跨境风险投资绩效影响因素——基于中国市场的实证研究

20世纪90年代以来,随着全球经济一体化进程的加快,风险投资也呈现出了国际化趋势,这种跨国界的投资行为形成了一种新的国际投资活动--跨境风险投资。近年来,跨境风险投资在中国风险投资市场中占据着举足轻重的地位。本文主要目的是探讨跨境风险投资机构在中国市场的本土化经验是否影响跨境风险投资的绩效表现。本文搜集了1998年至2012年末进入中国跨境风险投资退出的551个风险投资项目,在先前研究提出的外资风险投资机构人力资本衡量方法的基础上,本文改进并提出了对跨境风险投资在中国市场的本土化经验的三个方面的衡量方法。实证结果表明,跨境风险投资的本土从业经验和本土投资专业性是跨境风险投资绩效的显著影响因素,并且跨境风险投资的投资周期和退出方式也会在一定程度上影响项目的投资绩效。     

构建我国风险投资退出路径的设想

风险投资是高新技术产业发展的助推器,作为风险投资体系中极其关键的一环,风险投资退出渠道的建立和完善直接关系到风险投资收益的实现,关系到我国的风险投资业的可持续发展。然而不完善的风险投资退出机制已成为制约我国风险投资业稳步发展的瓶颈。本文通过对主要风险投资退出方式的对比分析,提出了适合我国国情的风险投资退出方式。     

关于风险投资问题研究的进展

从风险投资的涵义、风险投资的特点、风险投资的功能、风险投资的运行机制、国内外运行风险投资概况及我国风险投资企业的思路与重点等６个方面全面研讨了当今风险投资问题的各个方面。     

发展我国风险投资机构的中外合作之路

风险投资在我国的实践尚处于起步阶段,需要规范、成熟的风险投资主体在其中发挥核心领导作用,由于国内风险投资主体的稚嫩,海外风险投资机构纷纷抢滩中国.它们接二连三的大手笔与本土风险投资机构的观望态度形成了鲜明的对比.与海外风险资本合作,共同培育成熟的风险投资主体,开发中国风险投资市场,是发展我国风险投资业的较好途径.     

我国风险投资退出机制的探讨

文章从风险投资的概念、特点及运作过程入手,分析了主要的风险投资退出方式,借鉴国外风险投资退出的经验和教训,对我国风险投资退出方式的现状和存在的问题进行了分析,并对完善我国风险投资退出机制提出了相关建议。     

高新技术产业化过程中发展风险投资的措施

分析了我国风险投资业发展中存在的问题,由此提出了一些发展风险投资的措施。我国一方面应尽快建立以风险投资公司、风险投资基金、科技开发银行为核心的风险投资机构体系。另一方面大力落实促进风险投资的经济、政策、法律环境和信息、人才保障,形成一个综合性的风险投资体系。     

我国保险资金投资领域的思考

介绍了我国保险资金运用的现状,分析了保险资金涉足风险投资领域的利弊,指出:我国的风险投资环境虽然还存在很多问题,但是在未来的发展中,我国风险投资的发展还存在空间。我国的风险投资前景良好,保险资金涉足风险投资领域会在未来得到高收益,同时,随着我国风险投资监管制度的建立和完善,保险资金涉足风险投资领域所面临的风险也会随之降低,我国的风险投资环境也会得到较大改善。     

浅析我国企业的风险投资与运作

随着我国经济市场的不断发展与进步,风险投资行为也逐步兴起。但我国的风险投资的土壤尚不肥沃,有些投资不但空投了资金,也无益于我国新兴产业的发展。因此,深刻认识风险投资和规范风险投资流程成为了许多投资者的必修之课。本文从风险投资特点和风险投资运作及动作时的注意事项这两点来对我国的风险投资进行简要叙述与分析。     

山东省风险投资支持技术创新的现状及对策研究

风险投资对技术创新具有极大的促进作用。本文用翔实的数据描述了山东省风险投资的发展现状,重点以山东省最大的风险投资企业山东高新技术投资公司为例,从支持科技创新的角度分析了山东风险投资取得的成绩以及存在的问题,提出了壮大风险投资的对策。     

风险投资分工系统研究

利用分工原理,采用统计模型分析的方法,对风险投资分工体系及分工机理进行探讨,揭示了风险投资发展的实质是通过一系列专业化分工来提高风险投资发展效率。而分工机制,则保证了专业化分工与协作,降低了风险投资的交易成本,促进了风险投资的健康发展。     

Students' Reactions to the Introduction of Videoconferencing for Classroom Instruction

This study examined how students who had no prior experience with videoconferencing would react to the use of videoconferencing as an instructional medium. Students enrolled in seven different courses completed a questionnaire at the beginning of the semester and again at the end of the semester. Students at the origination and remote sites did not differ in their reactions toward videoconferencing but there was a significant difference for gender. Women reacted less favorably to videoconferencing. Compared to the beginning of the semester, students reported significantly less positive attitudes toward taking a course through videoconferencing at the end of the semester. There were no significant differences in students' attitudes toward videoconferencing across courses at the beginning of the semester but there were significant differences across the courses at the end of the semester. The results suggest the need for better preparation for both students and instructors.     

Cooler temperatures inductive to locust outbreaks

Ajoint study by Prof. ZHANG Zhibin from the CAS Institute of Zoology and his co-workers from Norway, US and Swiss have indicated that historical outbreaks of migratory locusts in China were associated with cold spells, suggesting that China＇s projected climate warming could decrease the pest＇s numbers. The study was published in Proceedings of theNational Academy of Sciences on 17 September, 2007.     

