Normative rationality in venture capital financing

We examine whether venture capitalists (VCs) make investments based on normative rationality, which is derived from habitual and embedded norms and traditions indicative of a macroculture. Syndication and social and professional relations facilitate the development of shared decision-making frameworks. Using a four step methodology and a unique dataset of 139VC decisions and 82 independent VC assessments of those decisions, we find that the VC industry exhibits collective investment decision-making preferences, reflecting normative rationality. We offer implications for theory, practice, and future research.     

Efficient venture capital financing combining debt and equity

I present a model of venture capital contracting in which contracts that involve a mixture of both debt and equity are efficient and dominate pure-equity and pure-debt financing. The optimal contract balances the venture capitalist's incentive to intervene in the project and the entrepreneur's desire for control. Received: 9 September 1997 / Accepted: 3 April 1998     

中小企业融资问题研究

改革开放以来,我国的中小企业取得骄人成绩,但随着市场经济改革的不断深化和企业竞争的不断加剧,中小企业的进一进发展又普遍面临着融资困境.文章分析了中小企业融资存在的问题及其原因,研究了解决中小企业融资困境.这对中小企业突破融资瓶颈,实现规模化、集团化、国际化的发展目标具有十分重要的现实意义.     

IPO performance of portfolio ventures funded by impact investors versus venture capital investors

With the global rise of impact investments to achieve societal goals, an increasing number of new ventures that aim to create societal impact now seek to go public. However, while many conceptual studies suggest that impact investors are less likely to pursue financially oriented exit plans in exchange for generating societal impact, there is little empirical evidence to back up this claim. Using a propensity score matching approach, we draw on data from Crunchbase and empirically compare the initial public offering (IPO) performance of a large sample of 3398 investments by impact investors with 3398 investments by matched venture capital (VC) investors. We find that impact investor investments are less likely to lead to an IPO than VC investments. Besides, our results indicate that syndication by impact investors increases the likelihood of an IPO. This suggests that companies funded by impact investors benefit more from syndication than their VC-funded counterparts. Our findings have practical implications for impact investors, portfolio ventures, and policymakers.     

中小企业融资问题研究

改革开放以来,我国的中小企业取得骄人成绩,但随着市场经济改革的不断深化和企业竞争的不断加剧,中小企业的进一进发展又普遍面临着融资困境。文章分析了中小企业融资存在的问题及其原因,研究了解决中小企业融资困境。这对中小企业突破融资瓶颈,实现规模化、集团化、国际化的发展目标具有十分重要的现实意义。     

中小企业融资次序的选择

文章在分析国内外融资次序理论研究的基础上,结合国情及中小企业特点,采用比较分析、效率分析等方法,探讨选择国内中小企业的融资次序。     

The influence of private equity and venture capital on the post-IPO performance of newly-public acquirers

This paper examines the influence of private equity (PE) and venture capital (VC) ownership on the post-initial public offering (IPO) performance of newly-public acquirers. Our results show that acquirers with PE- or VC-backing at the time of the IPO perform better long-term than acquirers without such backing. More importantly, while acquirers without financial backing experience negative long-run returns from first-year acquisitions, acquirers with continued PE- and VC-backing perform significantly better when making acquisitions within the first year after going public. However, acquiring firms and investors should be aware that for mergers in the second and third year post-IPO, continued VC ownership has a detrimental long-term impact. In contrast, higher levels of continued PE ownership tend to have a positive relationship with long-run performance.     

The value added by government venture capital funds compared with independent venture capital funds

Government venture capital (GVC) funds have been a common policy initiative in European countries to overcome funding gaps in the promotion of early-stage ventures. In this work, we focus on the performance of such government funds. We compare the importance for the firm's development of post-investment, valueadded activities by GVC firms and independent venture capital (IVC) firms.We use a unique data set based on the results of a survey addressed to young high-techVC-backed firms from seven European countries. The survey gauged the importance of the contribution by the first lead investor in a variety of activity areas, as assessed by the investee companies. Attention was paid to potential adverse effects of the post-investment engagement of investors.Using a composite indicator of the value added, we find no statistically significant difference between the two types of investors. However, the profiles of value added differ across investor types, and, in particular, the contributions of IVC funds prove to be significantly higher than those of GVC funds in a number of areas, including the development of the business idea, professionalisation and exit orientation.     

Human capital and the internationalisation of venture capital firms

We examine the neglected area of internationalisation by VCs. Using a representative sample of 195 VCs, we show that the decision of a European VC firm to invest internationally is driven by its human resources. Having more VC executives in general and more VC executives with previous international experience in specific, results in a higher probability of investing internationally. In contrast, more VC executives with experience in the VC industry or with an engineering background lead to a higher probability of remaining domestic.     

