风险投资策略研究的理论综述

目前学术界对于风险投资策略的研究主要集中在三个方面:专业化与多元化投资策略、联合投资策略和分阶段投资策略。文章对这三方面研究成果进行了系统地梳理和综述,并提出了当前研究的不足和未来的研究思路

Empirical Study on the Role and Functional Mechanism of Venture Capital Investment Strategies on Investment Performance: Perspective from Investment Projects

风险投资起源于20世纪40年代的美国，其作为一种支持创业企业家创业的工具，在促进企业创新，调整产业结构，转变经济发展方式等方面发挥巨大作用，是促进一国经济发展的重要推动力量。我国从20世纪80年代开始引入风险投资，20多年来风险投资取得了长足的发展，并发挥了一定作用。一个完整的风险投资运行周期包括筹资、投资和退出三大环节，在整个风险投资运行周期中涉及三大主体（DaRin等，2011），他们分别是风险投资者，风险投资机构（风险投资家）和创业企业（企业家），三者构成了两种不同层次的委托代理关系，第一层委托代理关系存在于风险投资者与风险投资机构（或风险投资家）之间，其中风险投资者是委托人，风险投资机...Venture capital originated in the 1940s in the United States. As a tool to encourage entrepreneurs to start an undertaking, venture capital plays a significant role in promoting innovation, adjusting the industrial structure, and changing the mode of economic development. It is an important driving force to promote the economic development of a country. Venture capital in China has developed rapid...学位：管理学博士院系专业：管理学院_财务学学号：3212011015356

Research on the Influence of Specialization Investment Strategies on Venture Capital Investment Performance

以2012年12月31日之前具有风险投资背景的433家A股上市公司为研究对象,实证检验了风险投资机构的专业化投资策略对其退出时投资绩效的影响以及影响机理。研究发现,VC机构的行业或地域专业化投资策略对投资绩效具有显著的提升作用,而阶段专业化投资集中度对投资绩效无显著影响。关于专业化投资策略对投资绩效的作用机理,一方面,专业化投资策略对投资绩效的正面影响不仅仅是由与专业化投资策略相关联的风险因素所引起的,VC机构因采取专业化投资策略而积累的专业化投资经验和技能也是提升投资绩效的重要原因;另一方面,VC机构专业化投资策略的事前选择功能和事后价值增加功能在提高投资绩效方面具有相互补充的作用。Based on the data of 433 Chinese listed companies with VC background,we explore the impact and mechanism of specialization investment strategies on VC investment performance.The results show that industry or geography specialization investment strategy has positive effect on VC investment performance,while stage specialization investment strategy has no significant impact on VC investment performance.We also find that the positive impact on VC investment performance is not only caused by the risks associated with specialization investment strategies,but also by the specialized investment experience and skills of VCs due to taking specialization investment strategies.国家自然科学基金项目“风险投资支持的企业IPO折价、择机与后管理问题研究”(71172052

高管薪酬激励体系设计中的风险补偿效应研究

如何有效地激励高管人员、降低代理成本历来受到理论界和实务界的高度重视。已有的研究多将立足点置于业绩考核指标的合理性以及薪酬业绩敏感性的影响因素维度,忽略了企业风险承担的角色和功能。区别于以往文献,本文尝试检验企业风险承担水平在高管薪酬契约制定过程中的作用。分析2005—2016年中国资本市场A股上市公司数据发现:(1)控制经营业绩后,企业风险承担水平同高管薪酬之间显著正相关,呈现出风险补偿效应;(2)伴随高管风险厌恶程度的上升,高管薪酬的风险补偿效应增强;(3)在更为有效的经理人市场环境中,高管薪酬的风险补偿效应较高。以上结果表明,除经营业绩外,企业风险承担是高管薪酬的重要内在影响因素,但是其作用大小会受限于高管风险厌恶程度和经理人市场环境等内外部情境因素。据此,本文认为未来在制定高管薪酬时,企业应将风险承担水平纳入考虑范畴,并需要进一步针对所处的不同内外部情境加以调整。补充测试结果揭示,高管薪酬在企业风险承担影响公司价值的过程中发挥了部分中介作用,支持了将企业风险承担因素融入高管薪酬契约制定中的合理性。本文有助于厘清企业风险承担在高管薪酬契约制定中的作用,增进了对基于风险承担视角如何改善薪酬契约有效性这一问题的理解和认识。国家自然科学基金面上项目“本地任职、政治关联与企业财务行为:中国关系情境中独立董事视角的理论构建与实证检验”(批准号71772001);国家自然科学基金青年项目“女性高管、会计行为与投资决策”(批准号71302113);国家自然科学基金青年项目“联合风险投资:行为动机、伙伴选择及绩效研究”(批准号71502001

