大公司参与风险投资的动机分析

近年来,受市场、竞争、技术等诸多因素影响,许多大公司的销售收入和利润的增长变得迟缓,在其行业中的发展已达到或接近某种极限,迫切需要寻求新的利润增长点。对这些公司而言,利用公司风险投资,投资于高新技术产业,寻求新的增长,是发展的必然方向。     

大公司参与风险投资的动机与模式

本文分析了大公司参与风险投资的动机及介入风险投资的模式。大公司介入风险投资除受高额利润回报率吸引外,一些在行业内处于领先地位的、实力雄厚的大公司更多出于自身长远发展的战略动机介入风险投资。大公司参与风险投资的模式主要有独资成立、发起控股、及参与持股三种方式。此类大公司背景风险投资机构能帮助新创企业获得行业战略资源,但也可能由于过于追求自身利益阻碍新创企业发展。本文建议大公司参与风险投资时应量力而行,并依据自身经济实力及参与动机,选择适合的参与模式。此外,监管当局应鼓励大公司投资于与自身主营业务存在协同效应的新创企业,促进产业升级与经济增长。     

延伸与竞合：经销商未来的发展战略

经销商未来该如何发展？这是近两年来很多酒水经销商思考的问题。一些大型经销商公司也开始对发展模式进行新的探索，并取得了不错的效果，这也给中小型经销商提供了经验。[编者按]     

当前大中型企业发展财务战略探析

所谓的企业发展财务战略可以理解为,当公司依照发展计划和经营目标,拓展生成规模、增加项目投资、寻找新的开发领域时,通过科学分配、合理规划盈利所得资金,加速公司再生产进程,提升公司资金的利用效率,增强公司的市场竞争力和劳动力生产率,上述过程可以称之公司发展财务战略。在制定财务战略的时候,一方面应当考虑到国内市场的供需平衡,另一方面应当考虑到国际市场的动态形势变化,注意对市场上风险因素的评估与防范应对,树立正确的财务管理理念,由公司董事会、领导团队组织构建并执行公司的财务管理机制。下文中,笔者将结合参与公司财务管理的经验,分析我国当前公司在制定财务发展战略中存在的问题与应采取的应对策略。     

DT公司的发展战略研究

2008年突如其来的全球金融危机影响,加之近几年氧化铝项目上马较多,产能集中释放,使得氧化铝市场价格一路下滑,低于行业生产成本。DT公司自2008年以来持续严重亏损,现金流枯竭,企业处于生死存亡的紧要关头。随着中国国内的宏观调控和经济的快速企稳回升,公司的发展又面临了新的机遇。如何直面危机、应对挑战,制定出适合公司的发展战略是当务之急。     

DT公司的发展战略研究

2008年突如其来的全球金融危机影响，加之近几年氧化铝项目上马较多，产能集中释放，使得氧化铝市场价格一路下滑，低于行业生产成本。DT公司自2008年以来持续严重亏损，现金流枯竭，企业处于生死存亡的紧要关头。随着中国国内的宏观调控和经济的快速企稳回升，公司的发展又面临了新的机遇。如何直面危机、应对挑战，制定出适合公司的发展战略是当务之急。     

劳务公司发展战略研究

公司发展战略是通过对企业外部环境和内部资源能力的分析，在激烈的市场竞争条件下，求得企业持续发展的全局性规划性研究。近年来，伴随着我国劳务市场的不断扩张，对于劳务公司发展战略的研究也成为了广大管理人员的关注要点。本次研究通过对我国劳务公司经营现状、存在问题等的研究，为我国劳务公司的发展战略研究提供理论借鉴和实际参考。     

新形势下我国中小企业发展战略探析

随着全球经济一体化和我国社会主义市场经济的快速发展,中小企业在国民经济中的地位越显重要。然而,由于我国中小企业存在资金少、规模小,融资困难等问题,严重影响到了中小企业的发展。因此,在新的历史形势下,我国中小企业迫切需要制定企业的发展战略,以此谋求中小企业未来的长期稳定健康发展。本文从企业发展战略的涵义和特点入手,重点分析了我国中小企业的发展现状、存在的主要问题及面临的机遇,在此基础上,进一步提出了我国中小企业发展的战略选择。     

工程项目管理公司发展战略研究

本文就工程项目管理和工程项目管理公司的发展现状的特点作了简要论述,随后分析了我国工程项目管理的外部环境与相关政策和法律法规支持,在此基础上又对工程咨询行业和工程咨询市场的现状加以研究,从而试图得出适合我国工程项目管理公司的发展战略,以提高其企业竞争力。     

