Intangible Assets and Entrepreneurial Finance: The Role of Growth History and Growth Expectations

This paper investigates how SMEs support investments in intangible assets. Using a multivariate framework that controls for a range of industry- and firm-level characteristics, we examine whether patterns of investment financing are associated with an SME’s past growth history and future growth expectations. We base our analysis on proportionately weighted, stratified survey data from 2960 Canadian firms. Our results suggest that SME growth history is positively related to investments in intangible assets. This finding was observed in both debt-financed investments as well as those supported by equity.     

Necessity entrepreneurship in Latin America: it´s not that simple

ABSTRACT

Entrepreneurship literature takes for granted the motivation dichotomy; however, this simplistic view have been criticised for several studies because it likely does an injustice to entrepreneurs, particularly Latin America (LA) entrepreneurs. This study seeks to contribute to the body of knowledge on entrepreneurs to better explain the process of entrepreneurs being motivated by necessity. We use the Global Entrepreneurship Monitor (GEM) database for LA countries and develop an econometric model based on a set of variables, including contextual variables. First, we identify three types of entrepreneurial motivation: necessity, opportunity and transition. We then demonstrate that the motivation dichotomy does not represent LA entrepreneurship. Second, we find that necessity-driven entrepreneurship does not necessarily indicate the absence of high growth aspirations because some entrepreneurs in this category have such aspirations. Third, we observe that significant differences exist among entrepreneurs based on context, specifically among necessity-driven entrepreneurs. These findings have practical implications for research on entrepreneurship and for regional development.     

高校人力资本的价值计量和收益分配的实证分析

本文从人力资本价值计量和收益分配的角度出发，就如何调动高校教师的积极性，在对GC大学人力资本管理实例分析的基础上，设计了一套高校人力资本计量与激励模型，以充分调动高校教师的积极性，将会对高校人力资本的管理和提高办学效率具有重要参考价值。     

人力资本与中国西部地区经济增长

从人力资本角度出发,分析我国西部地区经济发展中的问题和困境,以增加人力资本存量的方法,加快西部经济增长,探讨西部经济增长的途径。     

人力资本积聚差异的区域经济增长影响力研究——以浙江和陕西两省为例

从目前大部分的学术成果来看,区域经济发展差异的理论和实证主要集中在物质资本的投入和形成以及无形的制度创新方面;而人力资本对经济增长的影响研究方面,现有的成果也主要集中在教育投资对经济增长的影响方面。本文从区域经济增长和人力资本积聚的角度出发,以浙江省和陕西省的实际数据为例,通过计量经济模型对人力资本积聚水平和区域经济发展之间的关系进行了数据分析和理论分析。     

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.     

人力资本和物质资本对增长贡献的变化——逻辑推理与中国省级面板数据的实证检验

国内学者在研究中国人力资本和物质资本与增长的关系时,对要素增长贡献的变化研究涉及不多。为此,以新增长理论为基础,比较分析“制度增长论”和“技术决定论”在中国的适用性后,对新增长模型进行了修改;从微观个体同质性的假设出发,探寻人力资本和物质资本对增长贡献的变化规律;同时,选取中国2001—2011年省级面板数据,用常规和分段回归的方法对相关假说与推论进行检验;最终得出：人力资本、物质资本及制度变迁在推动中国经济增长的同时,其总量对增长的贡献存在递减效应,结构对增长存在反向递增效应。     

对企业网络化成长的研究

企业网络化成长是复杂动态商业环境下一种高效的企业成长机制。首先,对企业网络理论进行综述。随后,重点介绍了网络结构促进企业成长的四个路径:提供成长资源;创造成长机会;增强成长欲望;施加成长压力。并详细分析了为企业创造成长机会的有关方面,运用产品的一个流程:生产、销售和贯穿这两方面的供应链管理,分析网络结构是如何来促进企业成长的。最后,指出它对中国企业的现实意义。     

股票流动性对上市公司价值的影响研究

为了考察二级市场股票流动性对上市公司价值的影响,以2004~2009年间沪深两市A股股票分笔交易数据为样本,利用相对有效价差与托宾Q作为代理指标进行实证检验并加以分析。结果表明,股票二级市场流动性同上市公司价值之间具有显著的正相关关系。股票流动性提高,公司资本成本降低,经营业绩改善,上市公司价值提升。     

教育人力资本与区域经济增长的关系研究

目前国内关于人力资本对经济增长作用机制的研究,很少考虑空间依赖性引起的区域间的相互影响。文章引入空间变量,利用卢卡斯内生经济增长函数,构建空间面板回归模型,对1990-2006年我国30个省市自治区教育人力资本与区域经济增长之间可能存在的空间关系进行了实证研究,验证了空间依赖性的存在,证实了教育人力资本对区域经济增长具有推动作用,且空间面板回归模型较传统面板回归模型更好地诠释了教育人力资本与区域经济增长之间的关系。     

人力资本对中国经济增长的影响

衡量一个国家是否富强、繁荣、昌盛的标准之一就是该国家经济的不断持续增长。在农业经济时代,对经济增长产生影响的要素是土地和人力资源。在工业经济时代,对经济增长产生影响的要素是物质、自然资源以及人力资源。在知识经济时代,对经济增长产生影响的要素为物质资本以及人力资本。论文重点针对人力资本对中国经济增长的影响进行了详细分析。     

经济增长源泉的理论分析和增长模型研究

经济增长的源泉到底是什么,很多经济学家都对此进行过研究。有人认为是技术进步,有人认为是人力资本,也有人归结为制度变迁。本文从更宽广的全要素分析的角度,对经济增长的源泉进行了深入的分析,提出了自己独到的看法和观点。     

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.     

关于人力资本投资决策相关问题的思考

上世纪60年代兴起的人力资本投资研究取得了丰硕成果,为后续研究奠定了坚实的基础。但是,关于人力资本投资收益的计量方法、人力资本投资收益与成本计量范围等方面仍然存在需要深入钻研的问题。基于前人成果,本文提出了重新界定人力资本投资收益、完善人力资本投资成本内容、改进人力资本投资决策方法等方面的建议,以期为该领域的研究添砖加瓦。