全球创业投资波动性研究述评

以往研究表明,创业投资在全球多个国家均呈现出高度的波动性.本文对创业投资波动性的成因、基本影响因素以及波动性对技术创新的影响等方面进行了述评,并对以往研究的不足之处进行了总结.     

我国创业投资波动的影响因素研究

我国创业投资在其发展过程中呈现出较大的波动性。本文使用1994—2010年的年度投资总量数据,对我国创业投资波动的影响因素进行了实证研究。研究结果表明：IPO是创业投资行业波动的最强驱动因素;劳动力市场刚性对创业投资的波动有较大程度的影响;GDP增长率和利率对创业投资波动的影响均不显著。     

机会识别还是经验行动:以农业创投企业为例

收集整理2010—2016年期间148家农业创投型公司的262笔创业投资信息,立足于熊彼特和科兹纳的创业创新理论,系统分析我国农业创投的现状和特征,揭示创投、创业与创业者特征的相互关系。研究表明:农业创业投资正处于上升活跃期;农业创投项目集中在改造传统供应链的消费端,针对农户和农业产业组织服务的比例相对较少。实证研究显示创业者"非农化"趋势显著,创业者(农业)专业背景和经历对获得高轮次创投没有影响,创业经历(尤其是失败经历)影响显著。研究证伪了科兹纳"机会发现"创业理论,表明颠覆式创新是非线性的进化过程,认知固然重要,行动、试错以及相应的失败学习和"容错机制"才是决定性的。     

大力发展天津市创业投资的研究

创业投资是一种支持创业的投资制度。本文从回顾全国及天津市创业投资发展历史入手,深入分析了天津市创业投资行业发展面临的形势和存在的问题,阐述了大力发展创业投资的重要意义和作用,提出天津市发展创业投资的总体思路,有针对性地提出发展创业投资的对策措施。     

创业投资博士后工作报告的优秀之作——评刘健钧《创业投资制度创新论》

中国博士后科学基金一等资助项曰《创业投资制度创新论——对“风险投资”范式的检讨》终于出版了，这是我国创业投资研究界的一大盛事。该书基于对创业投资概念演变全过程的考察，重新认识了创业投资的本质。作者从“创业需求的推动”、“支持创业的投资制度创     

我国创业投资的税收激励政策研究

一、我国创业投资的现行税收政策创业投资(Venture Capital,国内也译为风险投资)是指向未成熟的创业企业所进行的股权投资,其投资的主要对象是具有成长潜力的高科技企业。我国目前科技成果的积压率达到80%(丛树海,2008)。创业投资通常涉及三方主体,即创业投资     

产业集群内创业的关键要素识别实证研究

创业成功是一系列要素科学组合的结果,识别创业要素是实施创业活动的前提.本文通过实证研究得出产业集群内创业关键要素有创业机会、创业资源、创业者,其中创业机会主要是市场型创业机会、技术型创业机会和政策型创业机会,创业资源可以分为基础性创业资源、一般性创业资源和高级创业资源,创业者可以分为市场型创业者、技术型创业者和政策型创业者,这为研究产业集群内的创业奠定了研究前提.     

创业投资引导基金法律制度研究——基于政府角色定位的思考北大核心SSCI

在"大众创业、万众创新"的经济背景下,政府设立创业投资引导基金以扶持处于种子期、起步期等创业早期的中小微型企业。本文择选政府角色定位这一角度,通过阐述政府既是合作者又是监管者的理论基础,评析政府在创业投资引导基金运行过程中角色错位的现状及原因。分别从确立基金市场化运作、健全政府监管职能和完善法律体系三个方面提出建议,依法协调政府角色的政策性和商业性冲突,促进创业投资引导基金健康发展。     

创业投资对互联网企业网站影响力的作用研究——基于新三板挂牌互联网企业经验数据

互联网行业是创业资本关注的热点领域,作为无形资产的重要组成,网站影响力是互联网创业企业前期着力培养的竞争力,也是创投最关注的指标之一。本文以2015年在新三板挂牌的182家PC端平台型互联网企业为研究样本,提出了创业投资对网站影响力作用的假说模型。实证研究发现创业投资持股的企业网站影响力更强;而创投的声誉越高,互联网企业的网站影响力越强。     

关于创业投资发展问题的研究

经济发展离不开良好的投资体制,投资体制的创新是经济持续发展的主要推动力。创业投资作为“支持创业的投资制度创新”,在英美等国已极大地推动了创业型经济的发展。天津市是全国著名的老工业基地,如何实现天津市工业经济升级发展。本文从创业投资发展的角度进行了有益探讨。     

Taxation and Venture Capital Backed Entrepreneurship

In recent years, venture capital has increasingly become a factor in the financing of new firms. We examine how the value of mature firms determines the incentives of entrepreneurs to start up new firms and of venture capitalists to finance and advise them. We examine how capital gains taxes as well as subsidies to start-up costs of new firms affect venture capital backed entrepreneurship. We also argue that dividend and capital gains taxes on mature firms have important consequences for start-up firms as well.     

DOES VENTURE CAPITAL REQUIRE AN ACTIVE STOCK MARKET?

