MBO融资:期待我国投行业务创新

MBO作为一种产权转移的方式 ,在我国的资本市场实践中不断得到应用 ,然而其融资渠道却一直不够通畅 ,这对MBO在我国的发展影响非常严重。本文分析了我国几种典型MBO融资方式并分别指出其不足 ,在此基础上 ,笔者认为证券公司应该充分发挥其优势 ,积极参与MBO ,从而为MBO融资问题提供一个令人满意的答案。     

The relationship between private investors and small firms: an agency theory approach

Many small firms in Sweden are characterized by a lack of equity capital. For several years measures to increase the equity capital have been discussed. In this discussion the private investors' market has received virtually no attention. This study presents some preliminary results of the private investors in Sweden.

The research in small firms financing is characterized by a lack of theoretical framework. One basic assumption in the study is that agency theory can provide an essential framework to explain the interaction between the private investor and entrepreneur. Twenty-five hypotheses generated from agency theory are formulated and tested on 62 small unlisted firms in Sweden. Multiple regression analysis is used for the causal analyses.

The empirical results in the study show inter alia that the geographic distance and the private investor's knowledge about the portfolio firm's transformation process seem to be the most influential factors for determining the private investor's involvement in the portfolio firms. It is also interesting to notice that none of the variables, frequency of contacts and the private investor's operational work in the portfolio firm affect the performance of the firm. Contrary to conventional wisdom, private investors do not add value to their portfolio firms through their interaction with the entrepreneurs.

The theoretical conclusion is that agency theory does not provide any satisfactory framework to explain the private investor - entrepreneur relationship. Some of the basic assumptions in agency theory seem to be invalid. A model for the relationship between private investors and entrepreneurs is developed in which four interaction strategies are identified. The model gives implications on two levels: the portfolio level and the individual case level.     

Exploring preconditions for open innovation: Value networks in industrial firms

The open innovation model embraces the purposive flow of internal and external ideas as a foundation for innovation and network formation. While the open innovation paradigm has been successfully applied in high-tech settings, there is a lack of research on adopters of open innovation in other settings. We describe a case study conducted in a process industry setting, focusing on the LKAB mineral group as it makes a transition from a closed to a more open innovation context by adopting remote diagnostics technology. This process has resulted in the creation of new value networks. By tracing the reasoning behind the organizational transformation and studying the technology used to carry it through, we seek to explore the preconditions for open innovation and provide insight into the role of IT in the process. Our findings show that adoption of the open innovation model is grounded in developing organizational environments that are conducive to innovation, including expertise in creating a culture for knowledge sharing, building a trustful environment, and a resourceful use of IT.     

The interaction of multiple champions in orchestrating innovation networks: Conflicts and complementarities

In networked or open innovation processes, so-called innovation communities have been identified in the innovation champion literature, in which innovation champions from different levels in the innovation system supposedly act as a team. It has however not been studied in detail to what extent and how different champions in innovation communities complement each other and act as a team. Applying the concept of innovation network orchestration to analyze the role and position of different kinds of champions as brokers in innovation networks, the purpose of this paper is to unravel the interaction between champions and what this entails in terms of role complementarities and conflicts as regards innovation network orchestration. This is done by using an explorative multiple case study approach in which three innovation journeys are analyzed. The results indicate that a distinction can be made between primary innovation communities, who act as aggregated orchestrators of the overall innovation network, and who in turn orchestrate secondary innovation communities in certain sub-networks. Here different kinds of champions complement each other and act as a team, but these complementarities are not a given: they are negotiated over time in interaction, and lack of reflection on each other’s roles may result in role conflicts. The main conclusion is that an oversimplified notion of innovation communities as a unified team of champions should be avoided: innovation communities themselves need a form of orchestration.     

Informal investors in the Ottawa-Carleton region: experiences and expectations

This research reports on the investment experience of a sample of informal investors in the Ottawa-Carleton area who have made 156 investments involving $16 million between 1981 and 1986. In addition, the expectations and requirements of these investors with respect to future investments are presented. It is found that investors surveyed seemed to hold realistic expectations regarding the outcome of their risk capital investments. It is also found that the informal marketplace for risk capital is both a local and a personal marketplace. Whereas our knowledge of the characteristics and motivations of informal investors remains incomplete, questions are raised regarding the impact of various public policy incentives that seem to have been targeted at informal investors. An agenda for future research is specified.     

