高技术与风险资本市场——关于在中国建立风险资本市场的思考

阐释高技术投资的特点,风险资本市场的产生,发展和成效,提出我国发展风险资本市场遇到的问题,提出了建立中国风险资本市场的构想。     

风险资本发展与高技术产业成长

风险资本与高技术产业成长具有互动关系。但银行主导型金融体系下,银行本身所具有的风险投资特征和银行发现"企业价值"的功能等使得银行在一定条件下可能是风险资本的替代。中国的风险资本发展表现出银行一定程度上代替风险资本的特征,实证检验表明,风险资本的发展对高技术产业成长具有正向作用,但银行重要性和金融市场重要性不同导致效果差异较大;而高技术产业的成长与风险资本的发展为负相关,这可能是中国金融市场不完善、政府大力支持以及银行科技金融等的替代性所致。因此,正确认识风险资本是银行和金融市场的补充,政府应逐渐退出,不断完善风险资本发展机制。     

高技术产业的风险分析及其风险成本的社会化

高技术及其产业已成为推动经济发展、社会进步、增强综合国力的革命性力量。加快发展高技术产业是我国“九五”科技发展的重点之一。但是,“高投入,高风险”已成为高技术产业发展的重要制约因素。本文分析了高技术产业风险的成因及其特点;论述了驾驭风险、减少损失的策略;探讨了我国在市场经济条件下,依托资本市场,积极开拓风险投资事业,使风险成本社会化,从而达到分散风险成本、减少损失、提高投资效益、推动高技术产业快速发展的目的     

风险资本区域聚集的实证研究

风险投资已呈现出明显的区域聚集趋势,追求高创业利润是风险资本区域聚集的根本动因;风险资本和高技术企业的天然融合是风险资本区域聚集的物质基础;风险资本之间的竞争和区域独特网络关系是促使风险资本区域聚集的直接推动力.     

高技术企业人力资本产权化对企业产权结构和绩效的影响分析

本文以人力资本的产权特征为逻辑主线，着重剖析了高技术企业中掌握核心技术的高管人员的人力资本对企业治理结构和绩效的特殊影响，并结合我国高技术企业中技术资本和人力资本产权化现状，提出要通过人力资本产权文化的培育，建立人力资本评价体系，完善人力资本产权化的法律法规等，让人力资本从不同方面进入高技术企业的制度安排；通过强化科技成果界定的科学性，扩大无形资产评估的范围，推行无形资产界定的契约化、市场化，以实现技术资本产权主体的激励与约束；通过创业板的设立，解决风险资本的退出问题，加速风险资本的积累，为高技术企业的发展提供金融支持。     

高技术企业并购的知识资本协同风险研究

作为高技术企业快速扩张的有效途径,企业并购存在知识资本协同风险。认为其风险主要来自人力资本、技术资本、市场资本、制度资本、社会资本等,对知识资本协同风险因素进行了识别。在此基础上,通过层次分析法和模糊决策方法,构建了并购知识资本协同风险综合评判模型,可为高技术企业并购提供辅助决策。     

美国风险资本退出机制及对中国的启示

高技术产业化是当代世界科技经济发展的必然趋势。“发展高科技,实现产业化”是我们的既定国策,然而,高技术产业是一项投入资金比较多,涉及技术、经济、社会各种因素,多个环节的高度复杂的创新性技术经济活动。因此,高技术产业化具有很大的风险。从融资和投资角度看,保证高技术产业化健康发展的投资方式是风险投资。而风险资本投资的根本目的和动机就是为了获得高额投资回报。没有高额投资回报的吸引和诱惑,风险资本市场就无从发展。无论是以何种形式成立的风险资本,其在持有风险企业股权到一定时候后,就要考虑退出风险企业,收回…     

基于ANP的产业集群社会资本评价

社会资本是我国产业集群形成和发展的重要基础。根据产业集群社会资本的特点，提出采用网络层次分析法对我国产业集群社会资本评价。基于网络层次分析法的理论和算法，综合考虑各指标之间的影响，构建了基于网络层次分析法的县域产业集群社会资本评价指标体系，为指导产业集群的发展提供了决策依据。     

