After Tencent steadily reduced its stake in JD.com,an e-commerce giant in China,and Sea Limited,an internet company in Singapore,ByteDance,parent of TikTok,caused another uproar in venture capital circles by reportedl...After Tencent steadily reduced its stake in JD.com,an e-commerce giant in China,and Sea Limited,an internet company in Singapore,ByteDance,parent of TikTok,caused another uproar in venture capital circles by reportedly disbanding its strategic investment department on January 18.The tech giant said it had decided to strengthen its main business and decrease investment in areas less relevant to that.展开更多
Rwanda and China have long enjoyed a robust partnership,characterised by mutual respect and shared development goals.This relationship has been further solidified by the planned Giseke Dam and Irrigation Project in Gi...Rwanda and China have long enjoyed a robust partnership,characterised by mutual respect and shared development goals.This relationship has been further solidified by the planned Giseke Dam and Irrigation Project in Gisagara District,a venture made possible through a concessional loan from China.The project is designed to irrigate 2,640 hectares of land,directly benefitting over 900 households and approximately 4,578 individuals by providing critical infrastructure for crop cultivation.Gisagara District,known for its large-scale rice farming,stands to benefit greatly from the initiative,which is aligned with Rwanda’s broader efforts to enhance agricultural productivity through controlled water access.展开更多
This study examines the causal relationship between financial technology startup venture capital(VC)financing and its deals with domestic credit provided by the banking sector and equity market movement.Despite the ri...This study examines the causal relationship between financial technology startup venture capital(VC)financing and its deals with domestic credit provided by the banking sector and equity market movement.Despite the rise of alternative finance,such as fintech venture capital(it is the fund that venture capital firms put into young,promising fintech companies so that they can help them expand and scale quickly),which is yet underexplored,borrowers still heavily rely on banks and the stock market for financing.We use panel data from 57 countries from 2010 to 2020 and an advanced econometric method called the cross-sectional autoregressive distributed lag model(CS-ARDL)to determine how the size and number of fintech equity funds dealt with by venture capital firms,banking sector credit,and stock market returns are interrelated at the global level and across regional,income,and economic levels.Our results reveal a cointegrating relationship between fintech venture capital funding and deals with bank loans and equity market returns.However,this relationship varies across the regions studied and between developed and developing economies.Our findings provide crucial guidelines for policymakers to create policies that support balanced financial development by highlighting the global interaction of equity market movements,banking credit,and fintech venture capital investment and lay the groundwork for internationally aligned policies to guarantee the optimal distribution of financial capital and improve economic stability and adaptability by illustrating how these links differ across geographical locations and economic conditions.展开更多
Under the background of economic globalization, the competitiveness of a country or a region depend no more on traditional basic elements,but on senior ones whose characteristic is high technology, especially on the c...Under the background of economic globalization, the competitiveness of a country or a region depend no more on traditional basic elements,but on senior ones whose characteristic is high technology, especially on the capability of technique innovation and hi - tech industrialization. Venture capital is the seedbed for hi - tech industry and is most suitable for the growth of hi - tech industry. Second - board market and investment banks are also vital factors for the commercial running of high - tech industry. Thus develop high technology and quicken its industrialization is an imprortant way to raise competitiveness of China. To obtain that goal, we must establish such a mechanism that integrated venture capital,second - board market and investment bank as one to form the institutional foundation for hi - tech industrialization.展开更多
Hydrodynamic cavitaion venturi tube technique is used for pico and nano bubble generations in coal column flotation. In order to determine the optimal design of hydrodynamic cavitation venture tube for pico and nano b...Hydrodynamic cavitaion venturi tube technique is used for pico and nano bubble generations in coal column flotation. In order to determine the optimal design of hydrodynamic cavitation venture tube for pico and nano bubble generation, a four-factor three-level Central Composite Design of Experimental was conducted for investigating four important design parameters of cavitation venturi tube governing the median size and the volume of pico and nano bubbles. The test results showed that maximum volume of pico and nano bubbles, 65–75%, and minimum mean pico and nano bubble size,150–240 nm, were achieved at the medium ratio of the diameter of outlet of the venturi-tube and diameter of throat(3–4), medium outlet angle(11–13°), high inlet angle(26–27°) and high ratio of the length of the throat and the diameter of throat(2.3–3). Study the effects of the producing pico and nano bubbles on fine coal flotation was performed in a 5 cm diameter 260 cm height flotation column. The optimal percentage of pico and nano bubbles was about 70%, which produced maximum combustible material recovery of 86% with clean coal ash content of 11.7%.展开更多
Over the past 10 years,crowdfunding,which allows a large number of individuals to collectively finance a new business venture through a technology platform,has risen rapidly as a popular way of financing a wide range ...Over the past 10 years,crowdfunding,which allows a large number of individuals to collectively finance a new business venture through a technology platform,has risen rapidly as a popular way of financing a wide range of activities including business ventures,personal loans,and charity projects.The modern crowdfunding business mode consists of three types of players:the project proposers who provide the original idea/blueprint/project that requires external finance,potential investors who are interested in the idea,and an internet platform that brings all parties alongside to kick-start the new business venture.展开更多
