文思：放弃的理由

创立之初,文思30%的股权只换回了10万元的天使投资。IPO期间,文思又将融资额度从1.3亿美元调整到6500万美元。13年来,秉承“三要三不要”的文思,一直在不断的放弃中成长。     

我国中小企业融资探索——从天使投资得到的启示

天使投资是欧美发达国家中小企业融资的一个重要渠道。对天使投资做简要概述,分析我国中小企业的融资现状,以及天使投资对中小企业融资的优势。提出几点发展我国天使投资的建议。     

祁玉伟：天使比拼的是风险控制能力

“我知道,很多投资人不看好大学生或者青年科学家创业,觉得成功率低。如果你看概率的确是这样,但是我有自己的方法确保我投资这些人还是能够成功的。”祁玉伟这几年的投资成绩如下：已投15个早期项目,平均每家投资额度500万元左右,专注于新材料（投了7家）和环保等拥有技术自主知识产权的领域。     

陈逸飞《踱步》——中国新时期美术从反思到国际化的起点和标志

陈逸飞创作于1979年的《踱步》是一件自画像性质的作品。画面的左侧是一把带有厚重历史感的老旧的黑色靠背木椅,画面的右侧其实是艺术家自己低着头沉思的背影,画面的背景则是层层叠叠的历史画卷,其中似乎有鸦片战争、甲午风云、八国联军等等我们熟悉或不熟悉的内容……艺术家在作品中将自我置身其中,并置     

高新技术中小企业早期融资的有效途径:天使投资

由于高新技术中小企业在其种子阶段的高风险,导致了其融资的困难,而天使投资的资本作为一种能够承担高风险的资本,可以很好的解决这个问题。本文先介绍了天使投资的特点,其次说明了天使投资融资所具有的优势,并提出了发展我国天使投资的建议。     

创业企业的融资救星——天使投资

资金短缺、融资难一直是我国创业企业发展的一大障碍。传统融资渠道无法满足创业企业的融资需要,大大阻碍了我国创业企业的发展。而天使投资正好弥补了这一空缺。本文通过对天使投资的介绍,提出天使投资是解决创业企业融资的一个重要方式。     

“天使投资”与传统民间融资的比较分析

"天使投资"作为风险投资的一种形式,在国外已经发展得比较成熟。它的出现给国内许多中小企业开辟了一条新的融资渠道,而中小企业尤其是浙江一带的中小企业传统的融资方式,主要以自筹和民间融资为主。天使投资是国外市场经济环境下的产物,而民间融资则是国内特殊环境下的产物。新出现的天使投资与传统的民间融资既有相似又有不同,本文主要对这两种融资模式进行一个浅析,探讨两种模式的发展情况。     

我的钱凭什么让你去管理

PE里有二个基本角色,一个是投资人（Limited Partner,LP,有限合伙人）,另一个是投资管理人（General Partner,GP,普通合伙人）。所谓LP就是私募股权投资的出资者,GP就是以运作专业的投资活动,为LP管钱、实施投资、投资后管理和退出的专业团队。LP与GP之间的关系,是复杂的博弈关系,在美国或欧洲已有定法,但移植到中国来就会演绎出许多新的故事,折射出中国经济发展的特点,反映出中国一代成功企业家的复杂心态。     

民企是国家的“野儿子”?

虽然野儿子说法带有情绪化色彩,但也从侧面说明民企发展确实到了比较艰难的时期3月14日,温家宝总理举行记者会时,谈及民营企业的日子不好过,工信部正在加紧制定新36条的实施细则。确实,眼下的中国民营企业正处于夹缝中寻求生存的尴尬境地。     

徐子望：天使投资是一小部分人的神奇相遇

只有用自己的钱才能成为真正的天使,用别人的钱最多只能成为一个好的投资者Angel这个词源自希腊文,是上帝信使的意思,执行的是上帝的旨意。为什么那么多投资不叫天使投资,偏偏在这个阶段叫天使投资？     

陈健永 金海归务农

<正>海龟种果树,在种出特殊品质的同时,也种出了一条独特的人生道路。刚刚过去的清明,海归陈健永挑选了一筐自己种植的春甜桔,来到与黄花镇相邻的九龙镇,祭奠长眠于此的祖父母:"留学归来,我已经找到了一条光明的人     

Cause-related marketing: More buck than bang?