高技术风险投资公司择项的评价体系研究

凡以高科技为基础,专门经营风险资本并将其投放于高技术产业化过程中,促进科技成果转化和高技术创业,获取最大收益的非银行性金融机构为风险投资公司。它依据高技术产业发展具有高投入、高风险和高收益的特点,运用各种现代金融方式,实现金融资本和高技术产业资本的结合。针对处于起步阶段的我国风险投资公司发展迟缓的困境、特从投资环境,投资风险和投资效益三个方面设置了公司择项的评价指标体系并提出综合评价模型,可为公司选择风险项目时进行科学的投资决策提供参考。1公司择项的投资环境评价子系统项目投资环境在很大程度上影响…     

我国风险投资的问题及对策研究

风险投资是对具有巨大风险及潜在发展前景的高新技术企业提供长期权益资本 ,并通过科学的专业性管理增加风险资本附加值 ,以期获得高额收益的集融、投资于一体 ,汇资本与管理于一身的一种资本经营。其实质是通过科学评估和严格筛选投资于一个高风险、高回报的项目群 ,将其成功项目进行出售或上市 ,实现权益变现 ,以获得高额回报。美国微软、苹果、数据处理公司等高技术企业 ,都是在初创阶段得益于风险投资支持而发展起来的。成功的风险企业发展速度之快令世人震惊。风险投资对我国实施科教兴国战略具有战略性价值。它一方面能促进民族工业的…     

Risky business: Institutions vs. social networks in FDI

Political economy scholarship on foreign direct investment (FDI) emphasizes variation in host country political risk but overlooks variation in investors' sensitivity to political risk. We show that relational contracting, relationship‐based contract enforcement, is more efficient for high‐risk, human capital‐intensive activities for which the costs of writing legally enforceable contracts are prohibitive. We disaggregate FDI into two distinct varieties: mergers and acquisitions (M&A) and venture capital (VC). We propose that VC flows are less sensitive to host institutions but correlate strongly with skilled migrant networks that monitor compliance and impose reputational costs. Our empirical analysis of dyadic VC and M&A flows covers over 100 countries during 1980–2009. We address other mechanisms through which migrant networks facilitate FDI and verify our results hold at the country‐industry level. These findings suggest that relational contracting facilitates global integration of dynamic, knowledge‐intensive industries even when formal institutions are weak.     

Investing in innovation to enable global competitiveness: The case of Portugal

The concept of leveraged innovation to create wealth within regions, countries and economies is not a new concept. Competitiveness of regions in the increasingly global economy now requires not only that innovation be present within a regional economy, but also that mechanisms exist to effectively transfer those developed innovations from the research laboratory to the marketplace. It is surmised that increased innovation, and the transfer of this innovation, can lead to increased prosperity of regions (Porter). As such, many developing countries around the world are looking at investments in innovation as a means to spur regional economic development and wealth creation while preserving national competitiveness. That said, innovation investment is by no means an exact science. Historically, typical “innovation investments” have been focused on “tangible” capital infrastructure projects such as the establishment of incubators and science parks. While many regions point to the existence of such tangible innovation assets as proof of investment in innovation, it has been discovered that in some cases, an investment in the capacity building of human networks to engage in technology transfer and commercialization related activities can act as a stronger facilitator for the transformation of economies and produce a larger return on investment in innovation for the country. Given not only Portugal's, but other regions throughout the EU-Zone, recent financial and economic woes, it bears examination on whether investing in the innovation and technology transfer knowledge and “know how” of key human networks within a struggling economy is a worthwhile investment for financially struggling countries during the current times of fiscal crisis.     

全球生产网络治理机制分析

全球生产网络是跨国公司在组织上的重要创新，它是以互补性分工为基础，通过相互依存的关系往来并以一定正式的规则(契约)相互联系在一起的一种组织治理模式。区别于市场和企业(古典型契约)，治理上采用共同治理、多元治理模式，并随核心资本的变化呈动态化发展。     

Does local social capital deter labour migration? Evidence from rural China

This article empirically investigates the effect of local social capital on job-related migration in rural China. A household’s social ties in the region of origin, which we refer to as local social capital, may deter migration, because local social capital is location specific and an individual cannot benefit from it if s/he migrates. In view of Chinese gift-giving culture, we use household expenses on wedding gifts for family members outside household, relatives and friends as a proxy for local social networks. Based on the data from the China Health and Nutrition Survey, we find that in rural China local social networks have a significantly negative effect on migration. The IV results suggest that a 10% increase in wedding gifts expenses results in roughly a 1.1 percentage points decrease in migration probability.     

