The impact of venture capital financing method on SME performance and internationalization

One of the basic premises of venture capital is leverage, which often means adding money and other resources to speed up growth. As a result, small- to medium-sized venture funded firms are expected to show significant growth at an early stage. Our research examines how equity based-venture funding methods affect SME performance and internationalization. We divide venture capital financing into several categories: incremental financing where firms receive their venture capital funding in portions, lump-sum funding where firms receive their funding in one lump-sum, syndication where two or more external investors participate in a single financing round and non-syndicated financing where one investor participates in a single financing round. The results show that type of equity-based venture capital financing affect performance and internationalization. Annual sales growth rate and annual turnover are used as proxies for performance. Export ratio is used as a proxy for internationalization. Staged financing and financing through a syndicate has a positive effect on performance and internationalization when used separately. We observe a negative effect when syndication and staged financing are used in combination.     

对事项法会计主流观点的思考

本文在比较事项法会计和传统会计的基础上，分析了事项法会计的一些流行观点，进而认为事项法会计应与传统会计相融合，做好传统会计体系的改良工作。     

A capital accumulation model of the workers' enterprise

This article formulates a capital accumulation model of the workers' enterprise in which the standard adjustment-costs theory of investment is introduced into Sertel's framework. The existence, uniqueness and local stability of the steady state are shown to be established under mild conditions and the long-run effects of changes in the price of output, the external wage rate and the interest rate on the volume of capital and the size of membership are examined.     

The risk-return trade-off in human capital investment

In this paper, we analyze investments in human capital in a way which is standard for financial assets, but not (yet) for human capital assets. We study mean-variance plots of human capital assets. We compare the properties of human capital returns using a performance measure and by using tests for mean-variance spanning. Fields differ strongly not only in common rates of return, but also in return per unit of risk. We identify a range of educations that are efficient in terms of investment goods, and a range of educations that may be chosen for consumption purposes.     

The demographic impact of AIDS in sub-Saharan Africa: short- and long-term projections

"This paper describes the methodology used to incorporate AIDS mortality in recently revised World Bank population projections....The paper first reviews different approaches for projecting AIDS and its demographic consequences. This is followed by a summary of an epidemiological model that simulates the spread of HIV used in this analysis, and a demographic model that translates mortality from AIDS into population outcomes. These models are then used in a set of simulations, from which the effect of current HIV prevalence on projected future mortality is extracted. Finally, the extracted equations linking current HIV prevalence with future mortality indicators are applied to sub-Saharan countries with a measurable level of current HIV prevalence."     

The return to firm investments in human capital

In this paper we estimate the rate of return to firm investments in human capital in the form of formal job training. We use a panel of large firms with detailed information on the duration of training, the direct costs of training, and several firm characteristics. Our estimates of the return to training are substantial (8.6%) for those providing training. Results suggest that formal job training is a good investment for these firms possibly yielding comparable returns to either investments in physical capital or investments in schooling.     

Optimal capital accumulation under price uncertainty and costly reversibility

We consider the optimal capital accumulation policy of a competitive firm operating in the presence of decreasing returns to scale, price uncertainty, and costly reversibility of investment. We characterize the optimal accumulation policy and derive the value of the firm by focusing on the marginal investment decision and solving the associated optimal timing problem characterizing the option value of the associated opportunity to either disinvest or acquire a marginal unit of capacity. We also characterize the required exercise premia associated with the optimal policies and demonstrate that hysteresis prevails within this class of accumulation problems as well.     

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.     

Capital utilization and capital accumulation: Theory and evidence

A firm may acquire additional capital input by purchasing new capital or by increasing the utilization of its current capital. The margin between capital accumulation and capital utilization is studied in a model of dynamic factor demand where the firm chooses capital, labour and their rates of utilization. A direct measure of capital utilization-the work week of capital-is incorporated into the theory and estimates. The estimates imply that capital stock is costly to adjust while the work week of capital is essentially costless to adjust. The estimated response of the capital stock to changes in its price and in the required rate of return is more rapid than found in other estimates.     

The measurement of human capital: a multivariate macro-approach

We examine the human capital status of 123 countries by employing factor analysis on various national human capital indicators for the period 2000–2008 to construct two new measures. The first measure is based on advanced human capital, while the second is based on basic human capital. Our measures differ substantially from indicators used in previous studies on human capital and also lead to different rankings of countries. As rankings are not that informative without further information, we analyzed the distance between each country and the sample mean. Differences between countries are much more pronounced for our measure on advanced human capital than for our measure on basic human capital. Using cluster analysis, we classified the countries in four homogenous groups.     

