美国风险投资业中的制度创新

在美国高科技企业与风险投资互动发展的背后,存在着一系列的制度创新,包括金融制度、公司治理和管理创新,正是这些创新活动提高了风险投资的效率,形成了富有激励性和生产性的投资机制。     

Contract Length as Risk Management When Labor is not Homogeneous

This paper examines the choice of contract length for workers who possess unique skills. Uncertainty, facing both the worker and the firm, creates an incentive to reallocate risk. The uncertainty arises from two sources: variation in the market value of the worker's human capital and fluctuation in the worker's physical production. Long‐term contracts are typically modeled as compensating wage differentials, or as a solution to the problem of asymmetric information. This paper develops a model proposing more complex behavior in the reallocation of risk between the contracting parties. The model shows that long‐term labor contracts are most likely to be observed when price uncertainty in the labor market exceeds the worker's productive uncertainty.     

Internalization and internationalization under competing real options

The theories of internalization and internationalization provide general factors of international market entry but are not precise about its timing. The theory of real options may complement these approaches as it centers the impact of uncertainty on the timing and dimensioning of investment. A panel study of 5379 German entries to 22 countries suggests that, under the moderating influence of competition, the economic uncertainty in a host country has a U-shaped influence on the moment of entry. The results further reveal that uncertainty has a negative effect on the amount of capital at entry. Uncertainty shows no impact on the share in capital at entry, which challenges the view of international joint ventures as real options.     

无形资本VS有形资本:创意产业新企业生存能力的影响因素分析

通过分析金融资本、关系资本和先前经验这三类重要的创业资源对创意产业新企业生存能力的影响,比较了无形资本与有形资本对新企业生存能力影响程度的大小。结果表明,创业者拥有的有形资本对创意产业新企业的生存更加重要,尤其是在新企业成立的初期,避免新企业创立初期现金流局限可能造成的关键员工信心丧失和人员流失,才能保证附着于其上的关系资本和先前经验等无形资本发挥重要作用。     

一类合资企业的最优股权结构

本文研究合资企业与母公司的关系,给出了一个理论模型,解释合资企业最优股权结构及投资结构,以及实现最优结构的前提条件。我们的结论是:在某些假设条件下,最优投资结构为1:1,并给出了在这种情况下的最优股权结构。     

Riester-Vertr?ge: Zur Bedeutung von Kosten und Garantien aus Anlegersicht

The article discusses insurance- and mutual fund-based Riester contracts with respect to the different cost structures and the nominal capital guarantee. A mutual fund-based contract is represented by a plan with a high equity exposure and a nominal capital guarantee, while an insurance-based contract is approximated by a contract with a lower equity exposure and a guaranteed annual rate of return of 2.25%. Both approaches are implemented using a constant proportion portfolio insurance (CPPI) strategy to ensure the relevant capital guarantee. Without taking cost into account, mutual fund-based contracts seem to be the preferred choice for large segments of the population. However, insurance-based Riester contracts become more attractive once the differences in the cost structures are taken into account. The cost disadvantage of mutual fund-based Riester contracts, which occurs whenever the active managers cannot beat the market, is especially important for weakly risk-averse investors, i.e. for the classic clientele of risky investments. Similarly, these savers suffer most from the nominal capital guarantee of mutual fund-based contracts because these individuals would prefer a constant-mix strategy over a CPPI strategy. Thus, the differences in cost structure and the nominal capital guarantee can be identified as possible reasons for the persistently high market shares of insurance-based contracts in the Riester market. However, mutual fund-based Riester contracts are still the first choice for many savers. For example, people with relatively secure private property outside a Riester contract would prefer mutual fund-based contracts, despite cost and capital guarantee issues. The results suggest that mutual fund-based Riester contracts that use Exchange Traded Funds are an attractive product innovation in the Riester market.     

存在应收账款条件下中小企业不足额质押融资合同设计

债权融资合同和股权融资合同都存在经营者道德风险问题,与对称信息相比都尚存在效率改进的空间。针对此问题,在中小企业质押不足、存在应收账款的前提下,基于非对称信息博弈论给出了利用应收账款进行融资的"条件合同"。研究表明:与单纯的债权合同相比,"条件合同"能有效地减少中小企业谎报项目真实收益、将资金挪为它用投资更高风险项目的激励;与单纯的股权合同相比,"条件合同"能保证中小企业经营者付出更多的努力;进一步,"条件合同"是股权合同的严格帕累托改进,并且在一定条件下也是债权合同的严格帕累托改进。最后以一个算例说明了研究结论的有效性。     

New venture financing in Germany: Effects of firm and owner characteristics

Entrepreneurial activity by new ventures is an important driver of economic growth. Yet obtaining sufficient and/or appropriate financial means often represents a considerable challenge to entrepreneurs. Notably, reliable empirical evidence on financing patterns of young enterprises in Germany has so far been scarce. Using data from the KfW/ZEW Start-up Panel, a new large-scale dataset of newly founded ventures, we provide a comprehensive overview of financing structures and their firm- and owner-related drivers in German start-ups within the first months of their existence. Conceptually, we find pecking-order theory to hold for new ventures in Germany, although individual motives lead to partially deviant financing patterns. Moreover, our findings indicate that the extent of financing and the choice of capital sources are both driven by a multitude of firm as well as owner characteristics.     

