创投基金对中小企业价值的影响——基于深圳中小企业板的实证研究

被视为“中国未来纳斯达克”的深圳证券交易所中小板正日益吸引各方的关注。本文聚焦于创投基金对上市公司价值的影响,通过对具有创投股东背景的上市公司的企业市场价值、企业市场地位与企业财务绩效这几方面的实证分析。在通过有关数据的相关性分析和回归分析后,本文发现创投基金在财务绩效和市场地位两项企业价值指标方面对被投资企业相关性明显,从而得到了创投基金一定程度上能促进被投资企业的价值增长的结论。     

Forecasting: its role and value for planning and strategy

Long-term predictions are indispensable for planning and strategy. Yet little is known about their value, their limitations or the most appropriate way of making and using them. This paper examines these issues and proposes two approaches to long-term forecasting while illustrating their use to planning and strategy. The first approach consists of identifying and extrapolating critical long-term trends while assessing their impact on society and firms. The second approach studies the analogy of the industrial and information revolutions and the specific consequences of the industrial revolution's five most important inventions in terms of the consequences of similar ones of the information revolution. The paper concludes by advocating that much needs to be done to integrate forecasting, on the one hand, and long-term planning and strategy, on the other. The purpose of such integration is to increase the ability of organizations to anticipate important, forthcoming changes, and their consequences, and successfully adapt themselves to these changes as well as the opportunities and dangers associated with them.     

我国风险投资退出方式的现实选择

风险投资能否顺利退出，实现预期回报，市风险投资业发展的核心环节。我国风险投资业正处于初创阶段。不顺畅的退出途径严重制约了我国风险投资的发展。本文在借鉴国际经验的基础上，结合我国现状，提出了我国风险投资退出的现实途径。     

Barriers to investment in the informal venture capital sector

Much of the government intervention into the market ‘gap’ for start-up and early-stage equity finance in the UK is based on the belief that the problem is on the supply side. Based on an analysis of the informal venture capital market this paper argues that there is no shortage of finance available. A survey of business angels reveals that many are willing to allocate a higher proportion of their investment portfolio to investments in unquoted companies, with recent tax incentives having a positive effect on their willingness to invest. Over 90% are currently looking to make more investments. However, there are constraints on their ability to invest: they do not see enough deals that meet their investment criteria, the majority of the investment proposals that they receive are of poor quality, and they are often unable to negotiate acceptable investment terms and conditions with entrepreneurs. The implication is that there is a need for further interventions by policy-makers to remove these barriers so that more small firms can take advantage of the substantial pool of angel finance that is available.     

新股投资实证分析

本文以2002年7月初至2003年6月底一年间在沪市首次发行上市的56只新股为样本,运用灰色关联度分析方法对影响新股初始收益率的各因素进行了分析,并对初始收益率与新股短中期收益率关系进行了研究。     

社会复合体:杭州“和谐创业”模式的新型组织结构

近年来,杭州在继续实践"和谐创业"发展模式的基础上,又创新了其组织结构即新型的社会复合体,以作为深化和拓展"和谐创业"的承栽人和推进者.认真探讨其社会复合体的运行机制和实现务件,对于进一步完善和推广"和谐创业"的发展模式,全面落实科学发展观,具有重要的理论和现实意义.     

基于券商声誉理论对IPO抑价的解释及对策

IPO兴起于20世纪90年代末的美国,当时美国正经历科技股泡沫。IPO的定价效率直接影响着证券市场的运行效率及资源配置功能的强弱。随着证券市场在我国经济发展中所扮演的越来越重要的角色,如何解释IPO抑价问题在我国也正引起更多学者的关注。券商声誉理论被认为是保证券商信息可信性的重要理论,企业在进行IPO时可以通过选择高声誉的券商来向投资者传递有关自身价值的信息。     

The problem of private under-investment in innovation: A policy mind map

This paper reviews the major finance-related causes of private under-investment in innovation and the consequent alternative choices for public policy. The focus is on (i) incentive-based arguments that address the problem of limited appropriability of new knowledge, and (ii) the lacking access to external sources of finance caused by imperfections in the capital market. Drawing a policy mind map, which aims to enhance the mutual awareness and coordination of policy makers at the crossroads of technology and corporate finance, the paper is organised along the following chain of thought: (i) causes and rationales, (ii) aims and targets, (iii) critical constraints, and (iv) the main finance-related instruments of innovation policy.     

