亚行将亚洲地区清洁能源年度投资增至20亿美元

亚行将大幅度增加清洁能源投资，从以前的每年10亿美元增加到每年20亿美元，以便加快该地区的低碳发展，减少温室气体排放。亚行行长黑田东彦（Haruhiko Kuroda）在亚行总部举行的亚太地区气候变化高层对话上宣布了这一消息。黑田先生表示，“虽然每年20亿美元是一笔巨额资金承诺，但这仅代表了本地区清洁能源领域融资需求的一小部分投入。我们希望这笔投资能够带动私营部门、碳市场及其他领域为此提供更多的资源”。     

亚行支持中国发展清洁技术项目

亚行向中国固体废弃物处理项目提供贷款 9月3日，亚洲开发银行（以下简称“亚行”）签署协议，向中国光大国际有限公司（以下简称“光大国际”）提供最高至2亿美元贷款，用于在中国二级城市建设垃圾发电厂。这是亚行首次向私营部门城市固体废弃物处理项目提供融资支持。这项协议的签署，再次传递了亚行强力支持中国改善环境，支持私营公司发展清洁技术市场的投融资动向。     

亚行及西班牙将帮助中国三省改进农业技术

超过50万中国农村家庭将从亚洲开发银行（亚行）提供的一笔8300万美元贷款中受益。该贷款旨在改进农业技术与实践，确保中国三个贫困省份能够实现两位数的收入增长。     

中国获1.35亿美元亚行贷款，建设新煤电技术发电厂

亚洲开发银行（以下简称亚行）提供融资,支持在中国建设和运营采用整体煤气化联合循环发电技术（IGCC）的电厂,这是在发展中国家建设的首例该类电厂。     

全球金融危机对全球应对气候变化进程的影响

美国次贷危机进一步加深,并推动全球经济衰退。本文分析了该危机对全球应对气候变化进程造成的影响,随后对基于排放交易体系和碳市场对未来全球应对气候变化进行了展望,最后,提出了我国的思考,主要是:正确认识金融危机的短期性与应对气候变化的长期性;正确认识金融危机对我国应对气候变化进程带来的挑战与机遇;迅速抓住机遇,有步骤推进我国低碳经济转型;探索适合我国特色的低碳经济促进型的金融体系。     

海泰优点基金:投资中国清洁技术企业

天津滨海新区是国务院批准的国家综合配套改革试验区,国家很多重大改革措施正逐步在滨海新区先试先行。作为承担天津海泰控股集团（以下简称＂海泰集团＂）高科技产业投资和天津滨海高新区投融资体系建设投资平台职能的天津海泰科技投资管理有限公司（以下简称＂海泰投资＂）,这几年发起成立了多个合资基金。而该公司于2010年6月与美国优点基金（VPVP）共同发起设立的海泰优点创业投资基金（以下简称＂海泰优点基金＂）,以其专注于投资清洁技术的特点而备受瞩目,并成功获得科技部创业投资引导基金的支持。     

风险投资基金运作的国际经验借鉴和我国的模式选择

我国风险投资基金业在过去十多年的发展过程中取得了飞速的发展,但其中也暴露出很多问题和制约因素,诸如外部环境滞后、规模小、抗风险能力弱、组织模式不合理等.而国外风险投资基金业则已经建成了比较有效的市场架构和法律体系,规模不断扩大,抗风险能力提高,同时也形成了各自完善的组织模式.本文通过国际比较研究,探寻国外发展过程中的积极因素,为我国风险投资基金的发展提供合理的借鉴.     

清洁技术行业投资热点转向

水、气、垃、声这几个常被业内人士挂在嘴边的字眼,正在成为PE们的新投资热点也许不久后,当你家的隔音处理措施不到位,家人被噪音烦扰的时候,只要打一个电话,噪音治理工程师就会帮你解决这个问题。这就是记者采访的一家以噪音治理为主业的公司。据悉,虽然在A股市场上,还没有专门以噪音治理为主业的上市公司,但部分PE已经捷足先登,潜伏这类公司,而且上述企业很有可能很快成为国内资本市场的首只噪音治理股。     

清洁技术蕴含无限商机

《投资与合作》:有没有一个数据可以让人们来衡量中国和世界清洁技术市场的容量究竟有多大?约翰·奥班:有两家比较权威的公司对清洁能源产业做出预测,去年已经达到80亿美金,清洁能源只是清洁技术的一部分,清洁技术去年大概是1600亿美金,这是一个对世界清洁市场的展望;中国清洁科技     

The investment strategies of publicly sponsored venture capital funds

This paper investigates the effects of public ownership on the investment strategy of hybrid VC funds. We exploit a unique dataset containing data for all of the venture capital funds in Europe that received financial support from the European Investment Fund (EIF) during the years 1998–2007. The dataset includes 179 VC funds that invested in 2482 companies. We find that the level of public ownership shows a weak negative correlation with the likelihood of observing a write-off and that a higher public share is associated with a longer duration for the investment. The latter effect is more relevant for those investments that generate intermediate financial returns. The results are robust to the introduction of controls at the target firm level and for financial market conditions.     

