UK VENTURE CAPITAL FUNDS AND THE FUNDING OF NEW TECHNOLOGY-BASED BUSINESSES: PROCESS AND RELATIONSHIPS*

Through the 1980s the UK venture capital industry, with its perceived focus on risky and innovative businesses, has experienced substantial growth in terms of the number of funds, amounts invested and number of individual investments. In this article, the Tyebjee and Bruno (1984) venture capital deal creation model which was originated in the US has been used to explore the process of venture capital provision and the development of relationships between venture capital funds and operating business managements. An empirical study of how UK-based venture capital funds operate has been undertaken. The findings generally corroborated the model in a UK context. It was also observed that while venture capitalists actively worked to nurture good relationships with operating business managements they were prepared to act decisively and proactively to protect their investments when they saw them being threatened fundamentally. There vas also some evidence which suggested a slackening of interest in innovative, technology-based businesses, particularly those in their early stages of development. Further work is needed to identify if there are conceptual problems with the provision of venture capital to these types of businesses or implementation problems which are tractable.     

Militant and moderate trade union orientations: what are the effects on workplace trade unionism,union-management relations and employee gains?

This paper presents survey findings exploring the claim that trade union militancy will deliver more advantages for unions than moderation (Kelly, 1996). Responses from representatives in two unions reveal militancy is associated with stronger union workplace activity and greater engagement with management in solving operational problems and long-term business strategies. However, there was no evidence that militancy significantly affects many terms and conditions. Moderate trade unionists in this sample were no more likely to hold a unitarist frame of reference. A further factor analysis of the militancy-moderation scale revealed two separate dimensions of militancy - a 'bargaining' and a 'mobilizing' approach. Although finding some expected benefits linked with militancy, different benefits appear to be associated with a bargaining approach and a mobilizing approach. It is suggested the approach taken in collective bargaining may be at least as important as mobilizing union members in securing gains from a militant union strategy.     

The diffusion of HR practices in unions

Unions, like other service industry and/or nonprofit employers, are uniquely dependent upon the performance of their human resources to ensure organizational success. Consequently, unions have much to gain from adopting a more strategic focus in the management of their vital human talent. While some unions are moving toward greater sophistication in their internal HR practices (Clark and Gray, 2005), as a whole unions have been slow to embrace a strategic outlook on human resources and adopt HR practices that could improve union effectiveness and rejuvenate the union movement. In this paper, I identify and discuss internal organizational characteristics and external environmental factors that may influence the adoption of more sophisticated HR practices by labor unions. It is hoped that the framework that is suggested here can be used to launch research directed at understanding and improving the diffusion of good HR practices among unions that could subsequently improve both the efficiency and effectiveness of unions as institutions.     

Primary-school class composition and the development of social capital

We study the development of social capital through adult civic engagement, in relation to social capital exposure having occurred during childhood based on experiences outside the family at primary school. We assume that the types of classmates in attendance at a child's school would have influenced her/his social capital. To identify the types of classmates, we take advantage of the heterogeneity in the ability levels of British primary-school classes during the 1960s. At that time, some schools were practicing a method of streaming, whereas others were not. Using British National Child Development data, we construct a single score of civic engagement and evaluate the effect on adult civic engagement of attending homogeneous-ability classes versus nonhomogeneous-ability classes and being in high-, average- or low-ability classes when enrolled in streamed schools. Our results show that children who were grouped in homogeneous-ability classes developed a lower interest in civic engagement than their peers who attended mixed-ability classes (nonstreamed schools). Moreover, among children who attended streamed schools, a lower attitude toward civic engagement was observed among low-ability students. Thus, streaming appears to be detrimental to social capital development, especially for low-ability individuals.     

Defending your life: When women complain about sexual harassment

Women who complain about sexual harassment in a union work environment may find that they are the focal point of the union’s defense of the alleged harasser. The defense the union uses can be broadly defined as one of four: deny the event, blame management, blame society, and blame the victim. This study investigates the frequency with which these defenses are used and their relative effectiveness. Deny the event and blame the victim were used in more than 80% of the cases. Their use was not significantly changed over time. There was no significant difference in the arbitrator’s decision based on the defense used by the union. It is suggested that unions consider using the blame management defense because it is equally effective but does not have the same negative effects on the victim as denying the event or blaming the victim.     

