Intermediaries for the greater good: How entrepreneurial support organizations can embed constrained sustainable development startups in entrepreneurial ecosystems

Sustainable development startups (SDSs) are important to help overcome societal challenges. However, starting an SDS or investing in them is a high-risk endeavor. Hence, policymakers are trying to make entrepreneurial ecosystems (EEs) more favorable for SDSs. A critical component of any EE is a financial support network, through which startups receive investments and business knowledge most importantly from private venture capitalists (VCs), among other finance providers. To be successful, SDSs thus need to become embedded in the financial support network. This embeddedness also allows SDSs to serve as network brokers between VCs and other startups, which is beneficial for the entire EE. Entrepreneurial support organizations (ESOs) can help build a sufficiently dense financial support network by introducing startups to other actors. However, there are often not enough promising SDSs in an EE to meaningfully influence the financial support network. This places ESOs that promote SDSs in the dilemma of which startups to admit: they can either focus their efforts exclusively on SDSs or give their unfilled spots to non-SDSs, with the latter facilitating network brokering among startups. Therefore, this paper answers the following research question: What is the effect from ESOs’ support mechanisms and admission regimes on the number of investments in SDSs? Using an agent-based model, I demonstrate that ESOs are a necessity for EEs with many constrained SDSs, particularly when the constraints are technology-based. Without ESOs, the presence of such SDSs negatively influences the entire EE due to a loss of brokering in the financial support network. ESOs can help repair this damage by having the right admission regimes and helping tenant SDSs overcome some of their constraints. Ultimately, the most effective way to do this is to have an admission regime under which only SDSs are accepted and receive twice as much support from the ESO.     

问题导向搜索与创业企业新产品创新绩效——来自苹果App Store应用平台的证据

创业企业在过去产品失败的情况下如何进行创新策略调整始终是学术界关注的热点问题。本文基于问题导向搜索理论,考察了平台上的创业企业在过去产品失败时,未来产品研发的搜索边界和搜索距离对新产品创新绩效的影响机制,并利用来自苹果APP Store应用商店中获取的2018年5月至2019年2月期间的一组新数据集,借助文本分析的方法进行了实证检验,结果发现：相较于创业初期研发成功的企业,在创业初期研发不成功的企业跨越先前的搜索边界,从事跨市场类别的产品研发更有利于企业下一款新产品创新绩效水平的提高。同时,对于创业初期研发不成功的企业来说,在选定的市场类别中进行非本地搜索更有利于企业新产品创新绩效水平的提升。研究结论旨在丰富平台市场背景下创业企业的问题导向搜索理论,对创业企业在应用平台上的新产品研发策略选择具有重要启示。     

The role of corporate technology strategy and patent portfolios in low-, medium- and high-technology firms

Previous research into technology strategies and patent portfolios has focused on high-technology firms, whereas low- and medium-technology companies have been relatively neglected. Therefore, we analyze how corporate technology strategy and the size and composition of patent portfolios affect the performance of low-, medium- and high-technology firms. Data from 136 European companies are used to examine four hypotheses relating financial performance to technological diversification, technological aggressiveness, patent portfolio size, and patent portfolio quality. The cross-industry sample allows analyzing the different consequences of these strategic parameters in low-, medium- and high-technology firms by considering technological intensity as a moderator. Our first finding is that the positive impact of technological aggressiveness is limited in low- and medium-technology companies. Secondly, technological diversification has a positive effect in high-technology firms and a negative effect in low-technology firms. Thirdly, patent portfolio size has a positive effect only in high-technology firms. Finally, patent portfolio quality has an equally positive influence on all firms’ performance. In part, these results conflict with the findings of previous research into high-technology companies, and they call for rethinking the role of technology strategies and intellectual property portfolios in firms across industries.     

Experienced entrepreneurial founders, organizational capital, and venture capital funding

This paper empirically investigates the sourcing and valuation of venture capital (VC) funding among entrepreneurs with varied levels of prior start-up founding experience, academic training, and social capital. Social ties with VCs have been identified as an important precursor to organizational resource attainment and performance, and so this study analyzes the correlates of heterogeneous social links with VCs. I also examine venture valuation, as it reflects enterprise quality and entrepreneurs’ cost of financial capital. Using data from a survey of 149 early stage technology-based start-up firms, I find several notable results. First, prior founding experience (especially financially successful experience) increases both the likelihood of VC funding via a direct tie and venture valuation. Second, founders’ ability to recruit executives via their own social network (as opposed to the VC's network) is positively associated with venture valuation. Finally, in the emerging (at the time) Internet industry, founding teams with a doctoral degree holder are more likely to be funded via a direct VC tie and receive higher valuations, suggesting a signaling effect. The paper therefore underscores some important dimensions of heterogeneity among VC-backed entrepreneurs.     