Blockchain,bank credit and SME financing

Quality & Quantity - Blockchain is an emerging decentralized architecture and distributed computing paradigm and has recently attracted intensive attention from all sectors of society. This...     

中小企业融资影响因素及对策研究

文章首先从湖南省中小企业的实际数据出发分析了湖南省中小型企业在融资方式和资金方面遭遇的瓶颈,提出解决中小企业融资难问题的必要性。在此基础上,分别从内部和外部因素进行分析,指出中小企业与融资机构间的信息不对称和自身治理结构导致的较高的边际信息成本是中小企业融资困难的主要原因,最后根据中小企业融资困境的内外部因素提出对策建议。     

Entrepreneurial versus cooperative social capital: The impact on operational performance

Research has extensively focused on how firms can become more competitive, by discovering new knowledge domains while exploiting current ones. Prior research has shown the positive impact of social capital on performance; however, there have been no empirical studies that distinguished between the architectures of social capital and how they impact the operational performance dimensions. Building upon the knowledge-based theory, we propose a model to examine the effects of the two architectures of social capital (entrepreneurial and cooperative) on individual dimensions of operational performance (quality, delivery, flexibility and cost). The hypotheses are tested using structural equation modelling and data collected from 182 companies in Ireland. The results show that the cooperative social capital archetype supports the operational performance dimensions, while the entrepreneurial social capital archetype only impacts the cost dimension. The findings extend the current understanding about the complex relationships among the architectures of social capital and provide guidance for managers on how to leverage their investments in social capital to enhance specific operational performance dimensions.     

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.     

Green intellectual capital and ambidextrous green innovation: The impact on environmental performance

This study relies on a unique synthesis of ambidexterity theory and the natural resource orchestration approach to investigate how green intellectual capital elements, namely green human, structural, and relational capital, along with ambidextrous green innovation, trigger a synergy in favor of environmental performance. In particular, this paper primarily aims to test the mediating role of ambidextrous green innovation in the relationship between green intellectual capital and environmental performance. Based on a survey of 105 Iranian public listed companies, the results indicate that green intellectual capital elements are not directly associated with environmental performance. Instead, they influence environmental performance only through the channel of ambidextrous green innovation as a mediating variable. This is the first study to simultaneously embed the resource orchestration theory in the green intellectual capital and ambidexterity literature. The findings of the current study offer new insights into the issue of how organizations gain maximum benefit from the orchestration of their various green assets and capabilities, including green intellectual capital and ambidextrous green innovation.     

中小企业融资策略的微观视角分析

中小企业的迅速发展已成为推动我国经济增长的重要力量。但中小企业的大发展却面临诸多制约和阻碍因素,其中融资难是制约中小企业发展的关键。解决中小企业融资困境应从提高中小企业竞争力、加强诚信建设、改善和规范经营管理、提高融资运做水平等方面寻求对策。     

对风险投资中若干问题的探析

文章针对风险投资中现存的问题,对风险投资中的组织形式的选择、政府的定位、融资的解决、人才的管理及资本退出机制的确定等问题进行了探讨,并提出了相应的解决方法。     

The Israeli kibbutz as a source of venture capital

This paper discusses the Israeli kibbutz movement as a source of venture capital. A centralized organization and internal financing help individual kibbutz units achieve industrialization. The paper discusses Israeli and kibbutz environments, demonstrates the screening process and describes the venture capital decision process and investment and post–investment activities. The paper concludes by comparing the kibbutz as a source of venture capital with other Israeli venture capital sources.     

风险投资项目退出的时机与方式选择研究

文章对影响风险投资项目退出时机选择的微观因素和风险投资项目退出方式及其必要条件进行了深入分析,文章认为,风险投资项目退出的时机与方式选择具有动态性和一体性特点,遵循风险资本增值最大化的一般性原则,选择适宜的退出时机与方式对风险投资项目实现投资收益或锁定投资损失有着重要的意义。     

风险投资项目退出的时机与方式选择研究

文章对影响风险投资项目退出时机选择的微观因素和风险投资项目退出方式及其必要条件进行了深入分析,文章认为,风险投资项目退出的时机与方式选择具有动态性和一体性特点,遵循风险资本增值最大化的一般性原则,选择适宜的退出时机与方式对风险投资项目实现投资收益或锁定投资损失有着重要的意义。     

南宁市中小企业融资服务现状分析

南宁市在中小企业融资服务方面加强中小企业投融资服务,创新中小企业融资服务模式,加强中小企业信用担保体系建设,增加担保公司实力,加大财政扶持力度,推进工业重大项目建设和促进中小企业发展等促进了融资服务的发展,缓解企业资金不足的问题。