风险投资的投资组合规模的决策模型研究

风险投资家投资并增加启动企业的价值,以及对企业提供咨询都是要消耗时间的,同时也创造一个在咨询的强度及组合规模同投资收益之间的均衡。我们确定管理咨询强度从而确定风险投资组合规模,即组合中企业的数量。风险投资家应该根据自身的管理能力来确定他们的组合数量,而非为了确定数量而确定数量。企业的未来价值和企业家从中享受到的利益份额决定了风险投资企业提供的管理咨询力度,从而决定了风险投资企业的最佳组合规模。静态的比较分析将显示最佳的咨询力度是如何对企业未来价值和利益份额参数作出反应的。     

金融改革是风险投资的先行军

所谓风险投资 (ＶｅｎｔｕｒｅＣａｐｉｔａｌ)是指投资家出资协助具有专门技术而无自有资金的创业家进行创业 ,并承担创业阶段的失败风险 ,投资家以获得红利或出售股权获取利益为目的 ,其特色在于甘冒风险来追求较大的投资报酬 ,并将回收资金循环投入类似高风险事业 ,投资家筹组风险投资公司、招募专业经理人 ,从事投资机会评估并协助被投资事业的经营与管理 ,促使投资收益早早实现 ,降低整体投资风险。风险投资是集筹资、投资、资本运营和资本循环为一体的金融系统工程。其高度组织化、科学化和程序化的运行机制和资产治理结构使其成为现…     

如何建立我国的创业投资机制

一、创业投资是高新技术发展的动力源泉 创业投资是指创业投资家或创业投资机构以资金和专业知识对具有发展潜质的新兴创业企业尤其是高科技创业企业提供资本支持,并在企业发育成长到成熟期后退出投资以实现自身资本增值的投资行为。创业投资有着区别于传统投资行为的显著特点：①主要投资于新兴创业企业尤其是高科技企业而非相对成熟企业;②不仅提供资本金支持,还包括创业投资机构的股权参与和资本经营服务,通过直接购买认股权、期权或可转换债券来实现;③投资退出或投资价值的兑现往往是通过资本市场上出售股权的方式实现而非依靠利…     

创业企业控制权的动态转移模型研究

通过构建一个控制权的动态模型，表明在创业投资中，当创业家拥有控制权时应给予其较低的控制权收益，而给予较大的股权收益，以最大化创业企业的价值；当创业家过度投资的成本小于创业投资家投资不足的损失时，将控制权授予创业家，否则，需要将控制权从创业家转移至创业投资家，并在收回控制权的同时，给予创业家一定的补偿。     

高新技术产业风险投资退出机制探讨

风险投资的运行机制是由风险投资的不同阶段构成的有机整体,其运动轨迹是：前期准备-播种期-孵化期-收获期-退出期,在前期准备阶段,风险投资家对投资方进行筛选与评估,做出是否投资的决策,在播种期内,由创业家提出创业构想及其产业化的资金需求,风险投资家在进行筛选评价的基础上向创业注资,在孵化期内,风险企业产品原已经定型,并准备设厂进行生产,需要大量的创业资本,这一阶段风险投资促使企业生产出合适的产品,在收获期间,风险投资家帮助风险企业运作资本,以实现股东权益最大化。在退出期内,风险投资家笄并实施退出,投资机构回收高额投资报酬或为减少损失即时出售股权,回收资金用于新的投资方案。     

风险投资后管理对被投企业创业导向的影响研究

已有文献分别围绕风险投资后管理、创业导向展开研究,但缺乏两者间关系的研究。明确了投资后管理中增值服务的内容划分及界定,指出增值服务与创业导向间的资源纽带,提出网络资源支持、后续融资支持、战略支持、管理支持4种增值服务均正向促进被投企业的创业导向。基于委托代理理论,从风险资本与被投企业间的投资契约机理出发,厘清了投资后管理中监控影响创业导向的路径,指出监控负向影响创业导向。     

创业投资公司退出调查

从创业投资家的角度看,创业投资是很多年内流动性较差的长期投资,因为很多创业企业最初是不盈利的,因此从这些企业中退出是创业投资家实现投资回报的基本方式。退出有两个重要的功能:(1)它使创业投资家将对成功企业的增值服务转移给处于早期阶段的创业企业;(2)它使创业投资基金的投资者能够评价创业投资家的质量,并且能够将创业资本从不成功的创业投资家重新分配给成功的创业投资家。因此,退出对创业资本的运作至关重要。     

创业风险投资的风险预警及防范

创业风险投资家对于创业风险投资管理过程中的风险预警和控制是基于其对风险企业的分析、对市场的判断、对风险企业前景的展望基础上做出的理性判断,对创业风险投资中的风险预警及其防范措施作了系统阐述.     

