Purpose-Following the regional restructuring,the number of joint-venture railway companies in which the Group participates has significantly increased.This paper aims to explore the challenges faced by China Railway G...Purpose-Following the regional restructuring,the number of joint-venture railway companies in which the Group participates has significantly increased.This paper aims to explore the challenges faced by China Railway Group in managing participation in joint-venture railway companies.The study seeks to propose specific approaches to ensure the effective management of these companies,thereby maximizing the benefits of the regional restructuring and supporting the development of a strong transportation country and a modern infrastructure system.Design/methodology/approach-Based on the change in the shareholding relationship between China Railway Group and the joint-venture railway companies,and considering the current situation of the regional restructuring of these companies,as well as the insights from existing literature and typical case studies,this paper proposes some specific paths for effective management of joint-stock railway companies which China Railway Group participated in.Findings-The problems in participation management are the unclear dual leadership role of the party committee,the lack of discourse power,the lack of synergy between shareholders,the increasing risk of sustainable operation of the loss-making companies and the role of dispatched personnel is not fully played.Based on the theories,combined with the existing research and practical cases,the paper proposed specific approaches,such as perfecting top-level system design,maintaining the discourse power,carrying out differentiated management,arranging personnel rationally,arranging shareholders synergy,and innovating methods to provide references for China Railway Group’s subsequent management of joint venture railway companies.Originality/value-This paper contributes to the existing literature by providing a comprehensive analysis of the challenges faced by China Railway Group in managing participation in joint-venture railway companies following the regional restructuring.The study offers novel insights and practical recommendations for addressing these challenges.The findings can serve as valuable references for China Railway Group’s subsequent management of joint-venture railway companies which participated in,as well as for other stateowned enterprises facing similar challenges in managing their joint ventures.展开更多
This paper celebrates Professor Yongqi GAO's significant achievement in the field of interdisciplinary studies within the context of his final research project Arctic Climate Predictions: Pathways to Resilient Sus...This paper celebrates Professor Yongqi GAO's significant achievement in the field of interdisciplinary studies within the context of his final research project Arctic Climate Predictions: Pathways to Resilient Sustainable Societies-ARCPATH(https://www.svs.is/en/projects/finished-projects/arcpath). The disciplines represented in the project are related to climatology, anthropology, marine biology, economics, and the broad spectrum of social-ecological studies. Team members were drawn from the Nordic countries, Russia, China, the United States, and Canada. The project was transdisciplinary as well as interdisciplinary as it included collaboration with local knowledge holders. ARCPATH made significant contributions to Arctic research through an improved understanding of the mechanisms that drive climate variability in the Arctic. In tandem with this research, a combination of historical investigations and social, economic, and marine biological fieldwork was carried out for the project study areas of Iceland, Greenland, Norway, and the surrounding seas, with a focus on the joint use of ocean and sea-ice data as well as social-ecological drivers. ARCPATH was able to provide an improved framework for predicting the near-term variation of Arctic climate on spatial scales relevant to society, as well as evaluating possible related changes in socioeconomic realms. In summary, through the integration of information from several different disciplines and research approaches, ARCPATH served to create new and valuable knowledge on crucial issues, thus providing new pathways to action for Arctic communities.展开更多
Recently,PT Huadian Bukit Asam Power (HBAP) was awarded the"Zero Accident Award"by the Ministry of Manpower of the Republic of Indonesia.This national-level award for safe production in Indonesia serves to t...Recently,PT Huadian Bukit Asam Power (HBAP) was awarded the"Zero Accident Award"by the Ministry of Manpower of the Republic of Indonesia.This national-level award for safe production in Indonesia serves to testify to the enterprise's achievements in safe and stable operations from June 1,2018,to December 31,2023.展开更多
