资产托管找谁家?

作为中国首家全国性股份制商业银行,交通银行自1987年重新组建以来,经过20年的改革与发展,管理水平不断提升,业务发展蒸蒸日上.     

风险资金市场来

美国以IT为代表的高科技行业经历了大喜大悲.从艰难的起步到辉煌的成功,再到泡沫后的缩水,当然,以后还会再造辉煌.在这个过程中,投资者分享了高收益的喜悦,也承受了高风险的苦难.谁是投资者?或者换一种说法,高科技行业投资的风险资金应该由何而来?     

欲把投基比饮食

中国的饮食文化历史悠久、博大精深,一直以来国人都引以为荣。五味调和的境界说,奇正互变的烹调法,畅神怡情的美食观,使得中国饮食有着不同于海外各国饮食文化的天生丽质。除了讲究菜肴的色彩搭配要明丽如画,还要营造用餐的舒适氛围所产生的愉悦情趣,中国的饮食文化某种意义上代表着中华民族的个性与传统,更是传统礼仪的凸现方式。     

4万赔偿"花"落谁家?

4月中旬的一天上午,李先生驾车经过一个村镇,高速行驶的汽车将路中一块石头压飞后击中了路边菜农的头部,菜农当即晕倒在地,李先生赶紧将人送到医院抢救。经过40多天的治疗,虽然挽回了菜农的一条性命,但医药费、治疗费、住院费、陪护费达9600元,再加上后续治疗费、营养费、误工费和一次性补偿费,李先生总共为此次事故负担43700元赔偿费。     

如何解决我国风险资金的“入口”问题

风险资金的“入口”是指风险资金的融资渠道。我国目前风险投资的主要来源是政府资金、财政科技拨款银行科技开发贷款。此外还包括一些大中型企业、非银行金融机构、外商投资等。根据资料统计,我国风险资金中有80%是政府投入。与国外各国风险资本来源的比较中,可以看出我国融资     

京东方资金欲壑能填?

<正>6月2日,京东方(京东方科技集团股份有限公司,000725,200725)发布董事会决议公告,称公司董事会审议通过了“关于调整原TFT-LCD事业境外上市计划的议案”,将原拟将韩国子公司包装在香港上市发行H股变更为由公司整体在香港上市发行H股,以募集不低于25亿港元的资金。看来,这家由于过速扩张而资金欲壑难填的公司,在资本市场筹资急得真有点像热锅上的蚂蚁了。     

家庭余钱欲何投——北京家庭居民金融资产'94实录

○’94北京家庭金融资产是什么样? ○居民储蓄心态有什么变化? ○家庭金融投资有什么新热点? ○还有,对家庭金融资产还须多考虑点什么? 您不妨边想着自己的家, 边看这篇——     

淡妆浓抹的美妆板块如何投?

3月8日,化妆品消费迎来2021年的第一个高峰期. 以天猫为例,早在2月24日,天猫平台很多化妆品旗舰店已开启三八节礼盒彩妆套装促销活动.国货品牌韩束、片仔癀、佰草集等,及国外大牌HR赫莲娜、兰蔻、资生堂等多品牌开启预售. 事实上,在A股市场,美妆概念的上市公司在逐渐容光焕发.据Wind数据发现,2020年,至少有珀莱...     

外资VC在我国投资瞄准哪些领域?

近几年随着我国经济的持续增长、以及人民币面临不断的升值压力情况下,越来越多的外国资本通过各种渠道进入了我国.截至2006年底,全国实际使用外资金额6854亿美元,近2006年一年全国实际使用外资金额694.68亿美元.     

Politician as venture capitalist: Politically-connected VCs and IPO activity in China

This study examines the impact of venture capitalists' (VC) political connections on their portfolio companies. Specifically, we use a manually-collected dataset of VCs' political connection to investigate the potential benefits and costs that politically-connected VCs bring to their portfolio companies. On the benefit side, we find that companies backed by politically-connected VCs are more likely to obtain IPO approval from the Chinese Securities Regulatory Commission (CSRC, China's counterpart to the SEC in the US). On the other hand, these VCs are more likely to acquire equity in the company at a significant discount and to invest shortly before the IPO application. In addition, we find that politically-connected VC-backed companies do not experience greater improvements in financial performance, corporate governance, or innovation output subsequent to receiving venture financing. Our results further show that companies backed by VCs with political connections are less mature and experience more underpricing at their IPO than non-politically-connected VC-backed companies. Finally, we find that, compared to non-politically-connected VCs, politically-connected VCs exit earlier after a company's IPO and that their portfolio companies experience greater post-IPO underperformance and performance volatility.     