Has persistence persisted in private equity? Evidence from buyout and venture capital funds

This paper presents new evidence on performance persistence for U.S. private equity (buyout and venture capital) funds. We use high quality cash-flow data from Burgiss's large sample of institutional investors (as of December 2020) which allows us to examine how persistence has changed over more than three decades of fundraising. Venture capital (VC) performance remains remarkably persistent across funds raised by the same general partner (GP). In contrast, buyout funds' performance persistence becomes noticeably weaker over time. The patterns are different when we restrict the analysis to information that would have been available to investors – interim performance on the previous fund at the time a new fund is raised – rather than using final, or latest, performance. We find little evidence of persistence for buyouts, especially post-2000. We continue to find persistence for VC funds though it declines post-2000. The differences are driven by interim performance reported at the time of fundraising being only moderately correlated to final performance and GPs avoiding fundraising when interim performance is poor. Finally, we look at GPs who introduce new fund styles and find that performance is noticeably lower for buyouts (but not VC). Exploring the reasons for these divergent trends in persistence between buyout and VC is a promising area for future research.     

Does investor identity matter? An empirical examination of investments by venture capital funds and hedge funds in PIPEs

I examine the emerging phenomenon of PIPEs (private investments in public equity) invested by venture capital funds (VCs) and hedge funds (HFs) and analyze whether and how these investors add value to firms by comparing a sample of 113 VC-invested PIPEs to a sample of 397 PIPEs with HFs. I find that VCs gain substantial ownership, request board seats, and often keep their stake after the PIPEs. In contrast, HFs rarely join the board of directors and typically cash out their positions shortly after the PIPE. The stock performance of VC-invested firms is significantly better than HF-invested firms both in the short run and in the long run. The positive valuation effect of having VCs as PIPE investors appears to be a certification effect rather than a monitoring effect. A key implication from these findings is that investor identity matters.     

成思危再谈风险投资三步走战略

关于风险投资的现状,人们有很多的议论,有悲观的,有观望的,中国风险投资未来的发展究竟如何,本刊记者采访了中国风险投资事业的积极倡导者——全国人大副委员长成思危。请看     

Strategic decertification in venture capital

An early-round investment delivers information about the quality of a project before more funds are needed. To obtain the best early-round financing offer, the entrepreneur should then approach a venture capitalist with highest screening ability. Going for the most accurate venture capitalist can however backfire in a follow-on round of financing. He could extract advantageous terms by threatening not to reinvest: the more accurate the incumbent, the more the signal sent by his non-participation to alternative financiers would be negative. Then, the most attractive early-round venture capitalist has only intermediate screening ability. The threat of strategic decertification enhances credit rationing.     

上海近期发展风险资本市场支撑科技创新的政策路径

国家自主创新能力的提升离不开多层次资本市场的支撑,资本市场是自主创新的引擎和推进器,任何科技创新成果的产业化都需要与资本有效结合才能实现。因此,加快构建一个全方位支撑科技创新的风险资本市场体系,是我国当前的一项紧迫任务,也是上海市"创新型城市"建设的迫切要求。本文在分析存在问题的基础上,进一步提出了上海市近期发展风险资本市场支撑科技创新的可行性政策路径。     

Local bias in venture capital investments

This paper examines local bias in the context of venture capital (VC) investments. Based on a sample of U.S. VC investments between 1980 and June 2009, we find more reputable VCs (older, larger, more experienced, and with stronger IPO track record) and VCs with broader networks exhibit less local bias. Staging and specialization in technology industries increase VCs' local bias. We also find that the VC exhibits stronger local bias when it acts as the lead VC and when it is investing alone. Finally, we show that distance matters for the eventual performance of VC investments.     

天津市创业投资的发展状况

天津市自2000年全面建立创业投资机制以来,创业投资行业取得了较快发展.2005年末,天津市创业投资企业已由2000年的10家增长到65家,增长了5.5倍;创业投资企业的注册资本总额由2000年的9亿元增长到2005年的42亿元,增长了3.5倍;创业投资企业先后投资天津市150多家高新技术企业,累计投资额超过15亿元,在促进天津市科技创新、扶持高新技术企业发展中发挥了重要作用.     

专家视点:风险投资的中国之路

按照专家的观点,风险投资在中国已经进入蓬勃发展时期,那么未来支撑中国风险投资发展道路的关键因素有哪些呢?     

Nonlinearity and smoothing in venture capital performance data

Performance indices for illiquid investments are known to suffer from returns smoothing, and the purpose of this paper is to investigate the presence and nature of such smoothing in the context of venture capital. We find that while the standard techniques may or may not indicate the presence of smoothing, significant evidence of smoothing exists when a nonlinear regime-dependent model is specified. Further, the model suggests the presence of regime-specific responsiveness of venture capital returns whereby different weights are placed on newly arrived information in different regimes.