Background:This study aims to clarify the role of FinTech digital banking start-ups in the financial industry.We examine the impact of the funding of such start-ups on the stock returns of 47 incumbent US retail banks...Background:This study aims to clarify the role of FinTech digital banking start-ups in the financial industry.We examine the impact of the funding of such start-ups on the stock returns of 47 incumbent US retail banks for 2010 to 2016.Methods:To capture the importance of FinTech start-ups,we use data on both the dollar-volume of funding and number of deals.We relate these to the stock returns with panel data regression methods.Results:Our results indicate a positive relationship exists between the growth in FinTech funding or deals and the contemporaneous stock returns of incumbent retail banks.Conclusions:Although these results suggest complementarity between FinTech and traditional banking,we note that our results at the banking industry level are not statistically significant,and that the coefficient signs for about one-third of the banks are negative,but not statistically significant.Since the FinTech industry is young and our sample period short,we cannot rule out that our findings are spurious.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 i...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
Networks are composed with servers and rather larger amounts of terminals and most menace of attack and virus come from terminals. Eliminating malicious code and ac cess or breaking the conditions only under witch att...Networks are composed with servers and rather larger amounts of terminals and most menace of attack and virus come from terminals. Eliminating malicious code and ac cess or breaking the conditions only under witch attack or virus can be invoked in those terminals would be the most effec tive way to protect information systems. The concept of trusted computing was first introduced into terminal virus immunity. Then a model of security domain mechanism based on trusted computing to protect computers from proposed from abstracting the general information systems. The principle of attack resistant and venture limitation of the model was demonstrated by means of mathematical analysis, and the realization of the model was proposed.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
Excessive use of nitrogen fertilizer in China and its adverse effects on agricultural production have been a national and global concern.In addition to massive public initiatives to promote sustainable farm practices,...Excessive use of nitrogen fertilizer in China and its adverse effects on agricultural production have been a national and global concern.In addition to massive public initiatives to promote sustainable farm practices,grass-rooted innovations are emerging in the niche,many of which take the forms of information and communication technologies(ICT)and digital services.This study examines the effects of ICT-based extension services provided by an entrepreneurial startup on adopting sustainable farming practices.We found no significant reduction in N-fertilizer use for wheat production.But the ICT-based services promoted farmers to adapt N-fertilizer use towards site-specific management.The business model of the entrepreneurial venture faces great challenges in becoming participatory and financially sustainable.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
Recent literature has addressed initial coin offering(ICO)projects,which are an innovative form of venture financing through cryptocurrencies using blockchain technology.Many features of ICOs remain unexplored,leaving...Recent literature has addressed initial coin offering(ICO)projects,which are an innovative form of venture financing through cryptocurrencies using blockchain technology.Many features of ICOs remain unexplored,leaving much room for additional research,including the success factors of ICO projects.We investigate the success of ICO projects,with our main purpose being to identify factors that influence a project’s outcome.Following a literature review,from which several potential variables were collected,we used a database comprising 428 ICO projects in the banking/financial sector to regress several econometric models.We confirmed the impacts of several variables and obtained particularly valuable results concerning project and campaign variables.We confirmed the importance of a well-structured and informative white-paper.The proximity to certain markets with high availability of financial and human capital is also an important determinant of the success of an ICO.We also confirm the strong dependency on cryptocurrency and the impact of cryptocurrency valuations on the success of a project.Furthermore,we confirm the importance of social media in ICO projects,as well as the importance of human capital characteristics.Our research contributes to the ICO literature by capturing most of the success factors previously identified and testing their impacts based on a large database.The current research contributes to the building of systems theory and signaling theory by adapting their frameworks to the ICO environment.Our results are also important for regulators,as ICOs are mainly unregulated and have vast future potential,and for investors,who can benefit from our analysis and use it in their due diligence.展开更多
Iresearch estimates that the volume of China’s cross-border e-commerce accounted for China total export-import volume 11.9%in 2013,up to 14.8%in 2014.By 2017,cross-border e-commerce occupies a proportion of the total...Iresearch estimates that the volume of China’s cross-border e-commerce accounted for China total export-import volume 11.9%in 2013,up to 14.8%in 2014.By 2017,cross-border e-commerce occupies a proportion of the total amount of China’s foreign trade that is expected to reach about 20%.T-he players shared their different opinions with China’s Foreign Trade.展开更多
In light of the institutional environment transformation and globalisation, this article draws on institutional theory and global value chain theory to explore the growth path of China's state-owned automakers. Th...In light of the institutional environment transformation and globalisation, this article draws on institutional theory and global value chain theory to explore the growth path of China's state-owned automakers. The study finds that the institution and globalisation factors have become the growth driver of state-owned automakers. At each stage, it is found that there is a convergence in the organisational behaviour of state-owned automakers. The change in driving force, has, however, led to the transformation of organisational behaviour of those state-owned automobile enterprises undergoing the process of evolving from a joint venture model to a proprietary innovation model. This change has come about due to the leveraging of partnership opportunities with multinational motor companies.展开更多
文摘After Tencent steadily reduced its stake in JD.com,an e-commerce giant in China,and Sea Limited,an internet company in Singapore,ByteDance,parent of TikTok,caused another uproar in venture capital circles by reportedly disbanding its strategic investment department on January 18.The tech giant said it had decided to strengthen its main business and decrease investment in areas less relevant to that.
