现代风险投资公司治理效率的比较研究

公司制和有限合伙制是现代风险投资两种主要的组织制度。风险投资公司治理的问题比普通公司的更为突出和复杂。通过比较,有限合伙制能有效解决风险投资公司治理问题,具有较高的运作效率和治理效果,是风险投资组织制度的理想选择。     

现代风险投资公司治理效率的比较研穷

公司制和有限合伙制是现代风险投资两种主要的组织制度。风险投资公司治理的问题比普通公司的更为突出和复杂。通过比较，有限合伙制能有效解决风险投资公司治理问题，具有较高的运作效率和治理效果，是风险投资组织制度的理想选择。     

公司风险投资的动因与组织模式选择

中国经济长期高速增长带来企业和居民财富迅速积累,在资本市场繁荣的同时,市场经济组成结构和资本来源形式逐渐多元化,而公司风险投资已成为推动经济发展的重要力量。本文从公司风险投资的动因和组织模式选择对投资效率和收益的影响的角度,建立二者之间的动态联系。     

中国风险投资业实行有限合伙制的思考

风险投资业在中国是个新兴的产业,目前我国风险投资业主要采用公司制的组织形式,,这种组织形式在初期发展阶段是比较可行的,但风险投资业是高风险高利润的行业,与一般的产业不同,因此公司制的组织形式在风险投资业发展中存在着许多的障碍,本文正是分析中国公司制风险投资业存在的问题,借鉴美国有限合伙制风险投资公司成熟的经验,提出在中国风险投资业尝试实行新的组织形式--有限合伙制,并认为中国目前具备潜在的条件实行这一组织形式.     

风险投资组织形式与风险投资家报酬设计研究

风险投资家报酬设计与风险投资组织形式密切相关。风险投资的组织形式不同,风险投资家的报酬设计会存在差别。文章通过分析有限合伙制、公司制和信托基金制三种组织形式,探索了与之对应的风险投资家报酬设计安排。     

中国风险投资业实行有限合伙制的思考

风险投资业在中国是个新兴的产业，目前我国风险投资业主要采用公司制的组织形式，这种组织形式在初期发展阶段是比较可行的，但风险投资业是高风险高利润的行业，与一般的产业不同，因此公司制的组织形式在风险投资业发展中存在着许多的障碍，本文正是分析中国公司制风险投资业存在的问题，借鉴美国有限合伙制风险投资公司成熟的经验，提出在中国风险投资业尝试实行新的组织形式——有限合伙制，并认为中国目前具备潜在的条件实行这一组织形式。     

我国风险投资机构组织模式选择研究

我国风险投资机构目前的组织模式主要为有限责任公司和股份有限公司两种组织形式。这两种组织模式存在资金来源有限、投资工具落后、报酬机制不合理等问题;应选择有限合伙制组织模式加以解决。     

风险投资中有限合伙制与子公司制的比较

不同的风险投资组织模式运作效率是不同的,从而在很大程度上会影响本国高科枝产业发展.世界各国在发展风险投资过程中主要采用了有限合伙制、子公司制及公司制等形式.本文重点分析了有限合伙制与子公司制.比较风险投资的组织模式,对于构建中国特色的风险投资制度具有一定的意义.     

我国风险投资机构研究综述

本文主要从三方面对风险投资机构相关文献进行了梳理,一是风险投资机构的作用及其投资主体选择;二是风险投资机构面临的风险及组织模式选择;三是风险投资机构委托代理问题及治理模式选择。通过文献的综述可以进一步对风险投资机构的研究提供理论基础和研究空间。     

美、日风险投资运作机制及其借鉴

美、日风险投资运作机制不同,导致两国风险投资发展效果迥异。美国风险投资公司以有限合伙制为其主流组织形式,有发达的私人权宜资本市场和二板市场作为风险资本进入和退出的渠道,并且也形成了适宜于风险投资发展的人才和文化环境。而日本风险投资公司的组织形式、二板市场状况和文化环境等条件都难与风险投资发展的内在要求相适应。我国目前风险投资发展中存在许多问题,对美、日风险投资运作机制的分析能为我国发展风险投资提供重要的借鉴作用。     