Crowdfunding provides a novel and potential way for innovative but risky new ventures to fund their new product development(NPD)projects.To help potential investors evaluate the projects and enhance the credibility of...Crowdfunding provides a novel and potential way for innovative but risky new ventures to fund their new product development(NPD)projects.To help potential investors evaluate the projects and enhance the credibility of disclosure,founders are struggling with how to phrase the project description.The rapidly growing cleantech crowdfunding projects provide an ideal context to study this issue.We collected information on cleantech crowdfunding projects and matched non-cleantech crowdfunding projects from Kickstarter.The sample period extends from January 2013 to October 2018.Using signaling research as a theoretical lens and a dictionary-based,computerized text mining method,we found that founders of high-quality cleantech crowdfunding projects could create a reliable signal of quality by providing a project description with a less ambiguous tone and thus boost the success of crowdfunding.Moreover,the signaling effectiveness of a less ambiguous tone is more pronounced in cleantech crowdfunding than in matched non-cleantech crowdfunding,suggesting that the marginal benefit of using a less ambiguous tone is larger when the industry information environment is noisier.Further evidence shows that the signaling effectiveness of a less ambiguous tone in cleantech crowdfunding could be strengthened by backers’endorsements.Our findings imply that tone ambiguity in project descriptions is related to founders’information-concealing behavior.Potential investors could search ambiguous words in project descriptions and just allocate their limited attention into projects with a low percentage of ambiguous words to avoid information overload.Founders of high-quality projects could boost crowdfunding success by using a less ambiguous tone to describe their projects.The marginal effect is larger when there is greater uncertainty about project prospects.展开更多
As an important channel for start-ups to obtain R&D funds and external knowledge and information resources,and as one of the key methods for investment institutions to leverage scale and synergy effects to enhance...As an important channel for start-ups to obtain R&D funds and external knowledge and information resources,and as one of the key methods for investment institutions to leverage scale and synergy effects to enhance investment returns,venture capital syndication holds significant research value in the field of venture capital.This paper reviews the literature,summarizing the motivations behind the formation of joint investment networks,the conceptual characteristics of the three core theories of social network theory,and the empirical research on venture capital syndication within the framework of social network theory.It also highlights the existing research results,identifies gaps,and anticipates future research directions.展开更多
The new venture analysis is the foundation of venture development. In this paper, 14 venture prototypes are proposed based on the attributes of venture.Then, a new venture analysis method is discussed by the way of ma...The new venture analysis is the foundation of venture development. In this paper, 14 venture prototypes are proposed based on the attributes of venture.Then, a new venture analysis method is discussed by the way of matching the new venture with the corresponding prototype. Considering the fuzziness of human subjective grading, the L-R fuzzy numbers are used to express the variables and corresponding fuzzy algorithm are applied in analysis. At the end, an application example is applied to indicate the effectiveness of the method.展开更多
This paper empirically examines the effect of patents on capital costs in venture lending contracts. Based on a proprietary dataset entailing 119 venture lending contracts issued by a European venture lending fund bet...This paper empirically examines the effect of patents on capital costs in venture lending contracts. Based on a proprietary dataset entailing 119 venture lending contracts issued by a European venture lending fund between 2002 and 2009 in Europe, the United States, and Israel, we conduct the first quantitative empirical analysis on venture lending as an innovative form of financing for entrepreneurial fLrrns. Our results show that the presence of at least one granted or pending patent negatively influences direct （credit spread） and indirect （warrant coverage） costs of venture lending contracts. Thus, the presence of patents conveys information and is a signal of quality to the payoff distribution of the venture loans. Furthermore, we show that the company development stage negatively influences the relation between patents and capital costs, i.e., in later stages, patents seem to represent a less relevant quality signal than in earlier stages.展开更多