金融危机对军工上市公司经营业绩的影响研究

本文选取军工上市公司作为研究对象,首先采用虚拟变量法对军工上市公司的经营业绩是否受到金融危机影响进行分析,然后运用事件研究法分析军工上市公司的经营业绩受到金融危机影响的程度.实证研究结果表明:军工上市公司的经营业绩确实受到金融危机的负面冲击;在目前企稳回升期,半数以上军工上市公司的经营业绩不再受到金融危机的影响.     

How venture capitalists spur invention in Spain: Evidence from patent trajectories

Venture capitalists (VCs) fund the development of promising inventions to turn them into marketable innovations. During this development stage portfolio firms are likely to garner even more inventions at least until the product is fully developed. Once the product is fully developed the focus shifts from development to sales so the number of generated inventions should decrease. This behavior implies that VCs are likely to spur invention according to an inverted U-shape over time. We empirically examine whether patent trajectories are consistent with this hypothesized inverted U-shape using a self-collected dataset containing 233 VC-backed firms and a large set of controls operating in Spain. We find that firms’ patenting activity increases after VC investments. This increase is substantially more pronounced the first two years following VC investments, i.e., patent trajectories follow an inverted U-shape over time. Our more demanding specifications suggest that the sharp increase in patenting right after VCs’ investments is caused by a positive treatment effect over and beyond any likely selection effect. Moreover, we defend that the increase in patenting is not just due to the fact that VCs give money so that firms can patent pre-VC inventions, but also to the fact that VCs fund the development of inventions.     

Governments as partners: The role of alliances in U.S. cleantech startup innovation

Accelerating innovation in clean energy technologies is a policy priority for governments around the world aiming to mitigate climate change and to provide affordable energy. Most research has focused on the role of governments financing R&D and steering market demand, but there is a more limited understanding of the role of direct government interactions with startups across all sectors. We propose and evaluate the value-creation mechanisms of network resources from different types of partners for startups, highlighting the unique resources of government partners for cleantech startups. We develop and analyze a novel dataset of 657 U.S. cleantech startups and 2,015 alliances with governments, firms, research organizations, and not-for-profit organizations from 2008 to 2012 and analyze short-term firm outcomes from the different alliances. Our findings highlight the importance of governmental partners in technology development alliances to catalyze cleantech startup innovation (the patenting activity of cleantech startups increases by 73.7 percent with every additional governmental technology alliance when compared to those startups that did not engage in such alliances) and as quality signals to private sector investors for licensing alliances (private financing deals increase by 155 percent for every additional license from a government organization). Overall, these findings extend the alliance perspectives on innovation, contribute to the emerging research on entrepreneurial ecosystems, and underline the need to develop empirical evidence in different sectors.     

金融危机对中美核心经济关系影响及中国对策

2011年5月9日至10日,第三轮中美战略与经济对话在美国华盛顿举行,重点对中美两国在金融危机背景下所关心的政治和经济问题进行沟通。本文试图分析经济危机对金融、贸易、投资、货币和科技等中美核心经济关系产生的影响,并对中国应采取的对策提出建议。     

卖空约束对组合投资效率影响的实证研究

选取封闭式基金作为投资对象,构建投资组合,研究了卖空约束对组合投资效率的影响。结论表明:(1)相对于不允许卖空的组合投资,允许卖空条件下组合投资的转移系数和信息率得到提高,alpha-TE有效边界得到扩张,同时也拓展了投资经理的投资空间;(2)投资业绩(信息率)提升得益于转移系数的提高,转移系数提高越多组合业绩提升越显著;(3)尤其对激进型投资经理来说,取消卖空约束对提高组合投资效率的作用更为显著。     

金融危机背景下山东省财政科技投入与自主创新绩效关系分析

分析山东省政府财政科技投入现状,发现金融危机下政府科技投入出现回落。通过定量分析表明政府财政科技投入与自主创新绩效之间存在长期均衡关系,而且金融危机下政府财政科技投入对自主创新绩效的"杠杆效应"更加显著,那么加大政府财政科技投入力度、形成多元化的R&D投入模式对山东半岛制造业基地建设更具有现实意义。     

新兴企业如何构建技术空间？技术能力组合的作用

新兴技术往往具有很大的不确定性、风险性和模糊性,在此情况下,新兴企业如何进行技术整合、探索新的技术领域;更具体地,这些企业如何构建自己的技术空间,到底是应该和行业的技术空间保持一致性呢,还是保持差异性？本文聚焦于"新兴企业如何构建技术空间"这一问题,从企业技术能力及其组合的角度切入,以489家战略性新兴产业企业为样本,研究发现,在不同的企业技术能力组合情境中,企业-行业的技术空间异质性对企业绩效具有差异化的影响。具体而言,在核心技术能力高、一般技术能力高的情境中,技术空间异质性对新兴企业绩效有显著的正向影响;在核心技术能力高、一般技术能力低的情境中,技术空间异质性与新兴企业绩效间呈倒U型关系;在企业核心技术能力低的情境中,无论新兴企业的一般能力是高还是低,技术空间异质性对新兴企业绩效均有显著的负向影响。本文的研究从技术能力组合的视角拓展了技术空间异质性的研究,也为新兴企业的技术空间构建问题提供启示。     

