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本文从风险投资家和风险企业家信息不对称角度出发,建立了行为策略的动态博弈模型。通过对风险企业家特征、能力水平和风险偏好以及随时间变化趋势的分析,利用定量的方法分析了动态情况下投资机构与风险企业之间的委托代理问题。得出风险投资家提供的最优激励强度、最优增值服务程度和最优监控力度分别随着时间应上升、下降和呈抛物线变化的结论。 相似文献
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偏好、专用性与企业家激励 总被引:3,自引:0,他引:3
在对企业家的经济学研究中,一个基本问题是如何根据企业家的不同偏好或效用函数的特征来设计适当的激励机制,使企业家的最优行为与所有者等利益相关人的目标“激励相容”。委托-代理文献一般假定股东是风险中性者,企业家为风险厌恶者,着重探讨激励与保险之间的基本冲突和平衡,基本结论是:由于企业家努力不能被观察,所以,企业家的报酬必须随着企业实现的利润而增加,特别是,诱导企业家的高努力所需要的预期报酬要高于企业家的努力能被观察时的水平。因此,所有者应该适度容忍企业家“偷懒”,其限度由预期企业家偷懒带来的边际损失和观察努力的边际信息成本的平衡决定。我们认为,这种观点有以下缺陷:第一,把企业家的报酬完全等同于货币或经济报酬,与现代心理学关于人的欲望 相似文献
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文章以一个绿色制造商和一个电子商务平台组成的二级电子商务供应链为研究对象,考虑消费者的绿色偏好和信任以及制造商的公平偏好特性,建立了引入区块链前后制造商公平中性和公平偏好四种情形下的博弈模型。通过比较四种情形下的最优决策和最优利润,探讨制造商的公平偏好和区块链对供应链的影响。研究发现,制造商的公平偏好能使自身的利润增加,但对电子平台和整个供应链系统是不利的,且偏好程度越大,影响越大。引入区块链后,当区块链的应用成本很低时,产品的绿色度、电子平台的利润、制造商的利润以及供应链的总利润都比引入之前高,但他们都会随着成本的增加而降低。成本超过某一阈值后,绿色度和利润都比引入区块链前更小。 相似文献
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考虑回收产品质量不确定性与回收商努力水平,构建了利他中性的分散决策、制造商利他偏好的分散决策以及集中决策模型。分别求解了三种决策模型的最优决策,探讨制造商对回收商利他偏好对闭环供应链定价决策的影响。研究表明:回收产品的可再制造比例和回收努力效应与废旧产品回收量、产品市场需求量和闭环供应链利润呈正相关;制造商利他偏好能够提高零售商、回收商和闭环供应链系统的总体利润,但会降低制造商利润;回收商努力水平和回收价格随着制造商利他偏好程度的增加而增加。当制造商利他偏好系数较高时,回收价格高于集中决策下的回收价格,这与传统“集中决策下回收价格最高”的观点不同。 相似文献
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供应商对不同风险偏好的销售商激励机制研究 总被引:1,自引:3,他引:1
利用委托-代理理论,在由单个供应商和单个销售商所组成的简单供应链中,分别研究了供应商和销售商在具有相同风险偏好和不同风险偏好下供应商对销售商的最优激励机制的设计问题,结果表明,在需求不确定且依赖于销售商努力水平的情形下,不同的风险偏好不会影响销售商的努力水平,但在整个激励机制的设计上,会有不同点,并且说明了销售商越是风险规避的,其承担风险的动力就越小。 相似文献
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在市场需求是非线性随机且受零售商努力因素影响的一般情形下,引入通常被忽略了的渠道成员的公平偏好心理特征,研究设计能够协调双渠道供应链的包含努力成本分担参数的改进回购契约。结果表明:即使考虑渠道成员的公平偏好心理特征之后,只要参数取值恰当,改进回购契约就能够协调双渠道供应链。通过数值算例进一步分析了在协调双渠道供应链的改进回购契约下公平偏好对渠道成员利润或效用的影响,发现公平偏好会使零售商遭受负效用且公平偏好强度越大负效用也越大,从而使零售商在供应链整体利润分配中占据更大的份额,即零售商利润随公平偏好强度的增大而增加,制造商利润随公平偏好强度的增大而减少。 相似文献
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John Pepin 《International Journal of Nonprofit & Voluntary Sector Marketing》2005,10(3):165-173
- Non‐traditional charitable sources of revenue may be categorised as follows:
- Venture philanthropy: Human resources and funding invested as donation in the charity by entrepreneurs, venture capitalists, trusts and corporations in search of a social return on their investment. It involves high engagement over many years with fixed milestones and tangible returns and exit achieved by developing alternative, sustainable income.
- Commercial ventures: They seek a financial return on investment by creating a social enterprise operated by charities and their trading/holding companies alone or in partnership with the corporate sector, venture capitalists or investors to provide funding. Venture philanthropists may also ‘invest’ without establishing an equity position in the commercial enterprise. Any profits are re‐directed to mission‐related activity, although the business activity may or may not be mission related.
- Social venture capital: It funds commercial ventures (as above) but may not seek a complete return on investment; instead the investor may off set some or all of the investment against social outcomes.
- Within the context of venture philanthropy, this paper demonstrates how charities, venture capitalists and entrepreneurs may work together in strategic alliances. It explores venture philanthropy from the perspective of venture capitalists and entrepreneurs, giving examples. Charities are shown how to prepare themselves to take advantage of these entrepreneurial opportunities.