经济独立性能否促进监事会治理功能发挥——基于企业违规视角的经验证据

监事会能否发挥应有的治理功能历来备受争议,焦点之一是何种类型的监事会更有效。本文以中国资本市场2007-2016年A股上市公司为样本,实证检验监事会经济独立性对企业违规行为的影响。研究发现:(1)当监事会经济独立性增强时,企业违规行为的发生概率和程度都显著降低;(2)区分监事会成员职位后显示,上述治理功能发挥主要由监事会主席的经济独立性推动所致;(3)当内部控制有效性下降或企业所处地区的法律环境较差时,监事会经济独立性的治理功能更强。进一步分析揭示,经济独立性有助于监事会治理功能发挥主要因代理成本降低所致。本文丰富和拓展了既有的监事会有效性学术文献,也为完善上市公司监事会制度提供了新的思路

商誉与企业风险承担

商誉泡沫已成为资本市场健康发展的重要隐患,然而关于商誉与企业风险承担之间的关系却较少受到经验文献的关注。本文以中国资本市场2007-2014年间发生商誉事项的A股上市公司为研究样本,分析商誉影响企业风险承担的内在机理并加以实证检验。结果显示,商誉已成为企业承担较高水平风险的重要信号,公司拥有的商誉资产越多,其承担的风险水平相应越高。进一步的考察发现,伴随减值准备计提比例和企业成长性的提升,商誉对企业风险承担的影响显著增强。本文不仅丰富了商誉的经济后果文献,而且可为准则制定机构修订和完善企业会计准则、优化投资者投资决策提供理论参考。国家自然科学基金项目(71772001)全国会计领军(后备)人才项

Empirical Study on the Effect of Grading Investment Strategy on the performance of Venture Capital and Its Mechanism

本文以2013年12月31日之前所有风险资本支持的以IPO方式在沪、深两市成功退出的433个项目为研究样本,从投资项目的视角实证检验了主导VC机构的分阶段投资策略对其退出时投资绩效的影响以及影响机理。研究发现,就分阶段投资策略与投资绩效的关系而言,主导VC机构的分阶段投资策略对其退出时的投资绩效具有显著的负向影响。关于分阶段投资策略对投资绩效的作用机理,一方面套牢风险会对主导VC机构分阶段投资策略与其项目层面投资绩效之间的关系产生影响,当套牢风险较大时,主导VC机构分阶段投资策略对投资绩效具有提升作用,然而当套牢风险较小时,主导VC机构分阶段投资策略对投资绩效产生不利影响,证实了套牢假设;另一方面直接监督成本未对主导VC机构分阶段投资策略与投资绩效之间的关系产生影响,即否定了代理成本假设,支持了学习假设。Based on the data of 433 successful VC( Venture Capital) projects that have exited through IPO on Shanghai Stock Exchange and Shenzhen Stock Exchange before December 31,2013,this paper empirically tests the impact of grading investment strategies on the investment performance of leading VC institutions from the perspective of investment projects and their mechanism.The results show that,as to the relationship between grading investment strategies and investment performance,grading investment strategies of leading VC institutions have significantly negative effects on their investment performance when they exit.As to the functional mechanism of joint investment strategies on investment performance,on the one hand,risk of being in the court can influence the relationship between the leading VC institutions' grading investment strategies and investment performance of projects.When the risk of being in the court is relatively high,grading investment strategies of leading VC institutions play an upgrading role in investment performance.But when the risk of being in the court is relatively low,the grading investment strategies of VC institutions have adverse effects on investment performance,supporting the hypotheses of being in the court.On the other hand,the direct supervising cost has no impacts on the relationship between the leading VC institutions' grading investment strategies and investment performance,supporting the learning hypotheses but being inconsistent with the agency cost hypotheses.国家自然科学基金面上项目“风险投资支持的企业IPO折价、择机与后管理问题研究”(71172052