WHAT DO ECONOMISTS TELL US ABOUT VENTURE CAPITAL CONTRACTS?

Abstract.  Venture capital markets are characterized by multiple incentive problems and asymmetric information. Entrepreneurs and venture capitalists enter into contracts that influence their behaviour and mitigate the agency costs. In particular, they select an appropriate kind and structure of financing and specify the rights as well as the duties of both parties. The typical features of venture capital investments are an intensive screening and evaluation process, active involvement of venture capitalists in their portfolio companies, staging of capital infusions, use of special financing instruments such as convertible debt or convertible preferred stock, syndication among venture capitalists or limited investment horizon.     

Knowledge flow and inter-firm networks: The influence of network resources,spatial proximity and firm size

The objective of this paper is to analyse the characteristics and nature of the networks that firms utilize to access knowledge and facilitate innovation. The paper draws on the notion of network resources, distinguishing two types: social capital–consisting of the social relations and networks held by individuals; and network capital–consisting of the strategic and calculative relations and networks held by firms. The methodological approach consists of a quantitative analysis of data from a survey of firms operating in knowledge-intensive sectors of activity. The key findings include: social capital investment is more prevalent among firms frequently interacting with actors from within their own region; social capital investment is related to the size of firms; firm size plays a role in knowledge network patterns; and network dynamism is an important source of innovation. Overall, firms investing more in the development of their inter-firm and other external knowledge networks enjoy higher levels of innovation. It is suggested that an over-reliance on social capital forms of network resource investment may hinder the capability of firms to manage their knowledge networks. It is concluded that the link between a dynamic inter-firm network environment and innovation provides an alternative thesis to that advocating the advantage of network stability.     

从“保姆”到“妈妈”——班级管理中的老庄之道

技工学校的学生处于一个特殊的时期,他们渴望成长,渴望独立,但又常做出一些在外人看来很幼稚甚至愚蠢的行为;他们有了初步的是非观,但在许多事情的判断上又常常似是而非。面对这样野马似的学生,班主任的管理就显得非常重要而突出,而班主任的思维方式、角色定位以及观念则决定了管理的效果。培养出什么样的学生和人才,班主任的影响将是很大的。老庄之道有否值得借鉴的地方?在陷入迷茫时,不妨静下心来吸收精华,多作思考,或许会有新发现。     

Explaining activity and exploring experience—findings from a survey of union learning representatives

This article draws on data from one of the largest surveys to date of union learning representatives (ULRs) in order to build a unique picture of ULR experience and activity. It is found that ULRs made a contribution to increased diversity and represented an injection of ‘new blood’ within workplace union structures. Moreover, ULRs with no previous union involvement were just as likely to be active in promoting learning as their more experienced colleagues. At the same time, we found that a significant minority of trained ULRs were not active in union learning. While ULR activity was not confined within traditionally unionised settings, active and effective ULRs were most likely to be found in workplaces with substantive structures and institutions that underpinned union learning and reflected a clear commitment from the employer. ULR activity was more difficult to start and to sustain in workplaces in which this support was absent. The article concludes that in order for ULR activity to permeate such environments, some degree of additional statutory support may be necessary.     

高校扩招现状分析及对策

高校扩招是在亚洲爆发金融风暴的国际背景下,国家为了稳定国内经济发展,迎合高等教育发展的迫切需求而出台的政策。该政策的出台是有其存在的合理性的。但是实施过程中,高校盲目扩招带来了一系列的问题,如高等教育教学质量下降,高校负债严重,高等教育消费日益昂贵化,高校毕业生就业形势日益严峻等。为此,需要通过正确认识和实施高校扩招,调整人才培养结构,逐年降低高校扩招的比率等方式来有针对性的解决高校盲目扩招中存在的问题,保障我国高等教育高效高质的发展。     

Using third‐party services to reduce the development cost and improve the effectiveness of charity websites

