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1.
创业企业的创新活动对其生存和发展具有重要影响,风险投资和天使投资作为创业初期两种重要的权益资本来源,对其创业创新活动有重要的影响,但其影响的机理和效果却存在一定的差异.本文利用美国考夫曼创业企业基金会的"考夫曼企业调查"(Kauffman firm survey,KFS)数据进行了实证分析,指出具有风险投资融资背景的创业企业更关注企业长期竞争力的构建与维持,注重创新活动的投入与质量,从而在R&D费用投入强度方面比天使投资参与的创业企业要高;具有天使投资的创业企业则更看重短期创新活动的产出效果,从而在专利申请量上略高于风险投资参与的创业企业. 相似文献
2.
摘要：作为创业企业的重要融资方式,天使投资存在显著的信息非对称,由此导致的代理问题对天使投资融资合约产生影响。针对创业企业家的道德风险问题,本文基于委托代理理论构建一个理论模型,研究并求解出天使投资最优融资规模及最优股权分配比例。研究发现：最优融资规模及最优股权分配比例是存在的,且能够有效缓解企业家的道德风险问题;当道德风险问题严重时,最优融资规模及天使投资人的最优股权分配比例均减少;优质的创业项目能够提高融资规模并提升企业家的股权分配比例;创业企业家良好的创业能力与经历,能够提高融资规模但会降低企业家的股权分配比例。由此,本文研究结论较好的解释了国内外天使投资的投资实践,并且为天使投资合约的设计提供理论指导。 相似文献
3.
Gjermund Grimsby 《Research Policy》2018,47(7):1344-1365
In this paper I attempt to measure the ability of a Norwegian publicly subsidized loan program to identify innovative firms that are victims of market imperfections. I apply three complementary control groups, which all have in common that they address specific unobservable characteristics of the program participants. The program participants perform better on a variety of growth measures compared to the firms rejected by the program. Compared with firms that receive private credit financing, I do not find that the program participants perform better in the upper quantiles of the contingent performance distribution despite a lower survival rate. The latter result suggests that the program does not seem to succeed in identifying a target group of firms with a sufficiently high growth potential. Firms with innovation loans are not outperformed by venture portfolio companies with respect to sales growth. The venture portfolio companies do, however, have higher survival rates as well as stronger growth in employment and assets. The latter result possibly indicates that the venture portfolio companies are more likely to succeed in the long run. The overall results indicate that the selection competency of the bureaucrats administrating the program is at level with that of private banks, and possibly also of that of venture funds. Still, in order for the program to provide the same level of welfare improvement as regular business credit provided by the private market, I find that the positive externalities from the program must be sufficiently large to compensate for the direct public subsidy element including risk adjusted return on equity and social costs of public funds. 相似文献
4.
以2009～2010年创业板上市的公司为样本,研究了创投机构及其性质对IPO抑价的影响,得到了当前创业投资机构认证作用有限的结论。总体来看,现阶段的中国创业投资既符合西方资本市场市场发展规律一般性,也具有基于中国新兴市场基础的特殊性。一方面,正如西方创业投资发展的早期阶段,当下中国的创投机构发展有欠成熟,在"逐名动机"与"逐利动机"的共同作用下,其对于创业企业的认证作用尚不明显;另一方面,新兴资本市场催生的民营创投机构得到快速发展,其符合现代市场规律的投资管理模式和策略正逐渐在对创业企业的认证作用中得到体现。 相似文献
5.
对浙江省3480家高新技术企业进行调研,分析浙江高新技术企业引入风险投资的特征,对比风投背景高企与全省高企的平均发展水平,分析风投介入前后企业发展速度变化和企业外部融资变化。认为有风险投资背景的高企各项经济与科技指标增长率高于全省平均水平,风投对企业进一步融资和推动上市有积极的作用,但是风投普遍投向成熟期企业,并没有在科技成果转化和产业化最急需资金的初创期介入,对高企发展速度的促进作用不甚明显,培育和扶持高企的摇篮作用没有得到较好的体现,即天使投资严重缺失。在此基础上提出一系列引导风险投资投向早期、培育发展天使投资的对策建议。 相似文献
6.
