中国风险投资机构联合投资绩效研究——来自中国IPO市场的实证研究

联合投资是风险投资机构采用的重要策略,为风险投资机构的绩效做出了重要贡献.从实际出发,选取1993年1月到2013年9月中国IPO市场上有风险投资支持的720个风险投资项目作为研究对象,利用计量模型研究了风险投资联合投资策略的绩效.在回顾国内外关于联合投资文献的基础之上,根据前人的研究提出了在中国风险投资联合投资绩效方面的3个假设,而后建立了3个模型从不同方面讨论联合投资对于绩效的影响.结果表明,联合投资虽然能够提高成功退出的概率,但是对其他绩效的衡量指标没有影响,例如并不能帮助企业筹集到更多的IPO资金,并且对企业上市后的经营状况影响也不大.     

风险投资机构进入时机与企业技术创新的关系研究

以创业板有风险投资背景的上市企业数据为研究样本,研究风险投资机构进入时机与企业技术创新的关系.结果表明:在早期进入的风险投资机构对企业技术创新的影响更为积极,而在后期进入的风险投资机构对企业的技术创新的影响不显著,甚至产生抑制的作用.基于此研究结论,最后给出政策性建议:大力发展政府引导基金,鼓励风险投资机构投资种子期企业,完善风险资本的准入和退出机制,解决风险投资机构投资早期创业企业的后顾之忧.     

风险投资下创新投入对高新技术企业财务绩效影响研究

随着融资方式的发展,风险资本是否可以作为调节因素的争论仍在继续.企业技术创新具有成本高、风险大,投资回报收益慢的特点,而风险投资的增值服务恰恰能够为企业提供技术创新方面的支持,因此,在创新投入能否直接提升企业绩效的基础上研究风险投资的调节作用,具有重要的理论与实践意义.本研究以2014～2019年创业板高新技术企业为样本,运用多元回归模型,研究了风险投资视角下创新投入对财务绩效的影响.研究结果表明:创新投入对当期企业财务绩效有显著负向影响,创新投入显著正向影响存在滞后性;风险投资的参与促进了财务绩效提升;风险投资的介入对创新投入与财务绩效的正相关关系有正向调节作用,风险投资持股比例对两者关系的调节效应不显著.     

风险投资特征对企业创新绩效影响的再审视 ——一项荟萃(meta)分析

学术界对风险投资与企业创新绩效的关系一直存在诸多争议。本文运用Meta方法纳入51篇文献共133个效应值分析了风险投资对企业创新绩效的影响,结果发现:风险投资对企业创新绩效仅具有微弱的促进作用。各主要风险投资特征均在不同程度上促进企业的创新绩效,按作用效果由大到小依次为联合风险投资、风险投资期限、风险投资背景、风险投资声誉、风投持股比例。风险投资对企业创新绩效的影响呈现出情境差异,产业类型、产权属性、宏观环境以及创新绩效测量方式均对二者关系起到调节作用,但效果不尽相同。     

风险投资特征对企业创新绩效影响的再审视——一项meta分析

学术界对风险投资与企业创新绩效的关系一直存在诸多争议。本文运用Meta方法纳入51篇文献共133个效应值分析了风险投资对企业创新绩效的影响,结果发现：风险投资对企业创新绩效仅具有微弱的促进作用。各主要风险投资特征均在不同程度上促进企业的创新绩效,按作用效果由大到小依次为联合风险投资、风险投资期限、风险投资背景、风险投资声誉、风投持股比例。风险投资对企业创新绩效的影响呈现出情境差异,产业类型、产权属性、宏观环境以及创新绩效测量方式均对二者关系起到调节作用,但效果不尽相同。     

风险投资背景与上市公司经营绩效

文章从风险投资机构的背景属性出发,将风险投资机构划分为国有和非国有2类,并利用2011年底之前上市的创业板公司的数据,实证研究了风险投资的背景对公司经营绩效的影响。结果表明,风险投资背景的不同对上市公司经营业绩影响程度并没有显著的差异,但国有风险投资机构由于获得较大IPO融资额从而间接显著提升公司的经营业绩。     

风险投资近距离投资偏好与投资绩效的实证研究

以2000—2009年中国大陆发生的风险投资事件为研究样本,采用回归分析方法,实证研究了影响我国风险投资近距离投资偏好的因素及近距离投资带来的绩效结果.结果表明,风险投资机构的声誉及风险投资机构所在地的竞争状况会影响其近距离投资偏好程度,历史悠久、规模大、经验丰富和IPO业绩好的风险投资机构近距离投资偏好程度更弱,风险投资机构间的激烈竞争会促使风险投资机构进行远距离投资.与国外研究结论不同的是,没有发现联合投资网络对近距离投资偏好的影响,另一反常的发现是logit回归结果表明近距离投资反而获得更低的回报.     