This study reviews important variables related to joint venture performance and identifies the key determinants of joint venture performance in Cambodia. A model of joint venture performance in Cambodia is proposed an...This study reviews important variables related to joint venture performance and identifies the key determinants of joint venture performance in Cambodia. A model of joint venture performance in Cambodia is proposed and tested. Finally guidelines for successful joint venture performance in Cambodia are proposed. Based on a study of 62 firms and interviews with 19 joint venture mangers and government officers, it was found that the most important factors driving the formation of a joint venture included access to an emerging new market, utilization of abundant and cheap labor, and existence of government incentives. The most serious obstacles to joint venture performance in Cambodia were corruption, lack of physical infrastructure, bureaucracy, and competition from a black market and smuggling. For the results indicate there are significant correlations between performance and trust, control, commitment, and ownership. Suggested guidelines to improve joint venture performance in Cambodia are proposed.展开更多
An evaluation model of an international venture investment project on the basis of fuzzy matter-element and combined weight methods is introduced. First, the compound fuzzy matter-element of optimal subordinate degree...An evaluation model of an international venture investment project on the basis of fuzzy matter-element and combined weight methods is introduced. First, the compound fuzzy matter-element of optimal subordinate degree is constructed on the principle of the bigger-more-optimal or the less-more-optimal depending on the actual evaluation indicators, and combined with standard fuzzy matter-element to form a difference-square fuzzy matter-element. Secondly, a combined weight is calculated by both information entropy and the expert grading method. Finally, the compound fuzzy matter-element of Euclidian approach degree by M(·,+)method is constituted and used to classify venture investment projects. Based on the model above, six venture investment projects in a company are evaluated, and the results show that the projects are all good, which is demonstrated by the good income of the projects. Therefore, the coincidence of evaluation results and actual operation status indicates that the model is of great value in practical application.展开更多
As an important innovation flow,venture capital has been examined in urban network research.However,the segmentation of capital categories and the cross-scale connection of capital remain scarcely analyzed.This study ...As an important innovation flow,venture capital has been examined in urban network research.However,the segmentation of capital categories and the cross-scale connection of capital remain scarcely analyzed.This study focuses on the structure and industry differentiation of venture capital flows in the Guangdong-Hong Kong-Macao Greater Bay Area(GBA)and its cross-scale network characteristics.Based on a venture capital database covering capital amount,investment subject address information,and industry information(2000-2018),this article examines the spatial distribution and network structure of venture capital in the GBA by means of a distance-based test of spatial concentration approach and social network analysis.Key findings show that:(1)Venture capital institutions and startups in the GBA present a high-concentration distribution pattern.In the past 20 years,venture capital activities in the GBA have substantially increased,forming a complex urban network structure with Guangzhou,Shenzhen,and Hong Kong as the core of this network.(2)Different types of venture capital show significantly different urban network structures,with manufacturing,the Internet industry,the financial sector,the cultural media industry,and the medical and health industry as the five industry types with the largest capital flow in the GBA.(3)Cross-scale research on the venture capital network reveals the position of the GBA as a capital hub in China,which forms a dense venture capital connection network with major cities on a national scale.(4)The network structure of venture capital in the GBA is influenced by multi-dimensional proximity,institutional factors,urban economy,and path dependence.Along with these three key mechanisms,the GBA has grown into a national-scale and even global-scale venture capital center.展开更多
Considering that the assumption of time consistency does not adequately reveal the mechanisms of exit decisions of venture capital(VC),this study proposes two kinds of time-inconsistent preferences(i.e.,time-flow inco...Considering that the assumption of time consistency does not adequately reveal the mechanisms of exit decisions of venture capital(VC),this study proposes two kinds of time-inconsistent preferences(i.e.,time-flow inconsistency and time-point incon-sistency)to advance research in this field.Time-flow inconsistency is in line with the previous time inconsistency literature,while time-point inconsistency is rooted in the VC fund’s finite lifespan.Based on the assumption about the strategies guiding future behaviors,we consider four types of venture capitalists:time-consistent,time-point-inconsistent,naïve,and sophisticated venture capitalists,of which the latter three are time-inconsistent.We derive and compare the exit thresholds of these four types of venture capitalists.The main results include:(1)time-inconsistent preferences acceler-ate the exits of venture capitalists;(2)the closer the VC funds expiry dates are,t`he more likely time-inconsistent venture capitalists are to accelerate their exits;and(3)future selves caused by time-flow inconsistency weaken the effect of time-point inconsist-ency.Our study provides a behavioral explanation for the empirical fact of young VCs’grandstanding.展开更多