创业企业联盟组合规模与绩效关系实证研究——资源冗余的调节作用

面对激烈的竞争,企业希望通过构建联盟、形成联盟组合的方式应对竞争。不过,联盟组合规模对于焦点企业绩效的影响尚未得到一致结论。本文基于交易成本理论和资源基础理论,采用中国深圳创业板上市公司数据,探讨创业企业存在资源冗余的情况下,联盟组合规模与企业绩效之间的关系。采用多元层次回归的方法,对336个企业的1455条“企业-年度”的联盟组合规模相关数据分析后发现,创业企业联盟组合规模的增加对焦点企业绩效有显著的负向影响,已吸收资源冗余和未吸收资源冗余在联盟组合规模与焦点企业绩效之间起正向的调节作用,强化了联盟组合规模对焦点企业绩效的负向影响。     

道德风险与对风险企业家的激励

风险投资是一个融资和投资相结合的过程，风险投资家从投资者那里筹集资金，再分散投入到各风险企业中去，形成投资者和风险投资家、风险投资家和风险企业家的双重委托代理关系。委托人的利益要靠代理人去实现，投资者一般不参与风险资本的投资、运作、管理和决策，而风险投资家虽然参与了风险资本的管理，但也不可能像风险企业家那样参与企业的日常经营管理，这就给了代理人向委托人隐瞒信息的机会。当代理人和委托人的利益不一致时，代理人就可能利用这种不对称信息做出对委托人不利的行为选择，道德风险由此产生。在风险投资家与风险企业家之间的委托代理关系中，道德风险主要表现为风险企业家在获得投资后隐瞒企业实际信息、消极怠工、投资次优化和在职消费等四个方面。     

The role and contribution of networks in M&A of innovative ventures: can lessons learned from networks of Israeli start-ups be applied by China?

Networks’ impact on business outcome is documented in various theories. We examined the role of specific actors in the networks of successful Israeli technology ventures and identified the actor's contribution during early, advanced, and merger and acquisition (M&A) stages. A mixed qualitative–quantitative method was applied to collect insight and data from 185 founder-entrepreneurs who exited via M&A. A name generator-interpreter technique was used to obtain details on the role and contribution of 768 actors. Our findings pointed to the influential role of actors such as Venture Capitalists , angels, board members, and multinational firms, as well as the vital contribution of foreign actors, during M&A transactions. We further draw implications to illustrate that, if applied, lessons learned from sell-side acquired ventures can benefit Chinese companies in their quest to acquire innovation via M&A. We suggest that the understanding of networks practiced by acquired ventures can increase buyers’ accessibility and visibility to target opportunities and improve M&A outcomes.     

Start-ups, venture capitalists, and the capital gains tax

A model of start-up finance with double moral hazard is proposed. Entrepreneurs have ideas and technical competence, but lack own resources as well as commercial experience. Venture capitalists (VCs) provide start-up finance and managerial support. Both types of agents thus jointly contribute to the firm's success, but neither type's effort is verifiable. We find that the market equilibrium is biased towards inefficiently low entrepreneurial effort and venture capital support. In this situation, the capital gains tax is particularly harmful. The introduction of a small tax impairs effort and advice and leads to a first-order welfare loss. Several other policies towards venture capital and start-up entrepreneurship are also investigated.     

An interactive perspective of managers’ functional experience and managerial ties of new ventures in transition economies

ABSTRACT

Using a sample of new ventures in China, this study examined the roles of the two different types of managerial resources, i.e. managerial ties and functional experience, simultaneously and interactively. It suggests that both of them have positive influences on new venture performance, and managerial ties remain the main factor that contributes to firm success. Political ties have a positive effect on sales growth but have an inverted U-shaped relationship with profit growth of new ventures, while the effect of business ties on firm performance is monotonic and positive. Finally, it suggests that the complementary effect occurs between political ties and functional experience, while the substitution effect occurs between business ties and marketing experience.     

