find that such endogenous movements in sector-specific markups can account for up to about one quarter of the observed fluctuations in the price of investment.     

机组低负荷期间如何降低炉膛出口氮氧化物含量

针对广东某电厂1000MW机组低负荷期间炉膛出口氮氧化物含量较高,有效的降低炉膛出口氮氧化物含量,并与国内同类型机组控制系统的设计进行比价,提出该系统更好的控制各参数的相应的建议。     

Time to exit: Rational,behavioral, and organizational delays

Existing studies of exit delay typically focus on rational, behavioral, or organizational explanations in isolation. We integrate these different theoretical explanations, develop testable hypotheses for each, and examine them using the population of US banks between 1984 and 1997. Banks' exit behavior is not consistent with theories emphasizing the option value of avoiding reentry costs. Patterns of exit do, however, support models of rational delay under ability uncertainty. Controlling for this source of rational delay, we find evidence of delay due to behavioral bias—firms discount negative signals of profitability relative to positive signals—and organizational considerations—delay increases with the separation of ownership and control. These results demonstrate that all three sets of theories are necessary to describe exit behavior. Copyright © 2014 John Wiley & Sons, Ltd.     

保险资金参与地方保障房建设制度设计的探讨——以浙江省保障性住房建设为例

保障房建设所具有的低风险和收益稳定的特点,符合当前保险资金资产负债配置的需要。保险资金介入地方保障房建设有助于降低保险资金投资收益对资本市场的依赖程度,规避因资本市场的波动所带来的风险。出于对投保人利益以及保险资金安全的考虑,监管机构应加强对保险公司投资保障性住房的引导和规整。保险公司应建立健全保险资金投资保障房建设的风险管理机制,加强保险公司介入保障房建设融资资金的退出机制构建。