对我国风险投资组织模式选择的研究

有限合伙制以其特有的产权和责任安排而被认为是最符合风险投资行业特点和要求的组织形式。我国在对建立有限合伙制风险投资企业的认识上存在一定的分歧，本认为随着我国经济的不断向前发展，相关法律法规的完善，有限合伙制必然会成为我国风险投资企业组织模式的首选。     

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。     

企业孵化器与风险投资比较与促进其发展之构想

本文对孵化器和风险投资的含义及其区别联系进行了阐述,在此基础上,结合高新技术产业发展的特点和规律,提出了我国高新技术产业孵化器与产业投资的发展对策及建议.     

上海近期发展风险资本市场支撑科技创新的政策路径

国家自主创新能力的提升离不开多层次资本市场的支撑,资本市场是自主创新的引擎和推进器,任何科技创新成果的产业化都需要与资本有效结合才能实现。因此,加快构建一个全方位支撑科技创新的风险资本市场体系,是我国当前的一项紧迫任务,也是上海市"创新型城市"建设的迫切要求。本文在分析存在问题的基础上,进一步提出了上海市近期发展风险资本市场支撑科技创新的可行性政策路径。     

The price of rapid exit in venture capital-backed IPOs

This paper proposes an explanation for two empirical puzzles surrounding initial public offerings (IPOs). Firstly, it is well documented that IPO underpricing increases during “hot issue” periods. Secondly, venture capital (VC) backed IPOs are less underpriced than non-venture capital backed IPOs during normal periods of activity, but the reverse is true during hot issue periods: VC backed IPOs are more underpriced than non-VC backed ones. This paper shows that when IPOs are driven by the initial investor’s desire to exit from an existing investment in order to finance a new venture, both the value of the new venture and the value of the existing firm to be sold in the IPO drive the investor’s choice of price and fraction of shares sold in the IPO. When this is the case, the availability of attractive new ventures increases equilibrium underpricing, which is what we observe during hot issue periods. Moreover, I show that underpricing is affected by the severity of the moral hazard problem between an investor and the firm’s manager. In the presence of a moral hazard problem the degree of equilibrium underpricing is more sensitive to changes in the value of the new venture. This can explain why venture capitalists, who often finance firms with more severe moral hazard problems, underprice IPOs less in normal periods, but underprice more strongly during hot issue periods. Further empirical implications relating the fraction of shares sold and the degree of underpricing are presented.      

Managing venture team relationships in corporate incubators: a case study of network dynamics and political rivalry in a high-tech incubator

This article addresses venture team relationships in an advanced high tech incubator through an analysis of the personal relationships of venture team members. During the study period of almost 2 years, the ventures were projected to grow and commercialise but, overall, they failed. Quantitative data collected in two rounds showed that commercial relationships remained weak while political relationships intensified. Qualitative follow-up interviews suggest that the political rivalry and low level of knowledge sharing between the ventures were further exacerbated by the individualistic-competitive structure of the incubator and weak management in some respects.     

中国政府引导基金的引导效果及作用机理

文章使用我国创业投资机构的数据,分析政府引导基金的引导作用及其内部机理。实证研究表明,在获得政府引导基金资助后,创业投资机构向科技型初创企业显著增加投资,说明政府引导基金发挥了引导作用;相比国有创业投资机构,政府引导基金对民营创业投资机构的引导作用更强;相比非创新创业密集地区,政府引导基金在创新创业密集地区发挥的引导作用更大。进一步分析发现,政府引导基金主要是通过"信号传递效应"发挥引导作用,政府引导基金的"风险分担效应"不显著;政府引导基金引导的投资与完全市场化的投资没有显著的绩效差异,说明政府引导基金的引导作用是有效率的。文章不仅揭示了政府引导基金的作用机理,也为政府促进高新技术产业发展提供了政策启示。     

论美国风险投资维护金融安全的经验及启示

风险投资对于维护金融安全而言有利也有弊,而美国风险投资却趋利避害,不仅促进了美国实体经济的发展,也为稳定美国金融安全作出了贡献。究其原因,美国风险投资有科学的组织模式、广泛的资金来源、谨慎的投资方式的选择、健全的服务与监管体系,而且还有美国政府的大力支持。本文以美国的成功经验为鉴提出了发展我国风险投资的一些看法。     

风险资本家的道德风险问题研究

本文主要探讨在考虑机会成本的情况下,作为风险企业家与有限合伙代理人的风险资本家可能产生的道德风险问题,以及如何通过对风险资本家管理支持力度的合理分配,达到可行的帕累托边界,并最终实现风险企业家和有限合伙人的利润最大化。     

我国创业投资的回报率及其影响因素

基于1999年到2003年间我国56个本土创业投资退出项目的数据,本文对我国创业投资退出项目的投资回报率及其影响因素进行了实证研究。结果表明:(1)国有创业投资机构退出项目的平均投资回报率显著低于非国有创业投资机构;(2)创业投资机构的资本规模与回报率呈显著负相关关系;(3)上海、深圳两地创业投资机构退出项目的回报率显著高于其他地区;(4)本土创业投资机构的从业时间、投资规模、投资周期、退出方式均与回报率没有显著相关关系。本文在此基础上提出了相关的政策建议。