Under China's innovation-driven development strategy, venture capital has become an important driving force in urban agglomeration integration and collaborative innovation. This paper uses social network analysis ...Under China's innovation-driven development strategy, venture capital has become an important driving force in urban agglomeration integration and collaborative innovation. This paper uses social network analysis to analyze spatiotemporal differences of venture capital in the Beijing-Tianjin-Hebei urban agglomeration for the period 2005–2015. A gravity model and panel data regression model are used to reveal the influencing factors on spatiotemporal differences in venture capital in the region. This study finds that there is a certain cyclical fluctuation and uneven differentiation in the venture capital network in the Beijing-Tianjin-Hebei urban agglomeration in terms of total investment, and that the three centers of venture capital(Beijing, Shijiazhuang and Tangshan) have a stimulatory effect on surrounding cities; flows of venture capital between cities display certain networking rules, but they are slow to develop and strongly centripetal; there is a strong positive correlation between levels of information infrastructure development and economic development and venture capital investment; and places with relatively underdeveloped financial environments and service industries are less able to apply the fruits of innovation and entrepreneurship and to attract funds. This study can act as a reference for the Beijing-Tianjin-Hebei urban agglomeration in building a world-class super urban agglomeration with the best innovation capabilities in China.展开更多
Under Chinese law, when parties have signed an equity transfer agreement of the Chinese-Foreign contractual joint venture, they need to report to the examination and approval authority for approval. However, due to im...Under Chinese law, when parties have signed an equity transfer agreement of the Chinese-Foreign contractual joint venture, they need to report to the examination and approval authority for approval. However, due to imperfection of and conflicts among laws and regulations as well as misunderstanding of the above system, it is always difficult for judges to determine the validity of such equity transfer agreement under the administrative approval system. Among the three categories of FIEs provided in Chinese law 1, scholars have had a comprehensive discussion over equity transfer agreement involving Sino-Foreign Equity Joint Venture Enterprises, but this case is concerned with the equity transfer agreement of a Chinese-Foreign contractual joint venture. In this case, the People's Supreme Court holds that the equity transfer agreement that has not undergone the approval procedures are not valid but not void. Furthermore, the parties that are bound to submit the agreement to the approval authority shall perform their duties of this kind.展开更多
0ctogenarians represent the fastest growing group of patients undergoing percutaneous coronary intervention(PCI),now constituting more than one in five patients treated with PCI in real-world practice.[1,2]Comparing c...0ctogenarians represent the fastest growing group of patients undergoing percutaneous coronary intervention(PCI),now constituting more than one in five patients treated with PCI in real-world practice.[1,2]Comparing coronary lesion characteristics of patients aged<≥80 years to those≥80 years undergoing PCI,the octogenarians have a higher prevalence of calcified and ostial lesions,tortuous coronary anatomy,multi-vessel disease and left main stem(LMS)stenosis.⑶Furthermore,they often have greater ischemic burden than their younger counterparts,suggesting an even greater benefit following revascularization.展开更多
Analyzes the necessity and possibility of developing venture capital in China, puts forward a train of thoughts as to how to develop China′s venture capital.
The development of venture capital has drawn much attention, and many qualitative analysis and discussions have been proposed. A quantitative model is proposed based upon Reputation Model. The present compensation str...The development of venture capital has drawn much attention, and many qualitative analysis and discussions have been proposed. A quantitative model is proposed based upon Reputation Model. The present compensation structure of U. S. venture capital limited partnerships is analyzed and a kind of new compensation structure is proposed. The relations between the venture capitalist’ s effort level and the two compensation structures are given . The comparison of analytical results proves that the present compensation structure in U.S. may not be the best choice, and that the proposed one can give a better motivation for venture capitalist’s management action.展开更多
基金China State Railway Group Co.,Ltd.has supported this work as a critical project(Grant No.:N2022Z020).
