科技型企业创业风险、堑壕效应与控制权配置

将创业者事后敲竹杠和创业成功后堑壕效应的前向延伸作为影响因素，构建模型对科技型企业创业过程中投资者和创业者之间风险分担、收益分配及控制权配置的影响进行分析。结果发现：完全信息下创业者最优努力水平和帕累托最优风险分担可以实现，投资者和创业者主要矛盾前移至创业开始前的收益分担；信息不对称下帕累托最优风险分担不可能实现，创业者有动机通过采取降低努力水平、事后敲竹杠和事前堑壕效应行为取得额外收益，以此分散人力资本风险；创业者首先倾向于选择后两种行为获取更高的控制权配置收益，失败时将倾向于回到降低努力水平选择上。因此，投资者适度分权可避免创业者出现降低努力水平的行为，从而提升创业成功概率。     

When Do Employees Leave Their Job for Entrepreneurship?*

Existing firms are argued to be an important source of new entrepreneurs. Yet, relatively little is known about the characteristics of firms that breed new entrepreneurs. We use a large linked employee–employer dataset to trace and characterize the types of firms which generate new entrepreneurs in Finland. We find that such transitions are rare and that smaller firms spawn new entrepreneurs more frequently than larger firms. We also find that firms' R&D intensity and, to a lesser extent, their productivity are negatively related to the probability that employees transit into entrepreneurship. These results are robust to controlling for a number of employee and employer attributes.     

Financial Matching, Asymmetric Information and Entrepreneurial Risk Taking

We study financial matching in credit markets when entrepreneurs have private information about their success potential. Entrepreneurs can search for financing for either a “risky” or a “safe” investment and only the risky project is sensitive to entrepreneurs' intrinsic “types”. There is excess risk taking in the sense that entrepreneurs with inefficiently low success probabilities choose the risky investment. However, steady states featuring greater market liquidity are associated with higher efficiency. As market liquidity also reflects the intensity of competition among financiers, earlier results which indicate a negative relationship between competition and allocative efficiency do not hold in our setup.     

创业网络中信息交互行为的协作博弈分析

设计了基于预期和规范规则的合作竞争博弈模型,并利用仿真方法进一步分析创业网络中的信息博弈协作行为。仿真结果显示:在创业网络中,采取合作策略的创业者的成功率一直大于采取不合作策略的创业者。指出在创业网络中有效利用和管理创业者的信用度会使创业网络中的信息交互行为更为规范和有效。     

连续创业者创业经验与再次创业成功关系研究——基于中国互联网行业面板数据的分析

通过研究中国互联网行业252位连续创业者创办的608家公司,对连续创业者先前创业经历与再次创业成功可能性间关系进行研究。从创业次数、退出状态、行业经验以及第一笔投资获取时间等维度进行分析,提出相应假设并运用最小二乘法进行验证。结果显示,创业次数及细分行业经验而不考虑先前创业业绩不能作为后续再次创业成功的可能性预估指标;创业次数越多与先前创业成功的创业者再次创业时倾向于等待更长时间才获取第一笔投资,而创业失败的创业者再次创业时第一笔投资获取时间更早;先前创业成功的创业者再次创业成功的可能性极高,而先前创业失败的创业者则容易再次失败;另外,无论创业者在相同还是不同细分行业进行再次创业,该关系都保持不变。最终,根据研究结果对投资者、政策制定者及创业者提出管理与政策建议。     

生存型与机会型创业者的行业选择研究

创业者的行业选择是创业成功与发展的重要基础之一。生存型与机会型的创业者在创业者个人特征、创业投资回报预期、创业壁垒和创业资金来源等方面都存在差异。这些差异对他们的行业选择有一定的影响。在对生存型与机会型创业者比较研究的基础上,根据层次分析法理论建立行业选择决策模型,对生存型与机会型创业者的行业选择作出评价,并对结果进行行业分析。     

政策支持、创业激情与技术创业成功：政策感知的调节作用

为了厘清政策支持对技术创业成功的作用机制,将创业激情作为中介变量、政策感知作为调节变量,构建政策支持影响技术创业成功的理论模型,并结合云南地区291家技术创业企业数据开展实证研究。结果表明：政策支持促进技术创业成功;政策支持通过激发技术创业者创业激情进而促进技术创业成功;政策感知强化政策支持对技术创业成功的正向影响,同时增强政策支持对创业激情的正向影响,对创业激情的中介过程具有调节作用,即在不同水平政策感知下,创业激情的中介效用存在明显差异。     