大公司战略重振大国企雄风

构造大公司、发展大企业,是市场经济发展的客观 要求,也是航空大型企业贯彻国家发展战略的 重要组成部分。“八五”期间,庆安集团有限公司(以下简称庆安公司)按照中央关于搞好国有大中型企业的要求,积极实施大公司战略,开发大产品、组建大集团、拓宽经营领域,扩大经济规模,促进了企业的发展。公司资产、产值和利润每年以27.8％。36.1％和21.4％的速度递增,1995年分别达到7.45亿元、5.94亿元和1658万元;集团产值达到10亿元以上。基本实现了“八五”初提出的规划目标,为“九五”的进一步发展奠定了基础。     

我国风险投资企业法律形态的困境与对策

我国政府主导型的风险投资企业法律形态单一,风险资金来源有限,致使我国风险投资规模较小,很难真正达到推动高技术产业化的目的,风险投资的金融法规制缺失也制约着风险投资业的发展.风险投资企业法律形态选择应多元化并扬长避短,根据风险投资的特点完善现有企业形态尤其是有限合伙立法,同时补充对风险投资企业的金融法规范,并尽快进行风险投资基金的立法,使风险投资基金运作阳光化.     

风险投资中的信息不对称与制衡机制安排

风险投资是对新创立企业的投资 ,由于信息的不对称性 ,存在很高的投资风险 ,决定了风险投资与众不同的治理安排。文章对存在于风险投资者、风险投资家、创业者之间的信息不对称 ,分析了风险投资中的制衡机制。     

Venture capital investing for corporate development objectives

There is a significant new player emerging in the venture capital world whose participation is changing the way that the venture business is done. Domestic and foreign corporations have discovered that investing in venture capital adds a new dimension to their corporate development strategies and can also make an outstanding return on investment.Armed with serious amounts of cash, aware of the value of an association with their name and frequently possessing marketing power that a small company covets, corporations are competing with venture capitalists for the best deals. Obtaining a “corporate partner” is now an accepted part of a small company's financing strategy.For the corporate development executive, this activity provides a useful tool to widen the spectrum of participation in new technologies while retaining the entrepreneurial drive and reducing the cost and exposure of new ventures. However, it is not a panacea for growth and caution should be exercised to avoid creating unrealistic expectations.Both entrepreneurs and venture capitalists welcome this source of later-stage capital, providing it minimizes equity dilution and assists in product development, marketing and liquidity for their investment. However, it is a competitor for the venture capitalists in sourcing deals and a potential adversary for the entrepreneur when objectives clash. Additionally, entrepreneurs and venture capitalists often are suspicious of the corporation in the small company's boardroom.The objective of most corporations is the strategic benefits that can result from venture capital investing, such as acquisitions, technology licenses, product marketing rights, international opportunities and a window on technology. However, this objective is frequently mixed with a financial return objective and can lead to a confused strategy.Participation by corporations can take many different forms but usually begins with investments in several venture capital funds as a limited partner and evolves into direct investments in venture companies. Formation of a venture development subsidiary by the corporation is a demonstrated way to maximize the strategic rewards. If financial return is the only objective, then a stand-alone venture fund is the best vehicle.The most important factors for the strategic success of a corporate program are the creation of a high-quality deal stream and the use of outstanding people to interface between the corporation and the venture capital world. In addition, there has to be a long-term commitment, active involvement and a carefully devised internal communications strategy to promote and protect the program.Creation of a formal venture development subsidiary is probably the best way to maximize the strategic objectives. Lubrizol Enterprises operates as such a subsidiary of The Lubrizol Corporation and utilizes venture capital investing, acquisitions, partnerships, and contract research to develop strategic business units based on leading-edge technologies.     

跨国公司对华投资独资化影响与对策探析

近年来,跨国公司在华直接投资数量不断增多,进入模式已由当初的合资、合作转为独资。独资化趋势不是偶然现象,主要是由跨国公司的全球发展战略和避免技术外溢以及在华投资环境的改善引起。跨国公司独资化对中国经济既有积极影响,又有消极影响,需要区别对待,促进积极影响的发挥,最大限度降低消极影响。     

Venture planning and analysis: An integrated approach to investment evaluation and product pricing

The venture planning and analysis (VPA) system is a quantitative analysis useful for developing pricing policy, projecting financial results, and comparing various investment opportunities. It is an integrated approach to product (investment) evaluation utilizing both marketing and cost information to determine an optimum pricing strategy.A venture plan is developed which covers several years of the anticipated life of the product (venture). The pricing strategy is determined by identifying the relationship between price, volume, and variable cost which yields the greatest positive cash flow. Revenue, variable expense, fixed expense, and engineering expense are input by fiscal year.The VPA system computes interest expense/income and cash flows. Ratios of the venture's quality-marginal investment quality factor and investment quality factor-are displayed, as are matrices which indicate the sensitivity of the venture to changes in the input data. Computer generated plots also help illustrate the cash flow and optimum level of production for each fiscal year of the analysis.     