In this paper, we focus on the potential innovative benefits to corporate venture capital (CVC), i.e. equity investments in entrepreneurial ventures by incumbent firms. We propose that corporate venture capital programs may be instrumental in harvesting innovations from entrepreneurial ventures and thus an important part of a firm's overall innovation strategy. We hypothesize that these programs are especially effective in weak intellectual property (IP) regimes and when the firm has sufficient absorptive capacity. We analyze a large panel of public firms over a 20-year period and find that increases in corporate venture capital investments are associated with subsequent increases in firm patenting. 相似文献
7.
风险投资对企业技术创新作用的研究结果呈现出多样化特征。本文选取2009-2018年间在中国创业板上市的708家企业为样本,从创新投入和创新产出视角,构建创新生产模型研究风险投资对中国企业技术创新的作用。研究发现：风险投资背景对企业创新投入和创新产出没有显著的促进作用;风险投资机构的数量对企业创新投入和创新产出有显著影响;风险投资机构的持股比例对企业创新投入和创新产出有负向作用;风险投资金额对企业创新投入有显著的促进作用,对企业创新产出则没有影响。进一步的检验揭示了研发投入对于风险投资机构数量和创新产出之间的中介效应,企业创新产出主要源于风险投资机构数量累积效应下的企业研发投入实现。研究结果表明,风险投资对中国企业的技术创新同时具有促进效应和抑制效应。 相似文献
8.
University spin-out companies and venture capital 总被引：1，自引：0，他引：1
The creation of university spin-out companies that create wealth is a major policy objective of governments and universities. Finance is a catalyst of this wealth creation yet access to venture capital is a major impediment faced by these companies. In this article we adopt a finance pecking order perspective to examine the problems faced by those university spin-out companies seeking to access venture capital. We triangulate evidence from spin-out companies, university technology transfer offices and venture capital firms in the UK and Continental Europe to identify the problems and to suggest policy developments for these parties as well as government. We compare perceptions of high-tech venture capital firms that invest in spin-outs with those that do not, and also consider VCs’ views on spin-outs versus other high-tech firms. Our evidence identifies a mismatch between the demand and supply side of the market. In line with the pecking order theory, venture capitalists prefer to invest after the seed stage. However, in contrast to the pecking order theory, TTOs see venture capital as more important than internal funds early on. We develop policy implications for universities, technology transfer offices, academic entrepreneurs, venture capital firms and government and suggest areas for further research. 相似文献
9.
准确评估风险投资的进入时间、技术偏好对创业企业创新绩效的影响,对我国风险投资发展、指导未来我国产业结构转型升级具有重要意义。本文与进入创业企业的时间联系,考虑其技术偏好,构筑了“风险投资进入时间--技术偏好--创业企业创新绩效影响”逻辑链条;并以2009-2012年创业板制造业企业为例,采用PSM方法,分析了不同时间进入的风险投资的技术偏好及其对创业企业创新绩效的影响得到：上市前1年内进入的风险投资的技术偏好不显著,对创业企业创新绩效的动态促进作用不显著,无论是突破式创新还是渐进式创新;上市前1年以上进入的风险投资的技术偏好显著,对创业企业创新绩效存在显著的动态促进作用,但随着时间推移,对创业企业创新绩效的影响程度越来越小,且对渐进式创新影响的持续性和程度大于突破式创新。 相似文献
10.
Roy Rothwell 《Research Policy》1985,14(5):253-265
During the tenure of the current Conservative administration, public policy in Britain has very much favoured the smaller firm. This policy emphasis appears to be based on a belief in the superior job creating potential and innovatory capacity of smaller firms over their larger counterparts. Evidence presented in the paper shows that small firms have, indeed, made an important contribution to innovation in the UK and that their share of significant British innovations has increased significantly since the mid-1970s. An important aspect of small firm policy in the UK has been the introduction of several schemes designed to increase the flow of capital into the small firm sector, with special emphasis being placed on venture capital. The first of these schemes, the Loan Guarantee Scheme, has directed capital from the banks into over 14,000 small firms. The second scheme, the Business Expansion Scheme, has increased significantly the overall flow of venture capital and has biased investments towards start-up and early stage financing. These two schemes, together with the establishment of an Unlisted Securities Market, have provided some impetus to the development of private sector venture capital in Britain, which is growing apace. Essentially, the public sector schemes have underwritten the costs of entry to the venture capital market of both individual and institutional investors. In other words, they have had an important catalytic effect in stimulating the growth of private sector venture capital industry which is now the largest in Europe. 相似文献
11.