The growth of the internet has provided a new medium for charities to reach out to potential supporters. The development of a website requires time, money and expertise that may not be available to many charities. A novel approach is presented to allow these charities to maximise the effectiveness of their websites by using freely available features that have been developed by third parties. It is suggested that use of these services will allow charities to deliver extensive and advanced functionality quickly at reduced cost and with limited in‐house skills. A wide range of services is identified and these appear to allow charities to: increase the content of their sites and foster a sense of community to encourage repeat visits; raise funds by processing online donations or hosting charity auctions; extend their trading activities to the internet; manage and monitor the use of their websites; and improve a range of other activities such as recruitment and advocacy. Some of the services have an associated cost but seem to offer a cheaper and quicker route to implementation for most charities. Although the use of these pre‐built services may provide cost savings, several risks associated with the suggested approach are also considered. By relying on third parties to provide these services, charities have to surrender some degree of control and risk damaging their reputation if the selected services are inappropriate or unreliable. The need to attract visitors to the site initially is also not addressed by this approach. It is concluded that the use of third‐party services does offer an opportunity for charities to enhance the websites but that these services need to be chosen very carefully. There is a need for further research to evaluate the suggested approach and to identify the effectiveness of the various services. Copyright © 2003 Henry Stewart Publications     

陕西省理工科高校教师健康意识与体育健身行为的调查研究

本文综合运用文献资料法、问卷调查法、数理统计法等,对陕西省理工科高校教师的健康意识和体育健身的动机、空间、方法、影响因素等进行系统研究。研究结果表明:女性教师的健康意识比男性教师强,但健身行为则比男性教师差;中年教师的健康意识和体育健身行为明显比年轻教师和年老教师差,出现"两头高,中间低"的状况。为了改善这一状况,提出以下几点建议:应加强男性教师的健康意识教育,提高其自我健康意识;各高校充分利用体育教师这一自有优势资源,发挥工会作用,多组织女性教师和中年男性教师进行系统的体育健身;加大投入,改善学校和社区的体育硬件设施,提供良好的健身环境。     

Value added of teachers in high-poverty schools and lower poverty schools

Using student-level microdata from 2000–2001 to 2004–2005 from Florida and North Carolina, we compare the effectiveness of teachers in schools serving primarily students from low-income families (>70% free-and-reduced-price-lunch students) with teachers in schools serving more advantaged students. The results show that the average effectiveness of teachers in high poverty schools is in general less than teachers in other schools and there is significantly greater variation in teacher quality among high poverty schools. These differences are largely driven by less productive teachers at the bottom of the teacher effectiveness distribution in high-poverty schools. The bulk of the quality differential is due to differences in the unmeasured characteristics of teachers. We find that the gain in productivity to more experienced teachers from additional experience is much stronger in lower-poverty schools. The lower return to experience in high-poverty schools does not appear to be a result of differences in the quality of teachers who leave teaching or who switch schools, however. Our findings suggest that measures that induce highly effective teachers to move to high-poverty schools and which promote an environment in which teachers’ skills will improve over time are more likely to be successful.     

EDUCATING AMARETCH: PRIVATE SCHOOLS FOR THE POOR AND THE NEW FRONTIER FOR INVESTORS

The accepted wisdom says that the poor need billions of dollars more in donor aid for state education. But this ignores the reality that poor parents are abandoning government schools to send their children to 'budget' private schools that charge very low fees, affordable to parents on minimum wages. Recent research shows that private schools for the poor are superior to government schools – teachers are more committed, the provision of inputs better and educational outcomes better – even after controlling for background variables. All this is accomplished for a fraction of the per-pupil teacher cost of government schools. The development community could therefore assist the poor by extending access to private schools through targeted vouchers. There are also opportunities for investors to contribute through microfinance-type loans, dedicated education investment funds and joint ventures with educational entrepreneurs, including the development of brands of budget private schools to help solve the information problem facing poor parents.     

