杜邦分析法在企业盈利模式分析中的应用研究

杜邦分析法是以净资产利润率为核心指标,充分运用系统论思想而得到的综合财务分析方法.在企业管理中应用很广.企业往往借助它来分析整体财务状况.本文针对企业在运营中对盈利模式分析缺乏定量工具的问题,运用杜邦分析法的基本思想,建立了企业盈利模式分析模型.对于企业的整体运营和财务管理工作而言,有一定的启发与借鉴.     

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.     

The decline of venture capital

Venture capital is a means of financing the growth of companies with a technologically innovative product, the investor's objective is the realisation of capital gains on the sale of his shareholding. The history of venture capital in the US and the UK is examined. After attracting great interest in the late 1960s and early 1970s, activity in the venture capital field has declined significantly. The reasons for this decline are analysed and it is suggested that a recovery of interest is unlikely.     

The syndication of venture capital investments

This paper examines competing finance, resource-based and deal flow explanations for the syndication of venture capital investments. Evidence from 60 firms (a 58.8% response rate) is analysed. Overall the finance perspective provides a strong explanation of motives for syndication, but the resource-based view is found to be much more important for those firms involved in at least some early stage transactions. The implications for researchers are that venture capital firms should not be treated as a homogeneous group and that the investment stages in which they operate may strongly influence attitudes towards syndication. In addition, there are implications for practitioners as venture capital firms may not be attributing sufficient attention to the need to augment their own resource base in order to enable them to make superior decisions when selecting deals and managing investments.     

A case study in venture management

This paper examines the venture concept as a means of stimulating new product development within large companies. The literature reveals a significant difference between the venture idea as originally conceived in North America and as applied in European companies. A case study of a UK venture experiment is then presented which clearly demonstrates the resistance to substantive change which may characterise large organisations.     

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.     

Cognitive approaches to new venture creation

Cognitive processes play a critical role in the formation of new ventures. Moreover, the effects of managerial cognition are likely to be more direct and immediate in new venture settings than in the context of larger, more established organizations. For these reasons, the theories and methods of managerial and organizational cognition can provide insight into the process of new venture creation. This paper reviews recent studies that take a cognitive approach to new venture creation and categorizes them according to the stage of new venture creation with which they are concerned. Key issues discussed include the formation of entrepreneurial intentions, the sensemaking processes of scanning, interpretation and action, the use of schema and heuristics in decision-making and the phenomenon of entrepreneurial alertness. Several preliminary research conclusions are drawn, and the implications of these findings for the practice of entrepreneurship are considered. Finally, several promising avenues for future research are explored.     

考虑风险企业家有公平偏好的风险投资激励机制——基于显性努力和隐性努力的视角

将风险企业家的努力分为显性努力和隐性努力,基于不同努力类型建立了完全理性下的风险投资委托代理模型,在此基础上,将行为经济学的公平偏好植入到风险投资激励模型中,并针对不同情况进行建模分析,研究结果表明:如果风险企业家具有显性努力时,公平偏好系数对激励系数、风险企业家的努力水平和风险投资家的努力水平都没有影响;如果风险企业家的努力是隐性努力,风险投资家需要给予风险企业家下项目收益分享(激励系数大于0),并且如果风险企业家具有公平偏好心理,那么风险投资家支付的项目收益分享比例要大于完全理性下的项目收益分享比例,风险企业家和风险投资家都会降低努力水平,但风险企业家获得的实际利润是最多的.同时,风险企业家的公平偏好嫉妒系数越大,获得的实际利润也越大,但风险投资家的实际利润与公平偏好嫉妒系数负相关.最后,利用仿真模拟对理论结果进一步分析和检验.     

From organization development to corporate development at Trebor

This article is a case history of a medium-sized, family-owned business where the corporate planning activity has been taken over by the Executive Board, which is concerned with a careful definition and dissemination of company strategy and with focusing action in the form of long-term planning projects. The organizational learning approach is evolutionary and incremental, involving—as in the Japanese style of management— many levels in project development.     

Digitalization,institutions and new venture internationalization

This study examines the effect of digitalization on the internationalization of new ventures and further investigates the influence of a home country's presence of institutional voids and digital infrastructure on the extent of internationalization by new ventures, with the prediction that a home country's institutional voids and a weak digital infrastructure strengthen the positive relationship between new ventures' digitalization and internationalization. Applying multilevel modeling on a sample of more than 6000 entrepreneurs from 62 countries the study offers empirical support for these predictions. The findings are robust to alternative specifications. Entrepreneurs using the internet to sell their products and services are more likely to focus on customers in foreign markets when they face institutional voids and a lack of digital infrastructure in their home countries. The study contributes as follows: From a theoretical view, it provides a better understanding of the boundary conditions of the digitalization-new venture internationalization linkage. From a practical perspective, the findings of the study suggest the complementary roles of institutional voids and digital infrastructure at home to help entrepreneurs grow domestically and facilitate their internationalization.     

