风险投资机构与风险投资家评价要素研究

通过对原有风险投资机构与风险投资家排名数据的对比分析,本文设计了风险投资机构综合排名评价标准、地域排名评价标准、产业排名标准、单项排名标准、特色排名标准及风险投资家排名评价要素,形成了风险投资机构与风险投资家评价体系。该体系充分考虑了财务指标与人力指标,从这两个方面综合评价风险投资机构,能够全面反映风险投资机构的成长性,考察风险投资家对机构成长的贡献,这对完善相关评价机制及改善我国风险投资机构与风险投资家排名体系有一定的借鉴意义。     

作为委托人的创业投资家:契约构造、筛选与监控

基于融资契约理论对委托代理的问题,使得创业投资中代理人/创业企业家和委托人/创业投资家之间存在着利益冲突,所以创业投资家采用了缓解冲突的三种主要方法———创业投资契约构造、投资前筛选以及投资后的监控和增值服务———在实践中的应用和相关问题。     

基于实物期权理论的风险投资项目评价

期权理论在金融领域的应用十分广泛,实物期权理论也被用于企业投资项目评价之中。针对风险投资项目的特殊性,以期权理论为基础,阐述风险投资项目的期权特征,进而以实例分析Black—Scholes期权定价模型在风险投资项目评价中的应用,并与NPV法所得出的结果进行对比,从而达到对投资和管理进行决策的目的。     

二叉树方法在风险投资决策中的应用

在过去的20年中,许多学者开始应用期权定价方法去估计实物资产价值,并在此基础上对公司的最优投资决策进行了大量研究。利用二叉树方法,通过对一个欧式期权与一个美式期权构成的复合期权进行定价,完成对风险投资问题的估价。主要有两个方面的内容:用实例说明怎样用二叉树方法对投资期权进行估价;把从期权模型获得的价值与用净现值方法得到的价值相关联,从而获得风险投资的最终的价值。     

Internationalization of Western Venture Capitalists into Emerging Markets: Risk Assessment and Information in India

This paper provides the first analysis of the internationalization of venture capital firms through an examination of risk assessment and information usage by firms in India. Personal interviews were conducted with executives in 31 (84%) of the active venture capital firms. The paper extends previous research by comparing perceptions of the behavior of domestic venture capital firms in India, foreign (primarily U.S.) venture capital firms in India and U.S. venture capital firms in their domestic markets. Foreign firms in India place significantly greater emphasis on product market factors and accountants' reports than domestic firms in India. They place significantly less emphasis on financial contributions of management in assessing risk and own due diligence and information from entrepreneurs than do U.S. firms in their domestic market. They make more use of information from trade publications and relating to production capacity and technology and information from accountants' reports than do domestic venture capital firms in India. The evidence is consistent with venture capital firms adapting to local market conditions rather than implementing "recipes" from their domestic markets.     

A Multicultural Joint Venture Under the Post-Developmental State in Singapore

As a multi-cultural country with a British colonial past hosting many different ethnic groups including Westerners, Singapore juggles with the often conflicting forces of Westernization (holding the promise of economic prosperity) and Asianization (holding the promise of a distinct cultural identity). Although the endorsement of ‘Asian values’ by Singapore political leaders such as Lee Kuan Yew may be seen as a mere rhetoric device to either explain ethnic Chinese business success or the Asian crisis, the question needs to be raised as to the ways in which the Asian Values discourse affects both Western and Asian MNCs operating in Singapore. In order to address this question, this article investigates the participation of a European–Japanese joint venture in a large government-sponsored reclamation project in Singapore. It is a rather unique situation in which the state as paymaster has the upper hand over the partners. The investigation shows that reference to ‘Asian values’ is a significant boundary-marking strategy used by both the Singapore government and the joint venture partners to manipulate the power balances in this triangular relationship. The outcome is more often than not advantageous for the Singapore state.     

