发展风险投资业加速高新技术产业化

高新技术作为一种强大的物质手段,能极大地提高劳动生产率,从而成为推动社会发展的强大动力。而风险投资作为高新技术企业的生命线,对促进科技成果转化为生产力则有非常重要的作用。经过十多年的努力,我国的风险投资业已有了一定规模的发展,但仍存在着诸多方面的问题。本文针对这些问题提出了应对策略。     

高新技术产业化与发展风险投资

本文从分析高新技术产业化的主要特征和当前我国高新技术产业化过程中主要障碍入手,联系国外发展高新技术的成功经验,揭示了风险投资在高新技术产业化过程中所起的巨大作用,论述了作为发展中国家的我国加快发展风险投资的必要性和紧迫性,并对相关措施进行了探讨.     

高新技术产业化与发展风险投资

本从分析高新技术产业化的主要特征和当前我国高新技术产业化过程中主要障碍入手，联系国外发展高新技术的成功经验，揭示了风险投资在高新技术产业化过程中所起的巨大作用，论述了作为发展中国家的我国加快发展风险投资的必要性和紧迫性，并对相关措施进行了探讨。     

风险投资溯源——兼析高新技术产业化

在高新技术产业中,很多已经功成名就的企业最开始都是凭借风险投资起家,如美国的微软公司、因特尔公司、苹果公司等。风险投资通过项目培育、资金投入、变现退出推动高新技术产业化,从而推动经济发展。本文通过追溯风险投资的起源和发展历程,同时结合对风险投资与高新技术产业化之间的关系分析,对其形成和发展的细节进行深入的剖析,最后强调了发展风险投资和技术创新之于我国的重要性。     

发展风险投资,实现高新技术产业化的障碍与对策探析

风险投资（Ｖｅｎｔｕｒｅ Ｃａｐｉｔａｌ）,就是专业投资家投入到新兴的、迅速发展的、有巨大竞争潜力的高新技术企业的一种权益资本。其投资对象是处于种子期或初创期的中小型科技企业．风险投资家以风险资本为载体,通常是与管理等生产要素的投入共同进行的集合投资,其目标就是通过企业的上市或收购、兼并等获得高回报。因此,风险投资的实质就是主动承担高风险以期获得高回报。     

积极探索风险投资加快发展湖北高新技术产业

即将到来的新世纪是“知识经济世纪”,高新技术将成为知识经济社会的重要标志,国际竞争将转移到知识竞争、科技竞争、人才竞争上来,并最终归结为高新技术产业的竞争.高新技术产业发展的速度、效益、规模、质量等因素将客观而公正地体现出国家或地区间科技实力和综合国力的强弱,也将决定谁能抢占国际竞争的制高点,成为经济发展的领头羊.因此,世界各国、各地区政府都相继将大力发展高新技术产业,即把高新技术产业化作为一项重要的政策和长期的发展战略.我国也较早地预见了这一国际经济技术发展趋势,及时提出并实施了“科教兴国”的发展战咯,取得了初步     

发展风险投资 促进高科技产业化

风险投资是科技与金融相结合,资金与管理相结合,主要面向拥有高新种子技术或某种创新思想 的尚未起步或刚刚起步的高新技术中小企业的投资。它是知识创新的高科技企业成长的物质支持体系, 为高新技术产业化和推进经济增长起到促进作用。     

论中国高新技术产业化发展

高新技术产业是指高新技术的研究、开发、推广、应用等所形成的企业群体或企业集合的总称,它具有发展快,对其它产业的渗透能力强的特点。高新技术产业化发展已经成为驱动全球经济不断发展的主要力量。我国也制定了大力推进"以高新技术产业为先导",努力推动由高技术产业大国向高技术产业强国的政策。     

高技术领域跨国公司战略调整的新特点及影响

跨国公司是“世界经济的引擎”,是经济全球化的主要载体和科技全球化极其重要的驱动力量。在信息技术革命和技术创新的直接影响下,跨国公司正在进行全球经营战略的调整,重组全球各个经济体和各种经济关系。这种变化将对未来的世界经济竞争格局产生深刻的影响。我们必须及时把握     

从合资到独资:中国企业面临新挑战

1988年,广州轻工集团旗下的广州肥皂厂与美方合资成立了广州宝洁洗涤用品公司。1998年,广州肥皂厂向宝洁转让股份,双方10年合作终结。2000年,广州浪奇和北京日化二厂也相继划上了与宝洁合资的句号。与此相关的背景是:自1999年起,尽管广州市实际利用外资仍在增长之中,但合同利用外资的数量已呈逐年下降之势,所增部分多为跨国公司增资扩股之份额。另据上海有关方面统计,该市48家增资的外商投资企业中,有20家发生了股权份额的变化,外方股份在增资中比例上升的有14家。种种迹象表明,在对华投资上跨国公司正从合资走向独资。     