Heterogeneous ambiguity attitudes: a field experiment among small-scale stock investors in China

We conducted quasi-field experiments in Chinese brokerage houses to investigate how investors react to ambiguity relative to quantifiable risks and the degree of heterogeneity in these reactions. Our experiment consists of three sections; a background survey; individual self-reports of emotional states; and a series of individual portfolio choice questions involving ambiguous assets and assets with a known probability of success. We calculate an index of ambiguity aversion that controls for risk aversion through a series of simple choices and demonstrate its outside validity. We find a significant degree of heterogeneity in ambiguity attitudes and discuss some demographic or emotional factors that might contribute to this heterogeneity. We also discuss the correlation between ambiguity attitudes and risk attitudes. By conducting these experiments in China, we were able to measure the degree of ambiguity aversion among a sample of experienced and accessible investors who face ambiguous decisions on a daily basis.     

中关村创新力提升中存在的问题及解决途径——基于企业集群创新网络视角的分析

运用创新网络理论和企业集群理论,分析了中关村高新技术企业集群创新力的现状和问题。提出了完善中关村高新技术企业集群创新网络的对策建议:发挥政府主导作用,在高新技术企业、高校和科研院所、中介组织、金融机构等各个行为主体之间建设显性或隐性的联接,从而带动创新网络的形成和创新成果的诞生。     

REITs:未来房地产融资的新途径

除了能够降低房地产企业对银行贷款的依赖性、扩大房地产企业的融资渠道,REITs还可以在房地产行业中起到优化资金配置的作用,从而促进房地产企业的优胜劣汰和房地产项目的优化     

Communication channels,innovation tasks and NPD project outcomes in innovation-driven horizontal networks

Inter-organizational collaborations and horizontal networks are increasingly playing a pivotal role in innovations and new product development among firms. In this study, we investigate the link between the innovation task analyzability and the richness of communications channels used in network arrangements and the link between task analyzability and ties and project development time. We investigated the links based on the data collected from 372 respondents representing ninety three different innovation-driven horizontal networks. The results of structural equation modeling reveal a negative link from task analyzability to communication channel richness and a positive link from communication channel richness to ties. Communication channel richness was found to partially mediate the influence that task analyzability has on both NPD project outcomes of ties and development time. The implications of our results for theory and practice are discussed.     

Entrepreneurial financing in new business ventures: a help-seeking behavior perspective

How and from whom prospective entrepreneurs seek their start-up capital for new venture formation represent fundamental questions in entrepreneurial financing. Drawing on research of help-seeking behavior, we propose that apart from economic rationale entrepreneurs’ decisions to seek financing may be influenced by socio-psychological factors. Using a scenario experiment (venture risk x relational proximity) to investigate how prospective entrepreneurs considered funding from family and outsiders, it was found that they tended to seek family financing when the family was close and the risk was high, and inclined to seek outsider funding when the venture risk was high and the family was not close. The findings might seem paradoxical but they actually underscore the influence of socio-psychological factors in entrepreneurial financing decisions and offer novel contributions to the entrepreneurship, informal investment, and education literatures.     

Measuring innovation and innovativeness: a data-mining approach

Despite substantial advances over the past decades, measuring innovation and innovativeness remains a challenge for both academic researchers and management practitioners. To address several key concerns with current indicators—such as their specialization and consequent one-sidedness, their frequent lack of theoretical foundations, and the fact that they may not really foster creativity and invention—this paper introduces some new metrics via one data-mining approach—formal concept analysis—which is increasingly used to represent and treat knowledge. This approach can adapt to particular needs and goals, incorporate various kinds of information (qualitative or quantitative) from different sources, and cope with several types of innovations. It also uncovers a logical route to novelty, which might enhance the generation of ideas and is used here to support the measurement of innovativeness.

     

创业者与投资者信任关系构建的影响因素研究

立足于初创企业的创业者与投资者之间信任关系的构建,采用问卷调查法,研究创业者的知识水平、工作经验以及创新能力在不同的信任阶段对创业者与投资者之间的信任关系产生的影响。结果表明,创业者的知识水平、工作经验以及创新能力对创业者与投资者的信任关系构建存在正向影响。但是,在初步信任阶段,投资者关注的是创业者的工作经验和创新能力;在深度信任阶段,投资者增加了对创业者知识水平的审查。     

Decomposing the Triple-Helix synergy into the regional innovation systems of Norway: firm data and patent networks

The Triple Helix model of university-industry-government relations allows us to use mutual information among geographical, sectorial, and size distribution of firms to measure synergy at various geographical scales in a nation. In this paper we decompose the synergy in Triple Helix relations and analyze the decomposition at the county level. We use micro-level data for all Norwegian firms from 2002 to 2014. This provides new and more detailed insight into the factors explaining the previously reported variation in synergy at county level in Norway. Furthermore, we analyze the county and city level distributions of all national as well as USPTO granted patents with at least one Norwegian inventor. Co-inventor networks for Norwegian USPTO patents are visualized using Google maps. The counties with technology-dominated synergies and strong knowledge institutions have a higher level of international co-inventor networks. Sectorial and geographical networks characterize the oil and gas dominated county, Rogaland. In contrast the knowledge institution dominated county of Sør-Trøndelag has broader networks both with regard to sectors and geography. In the small industry dominated county of Møre og Romsdal with high synergy, the lack of international co-inventor network is striking. This might be interpreted as a sign of industrial lock-in. The use of both firm level and patent data together give a broader and more precise picture of the innovation systems under study. The use of both national and international patent data also broadens the picture of the innovation activity of the nation.     

