台湾创业投资税收政策及其启示

台湾地区的创业投资是推动科技产业发展的重要力量,目前其活跃程度仅次于美国排名全球第二.在创投业发展的不同阶段,台湾政府主要采用对创投公司股东提供投资税收抵减优惠政策、健全创投业筹资、投资范围及退出渠道建设等方法,来引导创投业的发展.从台湾的经验中我们可以看出税收政策支持创业投资事业的必要性、有效性.相比而言,大陆地区针对创业投资行业的税收政策存在缺位现象.借鉴台湾经验,可以对创业投资采取阶段性倾斜政策.     

基于VC视角中国企业盈利新模式:"主业+基金"

“主业＋基金”将是中国企业发展的新的盈利模式。过去企业家是卖产品赚钱,而从事VC的投资家则是靠卖企业赚钱。投资家比喻说,主业是养儿子,做好主业是为了企业的百年基业,多余的钱过去往往是搞失败的多元化,今后将会投资基金,基金是养猪,养肥了再卖掉。本文介绍了VC在美国的演变过程,以及如何为国有企业改制提供增值服务,最后分析了VC涉及的几个具体问题。     

模仿、资源异质性与新创企业投资决策

模仿效应和内部资源异质性对新创企业的发展具有重要的影响。基于153份有效问卷,探究了模仿、资源异质性和新创企业投资决策三者之间的关系。实证研究结果表明,模仿和资源异质性对新创企业的投资决策具有显著的影响,而且随着企业资源异质性的增加,模仿对投资决策的作用逐渐变小,即资源异质性抑制了模仿对新企业投资决策的效应。本文的贡献在于从内部资源特质角度探讨了新创企业的投资决策行为。     

我国科技银行发展现状及政策

本文以科技银行的发展现状为研究对象,总结了科技银行在科技与金融融合方面的有效经验,针对科技银行作为科技专营金融机构的发展现状及现存问题,本文从科技专营机构建设、发展风险投资、建立风险分摊机制、搭建担保体系等方面给出有效建议。     

Trademarks and venture capital valuation

This study investigates the role of trademarks in the start-up valuations of venture capitalists (VCs). Our results show that the number and breadth of trademark applications have inverted U-shaped relationships with the financial valuations of start-ups by VCs. The findings also indicate that in later funding rounds, the value of trademark applications decreases when the start-up progresses into more advanced development stages. Start-ups should consider these findings when seeking funding from VCs and should stress their market and growth orientations and their willingness to protect their marketing investments by highlighting their trademark activities.     

我国风险投资业的发展现状分析

与美国相比,我国的风险投资还处于起步阶段。因此,我国应借鉴美国的经验,结合我国国情,加大政府扶持力度,制定相关的风险投资政策来引导市场,使中国在世界经济竞争中处于主导地位。     

创业投资促进服务外包企业发展的路径机理研究

创业投资作为一种面向中小企业的金融投资工具,在扶持企业快速增长、完善企业管理经营体制、提高生产效率等方面有着积极作用。基于创业投资对企业成长的促进作用及其内在机制和影响因素,本文得出结论:创业投资的资金支持和增值作用能有效促进服务外包企业成长;因其轻资产运营和符合创业板上市企业两高六新条件的特点,服务外包企业也受创业投资的青睐。     

对在华跨国公司融资管理策略的实证研究——基于广东的调查

对在华跨国公司按合资和独资的组织形式分类,问卷调查了广东省在华跨国公司的融资管理策略.分析表明,在华跨国公司的两类组织企业的融资管理策略没有显著差别,同时,在华跨国公司更为注重适应我国政策环境,尽量在我国本土进行融资,实行集权式资金管理模式,注重内部融资以降低融资成本.     

Venture capital firms’ lead orientation,network position,and selection of familiar syndicate partners

This study explores how a venture capital (VC) firm’s lead orientation (i.e., acting more as a lead investor rather than a follower investor in past syndication investments) influences its selection of familiar syndicate partners. By conducting empirical research that uses detailed information of 11,219 investment deals in China from January 1999 to June 2016, we find that a VC firm’s lead orientation has an inverted U-shaped relationship with its propensity to select familiar syndicate partners. In other words, as a VC firm’s lead orientation increases, its familiarity degree with the partners in the subsequent syndicated investment will first increase and then decrease. In addition, a VC firm’s network centrality and network constraint imposed by the VC network structure both weakens the inverted U-shaped relationship between its lead orientation and the selection of familiar partners. Robustness checks with different measures and samples, together with the instrumental variable approach and the Heckman selection model that address potential endogeneity problems, show the reliability of our findings.     

Headline Impression Management in the Earnings Press Releases of TSX Venture Exchange Firms*

This paper explores firms traded on the Toronto Stock Exchange (TSX) Venture Exchange and their voluntary disclosure practices by focusing on earnings press releases (EPRs). We compare the characteristics of EPR issuers and non-issuers and investigate how the former group uses headline impression management in their EPRs to highlight firm performance. More precisely, we examine emphasis and tone management techniques in the headlines of over 1,300 EPRs by TSX Venture Exchange (TSX-V) firms. Our results show that the main determinants of the EPR disclosure choice are the achievement of positive revenue, an increasing trend in firm market value, and industry type. We find that EPR issuers reinforce and repeat positive results in the headlines of EPRs and use positive tone management to highlight positive financial performance. Our results confirm the association between firm performance and strategic placement of performance results, while illustrating that the strength of this association varies by industry and by EPR characteristics such as EPR length and numerical intensity. Overall, this paper sheds light on TSX-V firms, their disclosure practices, and potential violations of recommendations from regulators regarding avoiding exaggerated or promotional language in press releases.