INTERNATIONAL PRODUCTION,INVESTMENT AND BORROWING WITH EXCHANGE RATE RISK AND FUTURES MARKETS

In this paper we consider a multinational firm under exchange rate and interest rate risks in a multiperiod model. We analyze the impact of exchange rate uncertainty and the use of currency futures on the risk-averse firm's decisions about home and foreign production. Without any hedging markets exchange rate risk lowers foreign investment and output. However, when futures markets exist, the separation property holds. Introducing another source of uncertainty, such as the interest rate, which is nondiversifiable, affects the production in both countries, i.e., the separation property does not hold. However, we show that the adverse effect of the missing financial market (to hedge against this additional risk) disappears when international borrowing is available.     

TAX,STIMULI OF INVESTMENT AND FIRM VALUE

Pennings (2000 , European Economic Review, 44, pp. 383–91) has shown that the government can speed up investment by subsidizing the potential investing firm's entry cost while taxing the future proceeds from the investment, so as to render the net expected value of its subsidy program zero. This note argues that while speeding up investment, this subsidy‐tax program also lowers the value of the firm and therefore will be rejected by it.     

CHAOTIC DYNAMICS OF FINANCING INVESTMENT

The paper introduces the financial sector in a standard multiplier‐accelerator framework by incorporating financial variables in the investment function. The resultant equation is similar in form to that of a logistic map, and hence behaves unpredictably under certain values of the parameters. Since monetary authorities have a large influence on many of these parameters, monetary policies are effective in both controlling investment and preventing or postponing a financial crisis. The monetary authorities, however, are also keen to play an additional role of keeping the system predictable. Under certain conditions, there could be a conflict between these two objectives—of preventing a financial crisis and keeping the system predictable.     

新建和兼并速度仍将加快--外资进入中国零售业的效应分析及扩张趋势

零售业是中国对外开放较晚的领域。在20世纪90年代以前出台的各项有关中外合资经营的法律和政策中,中国从未将国内零售业和批发业列入允许合资经营的范围。直到1992年初之后,中国零售业才启动了对外开放的试点工作,这比制造业的对外开放     

OPTIMAL INVESTMENT OF A LIFE INTEREST

We consider the problem of a trustee faced with investing a sum of money, the interest from which will be received by one party (the life-tenant) during his lifetime while the capital will go to another party (the survivor) on the death of the life-tenant. We assume mat there are n + 1 assets in which the trustee may invest— n risky assets of geometric Brownian motion type and one nonrisky asset. Under assumptions as to the utility functions of the two parties, we find the collection of Pareto optimal investment strategies for the trustee together with the corresponding payoffs. We do this by optimizing the payoff of the Lagrangian for the problem. We go on to present the Nash optimal solution for the trustee.     

全球经济危机时期中国海外资产面临的新型征收风险——解析平安投资富通争议

一、发展海外直接投资对我国经济社会发展和国家安全具有不可替代的重要作用 海外直接投资是我国开放经济发展的重要内容,其对国民经济和社会可持续发展的重要性正与日俱增.早在革命战争年代,中共地下党创办的广大华行等公司就将业务开展到了美国等海外地区,不仅为我党我军提供了相当数额的经费,而且开辟了情报和军需来源.新中国成立之后,即使在先后遭受西方、东方集团封锁的复杂困难局面下,我国最高领导层也尽力在海外维持了力所能及的投资规模.     

ACCOUNTING FOR RISK AVERSION, VESTING, JOB TERMINATION RISK AND MULTIPLE EXERCISES IN VALUATION OF EMPLOYEE STOCK OPTIONS

We present a valuation framework that captures the main characteristics of employee stock options (ESOs), which financial regulations now require to be expensed in firms' accounting statements. The value of these options is much less than Black–Scholes prices for corresponding market-traded options due to the suboptimal exercising strategies of the holders, which arise from risk aversion, trading and hedging constraints, and job termination risk. We analyze the combined effect of all of these factors along with the standard ESO features of multiple exercising rights, and vesting periods. This leads to the study of a chain of nonlinear free-boundary problems of reaction-diffusion type. We find that job termination risk, vesting, finite maturity and non-zero interest rates are significant contributors to the ESO cost. However, we find that in the presence of vesting, the impact of allowing multiple exercise rights on ESO cost is negligible.