The Impact of Syndication Investment Strategies on the Investment Performance of Venture Capitals

本文以2013年12月31日之前所有风险资本支持的以IPO方式在沪、深交易所成功退出的433个项目为研究样本,基于投资项目视角实证检验了主导VC机构的联合投资策略对其退出时投资绩效的影响以及影响机理。研究发现,就联合投资策略与投资绩效的关系而言,主导VC机构的联合投资策略对其退出时的投资绩效具有显著的负向影响。关于联合投资策略对投资绩效的作用机理,一方面联合投资策略对投资绩效的不利影响不仅来源于联合投资模式事前“选择“项目时的劣势地位,而且与联合投资模式的事后“价值增加功能“失效有关;另一方面,风险投资行业市场竞争状况会对主导VC机构的联合投资策略与其项目层面投资绩效之间的关系产生影响,当风险投资行业市场竞争激烈时,主导VC机构的联合投资策略对投资绩效的负向影响更显著。Since existing literature suggests taking syndication investment strategies can help leading venture capital firms(referred to as leading VCs) to deal with the investment uncertainty, do these syndication investment strategies have some impact on the investment performance of leading VCs? If so, how? Based on the data of 433 successful VC projects which have exited through IPO in Shanghai and Shenzhen Stock Exchange before December 31, 2013, we explore the impact and mechanism of syndication investment strategies on the investment performance of leading VCs from the perspective of investment projects to answer these questions.The results show that, for the relations between syndication investment strategies and investment performance, syndication investment strategies of leading VCs have signifi cantly negative effects on their investment performance.For the mechanism of syndication investment strategies on VC investment performance, fi rst, the adverse impacts of syndication investment strategies stem not only from the "selection" disadvantage before investment, but also from the "value-addition" malfunction afterwards.Second, the venture capital industry market competition can infl uence the relationship between the leading VC syndication investment strategies and investment performance.When the venture capital industry market competition is intensive, syndication investment strategies of leading VCs have more pronounced negative effects on the investment performance.国家自然科学基金面上项目“风险投资支持的企业IPO折价、择机与后管理问题研究”(项目号:71172052)的资

universal composable password authenticated key exchange protocol in the standard model

通过构造不可延展的、可提取的且是弱模拟可靠的陷门承诺体制,以及相应的平滑投射Hash函数簇,设计了一个高效的通用可组合(universal composable,简称UC)安全的两方口令认证密钥交换(password authenticated key exchange,简称PAKE)协议,并在静态腐化模型下给出了严格的安全性证明.该协议使得PAKE协议在UC框架下达到了最优的两轮.与已有的协议相比,该协议避免了零知识证明协议的使用,在保持计算复杂度相当的前提下有效地提高了通信效率.国家自然科学基金(60873261)|国家高技术研究发展计划(863)(2009AA01Z417)|国家科技支撑计划(2008BAH37B02-2)Through constructing and utilizing non-malleable, extractable, and weak simulation-sound trapdoor commitment schemes and corresponding smooth projective hash function familes, this paper proposes an efficient two-party password authenticated key exchange (PAKE) protocol within the universal composable (UC) framework, which is the optimal two-round PAKE protocol in this setting. Rigorous security proofs based on standard assumptions in the presence of static corruption adversary are then given out. Comparisons with previously proposed protocols show that, this protocol avoids the use of zero-knowledge protocols, and achieves a higher performance in terms of communication efficiency while attaining a comparable computational complexity. © Copyright 2011, Institute of Software, the Chinese Academy of Sciences. All rights reseved

cryptanalysis of two password authenticated key exchange protocols

口令认证密钥交换协议使得仅共享低熵口令的用户可以通过不安全的信道安全地协商出高熵的会话密钥,由于实用性较强受到了密码学研究者的广泛关注。对最近在"标准模型下高效的基于口令认证密钥协商协议"一文中提出的协议以及在"基于验证元的三方口令认证密钥交换协议"一文中提出的协议进行了分析,指出这两个口令认证密钥交换协议都是不安全的,难于抵抗离线字典攻击,进一步分析了原协议设计或安全性证明中被疏忽之处