An optimal incentive contract to venture capitalist

This paper aims to study the principal-agent relationship between investors and venture capitalists （VCs）, makes research on the moral hazard issues under this relationship, and how to design an effective incentive mechanism to avoid it. By constructing a new incentive model, this paper provides the reference for investors to establish a reasonable payment contract. The designed incentive contract is a kind of dominant consecutive payment mode, which plays a strong incentive role to the VCs, in addition, it also requires the VCs to invest certain capital to the project, which can effectively prevent the slapdash action of VCs, and reduce the agent cost of investors.     

The role of venture capitalist to enhance the growth of Spanish and Italian university spin-offs

The establishment of spin-offs to commercialise university knowledge/technology is a potential mechanism to promote economic and innovative development. Nevertheless, University Spin-Offs (USOs) are usually resource-constrained, especially in obtaining funding, limiting their growth. Venture Capital (VC) investors play an important role in the financing and the improvement of their managerial skills, which are critical for firm growth. This paper aims to explore both the effect of VC partners on the USOs’ growth and the cross-national differences in the role played by them. To study both issues, we empirically analysed 516 Spanish and 904 Italian USOs created by 50 Spanish and 57 Italian universities, respectively, and observed them between 2005 and 2013. The results showed different effects in the Spanish and Italian cases. While in Spain the presence of VC partners positively affects the USOs’ growth, in Italy there is not a significant effect. This evidence calls for systematic policies by public administrations and universities to foster USO growth.     

创业投资公司的后续管理模式设计

文章认为创业投资的后续管理是创业投资机构或专家减少投资风险,确保预期的投资收益率的重要手段。文章以某创业投资公司设计的积极干预型后续管理模式为例,探讨该管理模式把增值服务揉合在监控过程之中,使其能有效地介入创业企业的管理,并进一步突破信息不对称的束缚、减少各种代理风险。     

Payroll tax incidence when the tax varies by jurisdiction: The case of the U.S. unemployment insurance tax

Standard treatment of payroll tax incidence suggests that labor, both because of inelastic supply and because workers value the benefit financed by the tax, bears most of the tax. This note considers the special case of the U.S. unemployment insurance tax, which is a payroll tax that varies by jurisdiction (states). The model set forth in this paper allows for differing degrees of both labor mobility and substitutability between types of labor and capital. Contrary to the standard treatment, this paper predicts that some types of labor will avoid this particular type of payroll tax completely. I thank Daniel Hamermesh and seminar participants at the Upjohn Institute for Employment Research and at Oakland University for helpful comments on an earlier draft. I also gratefully acknowledge sabbatical support provided by Oakland University during the initial conceptualization of the ideas presented in this paper.     

Market alternative to state activism in restoring the capitalist economy

The theory of economic transition is concerned less with the end product of building a capitalist economy than with intermediate solutions and the appropriate pace of institutional change. This article advances theoretical arguments on the advantages of a self-grown, evolutionary restoration of the capitalist economy in Eastern Europe or any country abandoning the socialist experiment.The article develops the point that of the two basic methods of setting up an economic order—the state or a market-type mechanism—only the latter can assure the emergence of a genuine, complete market. Further, it suggests that markets with self-interested individual actors at the center are not only superior to states in the allocation of scarce resources, be they economic or political, but are also the best vehicle for institution building.     

论高技术园区的风险投资

文章简要阐述了风险投资的涵义,认为风险投资是高风险与高收益的共生体,分析了风险投资者愿意把资金投向高技术园区企业的原因和我国高技术园区的风险投资的基本状况,提出了建立高技术园区风险投资机制的建议,对发展我国高技术园区风险投资具有实践指导意义。     

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.     

Venture capitalist participation and the post-issue operating performance of IPO firms

Previous studies have identified the value-added potential of venture capitalist monitoring in the initial public offering (IPO) market. We test this proposition by comparing the post-issue operating performance of venture capitalist-backed IPOs with a matched sample of non-venture capitalist-backed IPOs. We find that venture capitalist-backed IPO firms exhibit relatively superior post-issue operating performance compared to non-venture capital-backed IPO firms. Further, the market appears to recognize the value of monitoring by venture capitalists as reflected in the higher valuations at the time of the IPO. Finally, we find that proxies for the quality of venture capitalist monitoring are positively related to post-issue operating performance.     

