跨区域创业投资辛迪加网络形成机制研究

通过引入价值异质性和成本异质性,对跨区域创业投资辛迪加网络的形成机制进行研究,建立了一个三阶段的完全且完美信息动态博弈模型。利用逆推归纳法进行求解,发现各区域内部呈现星型结构,区域之间则由处于突出地位的创业投资家联接在一起,从而形成一个互联星型的网络结构。     

联合创业投资网络对创投退出的影响研究

构建联合创业投资网络,并利用2011—2019年的创业投资退出事件,分析联合创业投资网络对创业投资退出的影响。研究结果发现：我国联合创业投资网络较不均衡,大部分创业投资倾向与熟悉的创业投资机构联合投资,但是这样做如果过度,会降低信息的多样性,对创业投资成功退出产生不利的影响。网络中心性对创业投资机构成功退出率有着显著的正向影响,将创业投资机构的成功退出率细分为IPO和其他成功退出率后发现,网络中心性对IPO退出率的影响显著为正。结构洞限制度对创业投资的成功退出率有显著的消极影响;有效规模和效率表现为正向作用,但是效率的影响并不显著;等级度也表现正向影响,表明我国创业投资大多是“理性投资者”。将创业投资的成功退出率细分后发现,结构洞也只对IPO退出率有显著的影响。为了提高创业投资的成功退出率,促进创业企业的创新和发展,提高我国创业投资市场的活力和效率,对创业投资行业的创业投资机构和政府两个主体,提出建议。     

基于战略风险投资的融资契约设计及融资决策

初创企业融资过程中, 融资的对象以及合同的设计会对初创企业的经营状态以及社会福利水平产生重要影响.本文将融资的对象分为仅仅追求货币收益的风险投资家和同时追求货币收益及战略目标的战略投资者, 并基于此在阶段性融资背景下考察了单个投资者、多个独立投资者以及辛迪加组织这三类融资方式中融资对象的选择和融资契约的设计, 最后以社会福利水平最优为首要目标、企业预期收益最大为次要目标为企业家提供最优的融资决策.通过分析表明一个最优的融资决策应当包含最优的融资方式和最优的融资对象.关于融资方式, 辛迪加组织提供融资可行时, 企业家应寻求辛迪加组织融资且这种融资方式总是社会有效率的;辛迪加组织提供融资不可行时, 企业家应寻求多个独立的投资者融资, 但这种融资方式无法实现最优的社会福利水平.关于融资对象, 企业家应选择努力水平与一阶最优努力水平最为接近的投资者.     

创业投资的治理作用：基于代理成本视角的实证分析

选取2004年至2012年中国沪、深两市首次公开发行上市的1 216家公司作为研究对象,采用相关分析、多元回归分析和工具变量等多种统计分析方法,从代理成本视角探讨创业投资对中国上市公司的治理作用。从总体上检验创业投资参与对中国上市公司代理成本的影响,进一步检验创业投资的参与程度和背景特征是否影响其治理作用的发挥。研究结果表明,有创业投资机构参与的上市公司,其代理成本显著低于无创业投资机构参与的上市公司;创业投资的参与程度越深,即创业投资机构家数越多、持股比例越高、投资期限越长,上市公司的代理成本就越低;与本土背景的创业投资机构相比,外资背景的创业投资机构更能降低上市公司的代理成本。研究结论对上市公司、创业投资机构和政策制定者具有重要借鉴意义和参考价值。     

创业投资的治理作用:——基于高管薪酬契约设计视角的实证研究

本文选取2009-2012年沪深两市创业板和中小板上市公司为研究对象,研究了创业投资参与对民营和国有企业高管薪酬契约的影响。实证研究发现:(1)创业投资能够显著改变民营企业高管薪酬与业绩的敏感性,但是创业投资并没有显著改变国有企业高管薪酬与业绩的敏感性;(2)对民营企业而言,创业投资参与降低了高管薪酬与会计业绩之间的敏感性,但是提高了高管薪酬与市场业绩敏感性。实证结果表明,创业投资在民营企业高管薪酬制定过程中发挥了作用,创业投资更加重视市场业绩在高管薪酬契约中的作用;创业投资对国有企业高管薪酬契约影响非常有限;创业投资参与民营和国有企业的动机可能存在差异。     