风险投资项目评价指标体系与数学模型的研究

风险投资项目的评价是整个风险投资运作过程中的一个重要阶段,风险投资项目评价的关键是研究风险投资项目评价指标体系。风险投资项目评价指标体系设计应本着整体性、科学性、可操作性、国际性与前瞻性原则,进行技术、产品、市场、创业者、经济效益及风险等评价,并建立风险投资项目评价的数学模型。     

The Capital Gains Tax: A Curse but Also a Blessing for Venture Capital Investment

Our study analyzes the effect of the capital gains tax on the individual investment decisions of venture capitalists. By doing so, we are able to study the decisions for a sample of 61,558 funding rounds in 32 countries from 2000 to 2012. Our results support the predictions of the theoretical model that higher capital gains tax rates are associated with fewer start‐ups financed and a lower probability of receiving follow‐up funding. However, the results concerning the effect on the probability of success of start‐ups show that a higher tax burden is associated with a higher probability of eventual start‐up success.     

我国风险投资业的发展现状、问题及建议

通过对我国风险投资发展现状的分析,本文从宏观环境和微观运营等角度,指出了我国风险投资发展中存在风险投资主体严重缺乏,投资规模较小,缺少风险投资运作的法律环境支持,参与各方对风险投资的认识和理念还不成熟,资本市场不完善和资本趋利的流动性不足制约风险投资的发展等问题,并提出了可供借鉴的国际经验及对我国风险投资发展的建议。     

中美两国风险投资交易成本比较分析

与美国相比我国风险投资中存在搜索成本、学习成本、制度成本偏高而政府支持力度不够等问题.为降低交易成本,需要进一步健全法律法规,整顿市场秩序,逐步建立完善的诚信制度;加强对金融市场和金融机构的监管,完善金融市场,激励境外居民储蓄资金,逐步发展成以民间资本为主、政府资金为辅的风险投资格局;加大政府的扶持力度;吸引人才投入到风险投资机构中;铲除壁垒,降低门槛,大力发展中小民营企业;完善产权保护制度,特别是知识产权保护制度;在项目发展的初始阶段政府资金应当有所作为.     

风险投资对创业板公司追加战略投资行为研究

我国创业板经过了3年多的发展已形成一定的规模。风险投资的适当参与有利于创业板机制效率的有效发挥。本文从金融行为的角度出发创新性地引入不完全契约理论框架和合作博弈的Shapley值分析法构建理论模型,通过线性回归实证证明了风险投资对创业板上市公司追加战略投资量与目标投资规模和经营规模存在显著的正相关关系,并再次运用Shapley值分析法对实证结论进行了进一步的验证,以保证结论的可靠性。     

Advertising and National Consumption: A Path Analytic Re-Examination of the Galbraithian Argument

Abstract

A relatively new analytic technique, PATHEVAL, is used to re-examine an old issue, the relationship between advertising and national consumption. Using cross-national annual data collected on 53 nations, the authors find little evidence for Galbraith's view of advertising as a most persuasive force in altering people's spending and savings habits. Four variables are included in the path analytic model: national income, energy use — a proxy for industrial development, disposable income, private final consumption, and national advertising expenditures. In the Galbraithian argument, disposable income and industrial development predict to advertising, which leads to consumption. The contentions of Galbraith's critics are supported by the analysis: income appears to lead to consumption, which in turn, leads to advertising.     

风险投资机构知识多样化与退出绩效:投资阶段的调节作用

本文利用CV Source数据库2005年1月1日至2013年12月31日的风险投资机构投资数据,运用多元回归分析模型,检验风险投资机构知识多样化对其退出绩效的影响以及投资阶段对二者之间关系的调节作用.结果表明:(1)风险投资机构知识多样化与其退出绩效之间呈U型关系;(2)投资阶段调节风险投资机构知识多样化与其退出绩效之间的U型关系,即与晚期阶段投资相比,在早期阶段投资的条件下,这种U型关系更显著.     

Marketing Return on Investment (MROI)

Zusammenfassung  Die Messbarkeit des Marketing steht im Fokus der Marketingforschung und der Unternehmenspraxis. Zahlreiche Studien belegen die Forderung nach einem Nachweis eines „Marketing Return on Investment“ (MROI). Eine besondere Rolle spielt dabei die Betrachtung des Unternehmens-, Marken- und Kundenwertes, der in den Fokus der Betrachtung rückt.