科技金融支持湖北创新发展的逻辑与路径

湖北是中部崛起的战略支点,湖北发展水平关系到中部崛起战略的成败。湖北作为教育大省、科技创新大省,具有科教兴省的绝对优势,发展科技金融有利于湖北将科技优势转化为区域经济优势。湖北科技金融发展优势明显,但约束条件也较多。应该从制定科技金融发展战略与发展路径、建立健全科技金融市场机制、加快金融创新步伐、培育科技金融发展主体、完善科技金融发展制度体系等方面促进科技金融发展。     

科技金融发展能否促进R&D资本存量与主要素生产率

基于我国2005-2015年省级面板数据，利用固定效应、系统GMM和面板门槛回归模型,研究了各省科技金融发展水平对R&D资本存量和全要素生产率(TFP)的影响。实证结果显示：科技金融对R&D资本存量和TFP具有正向促进作用，且存在门槛效应，当科技金融指数高于门槛值时，科技金融对R&D资本存量和TFP的促进作用更强。基于《十三五国家科技创新规划》的政策指示，进一步研究发现：发展互联网金融有利于科技金融促进R&D资本存量和TFP；传统金融越发达，科技金融对R&D资本存量和TFP的促进作用越大；民间资本越发达，科技金融对R&D资本存量和TFP的促进作用越大；建设多层次资本市场，有利于科技金融促进R&D资本存量和TFP；加强专利保护，有利于科技金融促进R&D资本存量和TFP。     

A Pathway Forwards for the Social Capital Metaphor

A major topic in economics is the analysis of a broad class of phenomena associated with interpersonal relationships, a topic that originally grew from theories of “social capital.” While the concept has been instrumental in bringing increased attention to social effects on economic outcomes, it has increasingly been replaced with approaches that consider instead networks and discrete interactions rather than aggregate measures of social capital. This has been an analytical improvement, but a great deal of work remains to bring empirical validity and relevancy to social network analysis. This paper presents two important approaches for achieving this, statistical analysis and agent-based modeling, and discusses their benefits, limitations, and complementary nature. Rather than waiting for either approach to achieve an ambiguous quality of maturity, integrating statistical analysis with simulation models of networks must begin now to push the frontiers of social network analysis forward.     

Dynamics of social networks of urban informal entrepreneurs in an African economy

This paper carries out an analysis of the formation and transformation of social relations and networks of access to resources in the professional trajectory of micro-entrepreneurs operating in an urban informal African economy. The analysis of social networks is rooted in Granovetter’s structural embeddedness framework combined with the dynamic and discursive conception of social relations of Harisson White (embeddedness and decoupling). Life stories of micro and small entrepreneurs in Bobo-Dioulasso (Burkina-Faso) are analyzed by mixing qualitative and quantitative methods. Results suggest that the construction of social networks and interpersonal relations of access to resources is a long-term process. A co-construction of social networks and economic activity is observed; it challenges the argument that social capital is a substitute for a lack of personal resources. The growth of small and micro activities is linked to the professionalization and stabilization of a social network, and even to the institutionalization of access to resources.     

新经济·网络经济·财富效应

互联网的功能是有限的,不能将其过分夸大;网络经济从而网络公司的发展,绝不可能超越我国经济社会生活的现实条件;“财富效应”不过是资本市场给投资者提供的一份“观念大餐”。     

产业集群社会资本锁定的成因与对策研究——基于全球生产网络视角

产业集群的竞争优势已经成为区域经济学、社会学、管理学等学科的研究热点。然而,越来越多的研究表明,集群内网络的过度发展,将导致集群的封闭、排他和过于僵化,从而产生锁定效应。本文基于路径依赖理论分析集群内社会资本锁定的成因,并从全球生产网络的视角提出集群如何突破锁定、提升自身竞争力的建议。