风险投资对创业板科技企业创新效率的影响分析

随着我国创新驱动发展战略的深入实施,风险投资对于科技企业创新的推动作用日益重要。本文以风险投资对创业板科技企业创新效率的影响为出发点,对创业板上的科技企业进行实证研究,在建立创新效率评价指标体系的基础上,从风险投资对科技企业创新的影响,到风险投资特征对科技企业创新效率的影响逐步展开分析。研究发现,风险投资介入不仅促进科技企业创新,而且风投联合投资数量、持股比例、机构声誉及资本背景特征会通过影响企业的偿债、盈利及发展能力来影响科技企业创新效率。最后,根据实证结论提出了促进科技企业创新效率些许建议。     

机构投资者异质性与企业绩效研究

选取2015-2017年1098家上市公司为样本,分析机构投资者异质性对企业绩效的影响。实证分析发现,压力抵抗型机构投资者的持股比例与企业绩效呈正相关;压力敏感型机构投资者持股比例与企业绩效无显著相关性;相比于国有企业,机构投资者的投资行为对非国有企业绩效影响更为明显。     

基于信息不对称假说的风险企业IPO折价原因：来自声誉效应的解释

信息不对称是解释IPO折价原因的主要假说之一.承销商和风险投资作为资本市场的主要金融中介,能有效发挥声誉效应,降低信息不对称程度,从而对IPO风险企业折价产生重要影响.文中创新性地提出了衡量承销商和风险投资声誉的新尺度,并发现这两种声誉对风险企业的折价率具有显著的影响作用,而且高声誉的风险投资能吸引高声誉的承销商,验证了风险投资的核证作用,支持了有关IPO折价的信息不对称假说.对于揭示IPO折价的原因,验证承销商、风险投资的声誉效应,探索风险投资的作用机制与退出策略,形成有效的资本市场声誉机制,指导投资者理性投资等,都具有重要的理论和现实意义.     

Markedness and its Interpretation in Language Use

Language markedness is a common phenomenon in languages, and is reflected from hearing, vision and sense, i.e. the variation in the three aspects such as phonology, morphology and semantics. This paper focuses on the interpretation of markedness in language use following the three perspectives, i.e. pragmatic interpretation, psychological interpretation and cognitive interpretation, with an aim to define the function of markedness.     

Features of Women's language

Language is a means of verbal communication. People use language to communicate with each other. In the society, no two speakers are exactly alike in the way of speaking. Some differences are due to age, gender, statue and personality. Above all, gender is one of the obvious reasons. The writer of this paper tries to describe the features of women＇s language from these perspectives： pronunciation, intonation, diction, subjects, grammar and discourse. From the discussion of the features of women＇s language, more attention should be paid to language use in social context. What＇s more, the linguistic phenomena in a speaking community can be understood more thoroughly.     

Characterization of Ordovician carbonate reservoirs, southeastern Saskatchewan, Canada

The discovery of the prolific Ordovician Red River reservoirs in 1995 in southeastern Saskatchewan was the catalyst for extensive exploration activity which resulted in the discovery of more than 15 new Red River pools. The best yields of Red River production to date have been from dolomite reservoirs. Understanding the processes of dolomitization is, therefore, crucial for the prediction of the connectivity, spatial distribution and heterogeneity of dolomite reservoirs.The Red River reservoirs in the Midale area consist of 3～4 thin dolomitized zones, with a total thickness of about 20 m, which occur at the top of the Yeoman Formation. Two types of replacement dolomite were recognized in the Red River reservoir: dolomitized burrow infills and dolomitized host matrix. The spatial distribution of dolomite suggests that burrowing organisms played an important role in facilitating the fluid flow in the backfilled sediments. This resulted in penecontemporaneous dolomitization of burrow infills by normal seawater. The dolomite in the host matrix is interpreted as having occurred at shallow burial by evaporitic seawater during precipitation of Lake Almar anhydrite that immediately overlies the Yeoman Formation. However, the low δ18O values of dolomited burrow infills (-5.9‰～ -7.8‰, PDB) and matrix dolomites (-6.6‰～ -8.1‰, avg. -7.4‰ PDB) compared to the estimated values for the late Ordovician marine dolomite could be attributed to modification and alteration of dolomite at higher temperatures during deeper burial, which could also be responsible for its 87Sr/86Sr ratios (0.7084～0.7088) that are higher than suggested for the late Ordovician seawaters (0.7078～0.7080). The trace amounts of saddle dolomite cement in the Red River carbonates are probably related to "cannibalization" of earlier replacement dolomite during the chemical compaction.     