一种基于可转换债权的创业投资模式设计

本文基于可转换债权所具有的激励与约束的双重作用,建立了有条件免偿可转股债权投资模式,解决了创业初期风险投资者和创业企业家因对创业企业家的无形资产评估定价难以达成一致而无法及时达成投资协议的问题,提供了一种在创业初期具体的、可操作的投资模式。研究结果表明,有条件免偿可转股债权投资模式不仅有助于风险投资者和创业企业家达成投资协议,而且能保证风险投资者和创业企业家的投资项目取得成功。     

Endogenous growth cycles with financial intermediaries and entrepreneurial innovation

This study analyzes the effects of financial intermediaries’ activities on economic fluctuations in a model of endogenous innovation cycles. In the model, I consider an economy in which entrepreneurs and financial intermediaries engage in their respective innovative activities. Entrepreneurs can invent new products and raise funds for their invention from financial intermediaries and if their invention is successful, they can produce new products. Only financial intermediaries can evaluate entrepreneurial ideas regarding their new products. Moreover, they can invest their capital to improve information about the entrepreneurial ideas and thus, meet successful entrepreneurs with a higher probability. I show that when an economy does not accumulate enough capital, and the level of financial innovation is not sufficiently high, the economy is trapped in a no-entrepreneurial innovation regime. I also show that when the financial innovation slightly develops, the economy fluctuates between the no-entrepreneurial innovation and entrepreneurial innovation regimes.     

THE RISK PREFERENCES OF ENTREPRENEURS IN INDONESIA

Entrepreneurship is known to be important for innovation and economic growth, but relatively little attention has been paid to entrepreneurs in developing countries. We examined an important aspect of entrepreneurship: risk‐taking. We analysed the Indonesian Family Life Survey and compared risk preferences between entrepreneurs and non‐entrepreneurs. We found that risk tolerant workers were more likely to be entrepreneurs than risk averse workers by about 5 percentage points, or about 20 percent of the proportion of entrepreneurs in the labour force. The results imply that not all entrepreneurs in Indonesia are pushed into the sector; some actively take risks and seek innovations.     

THE IMPORTANCE OF ENTREPRENEURSHIP FOR WEALTH CONCENTRATION AND MOBILITY

The paper conducts an empirical analysis of the importance of entrepreneurship for wealth concentration and mobility using data from the Panel Study of Income Dynamics. The data shows a marked concentration of wealth in the hands of entrepreneurs which is not merely a consequence of their higher incomes. The higher saving rates among entrepreneurs is one of the possible explanations for their higher asset holdings and this hypothesis is supported by the statistical tests conducted in the paper. The data also shows that entrepreneurs experience greater upward mobility in that they have a greater probability of moving to higher wealth classes, and this is not only a consequence of their higher incomes.     

On the nature of micro-entrepreneurship: evidence from Argentina

We analyse the nature of micro-entrepreneurship in Argentina. We focus on whether the sector resembles its counterpart in industrialized countries, characterized by the risk-taking nature of the entrepreneurial activity, or if it is the result of labour market distortions and disguised unemployment, as in the dual economy hypothesis. Our results suggest a segmentation of the micro-entrepreneur sector. Both young uneducated and middle aged highly educated salaried workers have the highest likelihood of becoming entrepreneurs. However, the first segment has a high probability of becoming own-account workers, while the probability of becoming micro-entrepreneurs with employees is strictly increasing in both age and education. Moreover, the probability of entrepreneur failure (as measured by the transition to the salaried sector) has an inverted U shape, implying that both high and low skill individuals are more likely to remain entrepreneurs.     

Entrepreneurial overconfidence and ambiguity aversion: dealing with the devil you know,than the devil you don't know

Various empirical studies find that entrepreneurs are systematically overconfident in their venture's probabilistic chances of success. Yet, entrepreneurs often face an ambiguous future that precludes them from making such probabilistic judgements. A theoretical framework based on ambiguity aversion is developed to explain an entrepreneur's overconfidence under complex and novel conditions of ambiguity. Unlike optimistic explanations, this ambiguity-averse form of overconfidence offers a non-probabilistic approach to entrepreneurial judgements of uncertainty.     

为什么鼓励更多人创业是一项拙劣的公共政策？

政策制定者们常常认为，创建更多新公司将改变经济萧条的地区，促进创新，创造就业。这种看法令人质疑，因为新建公司不具创新能力，创造不了多少就业机会，也生产不了多少财富。通过创业获得经济增长和创造就业机会不是一种数字游戏，它是要鼓励高品质、高增长公司的形成。政策制定者应停止资助典型新公司的创建，把重点放在有增长潜力的公司上。虽然政府官员不能“挑选赢家”，他们还是能够甄别出无力创造就业和拉动经济增长的新建公司。通过减少对这些低能力公司的创建激励，政策制定者们能够改善新生企业的平均绩效。     

