Hi-tech start-ups: legitimacy challenges and funding dynamics

Studies on the legitimacy challenges faced by hi-tech start-ups are still scarce, leaving room for research, and policymaking debate. Legitimacy issues may become difficult to face for hi-tech firms in comparison with other start-ups, because they work in an extreme environment where the technological challenges are at the edge of the scientific possibility. The paper proposes a conceptual model to grasp the relevance of three legitimacy drivers of the hi-tech start-ups for investment decisions. We investigated the ability of 30 hi-tech start-up firms to obtain financial resources from the US investors, employing a set-theoretic approach and carried out fuzzy-set Qualitative Comparative Analysis. Our findings clarify that the funding decisions of US investors are driven by the location of headquarter and R&D of hi-tech start-ups and by the educational experience of the founders. Our study has significant theoretical, practical, and policymaking implications.     

‘Swift Rail’—funding local rail transit through smarter growth

Many medium-size cities suffer from severe traffic congestion and poor accessibility, limiting their potential to improve their economy, environment, and social equity. These problems could be addressed by creating high-quality transit linking such cities with suburban and other catchment areas through use of existing rail lines and abandoned former railway alignments. This concept, termed ‘Swift Rail’, would call for an innovative approach to local railway and transport development.     

A net stable funding ratio for Islamic banks and its impact on financial stability: An international investigation

The Islamic Financial Services Board (IFSB) is the standard setting body for the Islamic banking industry. The IFSB, while endorsing the Basel III accord, modified the criteria to calculate the Net Stable Funding Ratio (NSFR) to cater for the unique aspects of the Islamic banking industry. In this paper, we calculated the modified NSFR of 136 Islamic banks from 30 jurisdictions between 2000 and 2013 and explored the potential impact the requirements of this ratio has on the financial stability of Islamic banks after controlling for bank, country, and market-specific variables. The empirical findings suggest that the modified NSFR has a positive impact on the financial stability of Islamic banks during the sample period. However, the marginal impact of the NSFR on stability diminishes as the size of the bank increases. The results remained robust after applying an alternative measure of stability and using an alternative estimation model based on an instrumental variable approach. These results validate the use of the IFSB’s modified NSFR for Islamic banks as a regulatory measure.     

浅谈水表出户改造工程造价管理

在水表出户改造项目中分析项目参与各方造价管理目标、内容、时间阶段以及利益机制基础上,就业主方如何依据自身特点,在水表出户全过程的各个阶段造价管理方面发挥控制的核心作用,提高水表出户改造投资效益进行了实务分析和总结.     

Does it pay off for museums to foster creativity? The complementary effect of innovative visitor experiences

This paper aims to explore the link between creativity orientation, investment in visitors’ experience and operating and funding performance in tourist attractions, taking museums as a case study. The empirical work is based on an analysis of the information provided by a sample of Spanish, French, German, British and American museums. The findings highlight the positive impact of creativity orientation on museums’ operating performance, but show a curvilinear effect on funding performance. The use of new technologies and adaptation to the audience proves positive when seeking to attract visitors.     

养老保险统筹账户：基于可持续运行角度的参数效应研究

文章针对城镇职工基本养老保险统筹账户面临的问题,重建了可持续运行能力的衡量指标。以现行制度为基础构建模型,利用精算方法预测统筹账户收支规模及平均替代率的变化趋势。在对退休年龄、在岗职工的平均工资和参保人数对账户可持续性造成综合影响进行比较静态分析之后发现：提高参保率是较为得力的措施。同时文章还借鉴国外经验提出了相应的政策建议。     

Is external research assessment associated with convergence or divergence of research quality across universities and disciplines? Evidence from the PBRF process in New Zealand

ABSTRACT

Performance-based research evaluations have been adopted in several countries both to measure research quality in higher education institutions and as a basis for the allocation of funding across institutions. Much attention has been given to evaluating whether such schemes have increased the quality and quantity of research. This paper examines whether the introduction of the New Zealand Performance-Based Research Fund process produced convergence or divergence in measured research quality across universities and disciplines between the 2003 and 2012 assessments. Two convergence measures are obtained. One, referred to as β-convergence, relates to the relationship between changes in average quality and the initial quality level. The second concept, referred to as σ-convergence, relates to the changes in the dispersion in average research quality over time. Average quality scores by discipline and university were obtained from individual researcher data, revealing substantial β- and σ-convergence in research quality over the period. The hypothesis of uniform rates of convergence across almost all universities and disciplines is supported. The results provide insights into the incentives created by performance-based funding schemes.     

新农合补偿制度调查分析——寿光案例

起付线、保障率和封顶线是新农合补偿制度的三个要素,其设定不仅决定新农合制度是否能起到合理引导病人就医的作用,而且对新农合基金的安全也存在着重要影响。寿光市的实施情况显示,在参合农民中依然存在着实际补偿率较低的问题,造成这一问题的原因是补偿制度的不合理和管理理念的落后,应该通过灵活设置封顶线、改革总额预付制度以及鼓励社会资本参与新农合建设等方式加以解决。     

企业研发决策、政府资助方案及最优资助配比

本文对企业和政府在企业研发决策中研发组织方式进行了理论分析,研究了不同市场和不同决策下的政府的资助方案及最优资助配比。研究发现,在独立研发的情况下,封闭市场需要政府资助诱导企业私人研发的投入,且最优配比为1:2;出口导向型市场政府资助对企业私人研发的投入无诱导作用;进口导向型市场企业无需政府资助亦会进行私人研发投入。在产学研合作的情况下,封闭市场中支付学研机构的研发费用率k和政府资助s满足(1+s)(1-k)=1.5时达最优资助配比。