Exploring Multiplexity: Social Network Structures in a Computer-Supported Distance Learning Class

A computer-mediated group is a complex entity whose members exchange many types of information via multiple means of communication in pursuit of goals specific to their environment. Over time, they coordinate technical features of media with locally enacted use to achieve a viable working arrangement. To explore this complex interaction, a case study is presented of the social networks of interactions and media use among members of a class of computer-supported distance learners. Results show how group structures associated with project teams dominated who communicated with whom, about what, and via which media over the term, and how media came to occupy their own communication niches: Webboard for diffuse class-wide communication; Internet Relay Chat more to named others but still for general communication across the class; and e-mail primarily for intrateam communication. Face-to-face interaction, occurring only during a short on-campus session, appears to have had a catalytic effect on social and emotional exchanges. Results suggest the need to structure exchanges to balance class-wide sharing of ideas with subgroup interactions that facilitate project completion, and to provide media that support these two modes of interaction.     

The Role of Intermediating Institutions in the Diffusion of Electronic Data Interchange (EDI): How Industry Associations Intervened in Denmark, Finland, and Hong Kong

Electronic data interchange (EDI) provides means for interorganizational communication, creates network externalities, requires an advanced information technology (IT) infrastructure, and relies on standards. In the diffusion of such innovations, institutional involvement is imperative. Such institutions contain governmental agencies, national and global standardization organizations, local government, and nonprofit private organizations like industry associations. The last type of organizations we call intermediating institutions. They intermediate or coordinate ("inscribe") the activities of a group of would-be adopters. Unfortunately, little is known of how these organizations shape the EDI diffusion trajectory. In this article we examine one specific type of intermediating organizations?industry associations?and how they advanced the EDI diffusion process in the grocery sectors of Hong Kong, Denmark and Finland. We identify six institutional measures, placed into a matrix formed by the mode of involvement (influence vs. regulation) and the type of diffusion force (supply push vs. demand pull), that can be mobilized to further the EDI diffusion. Industry associations were found to be active users of all these measures to varying degrees. Their role was critical especially in knowledge building, knowledge deployment, and standard setting. Furthermore, institutional involvement varied due to policy and cultural contingencies and power dependencies.     

How Electronic Publishers are Protecting Against Piracy: Doubts About Technical Systems of Protection

The increasing prospects of digital piracy has prompted the perceived need by electronic publishers to adopt technical systems of protection, and governments to reform their copyright laws. This article is a preliminary study of the management of intellectual property by electronic publishers, defined as those involved in the production of online databases, and CD-ROMs. It focuses on three main issues: (1) how electronic publishers view the increasing threat of piracy; (2) the methods of protection employed to protect intellectual property in digital format; and (3) the importance of technological protection of intellectual property in electronic publications. The analysis is based on a sample of 23 UK electronic publishers. The interviews revealed an interesting assortment of protection methods and did not show that technological protection was a preferred way. Instead, the means of protection, in addition to copyright law, comprised niche markets, pricing, trust, bad publicity, and nontechnical and technical means.     

Rough Justice: A Statistical Assessment of ICANN's Uniform Dispute Resolution Policy

Long-standing conflict between domain name registrants and trademark holders prompted the Internet Corporation for Assigned Names and Numbers (ICANN) to create a global, mandatory arbitration procedure known as the Uniform Dispute Resolution Policy (UDRP). The UDRP has been used in 2166 cases involving 3938 domain names as of 1 November 2000. The policy gives the initiator of a complaint, generally a trademark holder, the right to choose which ICANN-accredited dispute resolution service provider (RSP) will handle the case. During the preparation of the UDRP,some feared that complainant selection would lead to "forum shopping" that might bias the results. This article performs a statistical assessment of the forum-shopping thesis and finds support for it. There are statistically significant differences in the various RSPs' propensity to take away names from defendants; there are also major differences in the number of cases brought to each RSP. RSPs who take away names have the larger share of cases. The study examines other variables that might explain differences in market share, such as price, the plaintiff's nationality, or the time taken to decide a case. It finds that nationality and time also are correlated with market share. The study concludes that shopping for a favorable outcome is an important factor in the UDRP.     

Prevalence of soft neurological signs in Chinese people

Prof. Raymond C.K. Chen, a neuropsychologist with the CAS Institute of Psychology, has made novel progress in his studies of schizophrenia. His work has been reported by a recent issue of Behavioural Neurology.     

Monoculture Rubber Plantations Have Negative Ef ects on Controlling Splash Erosion

<正>In Xishuangbanna,one of China’s most biodiverse regions,landscape has changed dramatically during the past three decades due to the conversion of tropical rainforest to rubber plantations.In steep areas,terraces are often constructed before planting rubber trees,which causes two important changes in the soil:the destabilization of soil in the bench terraces and the increased vulnerability of unvegetated riser faces to erosion.Few studies have documented the nature and intensity of erosion on bench terraces.Prof.LIU Wenjie and his colleagues from the Xishuangbanna Tropical Botanical Garden(XTBG)conducted a study in Menglun County(21°5′39″N,101°15′55″E),Xishuangbanna to evaluate the influence     

Chinese Scientists Use Earth Observation Technologies to Study and Protect Wild Camels

<正>Chinese scientists plan to apply Earth Observation technologies to protect the critically endangered wild camels(Camelus ferus).With the help of remote sensing,satellite positioning,geographical information system and wireless sensors networks,they will be able to access the distribution and population of the wild camels and protect their habitats.The project will be carried out by the International Research Center for Wild Camel Conservation,which was jointly established earlier this year by the Institute of Remote Sensing and Digital Earth(RADI)of the Chinese     

More than Skin Deep – Understand Skin Biology by Means of Dermatogenomics

<正>The Paul Gerson Unna Research Group on Dermatogenomics was founded in October 2012 at the Partner Institute for Computational Biology.The ultimate goal of the group is to understand the biology of skin and skin appendages.