文摘Purpose-Following the regional restructuring,the number of joint-venture railway companies in which the Group participates has significantly increased.This paper aims to explore the challenges faced by China Railway Group in managing participation in joint-venture railway companies.The study seeks to propose specific approaches to ensure the effective management of these companies,thereby maximizing the benefits of the regional restructuring and supporting the development of a strong transportation country and a modern infrastructure system.Design/methodology/approach-Based on the change in the shareholding relationship between China Railway Group and the joint-venture railway companies,and considering the current situation of the regional restructuring of these companies,as well as the insights from existing literature and typical case studies,this paper proposes some specific paths for effective management of joint-stock railway companies which China Railway Group participated in.Findings-The problems in participation management are the unclear dual leadership role of the party committee,the lack of discourse power,the lack of synergy between shareholders,the increasing risk of sustainable operation of the loss-making companies and the role of dispatched personnel is not fully played.Based on the theories,combined with the existing research and practical cases,the paper proposed specific approaches,such as perfecting top-level system design,maintaining the discourse power,carrying out differentiated management,arranging personnel rationally,arranging shareholders synergy,and innovating methods to provide references for China Railway Group’s subsequent management of joint venture railway companies.Originality/value-This paper contributes to the existing literature by providing a comprehensive analysis of the challenges faced by China Railway Group in managing participation in joint-venture railway companies following the regional restructuring.The study offers novel insights and practical recommendations for addressing these challenges.The findings can serve as valuable references for China Railway Group’s subsequent management of joint-venture railway companies which participated in,as well as for other stateowned enterprises facing similar challenges in managing their joint ventures.
基金the Nord Forsk-funded Nordic Centre of Excellence project (Award 766654) Arctic Climate Predictions: Pathways to Resilient,Sustainable Societies (ARCPATH)National Science Foundation Award 212786 Synthesizing Historical Sea-Ice Records to Constrain and Understand Great Sea-Ice Anomalies (ICEHIST) PI Martin MILES,Co-PI Astrid OGILVIE+12 种基金American-Scandinavian Foundation Award Whales and Ice: Marine-mammal subsistence use in times of famine in Iceland ca.A.D.1600–1900 (ICEWHALE),PI Astrid OGILVIESocial Sciences and Humanities Research Council of Canada Award 435-2018-0194 Northern Knowledge for Resilience,Sustainable Environments and Adaptation in Coastal Communities (NORSEACC),PI Leslie KING,Co-PI,Astrid OGILVIEToward Just,Ethical and Sustainable Arctic Economies,Environments and Societies (JUSTNORTH).EU H2020 (https://www.svs.is/en/ projects/ongoing-projects/justnorth-2020-2023)INTO THE OCEANIC by Elizabeth OGILVIE and Robert PAGE (https://www.intotheo ceanic.org/introduction)Proxy Assimilation for Reconstructing Climate and Improving Model (PARCIM) funded by the Bjerknes Centre for Climate Research,led by Fran?ois COUNILLON,PI Noel KEENLYSIDEAccelerated Arctic and Tibetan Plateau Warming: Processes and Combined Impact on Eurasian Climate (COMBINED),Research Council of Norway (Grant No.328935),Led by Noel KEENLYSIDEArven etter Nansen programme (the Nansen Legacy Project),Research Council of Norway (Grant No.276730),PI Noel KEENLYSIDEBjerknes Climate Prediction Unit,funded by Trond Mohn Foundation (Grant BFS2018TMT01) Centre for Research-based Innovation Climate Futures,Research Council of Norway (Grant No.309562),PIs Noel KEENLYSIDE,Francois COUNILLONDeveloping and Advancing Seasonal Predictability of Arctic Sea Ice (4ICE),Research Council of Norway (Grant No.254765),PI Francois COUNILLONTropical and South Atlantic Climate-Based Marine Ecosystem Prediction for Sustainable Management (TRIATLAS) European Union Horizon 2020 (Grant No.817578),led by Noel KEENLYSIDE,PI Fran?ois COUNILLONImpetus4Change,European Union Horizon Europe (Grant No.101081555),PIs Noel KEENLYSIDE,Fran?ois COUNILLONLaboratory for Climate Predictability,Russian Megagrant funded by Ministry of Science and Higher Education of the Russian Federation (Agreement No.075-15-2021-577),led by Noel KEENLYSIDE,PI Segey GULEVRapid Arctic Environmental Changes: Implications for Well-Being,Resilience and Evolution of Arctic Communities (RACE),Belmont Forum (RCN Grant No.312017),PIs Sergey GULEV and Noel KEENLYSIDE。
文摘This paper celebrates Professor Yongqi GAO's significant achievement in the field of interdisciplinary studies within the context of his final research project Arctic Climate Predictions: Pathways to Resilient Sustainable Societies-ARCPATH(https://www.svs.is/en/projects/finished-projects/arcpath). The disciplines represented in the project are related to climatology, anthropology, marine biology, economics, and the broad spectrum of social-ecological studies. Team members were drawn from the Nordic countries, Russia, China, the United States, and Canada. The project was transdisciplinary as well as interdisciplinary as it included collaboration with local knowledge holders. ARCPATH made significant contributions to Arctic research through an improved understanding of the mechanisms that drive climate variability in the Arctic. In tandem with this research, a combination of historical investigations and social, economic, and marine biological fieldwork was carried out for the project study areas of Iceland, Greenland, Norway, and the surrounding seas, with a focus on the joint use of ocean and sea-ice data as well as social-ecological drivers. ARCPATH was able to provide an improved framework for predicting the near-term variation of Arctic climate on spatial scales relevant to society, as well as evaluating possible related changes in socioeconomic realms. In summary, through the integration of information from several different disciplines and research approaches, ARCPATH served to create new and valuable knowledge on crucial issues, thus providing new pathways to action for Arctic communities.