CEO human capital,top management teams,and the acquisition of venture capital in new technology ventures: An empirical analysis

We combine signalling and human capital theory to analyze how competencies of new venture CEOs impact the amount of money technology ventures acquire in venture capital (VC) financing rounds. Using data on 117 financing events in the biotechnology industry, we show that education in management, founder-based firm-specific experience, international experience, and industry-specific experience of the CEO impact the VCs’ financial commitments. Moreover, we find that the effects of management education and industry experience are moderated by the size of the venture's top management team. We discuss the implications of these findings for the research literature on technology ventures and venture capital.     

Valuation effects of corporate strategic transactions in the cleantech industry

This paper investigates capital market reactions to announcements of corporate strategic transactions in the clean technology, or cleantech, industry. Using the event study method in a multi-country setting, we exploit a dataset of 328 hand-collected announcements of mergers and acquisitions, joint ventures, and asset disposals that took place between 2001 and 2011. We provide strong evidence of significant wealth gains from cleantech deals. On average, cleantech companies earn significantly higher abnormal returns than non-cleantech companies, confirming the beneficial idiosyncrasies of the cleantech industry. These high premia are likely driven by government interventions that are believed to be a necessary pre-condition for development of clean technology. Alternatively, the premia are commanded by the acquisition of cutting-edge environmental innovations and the positive credibility spillover inherent in cleantech deals.     

Adaptation in new technology‐based ventures: Insights at the company level

Recent research shows that, owing to the presence of uncertainty and ambiguity, new ventures have great difficulties in defining a viable business model from the outset and that minor or major adaptations to this initial business model are needed as the venture evolves. Technology‐based companies are confronted with particularly high degrees of uncertainty and ambiguity. This paper therefore focuses on new technology‐based ventures as a special case worth investigating. Most of the entrepreneurship literature studies adaptation at the individual level. However, many new technology‐based firms are founded by a team of entrepreneurs. This paper therefore looks at how existing literature at the company level can inform us about adaptation in new technology‐based companies. It starts by relating the concept of adaptation in new technology‐based ventures to the existing literature on organizational adaptation at the firm level. Based on an overview of existing literature at the firm level, a propositional model is then put forward, describing (1) the process of adaptation and (2) the factors enabling adaptation in new technology‐based ventures.     

Integrating Behavioural and Economic Concepts of Risk into Strategic Management: the Twain Shall Meet

This paper develops an integrated framework of risk management and strategic competitive advantage that incorporates behavioural and economic notions of risk. The resulting model argues for the importance of risk-taking to sustainable competitive advantage and ultimately to firm performance. The model integrates framing effects of attainment discrepancy, transaction costs from implicit contracts theory and capital costs from finance theory. The proposed model suggests that continuous risk-taking by firms may help sustain competitive advantage and thus lower firm risk. This, in turn, effectively increases market returns to shareholders by ensuring earnings growth while simultaneously reducing the risk premium discount attached to a firm’s future income stream.     

论公司财务管理在公司治理结构中发挥的作用

公司制企业财务管理存在着三个层次,即出资者财务、经营者财务和专业财务;它们在公司治理结构中发挥着不同的作用.出资者财务以资本的终极所有权为依据,以资本的安全和增值为目的,对其出资及运用状况进行管理,是一种间接约束机制;经营者财务以法人所有权为依据,在出资者的监控下,以直接控制的方式对企业的资金运行进行管理,发挥在治理结构中的纽带作用,处于财务管理的核心地位;专业财务以现金流转为管理对象,保证经营者财务决策的顺利执行和预期效益的实现.三者的辩证统一是实现公司有效治理的关键.     

Equilibrium Financing in a Distribution Channel with Capital Constraint

There exist capital constraints in many distribution channels. We examine a channel consisting of one manufacturer and one retailer, where the retailer is capital constrained. The retailer may fund its business by borrowing credit either from a competitive bank market or from the manufacturer, provided the latter is willing to lend. When only one credit type (either bank or trade credit) is viable, we show that trade credit financing generally charges a higher wholesale price and thus becomes less attractive than bank credit financing for the retailer. When both bank and trade credits are viable, the unique equilibrium is trade credit financing if production cost is relatively low but is bank credit financing otherwise. We also study the case where both the retailer and the manufacturer are capital constrained and demonstrate that, to improve the overall supply chain efficiency, the bank should finance the manufacturer if production cost is low but finance the retailer otherwise. Our analysis further suggests that the equilibrium region of trade credit financing shrinks as demand variability or the retailer's internal capital level increases.     

