对风险投资中若干问题的探析

文章针对风险投资中现存的问题,对风险投资中的组织形式的选择、政府的定位、融资的解决、人才的管理及资本退出机制的确定等问题进行了探讨,并提出了相应的解决方法。     

风险投资“退出”内涵的系统界定与分析

文章从风险投资微观运作过程入手,对风险投资“退出”内涵进行了系统的界定,详细分析了风险投资“退出”的微观经济功能。文章认为:风险投资“退出”由风险投资项目退出和风险投资基金退出两部分内容构成,是针对风险投资中存在的双重委托———代理关系的最佳制度安排。     

Screening and valuing venture capital investments: evidence from Hungary,Poland and Slovakia

This paper examines the screening and valuation approaches used by venture capital firms in emerging markets using evidence from surveys of venture capital firms in Hungary, Poland and Slovakia. The results show notable differences in the state of development and operation of the venture capital markets both between the three countries and in comparison with the developed UK venture capital market, especially in relation to the degree of equity ownership sought by venture capitalists, the information used in deal screening and valuation methods.     

Independent venture capital, corporate venture capital, and the internationalisation intensity of technology-based portfolio firms

Firms that internationalise early in their lives share characteristics with those that receive venture capital. The relationship between receipt of venture capital and the international intensity of 1348 young technology firms is examined, including whether the source of capital, from independent venture capital firms, corporations or private sources, has an impact. The absence of venture capital is shown to be positively associated with increased internationalisation. While previous literature suggests differences in the value added of different sources of venture capital, the results indicate no such differences in their impact on international intensity.     

风险投资项目退出的时机与方式选择研究

文章对影响风险投资项目退出时机选择的微观因素和风险投资项目退出方式及其必要条件进行了深入分析,文章认为,风险投资项目退出的时机与方式选择具有动态性和一体性特点,遵循风险资本增值最大化的一般性原则,选择适宜的退出时机与方式对风险投资项目实现投资收益或锁定投资损失有着重要的意义。     

创业投资公司的后续管理模式设计

文章认为创业投资的后续管理是创业投资机构或专家减少投资风险,确保预期的投资收益率的重要手段。文章以某创业投资公司设计的积极干预型后续管理模式为例,探讨该管理模式把增值服务揉合在监控过程之中,使其能有效地介入创业企业的管理,并进一步突破信息不对称的束缚、减少各种代理风险。     

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.     

Asymmetric information and deal selection: evidence from the Italian venture capital market

International Entrepreneurship and Management Journal - The aim of this study is to show how information asymmetry affects the venture capital (VC) deal selection process in the Italian capital...     

风险投资与高新技术产业化互动机理及应用研究

文章运用系统分析方法研究了风险投资与高新技术产业化的相互作用机理,论述了两者形成良性互动之后所产生的积极影响,基于高新技术产业与风险投资尚处于起步阶段的特点,通过运用模糊数学理论构建了评价风险投资与高新技术产业化互动效率的层次结构模型,并且对模型进行了实证分析。     

On-the-job human capital investment and intertemporal substitution: New evidence on intertemporal substitution elasticity

This paper argues that estimates of intertemporal elasticity of substitution (IES) obtained from standard life-cycle models are subject to a downward bias because they neglect the life-cycle and demographic patterns of on-the-job human capital investment. Taking into account the fact that part of a worker's time at work goes to acquiring human capital in addition to his main task of producing goods, we extend the standard life-cycle model to include time spent on investing in on-the-job human capital and propose a new framework for identifying the IES. We obtain statistically significant evidence that conventional estimates of IES for total hours at work are biased downward about 20% at the intensive margin. The corresponding IES estimates for production hours are biased downward even more, which provides an explanation for why output fluctuation is greater than hours/employment fluctuation over the business cycle.     

创业学习与新创企业成长——浦东的案例

创业学习对创业企业成长具有积极的作用。本研究通过对上海市浦东新区新创企业的跟踪调研资料,运用学习理论和企业成长理论,结合具体案例信息,区别分析了创业者个人学习、组织学习同创业企业成长之间的关系。本文认为创业企业中,创业者更为注重个人学习,并且创业者个人学习同企业成长之间表现出更为显性的相关关系;而组织学习在创业企业中的受重视程度低于创业者个人学习,同时对创业企业成长的贡献并不显著。因此,本文建议创业企业需要重视组织学习,实现创业企业从生存到持续发展的转变。     

Human resources and SME performance in services: empirical evidence from the UK

We investigate the relationship between human resources (HR) and superior firm performance, as well as the role of business strategy as a key mediating factor, for small- and medium-sized enterprises (SMEs) in the UK Tourism Hospitality and Leisure (THL) sector. Our results suggest that high-performing SMEs in the THL sector are managed by more experienced entrepreneurs. We also find that more profitable SMEs combine a highly skilled workforce with technological and know-how-based firm differentiation strategies, and/or product differentiation strategies, which are based on quality of service and personal attention to customers, alongside generous compensation and attention to employee development.     

Entrepreneurial orientation and social capital as small firm strategies: A study of gender differences from a resource-based view

Women entrepreneurs have recently been the subject of many studies which have revealed that though women possess some of the same resources as male entrepreneurs, success levels are not the same. The current study looks at the resources utilized by small business owners within downtown business districts. Using a sample of 467 small business owners, we test differences in entrepreneurial orientation and social capital between men and women entrepreneurs. Though women actually reported higher levels of entrepreneurial orientation and social capital, there were no differences in their abilities to utilize these two resources in achieving firm performance. We offer discussion of why these findings are relevant, as well as research implications.     