Starbucks, Target, and Nike are just a few of the businesses partnering today with not-for-profit organizations in cause-related marketing campaigns. These campaigns are implemented for a dual purpose: on one hand, to raise awareness, support, and donations for social causes such as global hunger relief, and on the other, to enhance corporate reputations, customer loyalty, and financial gains for companies. An example of cause-related marketing is an effort organized by Macy's, Pfizer, and other businesses on behalf of the American Heart Association. The program has raised over $32 million in donations for the charity, while generating over 1 billion media impressions for corporate sponsors. In this article, we discuss the concept and practice of cause-related marketing, as well as some of its social-ethical complexities. We end with suggestions for increasing the effectiveness of this popular marketing tool and form of corporate philanthropy.     

Energy conservation: More than a good idea

To conserve energy is to save money, ensure the ability to deliver guest services, and contribute to the community and environment     

The Curse of Being Landlocked: Institutions Rather than Trade

This article revisits the long‐term economic effects of being landlocked. The conventional wisdom, which also prevails in policy circles, is that landlockedness hurts development by reducing trade. Gravity models of bilateral trade seem to confirm this view. However, there is no evidence in cross‐country data of a systematic relationship between landlockedness and country's trade to GDP ratio. Drawing on this stylised fact, the paper explores the possibility that landlockedness might affect GDP independently from its effect on trade. Theoretical considerations suggest that institutional quality could be a relevant transmission mechanism. The estimation of a system of three equations confirms that landlockedness has a negative effect on GDP and that this negative effect is transmitted through institutions rather than trade. Moreover, after controlling for the transmission via institutions and trade, landlockedness has a further negative effect on GDP. These findings call for a review of the policy approach to the development of landlocked countries.     

The Showrooming Phenomenon: It's More than Just About Price

This paper examines the factors that influence competitive showrooming, whereby consumers visit an offline retail store to gather information but make their purchase online at a competing retailer. We survey 556 respondents to study how the benefits and costs of showrooming influence the consumer's decision to showroom. Not surprisingly, we find that expected average price savings from showrooming are positively associated with showrooming. In addition, however, the perceived dispersion in online prices is also positively related to showrooming. Moreover, we find that non-price factors play a key role in consumers' showrooming decisions: perceived gains in the quality of the product purchased when showrooming (measured as the fit with a consumer's need) and waiting time for service in the brick-and-mortar store are positively associated with showrooming. Online search costs are negatively related to showrooming. Time pressure that consumers face when shopping is negatively associated with their propensity to showroom. We discuss implications for researchers and retail managers. For example, managers of offline retail stores can curtail showrooming by increasing the number of sales personnel available in-store instead of providing currently employed personnel with more training. To encourage showrooming, managers of online retailers should make it easier for the customer to search online.     

