有限合伙制风险投资机构的治理机制分析

有限合伙制风险投资机构已成为发达国家和地区风险投资的主流模式。文章通过对有限合伙制的组织结构、治理机制、理论背景进行分析 ,认为有限合伙制风险投资机构是公司治理机制的一种创新模式 ,能够有效地解决风险投资的运营成本、代理成本和激励约束机制等问题。     

有限合伙制风险投资基金的运作与法律环境

风险投资既能够促进中小企业的建立和发展,增加微观经济活力,又可以推动高科技产业的发展,创造新的经济增长点,还有利于提高整体经济效率,增强企业的国际竞争力。所以,中国需要建立自己的风险投资体系已经经济界的共识。但是,风险投资应该如何运作？我国是否具备必要的法律环境？这两个问题却没有受到足够的关注。本文将说明这两个问题。     

论我国风险投资引入有限合伙制的对策

通过对美国风险投资有限合伙制的特点及成因的分析，结合中国风险投资机构治理方式的现状，提出中国的风险投资引入有限合伙制的战略对策：确立有限合伙制的合法性；为有限合伙制企业提供税收优惠；解除养老、保险基金等的进入限制，壮大有限合伙人实力；发展风险投资信息网络，催生一般合伙人群体；规范合伙契约，保护投资双方利益。     

风险投资采用有限合伙制的宏观环境分析--以美国为例

无论从理论还是从美国的经验来看,有限合伙制是风险投资最理想的组织形式,但目前我国的风险投资普遍采取的是公司制,这与风险投资的外部发展环境密切相关,研究风险投资采用有限合伙制的宏观环境,对于国家部门采取相应对策,创造有利于风险投资有限合伙制发展的宏观环境具有重要意义。     

风险投资组织形式:公司制与有限合伙制之比较

文章从法律依据、税务安排、经营期限、注资方式、投资者权利以及治理机制六个方面对风险投资的两种典型组织形式——公司制和有限合伙制作了一个比较分析。分析结果表明:公司制由于诸多的强制性条款,难以设计出激励与约束相容的利益制衡机制,从而运作效率低下,不能适应风险投资的本质特点;有限合伙制则以其独特的契约安排,将激励与约束机制充分结合在一起,有效地解决了信息不对称、选择与激励问题,成为风险投资的主导组织形式。     

论风险投资企业组织形式的选择

风险投资是一种特殊的资本运作方式，具有高风险性、低流动性、高收益性的特征。有限合伙制是一种高效的激励约束机制，能够把责、权、利较好地结合起来，能较好地实现专家理财，降低运行成本。与公司制相比，有限合伙制是一种更适应风险投资要求的风险投资企业的组织形式，因而更有利于入世后我国风险投资业的发展。     

论我国企业的融资方式与公司治理

文章对企业的不同融资方式的公司治理进行剖析,指出了我国企业融资结构的主要缺陷,并对我国公司治理指出建议。     

论我国企业的融资方式与公司

文章对企业的不同融资方式的公司治理进行剖析，指出了我国企业融资结构的主要缺陷，并对我国公司治理指出建议。     

有限合伙制风险投资机构财务治理研究——特性与现实

有限合伙制能够适应风险投资机构的发展,特殊的财务治理是重要原因。财务控制权方面,有限合伙人负责出资但不干预决策;普通合伙人掌握财务控制权但承担无限责任,这样可以实现权责的匹配并提高风险资本的效率。有限合伙人享有对普通合伙人的财务监督权。由于不参与决策和出资比例较高,有限合伙人行使财务监督权更加独立、高效和强有力。普通合伙人能够享有比其出资比例更高的财务收益分配权,这是由普通合伙人掌握的财务控制权决定的。在我国,有限合伙制将成为风险投资机构的主流形式。但由于有限合伙人企业治理思维没有转变,普通合伙人不成熟,订立的合伙契约不完善等原因,我国有限合伙制风险投资机构的财务治理还存在诸多问题,包括有限合伙人与普通合伙人角色模糊导致财务监督权取代财务控制权;财务收益分配权配置不合理等。     

Preplanned exit strategies in venture capital

This paper empirically considers the role of preplanned exits (the investor's initial strategy to sell the investee firm via an acquisition or an initial public offering (IPO) at the time of initial contract with the entrepreneur), legal conditions and investor versus investee bargaining power in the allocation of cash flow and control rights in entrepreneurial finance. We introduce a sample of 223 entrepreneurial investee firms financed by 35 venture capital funds in 11 continental European countries, and these data indicate the following. First, preplanned acquisition exits are associated with stronger investor veto and control rights, a greater probability that convertible securities will be used, and a lower probability that common equity will be used; the converse is observed for preplanned IPOs. Second, investors take fewer control and veto rights and use common equity in countries of German legal origin, relative to Socialist, Scandinavian, and French legal origin. Third, more experienced entrepreneurs are more likely to get financed with common equity and less likely to be financed with convertible preferred equity, while more experienced investors are more likely to use convertible preferred equity and less likely to use common equity.     

Public policy and the creation of active venture capital markets

We assess the effectiveness of different public policy instruments for the creation of active venture capital markets. Our methodology focusses on ‘innovation ratios’, defined to be the shares of high-tech, and of early stage, venture capital investments. We study a unique panel of data for 14 European countries between 1988 and 2001. We have several novel findings. First, we find no evidence of a shortage of supply of venture capital funds in Europe, a result which questions the effectiveness of the most widely used policy for fostering active venture capital markets. We also find other policies to be effective. In particular, the opening of stock markets targeted at entrepreneurial companies has a positive, large effect on the innovation ratios. Reductions in the corporate capital gains tax rate increase the share of both high-tech and early stage investment. A reduction in labor regulation also results in a higher share of high-tech investments. Finally, we find no evidence of an effect of increased public R&D spending on the innovation ratios.     