公共危机治理网络:框架与战略

就当前我国的危机应对仅处于"管理"而非"治理"的现状,提出中国需要建设由公共部门、非政府组织、私营部门、社区为单元的公民个人及家庭、国际组织为全主体,针对全危险要素进行全阶段应急管理的危机治理网络,并通过制定国家应急反应框架作为应急行动的最高战略计划和协同预案,以配套的国家应急管理系统下统一行动模板,实施各种突发事件的应急管理核心战略和行动策略:着重演练和整合现有预案体系、夯实公共危机治理网络的行动基础,采用大部委体制改革的基本思路,建立公共危机治理网络的核心机构,以细化《突发事件应对法》为契机,完善公共危机治理网络的制度框架,与电子政务建设相结合,打造公共危机治理网络的应急平台。     

新创企业专利对于风险投资决策的影响研究-基于中国创业板上市公司的数据

探寻新创企业专利对风险投资决策的影响机制,即专利能否成为风险投资机构评估新创企业价值的有效信号体系。运用创业板中427家企业的数据,检验新创企业专利与风险投资估值的关联度。实证研究结果证明,新创企业的专利对企业吸引风险投资时的价值评估具有提升效应,且上述提升效应在早期投资轮和实力强大的风险投资机构中表现得更为明显,但与创业者的创业经验之间无显著相关。研究为引导风险投资机构更有效的利用专利信号机制、优化其投资决策,促进风险投资行业的有效发展,为我国新一轮的创业热潮提供有效支撑。     

Factors influencing venture capital perforsmance in emerging technology: The case of China

This study aims to identify the systematic factors influencing venture capital performance in emerging technology. Emerging technologies are the driving force of contemporary economic and social development, but their technologies and markets are subject to great uncertainty. As a high-risk, high-yield investment method, venture capital plays an extremely important role in supporting technological innovation and promoting the upgrading of industrial structures. Following information processing theory, this study applies a quantitative analysis to data from 61 venture capitalists in Beijing, China using structural equation modeling (SEM). The sample firms were established since 2015 and invested mainly in emerging technology startups. The model passed the goodness-of-fit indices test and reveals that information acquisition, venture capital executives, and venture capital strategies have a positive impact on venture capital performance, and venture capital strategies played a partial mediating role.     

Using weighted k-means to identify Chinese leading venture capital firms incorporating with centrality measures

Although identifying leading venture capital firms (VCs) is a meaningful challenge in the analysis of the Chinese investment market, this research topic is rarely mentioned in the relevant literature. Given the co-investment network of VCs, identifying leading VCs is equal to determine influential nodes in the field of complex network analysis. As there are some disadvantages and limitations of using single centrality measures and the multiple criteria decision analysis (MCDA) method to identify leading VCs, this paper incorporates with several different centrality measures of co-investment network of VCs, and then proposes a new approach based on the weighted k-means to rank VCs at both group and individual levels and identify the leading VCs. The proposed approach not only shows alternative groupings based on multiple evaluation criteria, but also ranks them according to their comprehensive score which is the weighted sum of these criteria. Empirical analysis shows the efficiency and practicability of the proposed approach to identify leading Chinese VCs.     

会计投资价值指数与股票收益——来自A股市场的经验证据

本文基于2003-2009年来自A股的样本数据发现,较之盈余价格比组合及市场指数组合,长期持有会计投资价值指数大的股票组合能获取正的超额收益,且该超额收益不能简单地归因于投资风险或规模效应。该结果表明,会计投资价值指数作为投资工具兼具价值投资策略与成长投资策略的优点,除盈余以外的会计数字能为资本市场提供增量信息。     

The effects of alliance portfolio characteristics and absorptive capacity on performance: A study of biotechnology firms

In many high technology industries, strategic alliances have become important for improving a firm's financial performance by providing knowledge that can be used to develop the capabilities needed to introduce new products. Therefore, researchers have examined those characteristics of alliances that can contribute to the performance of high technology companies. There is agreement that the structure and knowledge flows within alliances can affect a firm's innovativeness. However, to date, researchers have studied alliances as individual events or transactions, failing to recognize their synergistic effects as a coherent portfolio. Viewing alliances as a portfolio of strategic agreements, we suggest that portfolio characteristics will be associated with a high technology firm's innovative and financial performance. Also, we suggest that portfolio characteristics will influence absorptive capacity. We test these propositions using a sample of 2456 alliances formed by 143 biopharmaceutical firms. The results indicate that alliance portfolio characteristics and absorptive capacity jointly influence performance. The implications of these findings for high technology firms are discussed.