风险投资成功退出的风险识别与微观控制路径设计

风险投资以成功退出创业企业为进入的假设前提,但其股权投资超额预期收益的实现过程经历大量风险,本文识别了阻碍风险投资成功退出的关键风险,并考虑可控性,从风险投资公司自身角度研究控制投资风险的微观路径。     

创业企业资本融资:相机治理的研究视角

由于创业企业的信息不对称,易产生逆向选择,导致创业资本市场低效率,因此创业企业融资难众所周知。本文从相机治理的角度,通过一套制度安排,实现了创业投资家对创业企业家的激励与约束,成功地解决了创业投资家与创业企业家之间的委托代理问题,使创业企业获得了创业资本的支持。     

风险投资退出机制研究:来自广东的经验

股权退出机制使得风险资本能够实现循环投资,也是风险投资中潜在或外在的有关公司控制权的激励合约的组成部分之一。本文以广东为例,说明了退出机制差异造成了我国内外资风险投资机构的经营差距,而退出机制差异主要体现为国内资本市场体系不完善,进而提出了建设多层次资本市场的相关对策选择。     

英国的非公开权益资本和风险投资

英国是欧洲风险投资和非公开权益资本的发源地。在欧洲国家中,英国的风险投资和非公开权益资本起步最早,发展也最快。从1979年算起,英国风险资本投资额和非公开权益资本增长了100多倍。2005年,在欧洲的风险投资市场上,英国的风险资本总额占欧洲风险投资额的40￣50%,在欧洲是当仁不让的“大哥大”,在世界范围内仅次于美国。本篇文章主要介绍了风险投资(VentureCapital,VC)及非公开权益资本(PrivateEquity,PE)的最新概念和从属关系以及英国的风险投资及非公开权益资本的历史、结构、规模、投资趋势、投资阶段、投资领域、地理特征、知名风险企业、投资表现等,以此从数据和分析的角度使中国的风险投资领域及非公开权益资本领域的从业人员以借鉴、启迪的作用。     

企业策略性捐赠行为研究:慈善投入的视角

策略性慈善捐赠能兼容企业和相关利益者的利益,它将企业的捐赠引向既有利于其商业利益又服务于受益组织或个人的慈善行为。波特以来的学者研究的重点集中于企业如何通过慈善捐赠项目获得收益这一问题,而本文在分析了影响企业“慈善投入”的各种因素后,对企业如何选择最优化的慈善捐赠行为作了深入研究,进而得出了企业慈善捐赠行为选择的相关路径。     

创业投资业:从技术创新到制度创新

技术创新是我国经济结构调整的重要推动力,而创业投资是推动技术创新的重要手段,良好的创业投资制度安排则是促进科学技术转化为生产力的有力保障.本文从分析我国当前经济问题的角度入手,论证了创业投资在推动技术创新中的作用,以及制度创新与创业投资业发展之间相辅相成的关系,并在此基础上,提出了创业投资运作机制的设想.     

Importance of spatial proximity between venture capital investors and investees in Germany

Based on 1182 dyads of venture capitalists and German portfolio companies involved in a financing round between 2002 and 2007, the study here examines the importance of spatial proximity between investors and investees in a dense economy. Analysis of this data shows that the probability of a financing relationship decreases by 8% if the journey time increases by one standard deviation. For deals involving very small or very large investment sums, and for less experienced venture capitalists and lead investors, spatial proximity is particularly important. The results suggest that even in economies with a dense infrastructure such as Germany spatial proximity between investor and investee impacts the likelihood of an investment.     

Contextualizing the categorical imperative: Category linkages,technology focus,and resource acquisition in nanotechnology entrepreneurship

This paper examines the role of category affiliations in entrepreneurial resource acquisition. Pace existing studies, we suggest category spanning will cause firms to be overlooked or discounted because evaluators assume that they have less expertise than their category-focused competitors; a phenomenon known as the ‘categorical imperative’. We suggest, however, that categories can be related both vertically and horizontally, and that this has important implications for understanding how the actors that span between them are evaluated. Studying startup ventures in nanotube technology, we show that venture capital investments were affected by a firm's position across patent classes that were related at both of these levels of analysis and that the interaction between them had implications for which firms received the largest investments.     

慈善捐赠行为对企业品牌资产影响的实验研究

慈善捐赠行为对企业品牌资产的影响机理是一个理论难题,也是实务界关心的现实问题。本文采用实验研究方法,基于顾客的品牌资产理论认知,以大学生和高校后勤职工为对象,考察了不同类型慈善捐赠行为对企业品牌资产的影响,并分析了感知风险的调节作用。实验研究表明,“反应性-一般群体”类和“先行性-特定群体”类慈善捐赠行为能够提升品牌忠诚;四类慈善捐赠行为均对品牌知晓和品牌形象产生了正面影响;感知风险在慈善捐赠行为和企业品牌资产之间具有调节作用。     

The performance of venture capital investments: Do investors overreact?

Using a unique proprietary data set of over 5400 realized and unrealized venture capital investments between 1980 and 2005, we examine the impact of demand-related factors, e.g. entrepreneurial activity, as well as supply-related factors, i.e. money provided by VC investors, on the return of individual VC investments. This way, we are able to shed more light on the question whether volatile VC investment returns are rather driven by fundamental changes with regard to the number of attractive investment opportunities or by the overreaction by investors. We find that rising demand for VC, i.e. an increase in entrepreneurial activity, results initially in higher returns. However, our results also indicate that overreaction on the supply side can be observed, destroying deal-level results. Overfunding, specifically overinvesting seems to be a recurring characteristic of the VC industry. In fact, contra-cyclical investment strategies yield highest deal-level returns.