手段导向、知识获取与新企业创业能力的实证研究

创业能力对于新企业创造和维持竞争优势具有重要意义,相关研究受到创业领域学者们的广泛关注。然而创业能力的实证研究主要集中于创业者个体层面创业能力的前因和结果分析,组织层面的创业能力的实证研究尚处于探索阶段,仍有待运用有效的理论揭示新企业如何构建组织层面创业能力的内在机理和路径。作为新兴的创业理论,手段导向理论有助于面临高不确定性的新企业在创业过程中持续进行迭代式学习,而组织学习理论认为,知识获取作为组织学习的核心环节有助于组织创业能力的构建。因此,手段导向可能通过知识获取提升新企业创业能力。然而,少有学者关注此方面研究。 运用手段导向理论和组织学习理论,深入剖析手段导向各维度对创业能力的积极影响,检验知识获取在手段导向与创业能力关系间的中介作用。采取大样本问卷调查,收集215家中国新企业数据,并运用多元线性回归分析和因子分析等方法进行实证检验。 研究结果表明,手段导向的4个维度均对创业能力具有积极影响,试验、可承受损失和先前承诺3个维度通过知识获取提升新企业创业能力,但是知识获取在柔性与新企业创业能力关系间的中介作用不显著。 研究结论对于丰富和拓展组织层面创业能力相关研究和推动手段导向理论的发展具有重要意义,为新企业如何在高不确定性和强资源约束下构建组织创业能力提供必要的理论指导。     

Determinants of foreign ownership in international R&D joint ventures: Transaction costs and national culture

In this study, we integrate the transaction costs economics and national culture perspectives by examining the determinants of foreign equity ownership in international R&D joint ventures. Specifically, we focus on the impact of different uncertainty dimensions–environmental and behavioral–on the share of equity that multinational enterprises take in their overseas R&D joint ventures. We further investigate the roles that two national culture components–power distance and uncertainty avoidance–play in this process. Using 543 international R&D joint venture announcements by foreign enterprises in China, India, Japan, and the United States during the period of 1985 to 2004, our results provide support for both transaction costs economics and the national culture perspectives.     

创始团队关键人力资本、战略地位优势与创业绩效

鉴于创始团队关键人力资本对新创企业发展的重要性及已有研究的不足,在界定相关概念及其结构维度的基础上,遵循资源/能力-地位-绩效理论逻辑,构建基于能力视角的创始团队关键人力资本对新创服务企业战略地位优势和绩效影响的概念模型。以环渤海、长三角、珠三角和海西地区的新创高技术服务企业创始团队成员为调研对象,基于182份有效问卷,运用SPSS 19.0和AMOS 17.0软件及多元层级回归方法分析数据。研究结果表明,创始团队关键人力资本的3个维度均显著提升新创高技术服务企业绩效,但作用机理不同,绩效效应存在差异,服务扩展优势部分中介适应性营销能力和市场链接能力与绩效的关系,服务扩展优势和服务差异化优势同时完全中介新服务开发能力与绩效关系;适应性营销能力和市场链接能力直接和通过服务扩展优势间接产生的综合绩效效应均显著高于新服务开发能力通过服务扩展优势和服务差异化优势间接产生的综合绩效效应;服务扩展优势在服务差异化优势转化为企业绩效的过程中发挥部分中介作用。新创高技术服务企业应合理配置和整合创始团队成员多样化能力,促进关键人力资本与战略地位优势的协同匹配。     

Why Doesn't Technology Flow From Rich to Poor Countries?

What is the role of a country's financial system in determining technology adoption? To examine this, a dynamic contract model is embedded into a general equilibrium setting with competitive intermediation. The terms of finance are dictated by an intermediary's ability to monitor and control a firm's cash flow, in conjunction with the structure of the technology that the firm adopts. It is not always profitable to finance promising technologies. A quantitative illustration is presented where financial frictions induce entrepreneurs in India and Mexico to adopt less‐promising ventures than in the United States, despite lower input prices.     

A challenging marketplace for venture capital

This article looks at the contemporary situation facing the U.K. venture capital industry as it enters its second decade of activity. After 10 years of substantial growth, the industry is starting to mature. Accordingly, in an increasingly competitive marketplace, U.K. venture capital firms are having to address seriously strategic issues of product and market choice in order to meet the high investment expectations placed on them by their funders. There is evidence that the industry is already concentrating its finances into a small number of larger firms. It is likely that these better resourceed firms will have material advantages in initiating both product and market innovations. However, this concentration is unlikely to improve the supply of venture capital funds to start-up and other early stage, high risk ventures.     

创新水平差异对融资方式选择影响——基于风险资本与银行债务资本的比较研究

本文通过构建一个模型分析了在存在双重道德风险的情况下,项目的创新水平对企业家选择融资方式的影响,研究认为在较低的创新水平下企业家将会选择银行债务融资;较高的创新水平企业家将会选择风险资本融资。模型进一步分析了创新水平对风险资本融资融资契约中风险资本家股权份额分配的影响,研究认为创新水平的增加将会引起风险资本家股权份额的增加。