风险投资介入中小企业公司治理的机理与效果研究

随着深圳创业板的推出,我国风险投资业再一次迎来了发展的高峰。本文对风险投资介入被投资企业公司治理的过程进行了分析,并以深圳中小板上市的企业为样本,对我国风险投资介入被投资企业公司治理的效果进行了研究,结论显示我国风投介入中小企业公司治理的效果并不明显,除对市场价值有所提升外,对治理水平和企业绩效的影响都不显著,这说明我国风险投资业还需要很大的完善。     

Structuring deals and governance after the IPO: Entrepreneurs and venture capitalists in high tech start-ups

In an effort to better understand the effects of venture capital investment on selected firm governance and financing structures, we examined the post-IPO experiences of 190 biotechnology and healthcare firms (see appendix). Our study revealed that in virtually all cases, the involvement of venture capitalists reduced the role of the founder-entrepreneur in strategic decision making. This was illustrated by the larger proportion of outside directors when venture capitalists invested and the smaller proportion of entrepreneurs who remained officers or in board positions after the IPO. We also found that venture capitalists rarely invested alone, and preferred to structure deals in which venture capital partners share both risks and rewards.     

专业市场流通体系的组织结构、效率边界与演进趋势

专业市场流通体系组织结构的特点可完整地概括为两点：从组织形态来看,它是一个由集聚的中间商引领的迂回交易网络;从治理结构来看,它是基于平等商品契约的市场型治理结构。从组织形态的特点出发可以发现专业市场流通体系如何依靠集聚的中间商达成基本商品流转服务的有效率供给;从治理结构的特点出发可以了解专业市场为什么难以供给质量提升、纵向信息整合等增值服务。综合二者才能对专业市场流通体系的效率边界与演进趋势做出客观判断。然而当前对专业市场组织结构研究聚焦于考察其组织形态,忽略了对治理结构的研究。这造成对专业市场的效率边界的界定不准确,并进一步导致对其演进趋势的判断存在争议。     

Governance and resource interaction in networks. The role of venture capital in a biotech start-up

This paper examines venture capital (VC) governance in innovation processes. The VC literature often presents the relationship between a VC firm and a start-up as dyadic and analyzes it with agency theory. In contrast, this paper deploys the resource interaction framework presented in Håkansson and Waluszewski (2002) to governance and innovation in networks. The paper reports an in-depth case study of Pyrosequencing, a Swedish biotech firm financed with VC. The results from this study reveal how the relationship between a VC and a start-up company is embedded in a wider network and how the governance of the VC spreads in the surrounding network and influences a start-up's possibilities to develop organizational and technical resource interfaces to critical counterparts such as suppliers and customers.     

Refining the Art of Reforming the Corporate Governance of Chinese State-Controlled Listed Companies: Venture Capital and Adaptive Efficiency

The corporate governance of Chinese state-controlled listed companies (SCLCs) has attracted much scholarly attention. Through reviewing the extant literature in this field, it is clear that the overwhelming majority is theoretically underpinned by the lens of agency costs. Another important perspective, adaptive efficiency, has yet to be equally emphasized by scholars. Reflecting on the experience of American venture capital (VC), this article puts forth that the corporate governance of SCLCs has weakened the fundraising ability of Chinese domestic VC. Taking account of the positive link of a vibrant VC sector and the enhancement of adaptive efficiency, an obvious conclusion is that the corporate governance of SCLCs has already jeopardized the adaptive efficiency of the Chinese economy. Further, the normative implication of this finding is that the refined art of reforming the corporate governance of SCLCs ought to combine and harmonize agency costs with adaptive efficiency.     

浅议风险资本与高新技术企业的公司治理

当前,由于风险投资在高新技术企业中所占的股权巨大,使得高新技术企业的公司治理变得复杂、特殊.风险资本市场本身具有风险性强、涉及范围广等特点,只有使其功能充分发挥出来,才能促进风险资本的合理开发,促进高新技术企业的技术创新,才能使高新技术企业的公司治理顺利开展.本文主要从风险资本最基本的运作原理入手,分析目前高新技术企业的公司治理过程中存在的风险,以及高新技术企业如何在各种风险中吸引风险投资.     

The effects of human capital,organizational demography,and interpersonal processes on venture partner perceptions of firm profit and growth

Venture teams, which are comprised of two or more partners, are becoming one of the more popular and important modes of new business development. Traditionally, financial capital has been the primary perspective in assessing venture viability. To expand the venture evaluation horizon, we examined the effects of human capital, organizational demography, and interpersonal processes on partner evaluations of venture performance, defined as the presence of profit and growth. The results support this approach in analyzing venture teams, and we propose that this perspective be included in future venture viability assessment, and used for intervention to enhance venture success. Suggestions are provided for future research.     