文摘Recently,PT Huadian Bukit Asam Power (HBAP) was awarded the"Zero Accident Award"by the Ministry of Manpower of the Republic of Indonesia.This national-level award for safe production in Indonesia serves to testify to the enterprise's achievements in safe and stable operations from June 1,2018,to December 31,2023.
基金the financial support from the National Natural Science Foundation of China(72073063,71673133).
文摘Crowdfunding provides a novel and potential way for innovative but risky new ventures to fund their new product development(NPD)projects.To help potential investors evaluate the projects and enhance the credibility of disclosure,founders are struggling with how to phrase the project description.The rapidly growing cleantech crowdfunding projects provide an ideal context to study this issue.We collected information on cleantech crowdfunding projects and matched non-cleantech crowdfunding projects from Kickstarter.The sample period extends from January 2013 to October 2018.Using signaling research as a theoretical lens and a dictionary-based,computerized text mining method,we found that founders of high-quality cleantech crowdfunding projects could create a reliable signal of quality by providing a project description with a less ambiguous tone and thus boost the success of crowdfunding.Moreover,the signaling effectiveness of a less ambiguous tone is more pronounced in cleantech crowdfunding than in matched non-cleantech crowdfunding,suggesting that the marginal benefit of using a less ambiguous tone is larger when the industry information environment is noisier.Further evidence shows that the signaling effectiveness of a less ambiguous tone in cleantech crowdfunding could be strengthened by backers’endorsements.Our findings imply that tone ambiguity in project descriptions is related to founders’information-concealing behavior.Potential investors could search ambiguous words in project descriptions and just allocate their limited attention into projects with a low percentage of ambiguous words to avoid information overload.Founders of high-quality projects could boost crowdfunding success by using a less ambiguous tone to describe their projects.The marginal effect is larger when there is greater uncertainty about project prospects.
基金Exploration and Practice of Training Model Based on the Whole Career Cycle of Enterprise Employees(Grant no.2023520500240155)。
文摘As an important channel for start-ups to obtain R&D funds and external knowledge and information resources,and as one of the key methods for investment institutions to leverage scale and synergy effects to enhance investment returns,venture capital syndication holds significant research value in the field of venture capital.This paper reviews the literature,summarizing the motivations behind the formation of joint investment networks,the conceptual characteristics of the three core theories of social network theory,and the empirical research on venture capital syndication within the framework of social network theory.It also highlights the existing research results,identifies gaps,and anticipates future research directions.
文摘The new venture analysis is the foundation of venture development. In this paper, 14 venture prototypes are proposed based on the attributes of venture.Then, a new venture analysis method is discussed by the way of matching the new venture with the corresponding prototype. Considering the fuzziness of human subjective grading, the L-R fuzzy numbers are used to express the variables and corresponding fuzzy algorithm are applied in analysis. At the end, an application example is applied to indicate the effectiveness of the method.