政府对创业投资的支持：创业投资引导基金的比较研究

在创业投资发展相对滞后的国家,政府的介入对于推动一国创业投资的快速发展几乎是不可或缺的,而创业投资引导基金是政府推动一国创业投资和技术创新发展的重要措施。本文对美国SBIC计划、以色列Yozma计划、澳大利亚IIF计划以及中国台湾的种子基金计划进行了对比研究,并在分析我国设立创业投资引导基金必要性和可行性的基础上,提出了我国创业投资引导基金设立与运作中的一些原则。     

创业投资基金组织形式的效率分析

论述了创业投资基金组织形式对其公司治理的影响,认为有限合伙制创业投资基金是创业投资家进行早期创业投资的较佳组织形式,创业企业信息特征影响创业投资基金组织形式,提出我国创业投资基金组织形式的发展思路.     

"双面盾"VS"双刃剑"

创业投资作为资本运作的特殊形式,具有高风险预期与高收益预期并存的基本特征,是一把“双刃剑”。只有恰当地运用有限合伙制强激励与强约束相结合的治理机制作为“双面盾”,才能有效地应对这把“双刃剑”,最大限度地降低投资风险,提高投资收益。“双刃剑”因何而成高风险预期与高收益预期并存是创业投资的基本特征。在创业投资整个运作过程中,投资者与管理者始终面临着这把“双刃剑”。投资者愿冒创业投资的高风险,为追求创业投资的高收益;管理者设法控制和化解创业投资的高风险,以实现创业投资的高收益。据国外统计,创业投资项目在总体上约…     

国外公司创业投资中组织间学习研究述评

公司创业投资中,组织间学习的研究打开了公司创业投资价值创造机制的"黑箱"。不同类型的学习及社会互动是公司创业投资中组织间学习的关键机制,而知识产权保护、吸收能力、相关度、社会网络和社会资本是公司创业投资中组织间学习的重要影响因素。基于此,对未来的研究方向进行了探讨。     

专用性投资、信任与创业企业控制权治理

基于控制权收益交互作用视角,研究创业投资模式下的异质性创业企业控制权治理问题,分析控制权共享收益和私人收益综合影响下投资家投资专用性和合作双方信任度对创业企业剩余控制权和特定控制权治理的作用机理,以193家不同产业类型创业企业为样本,运用混合回归模型,实证检验投资专用性、信任及其交互作用对异质性创业企业两类控制权治理的影响。研究结果表明,由于异质性企业的控制权收益类型和大小存在差异,导致投资专用性和信任对不同产业类型创业企业控制权治理的影响存在差异;创业企业家控制权私人收益较大、创业投资家的战略收益较小时,创业投资家获得的剩余控制权与其投入资本的专用性、合作双方间的信任度呈非线性倒U形关系;创业企业家控制权私人收益较小、创业投资家的战略收益较大时,创业投资家获得的剩余控制权与其投入资本的专用性、合作双方间的信任度呈非线性U形关系;投资专用性与合作双方信任度的交互项与创业投资家拥有的剩余控制权和特定控制权负相关,在高新技术创业企业样本中交互效应尤为显著。     

Comments on globalization, interdisciplinary research, myopia and parochialism, government, convergence, and culture

Globalization presents social scientists with a wide variety of issues and challenges that cut across disciplinary boundaries. Disciplinary boundaries encourage specialization and advances in understanding aspects of social behavior, but specialization also creates barriers to more comprehensive understanding of social behavior such as globalization. Successful interdisciplinary efforts entail gains from trade across disciplinary specializations. The papers in this volume help outline an agenda for interdisciplinary investigation of globalization to knock down disciplinary boundaries and encourage gains from trade that further our understanding of globalization. But much work remains before we see real fruits from such efforts.     

Complexity,simplicity, simplexity

“In the midst of order, there is chaos; but in the midst of chaos, there is order”, John Gribbin wrote in his book Deep Simplicity (p. 76). In this dialectical spirit, we discuss the generative tension between complexity and simplicity in the theory and practice of management and organization. Complexity theory suggests that the relationship between complex environments and complex organizations advanced by the well-known Ashby’s law, may be reconsidered: only simple organization provides enough space for individual agency to match environmental turbulence in the form of complex organizational responses. We suggest that complex organizing may be paradoxically facilitated by a simple infrastructure, and that the theory of organizations may be viewed as resulting from the dialectical interplay between simplicity and complexity.     