The United States has both an active venture capital industry and well-developed stock markets. Japan and Germany have neither. The authors argue that this is no accident— that venture capital flourishes especially, and perhaps only , when venture capitalists can exit from successful portfolio companies through initial public offerings (IPOs), which in turn require an active stock market.
Understanding the link between the stock market and the venture capital market requires understanding the contractual arrangements between entrepreneurs and venture capital providers, particularly (1) the importance of exit by venture capitalists and (2) the implicit contract over control between venture capitalists and entrepreneurs created by the possibility of exit through an IPO. This possibility gives entrepreneurs a valuable option that, in the event they are successful, allows them to reacquire control of their enterprises from venture capitalists.     

金融与创业意愿:来自中国大学生调查数据的经验发现

本文分析了金融支持对大学生创业意愿的影响。权益资金、债务资金、个人(非创始人)资金支持、创业资本等金融支持对于大学生创业没有直接的激励作用。金融促进大学生创业的有效途径是:金融资源配置的理念、导向、方式及其透明公正性所形成的金融环境能对大学生学习方向发生改变。大学生创业具有羊群效应,若大学生感受到支持创业的金融环境,将会倾向于积累创业型人力资本,当大学生积累了足够的创业型人力资本时,大学生创业比率才会提高。     

我国风险投资退出方式的选择

风险投资在现代经济中具有举足轻重的作用,选择合适的方式退出是风险投资成功的关键。本文结合目前我国风险资本的退出现状,分析中国风险投资退出的主要障碍在于相关法律法规不健全、中介服务不成熟、风险企业在国内主板上市难度大,指出了在我国目前的国情下,可供选择的风险投资退出方式有收购与兼并、买壳或借壳上市、境外二板上市或国内中小企业板上市、股份回购、通过区域性产权交易市场退出等。     

吸收风险投资对企业投资效率的影响研究--基于创业板的数据研究

以创业板上市公司为研究对象,就初创公司上市后是否吸收风险投资、吸收风险投资的比例以及是否存在风险投资机构的联合投资展开实证研究。结果表明:公司上市后风险投资参与仍可以显著提高企业的投资效率,风险投资比例越高,越有利于提高投资效率,联合投资也对此有正向促进作用。     

The Equilibrium Size and Value-Added of Venture Capital

I model positive sorting of entrepreneurs across the high and low value-added segments of the venture capital market. Aiming to attract high-quality entrepreneurs, inefficiently many venture capitalists (VCs) commit to provide high value-added by forming small portfolios. This draws the marginal entrepreneur away from the low value-added segment, reducing match quality in the high value-added segment too. There is underinvestment. Multiple equilibria may emerge, and they differ in aggregate investment. The model rationalizes evidence on VC returns and value-added along fundraising “waves” and when the cost of entrepreneurship falls, and generates untested predictions on the size and value-added of venture capital.     

人力资本财务激励与约束创新研究——基于美国风险投资的分析

对人力资本实施有效的财务激励和约束是风险投资运作过程中一项关键性制度创新.人力资本财务激励与约束的对象主要包括风险资本家人力资本和企业家人力资本,涵盖风险资本从筹资、投资到退出三个循环阶段.不同循环阶段的人力资本财务激励和约束都涉及到控制权收益、货币收益与声誉资本,但在具体的激励与约束方式上又存在着差异.     

Public Policy for Venture Capital

This paper proposes a simple partial equilibrium model to investigate the effects of government policy on venture capital backed investments. Giving up an alternative career, entrepreneurs focus their effort on a single, high risk venture each. Venture capitalists acquire an equity stake and offer a base salary as well. In addition to providing incentive compatible equity finance, they support the venture with managerial advice to raise survival chances. We analyze several policy measures addressed at venture capital activity: government spending on entrepreneurial training, subsidies to equipment investment, and output subsidies at the production stage. While these measures stimulate entrepreneurship, only cost-effective government services can improve welfare.     

福建省大学生创业政策分析及优化探析

大学生创业政策是大学生创业的重要推动力量.文章从大学生创业政策的功能性和效用角度出发,综合分析福建省大学生创业教育培训政策、创业促进政策、创业融资政策和创业环境政策的优势与不足,提出应调校政策指向,强化创业教育,加大促进力度,创新融资渠道,营造创业气氛等政策建议.     

The determinants of venture capital funding: evidence across countries

This paper analyses the determinants of venture capital for a sample of 21 countries. In particular, we consider the importance of initial public offerings (IPOs), gross domestic product (GDP) and market capitalization growth, labor market rigidities, accounting standards, private pension funds, and government programs. We find that IPOs are the strongest driver of venture capital investing. Private pension fund levels are a significant determinant over time but not across countries. Surprisingly, GDP and market capitalization growth are not significant. Government policies can have a strong impact, both by setting the regulatory stage, and by galvanizing investment during downturns. Finally, we also show that different types of venture capital financing are affected differently by these factors. In particular, early stage venture capital investing is negatively impacted by labor market rigidities, while later stage is not. IPOs have no effect on early stage venture capital investing across countries, but are a significant determinant of later stage venture capital investing across countries. Finally, government funded venture capital has different sensitivities to the determinants of venture capital than non-government funded venture capital. Our insights emphasize the need for a more differentiated approach to venture capital, both from a research as well as from a policy perspective. We feel that while later stage venture capital investing is well understood, early stage and government funded investments still require more extensive research.