Financing flexibility: The case of outsourcing

We investigate the relationship between the extent and timing of vertical flexibility and the financial choices of a firm. By vertical flexibility we mean partial/total and reversible outsourcing of a necessary input. A firm simultaneously selects the vertical setting and the financial sources of investment in flexibility, in particular debt and venture capital. A loan may come from a lender that requires the payment of a fixed coupon over time and an option to buy out the firm in certain circumstances. Debt leads to the same level of flexibility of an unlevered firm. Yet investment occurs earlier. The injection of venture capital reduces the quest for vertical flexibility and speeds up investment. Then, there arises a fresh substitutability between a financial (venture capital) and a real variable (vertical flexibility).     

Earnings Management in Domestic and Foreign IPOs in the United States: Do Home Country Institutions Matter?

Using a large sample of domestic and foreign IPOs in the US, we investigate how threats of enforcement by the Securities and Exchange Commission (SEC) and private litigation influence earnings management in IPO prospectuses. We propose that perceptions of foreign institutions may influence SEC enforcement action and private litigation. We provide evidence that enforcement and litigation threats are negatively related to the strength of legal institutions in the foreign IPO’s country of origin. We find earnings management is more pronounced in foreign IPOs from countries with strong legal institutions. We further explore whether earnings management is priced in the IPO market and find no relation between IPO proceeds and earnings management. Our results are consistent with upward earnings management as in Stein (1989), the magnitude of which is reduced when the anticipated cost of enforcement and litigation is higher. Collectively, our results cast doubt on the validity of the bonding hypothesis.     

创业投资基金发展的模式选择与制度障碍分析

首先,从创业投资发展的激励要求与企业组织模式的激励效应相匹配的角度研究了创业投资基金组织模式的选择。随后,我们分析了创业投资基金在进入,运作以及退出的关键环节存在的资本管制,个人破产,税收以及退出通道等制度障碍,并给出了相应的建议。     

Favoring the small and the plenty: Islamic banking for MSMEs

While MSMEs form the backbone of many countries, most of them suffer from limited access to finance. We extend the literature by examining whether Islamic banks, compared to their conventional peers, favor more the MSMEs credit market segment in Turkey. We do this by considering various aspects of the lending behavior towards MSMEs (total lending, foreign currency lending, loan commitments, loan quality, and revenues) across different MSMEs size categories (micro, small and medium-sized firms). Our results show that once we control for bank-specific characteristics, we find that Islamic banks are more engaged with MSME financing and generate more revenues from servicing MSMEs. Concerning the quality of the MSME lending portfolio, no distinguishable patterns were observed between Islamic and conventional banks.     

Exploring alternative approaches in high-level entrepreneurship education: creating micromechanisms for endogenous regional growth

Entrepreneurship is widely regarded as instrumental in economic growth, a balanced regional development and for creating jobs. To fulfil what is called their ‘third obligation’, universities are expected to contribute by research, teaching and transfer of technology. Entrepreneurial education is one of the responses to the realities. For the field of entrepreneurship, the enhanced status may seem welcome. However, there is a downside, related to the at times nebulous conceptual and efficacy notions of entrepreneurship and its education, breeding unreasonable and unpredictable expectations. This paper explores alternative strategies in university-based entrepreneurial education, describing, as a starting point, the dominant pattern of education, based on an individual-centred mindset. Further, it is argued that by conceptualizing the university as a regional evolution mechanism, a different yet parallel educational strategy may be suggested, called a business generating model. Its aim is to foster the necessary conditions for new ventures and for the strategic expansion of regional SMEs: the emergence and fusion of viable business concepts, entrepreneurial actors, resources and a munificent environment. It is suggested that educational applications based on this logic might be effective for meeting the new demands. The paper concludes by discussing some of the contingency issues related to the two broad models.     

Debt and currency value during COVID-19 in the Global South

The aim of this article is to examine debt and currency vulnerability during economic turbulence in the Global South. A panel data analysis is performed on a panel of 25 economies consisting of nine developed and 16 developing countries with a focus on public and private debt. The empirical findings reveal that only public debt build-up has an adverse effect on currency value. There is no evidence of a significant impact of recession periods on currency value for both private and public debt estimations. I also found that private debt build-up can be more harmful than public debt in developing countries. In addition, both public and private debt have increased as percentages of GDP during COVID-19.     