The process of value realization in asymmetric new venture development alliances: Governing the transition from exploration to exploitation

Based on a case study of three asymmetric new venture development (ANVD) alliances, we examine the governance of transitions from exploration to exploitation. We propose that role deficiencies, technological asymmetry, and the presence of a separate venture unit at established firms constitute important initial conditions influencing value realization in ANVD alliances. We further show that role-specific investments act as more appropriate mechanisms than contractual incentives to govern transitions from exploration to exploitation. Jointly, these findings provide new insights into the impact of structural and relational governance mechanisms on value creation in interfirm relationships.     

New business development in mature firms

New business development (NBD) is one of the main strategic options for the ‘mature’ company. The authors discuss the reasons why NBD should be considered and suggest a framework for developing new businesses. The results of a two year investigation of a sample of 14 UK companies' NBD initiatives are presented. Half of the sample have either abandoned or are reducing their new business activities. The reasons are manifold and relate to a failure to define specifically the role of the NBD initiatives; a lack of appreciation of the risks, long time spans for development and the high financial commitment associated with NBD; a weakening of the mainstream business (this in itself suggesting that companies often leave NBD ‘too late’); and a naive approach toward marketing. Some lessons for mature companies' future involvement in NBD are drawn.     

国内外心理契约研究的新进展

从5个方面对国内外心理契约研究的最新进展进行了综述:心理契约概念的提出及其发展、心理契约的内容和结构、心理契约与相关概念的边界、心理契约的形成和载体、心理契约违背及其后果.最后文章认为目前国内外心理契约研究在管理者与组织之间心理契约的研究、契约化过程的系统研究、与契约经济学的相互借鉴、心理契约的履行对雇员的积极效果的机制研究、中国组织心理契约的本土化研究方面还存在空白或不足.     

可转换优先股与风险投资的有效退出

可转换优先股与风险投资的有效退出     

Toward a conceptual framework of international joint venture negotiations

Knowledge about determinants, processes, and outcomes of negotiation can help international business managers employ appropriate collaborative strategies that will result in maximum benefits. This article tackles a prominent issue in the dynamic, evolutionary process of international joint venture (IJV) development: contract negotiations during IJV formation. Building on a sociopsychological perspective together with transaction cost theory, this article presents an integrated conceptual framework on IJV negotiations in a general context where relevant antecedent, concurrent, and consequent factors are interlocked and mutually influential in sequence. It articulates three levels of antecedents of IJV negotiations (environmental, organizational, and individual), three core concurrent factors (term specificity, issue diversity, and contractual obligability, and three sequential consequences including the immediate outcome (IJV formation satisfaction), intermediate effect (IJV process performance), and ultimate effect (IJV overall performance). The interrelationships among them are proposed.     

Entrepreneur characteristics and the prediction of new venture success

Venture capitalists are experts who specialize in evaluating new business ventures. When asked how, they stress the overwhelming importance of the entrepreneur. In this paper, entrepreneur characteristics are identified and then examined for predictive potential. Models are developed on the basis of venture capitalists' judgments for these characteristics and for the level of venture success. A second set of models is based on actual venture outcome as the criterion. Lastly, the performance of the models and expert judgments are compared.     

国外企业经营者报酬理论研究的新进展

企业经营者报酬在国外引起广泛的关注. 早期的主流学派代理理论集中于对报酬与业绩 的敏感性研究. 近期人力资本学派、劳动力市场学派和“企业组织”学派从经营者人力资本、经 理市场和企业组织特征等角度对企业经营者报酬理论又有新的发展. 未来的研究将通过注重 各种理论的融合,寻求经营者报酬的综合分析模型来推动这一领域研究的发展.     

Regional development —Alternatives for New England

In this paper the author examines the problems and opportunities of regional development in the economically mature north-eastern region of the United States. He argues that the most direct path to balanced growth is more planning. However, while the need is clear, society is quite opposed to any intervention into the market mechanism. Nonetheless the author argues, for more state and local planning in order to stimulate the market economy.     

Parent company dissimilarity and equity international joint venture effectiveness

Based upon existing literature and research findings, the relationships between functional and dysfunctional parent company dissimilarity and equity international joint venture (EIJV) effectiveness are examined. Managers of potential EIJVs face a dilemma. While they want to work with partners that are similar, they need partners that are dissimilar in order to gain from collaborating. The findings of this research are important because they give managers some indications of which kinds of dissimilarities should be avoided because they are dysfunctional and which dissimilarities can be encouraged since they are functional. A cross-national study of 140 EIJVs shows that substantial differences in the primary industries of the parent companies contributed significantly to EIJV effectiveness, whereas substantial differences in the reputations of the parent companies detracted significantly from EIJV effectiveness. Also, cultural differences among the parent companies in individualism–collectivism and in uncertainty avoidance produced a positive impact on EIJV effectiveness. With respect to differences in parent company goals, this study found a consistently negative (although not statistically significant) correlation with EIJV effectiveness. Functionality and dysfunctionality of differences in equity distribution, parent company size, and ownership type were also examined with respect to five common performance measures and a general effectiveness index.