Start-ups, venture capitalists, and the capital gains tax

A model of start-up finance with double moral hazard is proposed. Entrepreneurs have ideas and technical competence, but lack own resources as well as commercial experience. Venture capitalists (VCs) provide start-up finance and managerial support. Both types of agents thus jointly contribute to the firm's success, but neither type's effort is verifiable. We find that the market equilibrium is biased towards inefficiently low entrepreneurial effort and venture capital support. In this situation, the capital gains tax is particularly harmful. The introduction of a small tax impairs effort and advice and leads to a first-order welfare loss. Several other policies towards venture capital and start-up entrepreneurship are also investigated.     

Tax policy, venture capital, and entrepreneurship

The paper studies the effects of tax policy on venture capital activity. Entrepreneurs pursue a single high risk project each but have no own resources. Financiers provide funds, covering investment cost plus an upfront payment, in exchange for a share in the firm. The contract must include incentives to enlist full effort of entrepreneurs. Venture capitalists also assist with valuable business advice to enhance survival chances. The paper develops a general equilibrium framework with a traditional and an entrepreneurial sector and investigates the effects of taxes on the equilibrium level of managerial advice, entrepreneurship and welfare. It considers differential wage and capital income taxes, a comprehensive income tax, progressive taxation as well as investment and output subsidies to the entrepreneurial sector.     

Cyclical comovements in energy-related venture capital investments

This article examines the cyclical comovements of venture capital investments in the energy sector and key macroeconomic variables. In particular, we decompose the cyclical component of two venture capital investment series (clean technology and industrial/energy) and several macroeconomic factors including oil prices. A number of important cyclical relationships are documented such as increases in crude oil prices tend to signal future venture capital investment in both energy-related sectors and these investments tend to move concurrently with movements in the overall economy     

Towards a systemic and evolutionary framework for venture capital policy

When compared to the U.S. and Israel, the weak venture capital (VC) markets and VC policy in Europe up to the early 2000s stimulated two alternative streams of research. A majority view, which we term traditional, focuses on the role of VC in overcoming market failure in the financing of innovative ventures. The policy recommendations emerging from this view involve a mix of monetary incentives and institutional changes that can be applied irrespective of the local context. The second is an evolutionary perspective on VC and VC policy. This is based on a dynamic analysis of the co-evolution between VC and high-tech entrepreneurship, as well as an adaptive view of policy and policymaking (Metcalfe, Econ J 104(425):931–944, 1994). In this setting, policy-makers have to overcome not only market failure but also dynamic system failure associated with the linked emergence of entrepreneurial high-tech clusters. Overcoming traditional market failure becomes a necessary but not sufficient pre-emergence condition for the eventual attainment of the latter policy objectives. This paper surveys the post-2000 literature on VC and VC policy and criticizes some of its assumptions and results. Moreover, it examines the Israeli and UK/Scotland innovation policy frameworks from an historical perspective, which allows us to highlight differences in approaches and impacts. The upshot is that the success of VC policies depends on a number of factors, including the phase of emergence of a VC market and high-tech cluster and the specific country/region institutional setting.     

Rate of return on venture capital investment in China

The rate of return on venture capital investment of venture capital (VC) firms in China has been attracting increasing attention. We use robust multinomial regression models to analyze 56 exit projects of venture capital investment from 1999 to 2003 in China. The results show that the returns of state-owned VC firms are lower than those of non state-owned VC firms. Furthermore, the returns of the VC firms located in Shanghai and Shenzhen are higher than those in other regions. The capital scale of VC firms is negatively correlated with the rate of return. In addition, some variables, such as business duration, investment scale, investment duration and exit vehicle, are probably unrelated to rate of return on venture capital investment in China.     

企业资本运营的战略思维

资本运营是一个具有多维度的系统工程,它与企业的未来发展息息相关,需要企业进行系统规划。从资本运营的战略内涵出发,通过对资本运营战略制定工具的描述和资本运营战略执行团队组成的分析,试图为企业的决策者建立一种企业资本运营的思维模式,从而促进企业资本运营的顺利实施。     

英美风险投资宏观比较及启示

风险投资对于加速科技成果的转移转化和产业化,加快培育战略性新兴产业,促进全社会创新创业等具有重要意义.本文在分析研究英国科学、技术与艺术基金(NESTA)最新一份关于英国与美国风险投资比较报告的基础上,提出中国发展风险投资的思考和建议.包括:风险投资资金来源多样化发展对风险投资市场培育具有积极作用;利用世界对中国风险投资积极评价的“东风”,打造中国风险投资高地;政府应从多层次、多渠道、全方位培养投资经理人;前期投资重在技术团队的建立,后期投资重在退出机制的形成.     

内部资本市场功能异化与公司治理

内部资本市场缓解了企业集团的融资约束,提升了投资效率,但也增加了公司治理的难度.在缺乏有效公司治理机制的情况下,内部资本市场的功能部分地被异化为经理人寻租或控股股东进行"利益输送"的渠道.本文讨论了内部资本市场功能异化与公司治理的关系,分析了内部资本市场的部分功能异化的原因,提出了治理的建议.