论风险投资当中道德风险的防范与控制

文章论述了由于风险投资过程中的高度不确定性和信息不对称性,容易伴随道德风险,从而认为要使我国的风险投资健康发展,必须借鉴国外在这方面的制度设计,对风险投资当中的道德风险进行防范与控制。     

Part-time work in the public health service of Denmark,France and the UK

The aim of this paper is to consider the extent to which and the ways in which part-time work is used in the health services of Denmark, France and the UK. The reasons for and the implications of introducing part-time work in the three EU countries are also analysed and compared. Data were collected using questionnaires and interviews from hospitals in Denmark, France and the UK. Questionnaires were completed by heads of department and by part-time employees. Interviews (for the UK sample only) were held with the managers responsible for the introduction of flexible working practices. The findings show that part-time employment is the most common flexible working practice in the health services of all three countries but that the purpose of its introduction differs from one country to another. Part-time work seemed to have satisfied the desire of those who run the National Health Service (NHS) in the UK for cost reduction and for flexibility of working practices. In the French health service it was aimed at creating jobs, whereas in Denmark it was a response to increasing employee demand for flexible working. It was also found that, contrary to the Danish case with its established tradition of flexible working and equality in employment, the full-time working traditions and the male-dominated cultures of the health services in France and in the UK have often undermined the importance and benefits of part-time employment.     

International transfer pricing and income shifting: evidence from the UK

The potential use of international transfer pricing (ITP) as an income-shifting mechanism by multinational enterprises (MNEs) has long been recognized. However, there is relatively little evidence to substantiate or discount this claim in relation to UK-based foreign-controlled enterprises (FCEs). This paper examines the possible use of ITP as an income-shifting mechanism by FCEs operating in the UK. The methodological approach involves the comparison of the profitability (performance) and dividend (post-performance) distributions of a sample of FCEs with those of UK-controlled enterprises (UKCEs) over a two-year period. The two samples are matched on the basis of their total assets (capability). Results reveal significant differences in the profitability and dividend distributions of the two groups. FCEs underperform UKCEs, but their level of dividend distribution outstrips those of UKCEs. Based on this sample of seventy-two companies, a firm is more likely to be an FCE, rather than a UKCE, if it reports a combination of lower performance and higher post-performance distribution. Evidence of significant income shifting by FCEs is confirmed and the claim that ITP is the key mechanism for such shifts cannot be dismissed.     

The effects of internal locus of control on entrepreneurship: the mediating mechanisms of social capital and human capital

This paper proposes the research framework that locus of control enhances entrepreneurship through the mediating mechanisms of increased social capital in interpersonal networks and improved human capital in personal development. We adopted structural equation modeling to examine the research hypothesis. The research participants comprised managers from 14 enterprises in China; a total of 1002 valid questionnaires were collected. The results revealed that social and human capital mediate the effect that internal locus of control exerts on entrepreneurship. This study provides the following research contributions: first, the findings address the gaps in previous studies regarding the effect that a single dimension (i.e. personality traits) produces on entrepreneurship. Second, by employing the social exchange and human capital theories, we integrated interpersonal and individual perspectives into the research framework to explore factors affecting entrepreneurship, identifying that social and human capital are key-mediating mechanisms through which locus of control influences entrepreneurship.     

The antecedents of employee commitment to customer service: evidence from a UK

This paper provides a first attempt at conceptualizing and operationalizing the notion of commitment to customer service (CCS) as part of a broader concern to explore the determinants of key aspects of service quality and of individual-level performance in service organizations. Based on an explicitly behavioral definition of commitment to customer service, we first set out a model of the antecedents of CCS. We then test it using data from a representative sample of 717 employees of a major food-retailing organization in the UK. The results suggest that commitment to customer service is primarily a non-calculative phenomenon driven above all by affective. normative altruistic concerns, rather than by overtly instrumental considerations. Additional significant determinants of CCS were job pressure, job routinization. job competence and employees' understanding of customer service requirements. Research and policy implications of the study are discussed.     

城市贫困人口的致贫原因分析——基于人力资本产权的视角

在能力贫困范式理论的基础上,运用产权分析方法,对城市贫困人口的致贫原因进行了产权分析。在此基础上,探讨其对城市贫困人口人力资本产权在生产、分配、交换和消费等各个环节实现的影响,指出,导致城市贫困的各种原因正是通过影响贫困人口人力资本产权的实现,影响了贫困人口的产权维护能力,并根据分析结论提出相应的政策建议。     

Control of subsidiaries of MNCs from emerging economies in developed countries: the case of Taiwanese MNCs in the UK

There has been considerable research over the past few decades on the process through which headquarters of multinationals from developed economies exercise control over their network of subsidiaries in foreign countries. However, little research has been conducted on multinationals from emerging economies operating in developed countries. In this article, we examine the motives for, and mechanisms by which, headquarters of Taiwanese multinationals exercise control over their subsidiaries in the UK. The article draws on data collected through 66 interviews with top managers and human resource managers from four UK based subsidiaries of Taiwanese multinationals. The study reveals that Taiwanese multinationals use both output control and behaviour control to manage their subsidiaries in the UK.