The union response to employer-initiated drug testing programs

The testing of employees for drugs has become a major workplace issue in the late 1980s. By all accounts, many firms have implemented, or at least considered, some sort of drug screening program. While various experts have debated the importance and necessity of initiating such programs, there has been only limited investigation of the differences between union and nonunion workplaces in how such programs are initiated and administered. This article investigates some questions related to those differences. The first part examines the differences between union and nonunion workplaces and their implementation of drug screening programs. We present differences derived primarily from the fact that nonunion employers are constrained only by constitutional and statutory law in their introduction and implementation of drug screening programs. Unionized employers, on the other hand, are constrained by collective bargaining and the grievance resolution process. The second part of the article examines union responses to employer-initiated drug testing programs. The third part examines arbitration decisions on drug testing provisions in unionized workplaces. We outline the major areas in which arbitrators have rendered decisions, including definitions of behavior that could trigger reasonable suspicion testing and whether the employer has the right to unilaterally institute or expand drug testing programs.     

“十四五”规划下中国制造供给能力及发展路径思考

研究目标:探究我国“十四五”时期智能制造供给能力存在的关键问题及发展路径。研究方法:围绕供给能力,分析美、德、日等国智能制造领域的政策重点及战略意图,结合产业发展现状,研究我国智能制造政策制定和实施过程中存在的问题。在此基础上,针对机器人和工业软件领域,以发那科、ABB和西门子等国际巨头为例,对比分析我国在制造装备和工业软件等方面的成果及差距,提出智能制造供给能力的发展建议。研究发现:经过多年的发展,我国在智能制造装备、工业软件技术水平和市场竞争力上仍存在较大劣势。机器人产量和集群方面在“十三五”期间已达成目标,但核心零部件和稳定性方面的缺陷仍未解决。国产工业软件技术更为薄弱,市场基本被国外垄断,在研发设计、核心技术和商业化程度上差距明显。建议从政策精准扶持、鼓励头部企业推行自研加并购、深化产业集群效应、培养复合尖端人才等角度综合提升供给能力。研究创新:从业务变革、市场竞争、技术研发和资本并购等视角,综合研究供给能力的发展路径。研究价值:为“十四五”时期提升我国智能制造供给能力提供经验依据和决策参考。     

民族传统体育与少数民族地区中学体育教学改革研究

文章运用文献研究法、专家咨询法、访谈法对民族传统体育与少数民族地区中学体育教学改革进行研究，研究认为少数民族地区中学实施《体育与健康课程标准》存在着物质条件匮乏、重视不足、缺乏地方性课程内容、师资队伍不规范等问题，并依据民族体育价值与特点，提出了少数民族地区中学体育教学改革发展对策。     

我国私营企业劳资关系初探

目前我国私营企业工会职能弱化,集体谈判和集体合同制度没有得到普及,劳资冲突日益严重的现状所造成的负面影响已引起了各方面的关注。文章认为应从组建工会、强化工会职能、健全劳资关系立法、推行集体谈判和集体合同制度、运用现代激励理论建立员工激励机制等方面入手构建健康稳定和谐的劳资关系。     

Human resource aspects of quality management: evidence from MNEs operating in Greece

This study is an attempt to investigate the extent to which companies different nationality operating in Greece and involved in different levels of quality management differ in the way they utilize their human resources as well as in the degree of influence their human resource/personnel departments enjoy. The study started with the premise that there is some difference in approaches to quality management and in relative emphasis given to the human dimension and the role of the human resource department when organizations pass through the different stages in a quality improvement effort. The results of our case studies indicate that, although the origin of the capital and the culture of a foreign-owned company may play an important role in development and implementation of quality initiatives, they may not greatly affect determine human resource utilization. It is the strategic orientation of an organization quality that seems to be the driving force in constructive human resource management.     

我国商业银行发行次级债券的风险分析

文章认为,次级债券的发行有利于商业银行快速补充资本、提高资本充足率,但是大量次级债券的发行也可能存在一定的风险,如对发行者而言,可能加大银行的长期财务成本、造成银行业整体资本量虚增、影响商业银行的长期稳健发展;对投资者而言,可能因购买者对次级债券认识不够或商业银行互持次级债券而形成风险;次级债券的发行还可能对货币政策的执行产生不利影响。