文摘Rwanda and China have long enjoyed a robust partnership,characterised by mutual respect and shared development goals.This relationship has been further solidified by the planned Giseke Dam and Irrigation Project in Gisagara District,a venture made possible through a concessional loan from China.The project is designed to irrigate 2,640 hectares of land,directly benefitting over 900 households and approximately 4,578 individuals by providing critical infrastructure for crop cultivation.Gisagara District,known for its large-scale rice farming,stands to benefit greatly from the initiative,which is aligned with Rwanda’s broader efforts to enhance agricultural productivity through controlled water access.
基金financially supported by Doctoral Fellowship of the University Grants Commission,Bangladesh.
文摘This study examines the causal relationship between financial technology startup venture capital(VC)financing and its deals with domestic credit provided by the banking sector and equity market movement.Despite the rise of alternative finance,such as fintech venture capital(it is the fund that venture capital firms put into young,promising fintech companies so that they can help them expand and scale quickly),which is yet underexplored,borrowers still heavily rely on banks and the stock market for financing.We use panel data from 57 countries from 2010 to 2020 and an advanced econometric method called the cross-sectional autoregressive distributed lag model(CS-ARDL)to determine how the size and number of fintech equity funds dealt with by venture capital firms,banking sector credit,and stock market returns are interrelated at the global level and across regional,income,and economic levels.Our results reveal a cointegrating relationship between fintech venture capital funding and deals with bank loans and equity market returns.However,this relationship varies across the regions studied and between developed and developing economies.Our findings provide crucial guidelines for policymakers to create policies that support balanced financial development by highlighting the global interaction of equity market movements,banking credit,and fintech venture capital investment and lay the groundwork for internationally aligned policies to guarantee the optimal distribution of financial capital and improve economic stability and adaptability by illustrating how these links differ across geographical locations and economic conditions.
文摘Under the background of economic globalization, the competitiveness of a country or a region depend no more on traditional basic elements,but on senior ones whose characteristic is high technology, especially on the capability of technique innovation and hi - tech industrialization. Venture capital is the seedbed for hi - tech industry and is most suitable for the growth of hi - tech industry. Second - board market and investment banks are also vital factors for the commercial running of high - tech industry. Thus develop high technology and quicken its industrialization is an imprortant way to raise competitiveness of China. To obtain that goal, we must establish such a mechanism that integrated venture capital,second - board market and investment bank as one to form the institutional foundation for hi - tech industrialization.
基金West Virginia State Coal and Energy Research Bureau(WVCERB)the Department of Mining Engineering,West Virginia University
文摘Hydrodynamic cavitaion venturi tube technique is used for pico and nano bubble generations in coal column flotation. In order to determine the optimal design of hydrodynamic cavitation venture tube for pico and nano bubble generation, a four-factor three-level Central Composite Design of Experimental was conducted for investigating four important design parameters of cavitation venturi tube governing the median size and the volume of pico and nano bubbles. The test results showed that maximum volume of pico and nano bubbles, 65–75%, and minimum mean pico and nano bubble size,150–240 nm, were achieved at the medium ratio of the diameter of outlet of the venturi-tube and diameter of throat(3–4), medium outlet angle(11–13°), high inlet angle(26–27°) and high ratio of the length of the throat and the diameter of throat(2.3–3). Study the effects of the producing pico and nano bubbles on fine coal flotation was performed in a 5 cm diameter 260 cm height flotation column. The optimal percentage of pico and nano bubbles was about 70%, which produced maximum combustible material recovery of 86% with clean coal ash content of 11.7%.