Small firms and the governance of interorganizational exchange

This article explores some new concepts concerned with the coordination of environmental exchange in small firms. The management of communicative networks is presented as a method supplementary to market steering and administrative coordination of exchange relations. The article is based on the results of in-depth studies of 20 sets of inter-organizational relations in five small firms. The results suggest that the building, maintainance and decoupling of the personal relations in a communicative network affects the costs associated with environmental exchange. Communicative networks make it possible to operate at a higher level of system complexity without increasing the transactions costs or losing any of the small-scale advantages of small firms. In this study the difference between discrete instrumental action and communicative action occupies a central place. Communicative action in networks is based on rationality norms that differ from the pure instrumental action patterns of the marketplace. The manager has to act in accordance with the different personal life spheres of the actors involved. The implications for leader competence managing this kind of relations are discussed.     

中国企业与外企联盟中的风险研究——基于双重差分模型的分析

经济一体化和广阔的市场促使外企大量进入中国市场。中国企业在与外企合作的过程中可以学到先进的技术与知识,但也有很多中国企业与外商合资后遭遇陷阱,被外方吞并。针对该现象,我们提出外方"合资—亏损—并购"中国企业的三阶段模型,解读外方阴谋动机、手段及后果;通过对控制组与处理组两组样本并购前后绩效变动对比分析,发现处理组绩效非正常变动存在阴谋;采用DID方法,探讨处理组样本绩效非正常变动究竟是由并购事件本身引起还是由其他因素引起;实证结果表明,绩效的非正常变动并非并购事件本身导致的,而是由于外方采用股权操作的手段引起的,此外,中方母公司第一大股东持股数量也对外方绩效非正常变动具有显著影响。     

Trends and cycles in small open economies: making the case for a general equilibrium approach

Economic research into the causes of business cycles in small open economies is almost always undertaken using a partial equilibrium model. This approach is characterized by two key assumptions. The first is that the world interest rate is unaffected by economic developments in the small open economy, an exogeneity assumption. The second assumption is that this exogenous interest rate combined with domestic productivity is sufficient to describe equilibrium choices. We demonstrate the failure of the second assumption by contrasting general and partial equilibrium approaches to the study of a cross-section of small open economies. In doing so, we provide a method for modeling small open economies in general equilibrium that is no more technically demanding than the small open economy approach while preserving much of the value of the general equilibrium approach.     

现行人民币汇率制度的可持续性探析——兼论“中间汇率制度消失论”

近年来兴起的"中间汇率制度消失论"已成为主流经济学界判断发展中国家汇率制度选择的主要理论依据.它建议发展中国家应实行汇率制度的端点解.通过对当前人民币汇率制度可持续性进行分析,证实现阶段中国的货币政策管理水平、经济结构调整、就业压力以及金融市场不完善等现状不允许中国在中短期内实行"端点"汇率制度;现行的人民币"软钉住"美元的汇率政策应是当前以及未来相当长时期内中国的最佳选择.     

Survival of the fittest: Technical assistance,survival and growth of small businesses and implications for public policy

Concerns about the value of government programs that provide management and technical assistance have been the subject of debate among researchers and policymakers. Based on an analysis of a multiyear survey sponsored by the U.S. Small Business Administration's Office of Entrepreneurial Development, we examine the relationship between managerial and technical assistance and firm survival, as well as the relationship between the characteristics of technical assistance and financial and employment growth. Overall, findings suggest that managerial and technical assistance have a positive effect on both survival and growth, but these effects depend on the size of the firm, characteristics of the counseling experience, as well as age and other demographic differences. Implications for public policy are discussed.     

新创企业国际化过程中的企业家特定能力研究

新创企业国际化的蓬勃发展对传统的国际化理论提出了挑战,第三代企业家所拥有的企业家特定能力是新创企业国际化行为的驱动因素,本文把新创企业国际化过程中的企业家特定能力界定在以下几个方面：机会能力、关系能力、概念能力、整合能力、战略能力、承诺能力。企业家正是通过界定业务范围、培育组织能力和设置目标并采取行动等任务而作用于企业的国际化成长。