文摘This paper empirically examines the effect of patents on capital costs in venture lending contracts. Based on a proprietary dataset entailing 119 venture lending contracts issued by a European venture lending fund between 2002 and 2009 in Europe, the United States, and Israel, we conduct the first quantitative empirical analysis on venture lending as an innovative form of financing for entrepreneurial fLrrns. Our results show that the presence of at least one granted or pending patent negatively influences direct （credit spread） and indirect （warrant coverage） costs of venture lending contracts. Thus, the presence of patents conveys information and is a signal of quality to the payoff distribution of the venture loans. Furthermore, we show that the company development stage negatively influences the relation between patents and capital costs, i.e., in later stages, patents seem to represent a less relevant quality signal than in earlier stages.
文摘This study reviews important variables related to joint venture performance and identifies the key determinants of joint venture performance in Cambodia. A model of joint venture performance in Cambodia is proposed and tested. Finally guidelines for successful joint venture performance in Cambodia are proposed. Based on a study of 62 firms and interviews with 19 joint venture mangers and government officers, it was found that the most important factors driving the formation of a joint venture included access to an emerging new market, utilization of abundant and cheap labor, and existence of government incentives. The most serious obstacles to joint venture performance in Cambodia were corruption, lack of physical infrastructure, bureaucracy, and competition from a black market and smuggling. For the results indicate there are significant correlations between performance and trust, control, commitment, and ownership. Suggested guidelines to improve joint venture performance in Cambodia are proposed.
文摘An evaluation model of an international venture investment project on the basis of fuzzy matter-element and combined weight methods is introduced. First, the compound fuzzy matter-element of optimal subordinate degree is constructed on the principle of the bigger-more-optimal or the less-more-optimal depending on the actual evaluation indicators, and combined with standard fuzzy matter-element to form a difference-square fuzzy matter-element. Secondly, a combined weight is calculated by both information entropy and the expert grading method. Finally, the compound fuzzy matter-element of Euclidian approach degree by M(·,+)method is constituted and used to classify venture investment projects. Based on the model above, six venture investment projects in a company are evaluated, and the results show that the projects are all good, which is demonstrated by the good income of the projects. Therefore, the coincidence of evaluation results and actual operation status indicates that the model is of great value in practical application.
基金National Natural Science Foundation of China(42101182)National Natural Science Foundation of China(42130712)+3 种基金The Technology Plan of Guangzhou(202201010319)GDAS Special Project of Science and Technology Development(2021 GDASYL-20210103004)GDAS Special Project of Science and Technology Development(2020GDASYL-20200104001)GDAS Special Project of Science and Technology Development(2020GDASYL-20200102002)。
文摘As an important innovation flow,venture capital has been examined in urban network research.However,the segmentation of capital categories and the cross-scale connection of capital remain scarcely analyzed.This study focuses on the structure and industry differentiation of venture capital flows in the Guangdong-Hong Kong-Macao Greater Bay Area(GBA)and its cross-scale network characteristics.Based on a venture capital database covering capital amount,investment subject address information,and industry information(2000-2018),this article examines the spatial distribution and network structure of venture capital in the GBA by means of a distance-based test of spatial concentration approach and social network analysis.Key findings show that:(1)Venture capital institutions and startups in the GBA present a high-concentration distribution pattern.In the past 20 years,venture capital activities in the GBA have substantially increased,forming a complex urban network structure with Guangzhou,Shenzhen,and Hong Kong as the core of this network.(2)Different types of venture capital show significantly different urban network structures,with manufacturing,the Internet industry,the financial sector,the cultural media industry,and the medical and health industry as the five industry types with the largest capital flow in the GBA.(3)Cross-scale research on the venture capital network reveals the position of the GBA as a capital hub in China,which forms a dense venture capital connection network with major cities on a national scale.(4)The network structure of venture capital in the GBA is influenced by multi-dimensional proximity,institutional factors,urban economy,and path dependence.Along with these three key mechanisms,the GBA has grown into a national-scale and even global-scale venture capital center.
基金supported by the Major Program of the National Social Science Foundation of China under Grant No.17ZDA083the National Natural Science Foundation of China under Grant No.71932002the Natural Science Foundation of Beijing Municipality under Grant No.9192001.