- Although the emphasis in this paper is on venture philanthropy, the processes outlined may be used to help a charity take advantage of opportunities within the broader social entrepreneurial context. Successful venture capitalists and entrepreneurs have demonstrated the ability to turn outline business ideas into big results, frequently in highly competitive business environments.
- A common characteristic that appears to unite these individuals when they divert their interest toward social ventures is a desire to apply their business‐like approach, which includes planning processes, milestones and outcome measurement to their social venture activity.
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VENTURE CAPITALIST RELATIONSHIPS IN THE DEAL STRUCTURING AND POST-INVESTMENT STAGES OF NEW FIRM CREATION 总被引:6,自引:0,他引:6
Entrepreneurs often turn to outsiders for financial assistance. Venture capitalists represent an outside source of finance that generally takes an active interest in managing the firm. Two common practices within the venture capital industry are co-investing and staged financing. Responding to the call for more process research which examines the deal structuring and post-investment stages of venture capital involvement, this research utilized a case study approach to explore salient features and themes that emerged in a relationship involving entrepreneurs and multiple co-investors in a new firm start-up. Central findings of the study included: penetrating the venture capital network is a significant first step in securing financial resources and, intriguingly, relationships supersede business plans in securing these resources; paradoxically, venture capitalists establish milestones and tight time-lines yet inadvertently contribute to many of the delays experienced by a start-up firm; the operating logic of venture capital networks, constrained by the hierarchical structures of their constituents, may be incompatible with the needs of a start-up firm; activities within the deal structuring and post-investment stages are more dynamic and iterative than current models suggest; and, staged financing, when combined with multiple venture partners, requires a clear understanding of each party's collaborative role in the enterprise. 相似文献
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Specialization and Success: Evidence from Venture Capital 总被引:1,自引:1,他引:0
This paper examines how organizational structure affects behavior and outcomes, studying the performance of different types of venture capital organizations. We find a strong positive relationship between the degree of specialization by individual venture capitalists at a firm and its success. When the individual investment professionals are highly specialized themselves, the marginal effect of increasing overall firm specialization is much weaker. The poorer performance by generalists appears to be due to both an inefficient allocation of funding across industries and poor selection of investments within industries. Venture capital organizations with more experience tend to outperform those with less experience. 相似文献
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随着我国经济的蓬勃发展,我国已经成为全球风险投资的"焦点"战场,我国的风险投资市场风云再起。首先对我国风险投资业的发展现状进行了深入的研究,然后指出了我国风险投资发展中存在的主要问题,最后从五个方面提出了促进风险投资的发展建议。 相似文献
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风险投资是一种创新的投融资方式,它是一种将资本与高科技企业结合的制度安排。本文提出应从制度安排,投资环境等几方面入手,充分发挥政府在风险投资中的作用,切实改善风险投资环境,设立前限合伙制的风险投资公司,加快法制建设,培养风险投资人才,使我国风险投资步入良性发展的轨道,真正起到促进高科技产业化,推动经济发展的目的。 相似文献
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随着风险投资的不断发展,风险企业价值的评估是风险投资公司决策过程中的重要步骤。在构建了评价风险企业价值指标体系的基础上,运用灰色模糊关系建立评估数学模型,以对风险企业的投资价值进行科学评判。 相似文献
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Victor Martin-Sanchez Ignacio Contín-Pilart Martin Larraza-Kintana 《The International Entrepreneurship and Management Journal》2018,14(1):173-194
This paper uses social comparison theory to explore the effect that the average size of established businesses at the regional (provincial) level may have on start-up size. It is argued that established entrepreneurs at the regional level become referents of new entrepreneurs, influencing not only the decision to become entrepreneurs but also the characteristics of the new venture, such as its initial size. Specifically, the greater the average size of established businesses at the provincial level, the bigger the start-up size of new ventures. This paper further considers how this effect is moderated by two key individual level variables: knowing an entrepreneur personally (i.e., close social referent), and being the owner and manager of an existing business (i.e., past entrepreneurial and managerial experience). Predictions are tested using data that combine individual- and provincial-level information in Spain over the period 2008–2014. The results show the positive relationship of the average size of established businesses on new venture start-up size, and that this effect decreases when the entrepreneurs have previous entrepreneurial experience. 相似文献
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从对原有技术的沿袭程度上,可以将技术创新分为具有持续性质的渐进性技术创新和具有跨越性质的突破性技术创新。中小企业因其灵活的经营,往往成为突破性技术创新者,然而又因其自身不可避免的资金瓶颈,经营管理等问题,严重制约了突破性技术创新的发展。近年来,大量成功的安全表明风险投资对企业技术创新具有显著的推动作用。所以应加强风险投资对中小企业进行技术创新活动的影响研究,探索风险投资对中小企业技术创新的作用,在此基础上制定相应的措施,以期利用风险投资促进中小企业进行技术创新。 相似文献
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Bat Batjargal 《Entrepreneurship & Regional Development》2013,25(2):139-153
This study examines the effects of networking skills of entrepreneurs on network dynamics and venture legitimacy. The article is based on the longitudinal survey data of 94 Internet entrepreneurs in Beijing, China. The findings suggest that networking skills of entrepreneurs have positive effects on the structural changes of entrepreneurial networks over time. Further, improvements in networking skills of entrepreneurs are conducive to greater venture legitimacy measured as the number of institutional investors in the new venture. The research and practical implications are discussed. 相似文献