科技成果转化与技术创新:创新范式的比较与转变探讨

如何发挥科学技术的强大经济功能,国内外存在着科技成果转化和技术创新两种思维范式;科技成果转化的思维范式带有明显的机械论思维特征和计划经济特征,在现代市场经济条件下存在明显的机制性缺陷;在创新驱动发展战略中必须确立技术创新的范式,实现由科技成果转化范式向技术创新范式转变。     

The determinants of startup valuation in the venture capital context: a systematic review and avenues for future research

Startup valuation in the venture capital (VC) context is often said to be more art than science. In view of this, it is particularly important to be aware of and understand the different underlying determinants that affect the valuation of startups. This paper conducts a systematic review of the existing empirical literature to illustrate the determinants of startup valuations in the VC context. Beyond that, the paper seeks to provide an organizing structure to the current literature as well as to detect academic voids and directions for future research. To achieve these goals, it develops an integrative framework for the factors determining startup valuations in the VC environment, which should be of use to both practitioners and researchers. That framework illustrates how startup valuations in the VC context are shaped by a three-sided interplay of factors related to startups, venture capitalists, and the external environment.     

The two sides of proximity in industrial clusters: The trade-off between process and product innovation

According to the literature on industrial districts, the proximity of small firms operating in a similar sector can lead to several positive externalities, which enhance collective efficiency. We investigate this assumption by building a microeconomic model in which a set of small firms trades off two opposite effects. First, the closer they are to each other, the more they can share fixed costs or pool risks, and the more they can innovate on more efficient processes. Second, the closer they are, the less diverse is their cognitive environment, and the less they innovate on products. We find that there is a “bell-shaped relationship” between proximity and the firms' performance. Moreover, equilibrium configurations tend to produce too much proximity from the consumers' and the workers' point of view, but too few proximity from the firms' point of view.     

甘肃省城市化与生态环境耦合的量化分析

通过构建城市化综合指数和生态环境综合指数的指标体系,利用协调发展度模型,对甘肃省1990-2006年城市化与生态环境耦合演化的趋势进行量化分析。结果表明:甘肃省城市化指数和生态环境指数都呈线性增长,协调发展度指数也呈现一种线形的上升趋势。从城市化综合指数和生态环境综合指数曲线看出,2003年以前城市化发展滞后于生态环境建设,导致甘肃城市化与生态环境耦合协调一直以中低度协调为主。当城市化发展到一定阶段,生态环境也会有所改善,两者的耦合关系才会逐渐增强。     

Standardization efforts: The relationship between knowledge dimensions,search processes and innovation outcomes

We explore how a standardization effort (i.e., when a firm pursues standards to further innovation) involves different search processes for knowledge and innovation outcomes. Using an inductive case study of Vanke, a leading Chinese property developer, we show how varying degrees of knowledge complexity and codification combine to produce a typology of four types of search process: active, integrative, decentralized and passive, resulting in four types of innovation outcome: modular, radical, incremental and architectural. We argue that when the standardization effort in a firm involves highly codified knowledge, incremental and architectural innovation outcomes are fostered, while modular and radical innovations are hindered. We discuss how standardization efforts can result in a second-order innovation capability, and conclude by calling for comparative research in other settings to understand how standardization efforts can be suited to different types of search process in different industry contexts.     

城市发展中的文化自觉与文化创新——以"新天地"为例

在城市现代化进程中,如何处理好历史文化与城市改造之间的关系是显示城市文明程度和关系到城市文化发展的重要课题.以上海"新天地"区域的改造模式为案例进行文化层面的解读,力图阐明城市发展中文化自觉与文化创新的必要性和实践性,分别从实例分析和理论阐释层面指出,建立在认识自我和借鉴他者基础上的文化自觉精神和文化创新实践是城市文化发展的必由之路.     

Technical progress and induced innovation in China: a variable profit function approach

Journal of Productivity Analysis - We propose a new methodology to estimate empirically the input price-induced technical change and total factor productivity (TFP) growth in China. Our primary...