文摘Considering that the assumption of time consistency does not adequately reveal the mechanisms of exit decisions of venture capital(VC),this study proposes two kinds of time-inconsistent preferences(i.e.,time-flow inconsistency and time-point incon-sistency)to advance research in this field.Time-flow inconsistency is in line with the previous time inconsistency literature,while time-point inconsistency is rooted in the VC fund’s finite lifespan.Based on the assumption about the strategies guiding future behaviors,we consider four types of venture capitalists:time-consistent,time-point-inconsistent,naïve,and sophisticated venture capitalists,of which the latter three are time-inconsistent.We derive and compare the exit thresholds of these four types of venture capitalists.The main results include:(1)time-inconsistent preferences acceler-ate the exits of venture capitalists;(2)the closer the VC funds expiry dates are,t`he more likely time-inconsistent venture capitalists are to accelerate their exits;and(3)future selves caused by time-flow inconsistency weaken the effect of time-point inconsist-ency.Our study provides a behavioral explanation for the empirical fact of young VCs’grandstanding.
基金Major Program of the National Natural Science Foundation of China,No.41590842
文摘Under China's innovation-driven development strategy, venture capital has become an important driving force in urban agglomeration integration and collaborative innovation. This paper uses social network analysis to analyze spatiotemporal differences of venture capital in the Beijing-Tianjin-Hebei urban agglomeration for the period 2005–2015. A gravity model and panel data regression model are used to reveal the influencing factors on spatiotemporal differences in venture capital in the region. This study finds that there is a certain cyclical fluctuation and uneven differentiation in the venture capital network in the Beijing-Tianjin-Hebei urban agglomeration in terms of total investment, and that the three centers of venture capital(Beijing, Shijiazhuang and Tangshan) have a stimulatory effect on surrounding cities; flows of venture capital between cities display certain networking rules, but they are slow to develop and strongly centripetal; there is a strong positive correlation between levels of information infrastructure development and economic development and venture capital investment; and places with relatively underdeveloped financial environments and service industries are less able to apply the fruits of innovation and entrepreneurship and to attract funds. This study can act as a reference for the Beijing-Tianjin-Hebei urban agglomeration in building a world-class super urban agglomeration with the best innovation capabilities in China.
文摘Under Chinese law, when parties have signed an equity transfer agreement of the Chinese-Foreign contractual joint venture, they need to report to the examination and approval authority for approval. However, due to imperfection of and conflicts among laws and regulations as well as misunderstanding of the above system, it is always difficult for judges to determine the validity of such equity transfer agreement under the administrative approval system. Among the three categories of FIEs provided in Chinese law 1, scholars have had a comprehensive discussion over equity transfer agreement involving Sino-Foreign Equity Joint Venture Enterprises, but this case is concerned with the equity transfer agreement of a Chinese-Foreign contractual joint venture. In this case, the People's Supreme Court holds that the equity transfer agreement that has not undergone the approval procedures are not valid but not void. Furthermore, the parties that are bound to submit the agreement to the approval authority shall perform their duties of this kind.
文摘0ctogenarians represent the fastest growing group of patients undergoing percutaneous coronary intervention(PCI),now constituting more than one in five patients treated with PCI in real-world practice.[1,2]Comparing coronary lesion characteristics of patients aged<≥80 years to those≥80 years undergoing PCI,the octogenarians have a higher prevalence of calcified and ostial lesions,tortuous coronary anatomy,multi-vessel disease and left main stem(LMS)stenosis.⑶Furthermore,they often have greater ischemic burden than their younger counterparts,suggesting an even greater benefit following revascularization.
文摘Analyzes the necessity and possibility of developing venture capital in China, puts forward a train of thoughts as to how to develop China′s venture capital.
文摘The development of venture capital has drawn much attention, and many qualitative analysis and discussions have been proposed. A quantitative model is proposed based upon Reputation Model. The present compensation structure of U. S. venture capital limited partnerships is analyzed and a kind of new compensation structure is proposed. The relations between the venture capitalist’ s effort level and the two compensation structures are given . The comparison of analytical results proves that the present compensation structure in U.S. may not be the best choice, and that the proposed one can give a better motivation for venture capitalist’s management action.