A venture capital model of the development process for new ventures

For years, researchers have hypothesized that new ventures develop in a fairly predictable chronological process by evolving through various functional and strategic developmental stages. However, cross-comparable longitudinal data from large numbers of ventures are still not available to validate these “stages of development” hypotheses. The study sought to determine whether venture capital firms, which have extensive experience with the longitudinal development of new ventures, operate in accord with a common theory about how this process operates. These findings also represent a first step toward empirically validating various elements of “stages of development” theories.The study analyzed the perceptions of the CEO or managing partner of 73 U.S. venture capital firms about key features of the development process for new businesses. Venture capital firms were asked whether they differentiated stages in the development process. For each such stage information was elicited on what the stage was called, distinguishing characteristics of ventures in that stage, key developmental goals or benchmarks typically accomplished in that stage, and the major risks involved. Sufficient consensus was found on these aspects of the development process for a “venture capital model” of this process to be constructed. The model consists of five sequential stages: 1) “seed” ; 2) “start-up” ; 3) “second stage” ; 4) “third stage” ; and 5) “exit stage.” Strong consensus was found on distinguishing characteristics of ventures in early stages of development, key developmental goals or benchmarks in various stages, and major developmental risks associated with each stage. Consensus on developmental characteristics diminished somewhat in later stages, presumably because of differential rates of development among investees, as well as differing degrees of success in accomplishing earlier objectives. Nevertheless, sufficient differences in functional characteristics remained to clearly distinguish later stage investees from early stage investees, and to enable differentiations in maturity between “third stage” and “exit stage” investees.The venture capital developmental model exhibits both similarities and differences from “stages of development” paradigms. First, the venture capital model is primarily strategic and market-oriented in focus. It gives lesser emphasis to the elements of organizational structure, management style, and management specialization than some “stages of development” theories, although these elements are identified by venture capitalists as potential areas of risk should problems arise. Second, like “stages of development” paradigms, the venture capital model is universal and not venture specific. Venture capital firms appear to view all potentially feasible business concepts, despite differences in product, organizational complexity, rate of development, or ultimate size, as passing through the same process sequence, albeit at different speeds and with varying degrees of success. Third, the model, while reflecting the financial objectives of venture capital investors, is primarily shaped by the naturally occurring functional development of investees. It does not represent arbitrary requirements imposed on investees to segment the developmental process into steps that would not otherwise occur.The development of venture capital investees is influenced by the strategic and financial objectives of venture capital firms. Thus the model does not necessarily mirror the strategic and dynamic elements of the development process for firms that are not intended by their founders to grow rapidly and then go public or be acquired by a larger corporation, or for ventures that must depend upon internally generated funds or bank loans to finance development.The venture capital model, representing perceptions of 73 venture capital firms derived from longitudinal data for many hundreds of new ventures, appears to empirically confirm the concept of an evolutionary progression through key functional and strategic steps, which is a central element of most “stages-of-development” hypotheses. The study did not go into sufficient depth, however, to provide detail on the influence of factors such as organizational structure and management styles and control systems on development. These factors are central elements in several “stages of development” theories, and are arguably of critical importance in the growth, survival, and financial success of new ventures.     

Financial intermediaries,ownership structure and the provision of venture capital to SMEs: evidence from Japan

This paper examines how the provision of venture capital to small- and medium-sized businesses (SMEs) is influenced by the ownership structure of the venture capital provider. We introduce a new and unique dataset from the Japanese venture capital market, comprising data on investment and venture capital activities of 127 Japanese venture capital funds. The data allow us to provide a direct comparison of the behaviour of individual owner-manager venture capitalists versus financial intermediation (e.g., bank’s venture capital divisions). The data indicate owner-manager venture capitalists (financial disintermediation) give rise to much smaller portfolios of SMEs and more advice to entrepreneurs. Across the scope of different financial intermediation structures, including banks, life insurance companies, securities firms, corporations and government bodies, there are further differences in the provision of governance and value-added advice provided to SMEs. Also, the data indicate US-affiliated funds in Japan are more likely to have smaller portfolios and tend to provide more advice to SMEs.

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。