Flexibility, Hierarchy, Markets

The conclusion that organizations need to become more strategically flexible as a response to increasing environmental dynamism and uncertainty has been an important feature of recent contingency theories of organization design. In this literature organizations have been analysed from the perspective of the development of networks of organizations concentrating on their core competencies and contracting among themselves on a stable long-term basis. This model of inter-firm relationships provides an alternative mode of organizational structuring to that arising from vertical integration, which, by contrast, is seen as fostering strategic inflexibility. In the literature on corporate restructuring and changes in ownership form arising from the markets and hierarchies perspective, we see a similar emphasis on the dysfunctional consequences of large-scale bureaucratic organization. Changes in ownership form are seen as a major means of providing more effective managerial control. In this paper we argue that linking the literature on flexibility emanating from contingency theories of organizational design and the markets and hierarchies perspective provides important new insights into current and emerging forms of organization.     

GMM,GEL, Serial Correlation,and Asymptotic Bias

For stationary time series models with serial correlation, we consider generalized method of moments (GMM) estimators that use heteroskedasticity and autocorrelation consistent (HAC) positive definite weight matrices and generalized empirical likelihood (GEL) estimators based on smoothed moment conditions. Following the analysis of Newey and Smith (2004) for independent observations, we derive second order asymptotic biases of these estimators. The inspection of bias expressions reveals that the use of smoothed GEL, in contrast to GMM, removes the bias component associated with the correlation between the moment function and its derivative, while the bias component associated with third moments depends on the employed kernel function. We also analyze the case of no serial correlation, and find that the seemingly unnecessary smoothing and HAC estimation can reduce the bias for some of the estimators.     

Trust, confidence, procedural fairness, outcome fairness, moral conviction, and the acceptance of GM field experiments

In 2005, Swiss citizens endorsed a moratorium on gene technology, resulting in the prohibition of the commercial cultivation of genetically modified crops and the growth of genetically modified animals until 2013. However, scientific research was not affected by this moratorium, and in 2008, GMO field experiments were conducted that allowed us to examine the factors that influence their acceptance by the public. In this study, trust and confidence items were analyzed using principal component analysis. The analysis revealed the following three factors: "economy/health and environment" (value similarity based trust), "trust and honesty of industry and scientists" (value similarity based trust), and "competence" (confidence). The results of a regression analysis showed that all the three factors significantly influenced the acceptance of GM field experiments. Furthermore, risk communication scholars have suggested that fairness also plays an important role in the acceptance of environmental hazards. We, therefore, included measures for outcome fairness and procedural fairness in our model. However, the impact of fairness may be moderated by moral conviction. That is, fairness may be significant for people for whom GMO is not an important issue, but not for people for whom GMO is an important issue. The regression analysis showed that, in addition to the trust and confidence factors, moral conviction, outcome fairness, and procedural fairness were significant predictors. The results suggest that the influence of procedural fairness is even stronger for persons having high moral convictions compared with persons having low moral convictions.     

Bacon, Boole, the EPA, and Scientific Standards

The scientific standards of the Environmental Protection Agency (EPA) include the use of retrospective meta-analysis. This analysis entails a use of the theory of probability that is only a simulation and cannot accurately measure the confidence that should be placed in the results. The uncertainty necessary for probability is, in a retrospective study, simulated rather than real. There are three logical forms for establishing a proposition. In the logic of the syllogism, a proposition is established by deduction from assumed propositions. In the logic of the physical sciences, a proposition is established by its ability to predict the outcomes of future experiments. In the logic of the courtroom, a proposition is established by its ability to explain past events. The logic of the courtroom operates under the handicap of working with nonrepeatable events. It is more subject to the preferences of the judge than the logic of the physical sciences or that of the syllogism. Because the logic of the courtroom is less reliable than either the logic of the physical sciences or that of the syllogism, it is the logic of last resort, i.e., it is used only when the other two are not applicable. Under the EPA scientific standards, the logic of the courtroom is accepted for establishing propositions about the physical world. As the logic of the courtroom is less reliable than that of the physical sciences, this practice increases the likelihood of errors.