以2013年—2017年新三板创新层企业和创业板上市公司为样本,利用面板回归模型和处置效应模型,实证检验了服务中小创新创业企业的两个资本市场中企业创新投资的差异,并运用中介效应模型分别从企业内部“管理者短视”和外部“股票流动性”视角探究了影响该差异的作用机制。研究发现：新三板创新层企业的创新投资活动显著高于创业板公司;新三板企业低管理者短视在其中发挥了中介促进作用,而新三板的低流动性具有遮蔽抑制效应。本研究为全面判断与评估创业板和新三板企业的创新活动提供了新证据,对深化多层次资本市场改革和促进企业创新具有一定现实指导意义。 相似文献
12.
创业投资引导基金实现政策目标了吗? 《科学学研究》2022,40(6):1044-1053
创业投资引导基金在我国创业市场占有重要地位并肩负重要政策使命。本文分别以引导基金政策出台和引导基金参股创投机构作为外生事件冲击,利用私募通数据库的创业投资样本数据和双重差分模型,从创投行业和创业企业两个层面对引导基金的政策实施效果进行了系统评估。研究发现：（1）引导基金政策的出台及其对创投行业的参与,显著地促进了行业募资和投资活动,扩大了行业规模;（2）引导基金未能引导创投机构投向更早期的创业企业,但能引导创投机构投向科技型企业。区分创投机构所有制性质后发现,引导基金对非国有创投机构的引导效果总体要优于国有创投机构;（3）采用亏损补偿方式带来的引导效果相对最好,其次分别为亏损补偿+收益类补偿、收益类补偿。本文研究结论对于认识引导基金政策效果、完善和优化引导基金政策体系具有启发意义。 相似文献
13.
This study explores the initial public offering (IPO) and financing of biotechnology start-ups in Japan. Using a unique data set, we find that biotechnology start-ups initially backed by venture capital (VC) firms and those originating from universities are more likely to go public within a shorter period. Moreover, we find that neither staged financing nor syndication by VC firms is associated with higher IPO value relative to investment. Furthermore, we provide evidence that the timing of IPOs does not depend on equity market conditions in the biotechnology industry, whereas IPO value tends to depend on equity market conditions. We discuss the factors that explain these findings, which contradict findings in previous studies of VC investments. 相似文献
14.
《Research Policy》2023,52(1):104648
While the prevalence of equity crowdfunding has increased, investors have had very few opportunities to exit such investments. Thus, several equity crowdfunding platforms have started considering the development of secondary markets for buying and selling shares. Using detailed data from the world's first secondary market for equity crowdfunding, we investigate whether plans to list on the secondary market increase investor participation and thus the amount of money entrepreneurs raise during their equity crowdfunding campaigns. We find that in the early days of the secondary market, communicating a listing plan attracted more investors and larger investment sums. However, these effects largely disappeared after the first two years of secondary market operation. We interpret this to stem from investors' recognition of the insufficient liquidity of the secondary market and thus its probable inability to constitute a viable exit route. We also find that ex post, many entrepreneurs forgo listing, especially if their campaigns are not sufficiently successful, which implies significant costs associated with a listing. Our findings offer valuable insights to platforms aiming at launching secondary markets and regulators responsible for validating relevant initiatives. Specifically, we highlight how participation in equity ownership can be increased through well-functioning secondary markets, which however are difficult to achieve within equity crowdfunding. 相似文献
15.