More than you think: An inclusive estimate of business entries

The Wells Fargo/NFIB Series on Business Entries and Exits collected data throughout 1995 from 36,000 households regarding the business formation activity occurring among adults within those households. After adjusting for the 1.37 owners per firm and the 10% of households with more than one entry, there were an estimated 4.553-million business entries in the 12-month period involving 6.211 million active owners. Seventy-eight and one-half (78.5) percent of those businesses were de novo starts, 20.0% purchases, and the remainder other forms of entry (including missing responses). Most of the entries were quite small whether started or purchased.The number of business entries is significantly larger than prior estimates. However, the 4.553-million figure, when dissected into component parts, is consistent with other measures of business entry. The primary reason for the larger estimate is that this research was able to capture the significant number of very small entries that either do not appear in other databases or appear only after a substantial delay.These new data offer a significantly expanded view of the American business population and its dynamics. More specifically, they provide quantification of the smaller end of the entry scale, thereby introducing new population distributions and raising fundamental research and marketing questions about the unit of analysis (What is a business?) What constitutes a reasonable survey sample? To what population do we generalize survey data? What are the market segments of the small-business population, and how do they differ? What are the public policy requirements of these segments, and how do they coincide and conflict? And, what do real entry numbers tell us about the operation of the American economy on both a secular and cyclical basis?The foregoing are obvious. However, there are more subtle and perhaps more interesting questions. For example, the more people try to go into business for themselves, the more our collective (American) experience is influenced by the experience of business ownership. Small business draws enormous empathy from the American public; few Americans institutions are as popular. This is obviously a complex phenomenon. However, one explanation for its popularity is that so many Americans are exposed to business ownership either personally or through someone they know. Part of this research not yet published shows that small-business ownership pervades every class, income category, racial grouping, etc. The penetration of business formation into the American experience, therefore, is not only deep, it is also broad. And when its dimensions are so great, the remaining issue is not the existence of influence but its degree.If there are more starts than previously recognized, there must also be more exits. And, if there are more exits, the dynamics of the business entry-exit process become even more tumultuous than previously recognized. Particularly for those interested in either policy or management, the question becomes, “Why is exit so common?” One path of inquiry leads to motivation for entry, including career alternatives and income supplementation. To what extent do people intend to grow their businesses and to what extent do they intend their businesses to fill financial, occupational, or time gaps until something better comes along? Another path of inquiry leads to resources. Do resource constraints or constraints of other natures impede business development? Then there is the issue of preparation. How well-prepared are entrants? And, what reasonable steps can be taken to improve their assessments of potential opportunities or to effectively implement plans to capitalize on them? These are not necessarily new issues. But they become more conspicuous and pressing when the large number of exits is appreciated.The technique used to capture these data at a reasonable cost is called an “omnibus” or “caravan” survey. This survey technique is not well-known outside the commercial survey industry, but it presents considerable opportunity for researchers either with limited budgets or desirous of asking fewer than 10–15-minutes' worth of questions from a sample of the adult population. Its advantage is financial. Multiple sponsors can ask a limited number of proprietary questions at their own expense. But they then share the costs and results of reaching respondents and of asking the demographic questions, for example, age or sex of respondent. The current research posed two screen questions to all 36,000 households interviewed. The sponsors paid for those 72,000 questions. But only about 2,000 respondents passed one of the screens. These respondents were led through several more questions. Thus, the sponsors paid just for the screen questions and those questions administered to the 2,000. An extensive set of demographic data about the respondents was thrown in “free.”     

Enron Ethics (Or: Culture Matters More than Codes)

This paper describes and discusses the Enron Corporation debacle. The paper presents the business ethics background and leadership mechanisms affecting Enron's collapse and eventual bankruptcy. Through a systematic analysis of the organizational culture at Enron (following Schein's frame of reference) the paper demonstrates how the company's culture had profound effects on the ethics of its employees.     

Altruistic eWOM marketing: More than an alternative to monetary incentives

As a form of word of mouth, online reviews are used to reduce uncertainty about service quality and direct consumer attitudes and behavior. As a consequence of the high persuasiveness and the broad accessibility of electronic word of mouth (eWOM), companies are very interested to proactively managing this form of customer-to-customer communication. Compared with traditional advertising provides, eWOM marketing is a more credible and low-cost alternative. So far marketers have commonly used monetary incentives to influence customer-to-customer communication. However, this form also includes potential negative consequences such as credibility loss through consumer skepticism and crowding-out effects. This study analyzed two new incentive programs for increasing recommendation likelihood that considered the activation of an altruistic form of motivation to overcome these drawbacks. Therefore, an experiment was designed with three experimental groups (incentive programs) vs. a control group (no incentive). Finally, the results are discussed while taking into account the advantages and drawbacks of the particular incentive program to deduce practical implications.     

Savings and Investment Behaviour in Britain: More Questions than Answers

Since the late 1970s successive British governments have been instrumental in cultivating a savings-friendly environment. Changes have been orchestrated in two ways: first by developing a regulatory structure in which the emphasis has been on safeguarding consumer's savings; and second by developing new types of accounts which include significant tax incentives. Despite considerable government intervention, consumer savings and investment behaviour has not received a great deal of attention from academic researchers. Some of the reasons for this lack of interest will be assessed prior to analysing two large scale datasets to ascertain levels of savings and account holding behaviour in Britain. The data indicates that while the vast majority of the British population are savings account holders, levels of regular saving are very low and savers frequently give few, if any, motives for their savings strategies.