The effects of venture capitalist affiliation to underwriters on short- and long-term performance in French IPOs

This paper explores the signalling and monitoring effects of venture capital (VC) backing and venture capitalist affiliation to lead underwriters on performance of IPOs in France. IPOs in which VCs are affiliated to lead underwriters (i.e., affiliated VCs) have lower underpricing than both non-affiliated VC-backed IPOs and non-VC-backed IPOs. Similarly, affiliated VC-backed IPOs exhibit greater earnings surprise and better market performance at the end of the one-year period following the IPO date. Controlling for Fama and French [Fama, E.F., & French, K. 1993. Common Risk Factors in the Returns on Stock and Bonds. Journal of Financial Economics 33, 3–56] risk factors, our results suggest that IPOs with affiliated VCs in general, and particularly those affiliated with more prestigious underwriters, have a higher long-term abnormal return than both non-affiliated and non-VC-backed IPOs. Our analysis of IPO performance indicates that more prestigious underwriters enhance effective screening, certification and monitoring roles of affiliated VCs.     

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?     

The role of venture capital in SME loans in China

We examine the role of venture capital (VC) in small and medium-sized enterprise (SME) loans through samples on the National Equities Exchange and Quotations (NEEQ) in China. We find that VC backup can effectively improve SMEs’ access to bank loans, especially short-term loans, at lower costs, and loans without collateral. VC backed loans are also less likely to default and positively related to SMEs’ performance. Our findings further suggest that VC backup reduces the information asymmetry between banks and SMEs through both “hard” information of better-quality financial statement and “soft” information of SMEs’ creditability. Evidenced by enhanced SME financing conditions and bank efficiency in loan allocation, the combined debt-equity financing scheme can be a meaningful new ingredient in the financial infrastructure of the largest emerging market.     

合资券商投行业务在中国：进展与竞争态势

随着中国资本市场开放程度的不断提高以及投行业务领域的不断拓展,合资券商的数量也在逐渐增加,那么,合资券商作为外资投行与本土券商的结合,在业务上具有哪些竞争优势呢.     

Cross-border venture capital performance: Evidence from China

This paper investigates the determinants of cross-border venture capital (VC) performance in the Chinese VC market. We focus on the impact of foreign VC firms' (VCs') human capital and domestic entrepreneurs' experience on the performance of both VC investments and portfolio companies using logit and Cox hazard models. After controlling for portfolio company quality, domestic VC industry development, domestic exit conditions and a number of other factors, little correlation was evident between VC performance and foreign VCs' human capital, such as experience, networks and reputation. In contrast, the domestic entrepreneurs' experience is crucial to VC performance. In particular, if an entrepreneur has more general experience in terms of the number of companies previously worked for or more special experience in terms of the number of companies previously served as a CEO or top manager, a portfolio company is more likely to pull off a successful exit through IPO or M&A, and the VCs are also likely to shorten their investment duration in the portfolio company.     

中国:充满了风险投资的诱惑

近年来对风险投资在中国的前景,有不看好的,有看好的。本文的评述是乐观过了头?还是一种恰当的描述     

我国商业银行开展投行业务的理论依据和模式选择

为了适应市场竞争需要,改变收入增长模式,提高竞争力,国内商业银行纷纷开展投资银行业务推进业务转型。本文从一些经济学、金融学的理论入手,希望找到可以支持商业银行开展投资银行业务的依据。同时从我国资本市场、商业银行、企业的角度,探讨它们之间的逻辑关系,说明商业银行开展投行业务的重要性。另外还分析比较几种主要的投资银行业务经营模式,对我国商业银行投行模式选择提供借鉴。     

Foreign VCs and venture success: Evidence from China

This paper analyzes the role of foreign VCs in driving venture success in emerging markets. We analyze a comprehensive data set of 4753 portfolio companies from China. We test whether the presence of a foreign VC increases the likelihood that a portfolio company is successfully exited. We find that the presence of a foreign VC does not per se significantly increase the likelihood of a successful exit. However, the likelihood of a successful exit increases if the foreign VC collaborates with a joint venture (JV) partner. Further, the impact of foreign VC backing depends on the nature of the VC, with foreign VCs tending to perform better when investing in late-stage companies and when they are diversified across industries. If a foreign VC successfully exits an investment, then, compared with a domestic-VC, it prefers to exit via a M&A or secondary-buyout than via an IPO, reflecting the significant lock-up periods associated with VC-backed IPOs in China, the difficulty of achieving a foreign listing, and the difficulty listing a start-up on Chinese markets.