Miona Milosevic 《Research Policy》2018,47(1):49-60
This paper provides a novel interpretation of the factors leading to low performance in venture capital (VC) markets. By using human and social capital perspectives, we investigate the relationship between the professional experience and education of VC firm managers and i) the success of their portfolio firms on one hand and ii) their fundraising activity on the other. Our study focuses on the French VC market. The French business environment is characterized by tight links between businesses and the state and by powerful elite networks, while the VC industry has been dominated by government funding and incentives since the global financial crisis. We evidence a positive relationship between task-specific human capital variables and the exit success of VC-backed firms. However, unlike the research from the US market, we find no support for the claim that success determinants impact fundraising activity. Instead, we substantiate the importance of higher social networks for raising larger funds in markets with strong networks. 相似文献
16.
中国金融风险的防范与化解 总被引：1，自引：0，他引：1
为了分析和解决中国金融风险问题，通过对中国金融风险隐患中出现的问题的详尽论述，展示了在银行资产质量、非银行金融资产风险、金融资源配置、股份公司及其证券、期货市场的规范性等方面存在的严重问题。通过对金融风险的深刻分析，提出了只有理顺银企关系，活化银行资产，加大对非银行金融机构的监管，在对外开放中加强金融管理，优化股权结构，完善金融立法等才能有效的防范和化解金融风险。 相似文献
17.
随着生物制药、纳米、新材料等领域的崛起,一种新的基于科学的创业企业随之诞生。这类企业与基础科学研究紧密相连,推动着科学的创新。本文以诺奖科学家参与创建,旨在商业化其研究成果的企业为案例,从管理团队、资金来源、企业合作及产品研发四个纬度研究了基于科学的创业企业发展与演化特征。通过分析此类企业管理团队发现,基于科学的创业企业管理层通常由“前沿科学家+商业人士”的组合,既能使企业处于科研前沿面,又有效地保障了企业资源获取及运营管理;从资金来源看,创业初期的资金来源主要有政府基金和风险投资,政府资助支持了企业早期研发并降低了私人投资的风险;企业发展阶段的主要资金来源主要有风险投资、公开募股、商业合作以及运营知识产权等,多元化的资金来源有效支撑了企业巨大的研发支出;企业合作主要有学术合作与商业合作两类,学术合作保持企业处于科学前沿同时获得最新专利;商业合作缩短了产品的研发周期,加快产品上市,巩固了市场地位;基于科学的创业企业其产品研发周期长,风险大;此外这类企业不仅研发面向消费者的商业产品,还研发商业技术,为科研机构或企业提供技术平台。 相似文献
18.
在分众传媒、沃金石油和微创医疗案例的驱动下,基于复制拓展的分析逻辑,采用递进推演与比较的分析方法,研究了VC/PE对企业不同阶段创新与价值实现影响的内容与过程.研究发现：新创企业利用未被挖掘的市场或被忽略的资源形成行业准入壁垒,吸引VC与PE支持.VC多采取资源将就策略,构建上下游战略合作机会,积极实现技术创新与设计创新;PE多采取资源重构策略,实现专利授权、资质跨界或改变融资市场性质,表现为兼并收购与开展联盟跨界新业务.在此基础上,结合VC/PE价值实现动因,提出VC/PE资源支持概念,建议VC的政策制定应侧重鼓励以资源将就为核心的设计创新和技术创新,PE的政策制定应适当监管以资源重构为核心的市场创新. 相似文献
19.
《Research Policy》2023,52(1):104662
This study examines the impact of public subsidies, and specifically, Small Business Innovation Research (SBIR) awards on university spinoff companies. Using unique data for a population of University of California spinoffs, we find pronounced differences between companies commercializing digital technologies (software and hardware), and those that focus on other product spaces. For digital spinoffs, receiving an SBIR award has a negative impact on raising venture capital and no impact on IPOs, exits or first sales. Conversely, for non-digital firms (e.g., biotechnology, energy), receiving an SBIR award has a positive effect on raising venture capital and performance outcomes. We reason that digital technologies are subject to faster cycle times and higher market uncertainty, relative to technological uncertainty. Digital firms may therefore benefit less from subsidies designed to support technology development, and private investors may view the need of digital companies to obtain such subsidies as a negative certification. Our findings inform policy by suggesting that the industrial domain may be an important boundary condition for the effectiveness of SBIR-type subsidies for university spinoffs. 相似文献