认知灵活性对再创业意愿的影响：创业韧性、成功预期与社会支持的作用

旺盛的创业激情、强烈的创业意愿与宽松的创业氛围并不意味着创业过程总是一帆风顺,超过90%的新创企业3年之内就面临破产清算,创业失败成为创业过程的必然现象,如何构建失败恢复与应对超越的积极认知机制并让创业者再次创业,成为学界和业界亟待解决的焦点问题。创业失败后东山再起,既需要创业者具有创业韧性,又需要对未来充满希望,这两者均源于创业者认知灵活性,因此创业韧性与成功预期是认知灵活性影响创业者再创业意愿的关键因素。在此基础上,创业者还需要一定的社会支持才能重燃创业激情。整合资源保存理论和资源拼凑理论,基于319份多时点配对数据,考察认知灵活性对创业者再创业意愿的影响机制,并检验社会支持的调节作用。研究发现：①认知灵活性显著正向影响创业者再创业意愿;②创业韧性与成功预期在认知灵活性对创业者再创业意愿的影响中起显著中介作用;③社会支持分别调节认知灵活性对创业韧性、成功预期的直接影响作用;④社会支持调节认知灵活性通过创业韧性与成功预期对创业者再创业意愿的间接影响作用。研究结论有助于创业者以失败为契机,从自身角度总结经验教训,并通过反思、学习及外部社会支持进行二次创业。     

When is your experience valuable? Occupation-industry transitions and self-employment success

The literature on employee spinoffs has, for a long time, stressed the importance of industry-specific skills and experiences in explaining the success of new firms. We argue that employees also develop skills that are associated with their occupation within an industry, and that success as an entrepreneur, therefore, is also contingent on the relation between the entrepreneurs’ previous occupation and the industry in which they operate as self-employed. Using matched employer-employee data, we develop a measure, occupational spin-offs, that accounts for this relation. An occupational spin-off is defined as a start-up in the most common industry, given the previous occupation of the founder. We then show that entrepreneurs starting occupational spinoffs enjoy above average income from self-employment and have longer spells as business owners.     

Are social entrepreneurs more risk-averse?

We have a conventional wisdom that risk-seeking behaviours are related to commercially oriented entrepreneurs. For this reason, most studies have focused on the context of commercial entrepreneurship, and thus we do not know the risk propensity of social entrepreneurs. Using the PSM method, contrary to our wisdom, we find that social entrepreneurs tend to more have about 15% risk-seeking propensity than commercial entrepreneurs.     

How and when entrepreneurs’ passion lead to firms’ radical innovation: moderated mediation model

ABSTRACT

The extant literature affirms that passion is important for entrepreneurs’ success. However, the related studies have failed to explain how and when entrepreneurial passion (EP) affects firms’ radical innovation (RI). The current study explores the connections between EP and firms’ RI and mediation of exploratory learning (EL) in this relationship. Moreover, we investigate the moderating role of the Zhong–Yong thinking (ZYT) of Chinese entrepreneurs. Findings from 310 new Chinese enterprises demonstrate that EP directly influences RI and indirectly through EL. ZYT of entrepreneurs can likewise reinforce the connection between their EP and RI via EL. Lastly, we discuss the theoretical and practical implications of our findings.     

Warshall ANP算法下创业投资家对创业者信任的动态考量因素研究

大量研究证实，创业投资家对创业者的信任是影响创业合作成功的关键因素。但有关投资家对创业者信任考量因素的研究相对缺乏，且现有研究对考量因素动态性关注不足。因此，结合创业情境，首先对投资决策阶段进行划分，构建创业投资家对创业者在不同投资决策阶段的信任考量因素模型。其次，建立基于Warshall ANP的信任动态考量因素评估模型，即利用Warshall算法确定各因素及指标间的相互关系；运用ANP方法计算各因素及指标在不同投资决策阶段的权重。最后，以黑龙江省领航创投孵化器为例进行实证分析，探讨方法应用效果。结果表明，在搜寻阶段，投资家对创业者信任的主要考量因素为关系因素；在选择阶段和投资决策后阶段，投资家主要基于认知因素对创业者产生信任，同时关系因素调节投资家对创业者的信任认知。     

企业家动态能力起源及影响因素研究

从能否度量的角度对“风险”和“不确定性”作出界定：“风险”指事件发生的概率能够被度量的不确定性,“不确定性”指事件发生的概率不可被度量的不确定性。进而根据企业家对风险和不确定性问题的不同处理方式,将企业家能力分为静态能力和动态能力。企业家动态能力在于创造出一种新的生产函数,适合处理不确定性问题,而静态能力更适合处理风险性问题。最后,对企业家动态能力的影响因素进行了实证分析。结果表明：相比于女性企业家,男性企业家具有更高概率使用动态能力。企业家动态能力与企业家的企业治理经验正相关,与企业家政府机关任职经历、研究经验负相关,与企业家出国经历关系不明确。