THE EFFECT OF OWNERSHIP IN NGOS’ COMMERCIAL VENTURES

ABSTRACT: Amidst pressure to become self‐financing, Non‐Governmental Organizations (NGOs) have become increasingly involved in profit‐generating business ventures. Because NGOs are traditionally financed by donations with the expectation that they focus on their social mission, the commercialization of NGOs has generated criticism. This paper examines the effect of ownership on investment incentives in NGOs’ commercial ventures, using an incomplete contracts framework. NGO‐ownership helps minimize the tension between primary social mission and managerial decisions. However, external ownership provides better incentives to invest in mission‐enhancing innovations. Finally, because relationships with firms are repeated, NGOs may use relational contracts to align their ventures’ incentives. However, such contracts need to be credible to work.     

A New View on the Economic Theory of the State: A Case Study of France

Given the contribution of Schumpeterian entrepreneurship to technological progress and well-being, the accuracy of investment decisions by venture capitalists is a societal issue. Venture capitalists find the human capital of entrepreneurs difficult to assess. This paper employs instrumental value theory to assess the impact of different human capital factors on the performance of new ventures. A meta-analysis of 29 previous empirical studies that examined the effect of founder's human capital on new venture performance suggested that instrumental value theory holds promise as a guide for research on entrepreneurs' human capital and new venture performance. It could also help venture capitalists to make better investment decisions, benefiting society in general.     

Is the growing wealth the driving force for venture capital fundraising in Europe? An empirical analysis

There has been no study aimed to determine to what extent the growth of wealth, on a global scale, contributes to stimulating investments in high-risk ventures. This article intents to answer the question: Does the growing wealth drive venture capital fundraising in Europe? Additionally, we will calculate short-term forecasts of the increased-risk capital market for the years 2015–2017. Recognition of the factors impacting the vc/pe market allows stimulation of development of the increased-risk capital. Venture capital serves as a source of financing of prospective projects, stimulates innovation and promotes small and medium enterprises. Owing to counteracting unemployment, this capital economically supports development of countries.     

浅谈新创企业的人力资源管理

新创企业的首要任务之一,是努力形成稳定而健康的人力资源体系。通过设置相适的岗位、提供充沛的人才供给、开展针对性的培训和运用多种激励手段,达到选拔、培养、留住人才目的,为新创企业正常且长期运转的提供必要人力资源支持。新创企业只有结合自身特点,制定出有效的人力资源管理机制,才能扭转在人力资源管理方面的被动局面,开创良性循环的人力资源管理前景。     

基于公平偏好下的风险企业家道德风险研究

风险企业家在向风险投资家寻求融资共同发展风险项目的过程中表现出有限理性,具有公平偏好心理,其往往因为嫉妒心理而影响到自身的努力水平,这样,风险投资中的道德风险问题不可避免,进而会损害到风险投资家的利益。本文从有限理性的角度出发,通过设计针对具有公平偏好的风险企业家的有效激励机制,以此来分析和防范公平偏好心理带来的道德风险问题。研究表明,风险投资家应尽可能选择公平偏好程度较小的风险企业家作为投资对象,以减少或规避风险投资市场中的道德风险。     

高新技术产业发展与风险投资探讨

风险投资作为一种独特的融资方式，正日益风靡世界，也逐渐为国人所认识，中央领导也多次提到风险投资与科技创新，一些地方政府正在把发展风险投资作为促进当地经济发展的新的经济增长点。风险投资在带动高新技术产业发展中所起的作用越来越重要，它已成为影响社会经济发展和产业进步的重要力量。风险投资业的发展，离不开各级政府的支持与扶持。     

Managerial perceptions of employees’ affective commitment and product innovation

In this paper we examine how managers perceive employees’ affective commitment and how this perception determines their trust as a managerial attitude toward organizational learning capability (OLC). Likewise, we study how managerial trust affects product innovation and OLC. In other words, we carry out a double mediation: firstly, we examine whether managerial trust is a mechanism through which managerial perceptions of employees’ affective commitment influences on OLC, and secondly, we study if OLC mediates between managerial trust and product innovation. By using structural equation modeling (partial least squares) on a sample of 192 Spanish firms we conclude that: (1) if managers perceive employees to be affectively committed, they will be willing to enhance OLC and to trust them; (2) managerial trust favors OLC and product innovation and (3) OLC appears to exert a full mediation between managerial trust and product innovation.