Effects of an anticipated expansion in international public goods on public capital accumulation

This paper presents a generic model to include public capital accumulation and the services of international public goods provided by a neighbor country. It examines the long-run and short-run responses of private and public capital accumulation in the home country to an anticipated increase in international public goods. It is found that the home economy in effect cuts its public capital stock, but keeps an unchanged private capital stock in the long run when a neighbor commits itself to expanding the stock of public goods in the future. The key factor determining the short-run responses of the home country is the extent to which it will match its government spending with a neighbor country's policy, which is associated with the relative difference between the marginal utility of consumption and that of home public capital affected by an increase in international public goods.     

Export restraints in a model of trade with capital accumulation

This paper examines the impact of voluntary export restraints (VERs) in an international duopoly modeled as a differential game. With a Ramsey capital accumulation dynamics, the game admits multiple steady states, and a VER cannot be ‘voluntarily’ employed by the foreign firm in case of Cournot behavior in demand substitutes. Hence, the dynamic framework confirms the results of the VERs literature with static interaction in output levels. In the case of price behavior, the adoption of an export restraint may increase the profits of both firms if products are substitutes and the steady state is ‘market-driven’. However, contrary to the acquired wisdom based upon the static approach, the dynamic analysis also admits an equilibrium outcome, identified by the Ramsey golden rule, where the incentive to adopt a VER is ruled out, irrespective of whether firms are quantity- or price-setters.     

The impact of human resource activities on employee trust

Most of the literature on HR activities and trust has presumed that employees' trust affects the success and effectiveness of HR activities. However, social exchange theory suggests an alternative and complementary notion—that HR activities affect the development of employee trust. Previous research and exchange-based theories, including organizational justice, leader-member exchange, spiral reinforcement and perceptions of organizational support, suggest hypotheses that need to be investigated in order to understand the relationship between HR activities and trust better and to design HR activities to build trust and improve organizational effectiveness.     

Conceptualizing entrepreneurial capital in the context of institutional change

This paper explores the building of entrepreneurial capital from an entrepreneurship and contextual/institutional position. In taking this position, it is possible to understand “entrepreneurial capital” as the content of the process that unfolds when individuals are exposed to certain characteristics of the environment. Drawing on findings from an ethnographically inspired longitudinal case study, the paper identifies the various actions attributed to entrepreneuring actors. Using the context of Poland as an illustrative case, the paper traces a variety of entrepreneuring accounts which appear to define entrepreneurial capital. This in turn provides a preliminary theoretical framework for the nature and the key elements of entrepreneurial capital. The study indicates that entrepreneurial capital is relationally and contextually constituted. The findings draw attention to the value of entrepreneurial capital in the context of an organizational and institutional change process that (1) involves the active creation Lachmann (Organization Studies 31: 219–244, 1986) of entrepreneuring actors within an organizational and societal context, (2) creates beneficial and supportive conditions that incorporate internal (organizational, personality) and external (environmental) resources for entrepreneuring, and (3) is facilitated by the entrepreneuring process. Finally, implications for entrepreneurship inquiry are drawn.     

Fiscal policy,entry and capital accumulation: Hump-shaped responses

In this paper we consider the entry and exit of firms in a Ramsey model with capital and an endogenous labour supply. At the firm level, there is a fixed cost combined with increasing marginal cost, which gives a standard U-shaped cost curve with optimal firm size. The costs of entry (exit) are quadratic in the flow of new firms. The number of firms becomes a second state variable and the entry dynamics gives rise to a richer set of dynamics than in the standard case: in particular, there is likely to be a hump shaped response of output to a fiscal shock with maximum effect after impact and before steady-state is reached. Output and capital per firm are also likely to be hump shaped.     

Labor market search and capital accumulation: Some analytical results

This paper integrates labor market search into an intertemporal utility maximization framework and analytically solves for equilibrium dynamics. The integrated model improves upon a neoclassical model by generating the realistic hump-shaped response of output to a productivity shock and the counterclockwise dynamics of job vacancies and unemployment around the Beveridge curve. In contrast to a standard search model, our model endogenizes agents' reservation wage as the marginal rate of substitution between leisure and consumption, through which agents' intertemporal consumption decision directly affects the labor market behavior. As a result, even a permanent productivity shock generates non-monotonic dynamics in employment.     

论工程变更对项目成本管理的影响

近些年来我国的经济发展速度较快,作为国民经济的支柱产业的建筑业也得到较快的发展。但是因为工程建设项目具有工期长、地理环境多样化以及建设工艺比较复杂的特点,所以在施工之中存在诸多不可预见性,从而在施工中不可避免的就出现了工程变更。由于有些项目的工程变更量、价都较大,从而对整个项目成本的影响也很大。文章主要探讨了工程变更对于项目成本管理的影响。