文摘Over the past 10 years,crowdfunding,which allows a large number of individuals to collectively finance a new business venture through a technology platform,has risen rapidly as a popular way of financing a wide range of activities including business ventures,personal loans,and charity projects.The modern crowdfunding business mode consists of three types of players:the project proposers who provide the original idea/blueprint/project that requires external finance,potential investors who are interested in the idea,and an internet platform that brings all parties alongside to kick-start the new business venture.
文摘Background:This study aims to clarify the role of FinTech digital banking start-ups in the financial industry.We examine the impact of the funding of such start-ups on the stock returns of 47 incumbent US retail banks for 2010 to 2016.Methods:To capture the importance of FinTech start-ups,we use data on both the dollar-volume of funding and number of deals.We relate these to the stock returns with panel data regression methods.Results:Our results indicate a positive relationship exists between the growth in FinTech funding or deals and the contemporaneous stock returns of incumbent retail banks.Conclusions:Although these results suggest complementarity between FinTech and traditional banking,we note that our results at the banking industry level are not statistically significant,and that the coefficient signs for about one-third of the banks are negative,but not statistically significant.Since the FinTech industry is young and our sample period short,we cannot rule out that our findings are spurious.
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Supported by the National High-TechnologyResearch and Development Programof China (2002AA1Z2101)
文摘Networks are composed with servers and rather larger amounts of terminals and most menace of attack and virus come from terminals. Eliminating malicious code and ac cess or breaking the conditions only under witch attack or virus can be invoked in those terminals would be the most effec tive way to protect information systems. The concept of trusted computing was first introduced into terminal virus immunity. Then a model of security domain mechanism based on trusted computing to protect computers from proposed from abstracting the general information systems. The principle of attack resistant and venture limitation of the model was demonstrated by means of mathematical analysis, and the realization of the model was proposed.
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financial support from the National Natural Science Foundation of China (72003148)the Agricultural Science and Technology Innovation Program of the Chinese Academy of Agricultural Sciences (CAASASTIP–2016-AII)+1 种基金the Chinese Universities Scientific Fund (2452020072)the National Key Research and Development Program of China (2016YFD0201303)
文摘Excessive use of nitrogen fertilizer in China and its adverse effects on agricultural production have been a national and global concern.In addition to massive public initiatives to promote sustainable farm practices,grass-rooted innovations are emerging in the niche,many of which take the forms of information and communication technologies(ICT)and digital services.This study examines the effects of ICT-based extension services provided by an entrepreneurial startup on adopting sustainable farming practices.We found no significant reduction in N-fertilizer use for wheat production.But the ICT-based services promoted farmers to adapt N-fertilizer use towards site-specific management.The business model of the entrepreneurial venture faces great challenges in becoming participatory and financially sustainable.
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.
基金supported by Fundação para a Ciência e a Tecnologia,grant UIDB/00315/2020.
文摘Recent literature has addressed initial coin offering(ICO)projects,which are an innovative form of venture financing through cryptocurrencies using blockchain technology.Many features of ICOs remain unexplored,leaving much room for additional research,including the success factors of ICO projects.We investigate the success of ICO projects,with our main purpose being to identify factors that influence a project’s outcome.Following a literature review,from which several potential variables were collected,we used a database comprising 428 ICO projects in the banking/financial sector to regress several econometric models.We confirmed the impacts of several variables and obtained particularly valuable results concerning project and campaign variables.We confirmed the importance of a well-structured and informative white-paper.The proximity to certain markets with high availability of financial and human capital is also an important determinant of the success of an ICO.We also confirm the strong dependency on cryptocurrency and the impact of cryptocurrency valuations on the success of a project.Furthermore,we confirm the importance of social media in ICO projects,as well as the importance of human capital characteristics.Our research contributes to the ICO literature by capturing most of the success factors previously identified and testing their impacts based on a large database.The current research contributes to the building of systems theory and signaling theory by adapting their frameworks to the ICO environment.Our results are also important for regulators,as ICOs are mainly unregulated and have vast future potential,and for investors,who can benefit from our analysis and use it in their due diligence.
文摘Iresearch estimates that the volume of China’s cross-border e-commerce accounted for China total export-import volume 11.9%in 2013,up to 14.8%in 2014.By 2017,cross-border e-commerce occupies a proportion of the total amount of China’s foreign trade that is expected to reach about 20%.T-he players shared their different opinions with China’s Foreign Trade.
文摘In light of the institutional environment transformation and globalisation, this article draws on institutional theory and global value chain theory to explore the growth path of China's state-owned automakers. The study finds that the institution and globalisation factors have become the growth driver of state-owned automakers. At each stage, it is found that there is a convergence in the organisational behaviour of state-owned automakers. The change in driving force, has, however, led to the transformation of organisational behaviour of those state-owned automobile enterprises undergoing the process of evolving from a joint venture model to a proprietary innovation model. This change has come about due to the leveraging of partnership opportunities with multinational motor companies.