德国税收制度和税收稽查制度概述

去年下半年,笔者有幸对德国税收制度进行了实地考察。鉴于德国税收稽查与我国审计有不少相似之处,笔者对其税收稽查制度作了重点了解。现将考察情况简要介绍如下,以供同行比较借鉴。 　　一、德国税收制度 　　德国作为西方资本主义国家的重要代表之一,市场经济较为发达,税收制度较为完备,联邦宪法、各州法律都对税收征管作了明确规定,特别是联邦宪法,该法作为一切税收立法的基础,第 104～ 144条集中规定了税收制度。根据联邦宪法规定,联邦和州都有税收立法权,但联邦主要负责联邦税、共享税税法的立法工作,各州主要负责地方税税…     

bring back the poll tax

Councillor Douglas Mason, the originator of the Community Charge, argues for its return and explains how the Council Tax could be easily reformed to recapture the best features of the Poll Tax.     

浅析最新版企业所得税年度申报表

本文通过比较2014版企业所得税申报表与2008年版的异同,总结出新报表的要点有增加企业基础信息表、期间费用明细表、所得税政策等内容,据此为企业填报所得税报表提出指导建议。     

Extending the zero-sum gains data envelopment analysis model

Journal of Productivity Analysis - In this paper, we adapt the ZSG-DEA model to the case of a reverse output, whose larger (smaller) values reflect lower (higher) achievements. Then, we introduce...     

企业所得税法对企业组建税务筹划主要方法的探讨

依法纳税是纳税人应尽的义务,而税务筹划亦是其应当享有的正当权利。在现实经济生活中,税务筹划已逐步成为纳税人理财的重要手段之一。在新形势下,企业作为纳税人,怎样熟悉了解我国企业所得税相关法律制度,利用税法所提供的优惠政策及可选择性条款,合法合理进行税务筹划,为企业提高经济效益已经成为当今企业一个必修的课题。     

税收筹划定义再探讨

虽然税收筹划理论与实务在我国迅速发展,但对于税收筹划的定义,理论界仍存在分歧.笔者认为有必要对这一问题作进一步的探讨,以指出某些认识误区,指导纳税人的税收筹划行为.本文主要对税收筹划相关定义的不同观点进行剖析和讨论.     

风险投资“退出”内涵的系统界定与分析

文章从风险投资微观运作过程入手,对风险投资“退出”内涵进行了系统的界定,详细分析了风险投资“退出”的微观经济功能。文章认为:风险投资“退出”由风险投资项目退出和风险投资基金退出两部分内容构成,是针对风险投资中存在的双重委托———代理关系的最佳制度安排。     

Barriers to investment in the informal venture capital sector

Much of the government intervention into the market ‘gap’ for start-up and early-stage equity finance in the UK is based on the belief that the problem is on the supply side. Based on an analysis of the informal venture capital market this paper argues that there is no shortage of finance available. A survey of business angels reveals that many are willing to allocate a higher proportion of their investment portfolio to investments in unquoted companies, with recent tax incentives having a positive effect on their willingness to invest. Over 90% are currently looking to make more investments. However, there are constraints on their ability to invest: they do not see enough deals that meet their investment criteria, the majority of the investment proposals that they receive are of poor quality, and they are often unable to negotiate acceptable investment terms and conditions with entrepreneurs. The implication is that there is a need for further interventions by policy-makers to remove these barriers so that more small firms can take advantage of the substantial pool of angel finance that is available.     

How clusters can encourage entrepreneurship and venture creation. Reasons and advantages

The aim of this article is to define what is meant by clusters, their characteristics or determinants and the advantages they generate, focusing on the role they play in boosting entrepreneurship and new venture creation. In clusters, a balance is reached between cooperation and competition which becomes evident in the higher productivity of the companies because of their increased access to inputs, information, technology and institutions; or in greater innovation and venture creation. The cluster incentivizes the entry of new companies or start-ups. The hope is, then, that the new companies will revitalize specific regions where competitiveness has fallen and that entrepreneurship will contribute to economic development and improved country-wide competitiveness.