基于不同发展战略实施模式下的创业板上市公司成长性研究

通过构建于2011年之前在创业板上市的公司的成长性评价模型,实证分析不同发展战略实施模式与创业板上市公司成长性之间的关系。结果表明：创业板上市公司在实施发展战略时,最倾向于选择内部发展模式,其次是战略联盟模式,之后是混合模式,最后是外部并购模式;外部并购模式使得创业板上市公司成长性绩效有显著提高,混合模式次之,内部发展模式使其成长性绩效出现先降后升,且继续成长的潜力较大,战略联盟模式使得成长性绩效呈持续下降趋势但影响不显著。     

我国创业板上市公司成长性评价分析

科学地评价创业板上市公司的成长性是我国创业板市场健康发展的重要前提,通过理论分析构建了创业板上市公司成长性评价指标体系,并以在我国创业板上市的183家公司为样本,采用因子分析模型进行实证分析.研究结果表明:公司的风险控制能力、盈利能力、成长速度、经营效率和创新能力是创业板上市公司成长性的主要体现.     

高溢价发行下的创业板收益分布研究

股票的发行、上市、流通在时间上先后继起。良好的发行与交易制度能够引导建立一个资本市场投资者共赢的利益分配格局,但是中国创业板新股高溢价发行的存在却打破了这个格局。当前资本市场收益分布的特征是:初始收益高溢价和长期弱势并存,对两者间相关程度的细化实证分析表明,高溢价发行是导致收益分布格局失衡的主要原因。进一步探究高溢价的源头所在,则可追溯至现行发行制度的诸多弊端;而进一步追问收益分配失衡的影响结果,则显而可见资本市场公平与效率的不对称。因此,从根本上治理与完善发行制度,是均衡创业板各参与者的利益分配,促进创业板可持续健康发展的重要之策。     

GPON技术和应用探讨

简要介绍GPON的系统结构,详细分析GPON的技术特点,形成GPON建设原则。     

湖南省创业的服务环境研究

文章根据GEM模型的九个影响创业环境的因素,从中区分出金融支持、政府支持、政府项目支持、商业环境和专业基础设施、有形基础设施、进入壁垒六大因素作为研究湖南创业的服务环境的基本要素,并逐一进行分析,找出湖南创业的服务环境的差距.     

我国地区经济增长差异的演化分析:1993-1998-2003

文章针对1993、1998和2003年我国地区人均GDP数据,采用GEM方法来分析其差异及变化情况,并进一步分析人均GDP在带内和带间以及省内和省间的差异。     

企业信息化、技术创新与创业板公司高质量发展

本文选取2014—2019年460家创业板公司的数据作为样本,分析企业信息化、技术创新与企业发展质量的关系,并检验技术创新在企业信息化提升企业发展质量中的中介效应。研究发现：企业信息化对技术创新具有正向的促进作用,随着信息化程度的提高,促进作用增强;技术创新对企业发展质量具有正向的提升作用,随着技术创新能力的提高,提升作用增强;企业信息化对企业发展质量具有正向的提升作用,随着信息化程度的提高,提升作用增强;技术创新在企业信息化提升企业发展质量中起着部分中介效应。异质性检验结果表明,在技术密集型企业中,企业信息化对企业发展质量的提升效应更为显著,而在东部地区企业中,企业信息化对企业发展质量的提升效应更为显著。根据研究结果,提出加强企业信息化建设、发挥技术创新的促进作用及为企业提供必要的支持等,为创业板公司发展、政策制定及相关研究提供参考。     

融资结构对创业板公司业绩影响的实证研究

融资结构可分为债务融资和股权融资,债务融资又有不同融资成本、不同融资途径、不同债务期限。债务融资下融资成本、融资途径、债务期限和股权融资与企业绩效有何关系呢？基于此,本文运用2010～2015年创业板上市公司实证研究债务融资和股权融资对公司绩效的影响。研究结果表明：股权融资与公司业绩正相关;债务融资下资产负债率、债务期限结构与公 司业绩正相关,而银行借款率与公司业绩负相关。     

Influence of social network structure on entrepreneurship participation—A study of 20 national cultures

By investigating differences in social networks among entrepreneurs in 20 cultures, this paper contributes to the debate on whether there is universality in the process of entrepreneurial networking. Representative samples of entrepreneurs were identified in the same manner in 20 countries from 2000 to 2004 (N = 304,560). The sampling methodologies and the questions asked were similar across all countries. Logistic regression was used to test for significant regional interaction effects involving personally knowing an entrepreneur. Results are contrary to the existence of any mono-dimensional form of networking practice but do strongly support the existence of both variform universality (culture moderates the importance of networking) and functional universality (cultural similarities in networking practice exist).     

Exploring the relationship between media coverage and participation in entrepreneurship: Initial global evidence and research implications

Using a set of variables measured in the Global Entrepreneurship Monitor (GEM) study, our empirical investigation explored the influence of mass media through national culture on national entrepreneurial participation rates in 37 countries over 4 years (2000 to 2003). We found that stories about successful entrepreneurs, conveyed in mass media, were not significantly associated with the rate of nascent (opportunity searching) or the rate of actual (business activities commenced up to 3 months old) start-up activity, but that there was a significant positive association between the volume of entrepreneurship media stories and a nation’s volume of people running a young business (that is in GEM terminology, a business aged greater than 3 but less than 42 months old). More particularly, such stories had strong positive association with opportunity oriented operators of young businesses. Together, these findings are compatible with what in the mass communications theory literature may be called the ‘reinforcement model’. This argues that mass media are only capable of reinforcing their audience’s existing values and choice propensities but are not capable of shaping or changing those values and choices. In the area covered by this paper, policy-makers are committing public resources to media campaigns of doubtful utility in the absence of an evidence base. A main implication drawn from this study is the need for further and more sophisticated investigation into the relationship between media coverage of entrepreneurship, national culture and the rates and nature of people’s participation in the various stages of the entrepreneurial process.