我国风险投资业存在的问题及其对策

作者从风险投资机构 (风险投资者 )的角度 ,阐述了风险资本在其循环过程的四个环节中存在的问题 ,并提出相应的对策 ,旨在促进风险投资业的健康发展 ,在中国建立一个繁荣且规范的风险投资业。     

基于交易费用的物流业外商投资方式变迁分析

入世前与入世保护期内,物流外商在华直接投资方式以中外合资合作为主,而2005年后,中国物流企业正式对外资全面开放,从而使物流外商投资由中外合作合资阶段变迁为外商控股独资阶段。这种变迁的主要原因并非只是某些人认为的物质转换成本的降低,更重要的是交易费用降低的结果。     

Angels and non-angels: Are there differences?

The market for informal venture capital is an elusive and nearly invisible source of financing for entrepreneurial ventures. This market consists of a diverse set of high net worth individuals (business angels) who invest a portion of their assets in high-risk, high-return entrepreneurial ventures. The emerging consensus of the characteristics of the individual investor is that of a well-educated,middle-aged individual with considerable business experience and a substantial net worth. These informal investors appear to prefer investing in the early start-up stage of the venture and, if given a choice, prefer that their investments be located close to home. One consequence of this consensus is the tendency to assume that the traits of these business angels are as tightly clustered around the norm as are the traits of venture capital funds. They are not. In terms of their competence in the many areas of venture investing, these Individual investors range from the successful, cashed-out entrepreneur on the one hand to individuals with little or no experience with venture investing on the other. At the same time, little is known about the characteristics of high net worth individuals who never ventured where angels dare to tread, or about these non-angels' propensity to join the fold. Thus, this study seeks to fill the void by examining the characteristics of high net worth individuals regardless of their investment history or their interest in venture investing.An analysis of the data reveals three groups of high net worth Individuals: business angels with experience investing in entrepreneurial ventures, interested potential investors with no venture investment history but who express a desire to enter the venture investment market, and uninterested potential investors who under no circumstances would consider investing in entrepreneurial ventures as part of their investment strategy. Business angels and potential investors (both the interested and non-interested segment) share similar views about the economic significance of the entrepreneur and the difficulty in securing the equity capital for development of the venture. As the issues move from the general to the specific, divergence in investment attitudes takes place among the two groups, but this divergence is in terms of magnitude or intensity, rather than in contrasting or opposing views of the process. The potential investor tends to view investing in entrepreneurial ventures on a smaller scale than the active investor, especially in terms of the dollar amount committed to any one investment. While the business angel is more interested than the potential investor across all stages of financing, the interest for both groups increases as the type of financing progresses from the seed stage to expansion financing. In contrast, the potential investor is more likely to seek diversification as a motivation for venture investing than their angel counterparts.The potential investor pool is segmented into those potential investors who appear willing to take on the role of business angels and those individuals who have no desire to participate in the venture market. For the interested group to increase their interest in providing venture capital, these potential investors want assistance in monitoring the performance of the venture investment, followed by assistance in pricing and structuring. Both of these resources relate more to the technical aspects of venture investing and Indicate that these are the areas where the potential investor is least likely to have expertise. Other resources, such as finding and evaluating the investment opportunity, appear to represent less of a stimulus for the potential investor. In many respects, interested potential investors act like business angels across several dimensions. Both consider the later stages of the development of the venture as the preferred stage to invest. The business angel and interested potential investor prefer investments to be located relatively close to their primary residence and share similar views on the amount of the investment portfolio to allocate to venture investing. Where the interested potential investor and business angel clearly differ is on the scale of the commitment and the motivation for investing. The potential investor will commit a smaller dollar amount to any one venture, is more inclined to participate with other investors, and is more apt to see venture investing as a diversification strategy than is the seasoned business angel.     

中小企业引进创业投资策略研究

作为追求高回报、承担高风险的创业投资,在促进中小企业发展的过程中逐步扮演起重要角色。中小企业在引进创业投资解决"资金瓶颈"问题的同时,应重点关注创业投资与资本市场的有机结合,为中小企业的持续和快速发展奠定良好基础,也为创业投资的适时退出和获取高额回报创造条件,从而最终达到中小企业与创业投资双赢的局面。     

国有中小企业引进风险投资初探

风险投资在为企业发展和开发新技术提供资金方面有重要的作用。国有中小企业引进风险投资,可以为企业提供所需资金,使企业得到发展。国有中小企业应利用风险投资促进企业发展和技术创新。国有中小企业引进风险投资还存在着一些问题,国有中小企业引进风险投资较少。