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Prof. Dr. Dr. h. c. mult. Heribert Meffert Emeritierter Direktor und Gründer des Instituts für Marketing am Marketing Centrum Münster (MCM) der Westf?lischen Wilhelms-Universit?t Münster

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Dr. Jesko Perrey Principal bei McKinsey & Company und Leiter der deutschen Marketing Practice, Düsseldorf     

Medical Tourism in Singapore: A Structure-Conduct-Performance Analysis

This study presents a structure-conduct-performance analysis of the 17 Singaporean hospitals that are engaged in the medical tourism industry. Using data from hospital Websites, Singapore's Ministry of Health and the Singapore Department of Statistics, it argues that barriers to entry give it the structure of an oligopolistic industry. However, because the industry is dominated by two publicly controlled hospital groups, the conduct and performance of the industry differ from those of the classical oligopoly model. The presence of two types of consumers, Western and Southeast Asian, also distinguishes this industry from the classical model. In the end, Singapore's medical tourism hospitals appear to perform well in serving their international and domestic clients.     

Consumer Response to Unethical Corporate Behavior: A Re-Examination and Extension of the Moral Decoupling Model

This research replicates Bhattacharjee et al. (J Consum Res 39(4):1167–1184, 2013) moral decoupling model and extends the original along the dimensions of theory, method, and context. Adopting a branding perspective and focusing on the corporate domain rather than the public figures investigated by Bhattacharjee and colleagues, this research examines the proposition that consumers dissociate judgments of morality from judgments of performance to justify purchasing from companies deemed to act immorally. The original study is further extended by applying the model in a different cultural context and employing a more realistic stimulus to establish external and ecological validity. The results of the replication generally support the original findings, in particular, under conditions of higher product involvement, a theoretical extension.     

风险投资国际化影响因素研究综述

风险投资长期以来被视为是一项高度本土化的行为,但是近年来越来越多的风投机构开始走出国门进行远距离的跨境投资。这一现象引起了学者们的极大兴趣,许多学者开始致力于考察跨境风险投资的动因,即为什么本土化特征如此明显的风险资本开始热衷于进行跨越国境的远距离投资。尽管相关研究近几年才刚刚开始,但已迅速成为学术研究的热点。文章从国家环境因素、社会网络和风投机构主体因素三个层次,对风险投资国际化影响因素的最新文献进行了梳理和评述,并在此基础上对未来研究进行了展望。     

Joint Venture Formation and Internationalization: A Japanese MNEs' Perspective

This article examines relationships among top-management-team composition, group processes, and the effects of those processes on cohesion for international joint venture teams in Thailand. For culturally diverse teams, demographic elements (member age, length of team tenure, level of education, functional expertise) and cultural characteristics (country of education, nationality, affiliation with a parent organization, primary language spoken) define heterogeneity. Overall, demographic heterogeneity had a significant influence on openness among team members and on cohesion when mediated by openness. Cultural heterogeneity had a significant influence on openness and cohesion among team members, with loyalty and openness having a significant influence on cohesion.     

Social Interaction: A Determinant of Entrepreneurial Team Venture Success

An important issue to explain the success of new ventures is mostly ignored by the research of entrepreneurship: the social interaction within entrepreneurial teams. The purpose of this paper is to introduce the concept of social interaction, which was originally developed for innovation teams in the field of entrepreneurship research and theory.The theoretical discussion proves if an adoption of the social interaction to the field of entrepreneurship is theoretically possible. Using the data of 159 German entrepreneurial teams, the effects of social interaction on new business success are empirically proven. The introduced measurement model, which consists of six dimensions, shows a high quality in the empirical test. The quality of the social interaction within entrepreneurial teams is crucial for the new venture success. An empirical comparison with the frequently used team conflicts confirm that the measurement of conflicts is not a sufficient substitute measurement for social interaction. Overall, the social interaction in entrepreneurial teams could be seen as an important but not only factor of business success.     

Function-space revenue management: A case study from Singapore

Hotels can apply revenue-management systems to their function spaces—and boost the revenue contribution from those spaces.