低渗透非均质砂岩油藏启动压力梯度研究

理论推导与室内实验相结合,建立了低渗透非均质砂岩油藏启动压力梯度确定方法。首先借助油藏流场与电场相似的原理,推导了非均质砂岩油藏启动压力梯度计算公式。其次基于稳定流实验方法,建立了非均质砂岩油藏启动压力梯度测试方法。结果表明:低渗透非均质砂岩油藏的启动压力梯度确定遵循两个等效原则。平面非均质油藏的启动压力梯度等于各级渗透率段的启动压力梯度关于长度的加权平均;纵向非均质油藏的启动压力梯度等于各渗透率层的启动压力梯度关于渗透率与渗流面积乘积的加权平均。研究成果可用于有效指导低渗透非均质砂岩油藏的合理井距确定,促进该类油藏的高效开发。     

On Tragic Consciousness In The Works By Ernest Hemingway

As an American modern novelist who were famous in the literary world, Hemingway was not a person who always followed the trend but a sharp observer. At the same time, he was a tragedy maestro, he paid great attention on existence, fate and end-result. The dramatis personae's tragedy of his works was an extreme limit by all means tragedy on the meaning of fearless challenge that failed. The beauty of tragedy was not produced on the destruction of life, but now this kind of value was in the impact activity. They performed for the reader about the tragedy on challenging for the limit and the death.     

A computer generator for randomly layered structures

AcomputergeneratorforrandomlylayeredstructuresYUJia shun1,2,HEZhen hua2(1.TheInstituteofGeologicalandNuclearSciences,NewZealand;2.StateKeyLaboratoryofOilandGasReservoirGeologyandExploitation,ChengduUniversityofTechnology,China)Abstract:Analgorithmisintrod…     

An Index mechanism for multi-scale view in spatial databases

There are numerous geometric objects stored in the spatial databases. An importance function in a spatial database is that users can browse the geometric objects as a map efficiently. Thus the spatial database should display the geometric objects users concern about swiftly onto the display window. This process includes two operations:retrieve data from database and then draw them onto screen. Accordingly, to improve the efficiency, we should try to reduce time of both retrieving object and displaying them. The former can be achieved with the aid of spatial index such as R-tree, the latter require to simplify the objects. Simplification means that objects are shown with sufficient but not with unnecessary detail which depend on the scale of browse. So the major problem is how to retrieve data at different detail level efficiently. This paper introduces the implementation of a multi-scale index in the spatial database SISP (Spatial Information Shared Platform) which is generalized from R-tree. The difference between the generalization and the R-tree lies on two facets: One is that every node and geometric object in the generalization is assigned with a importance value which denote the importance of them, and every vertex in the objects are assigned with a importance value,too. The importance value can be use to decide which data should be retrieve from disk in a query. The other difference is that geometric objects in the generalization are divided into one or more sub-blocks, and vertexes are total ordered by their importance value. With the help of the generalized R-tree, one can easily retrieve data at different detail levels.Some experiments are performed on real-life data to evaluate the performance of solutions that separately use normal spatial index and multi-scale spatial index. The results show that the solution using multi-scale index in SISP is satisfying.     

Jane Eyre——A Feminist In The 19th Century

In the 19th century the society was controlled by men, and women were just appendants of them, they had not any rights and freedom. But Jane was an exception, she showed some characteristics of early feminist. Jane showed her characteristics of feminism in three aspects: rebellion, equality, and independence. These characteristics were helpful to her success, and feminism is the only way out for women of that time.     

Achieving Unusual States of Matter Under High Pressure

正The periodicity of the elements and the non-reactivity of the inner-shell electrons are two related principles of chemistry,rooted in the atomic shell structure.Within compounds,Group I elements,for example,invariably assume the+1 oxidation state,and their chemical properties differ completely from those of the p-block elements.These general rules govern our understanding of chemical structures and reactions.Using first principles calcula-     

Exchange-Correlation and Electronic Excitation Energies from Pairing Matrix Fluctuations

We have developed an adiabatic connection to formulate the ground-state exchange-correlation energy in terms of pairing matrix linear fluctuations.This formulation of the exchange-correlation energy opens a new channel for density functional approximations based on the many-body perturbation theory.We illustrate the potential of such approaches with an approximation based on the particle-particle Random Phase Approximation(pp-RPA).This re-