Study on Mechanism of Venture Capital Reputation: Perspective from VCs and Entrepreneurial Enterprises

风险投资作为国家创新战略的重要载体，在培育孵化创新型中小企业、解决就业问题、推动高新科技产业、拉动新的经济增长点等方面逐渐发挥出巨大作用，成为一个国家的创新经济发展的重要推动力量。我国从20世纪80年代中期开始引入风险投资，20多年来风险投资取得了长足的发展，并发挥了一定作用。随着我国经济的持续增长及风险投资业相关政策的逐步完善，当前我国的风险投资呈现出良好的发展态势，并在近几年掀起了一轮上市热潮。然而在这个IPO热潮中，证券市场上“破发”、“业绩变脸”、包装上市等问题层出不穷，风险投资行业也存在突击入股、密集减持等广受诟病的现象，这严重影响了证券市场的健康发展以及广大中小投资者的信心。如何解...As an important carrier of national innovation strategy, venture capital, which has been a driving force for innovative economic development of a country, plays a huge role in fostering innovative small and medium enterprises, solving the employment problems, promoting high-tech industries, stimulating new economic growth points. In the mid-1980s, our country introduced venture capital which had a...学位：管理学博士院系专业：管理学院_财务学学号：3212010015353

Venture Capital Reputation,Syndication and Successful Exit

选取我国2002~2009年间5 780个风险投资机构的投资案例作为样本,检验了风险投资机构声誉、联合投资对其成功退出的影响,实证结果表明,2002~2009年间我国风险投资机构的成功退出率(即投资项目最终IPO的比率)为23.44%,风险投资机构的声誉越高,则其成功退出的可能性越大。进一步研究还发现,联合投资会降低风险投资机构声誉和成功退出关系的敏感性,这可能是因为联合投资的风险投资机构具有更多的机制来影响其投资绩效。This paper examines the effect of venture capital reputation and syndication on its investment performance.Empirical results show that successful exit rate of venture capital in China(the ratio of investment projects being IPO finally)is 23.44% during 2002～2009, the higher the reputation of the venture, the more likely it would be successful exit.Further studies show that the syndication between venture capitals will reduce the sensitivity between the VC reputation and successful exit.Maybe there are more mechanisms(i.e.network connection)in syndication between VCs that influence investment performance.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

民营企业总部外迁的战略决策与经济后果——基于中国的实证研究

本文考察影响民营企业总部外迁的公司治理因素及市场因素以及总部外迁带来的经济后果。实证结果显示:(1)民营企业的股权集中度越高、战略咨询机构越健全,则企业总部外迁的可能性越高;(2)民营企业原所在地的市场份额越小,越有可能将总部迁移到市场份额大的地区;(3)民营企业总部外迁公告的公告效应显著为正,表明投资者对总部外迁持积极态度;(4)民营企业总部外迁会促进其经营绩效的增加。本研究作为战略管理与公司治理的交叉研究,为民营企业的总部外迁战略决策提供了理论借鉴和实证经验

媒体监督、政治关联与高管变更——中国的经验证据

本文研究媒体对政治关联高管行为的监督和约束作用。结果发现,并购绩效越差的公司,高管越容易被变更,但是,政治关联高管即使并购绩效差也较不容易被变更。进一步研究还发现,当媒体对并购事件的负面报道次数较多,或者当公司位于地方媒体监督功能较强的省份时,高管的政治关联背景并不能起到"护身符"的作用,他们并购败绩后被变更概率与非政治关联高管无显著差异。这说明,媒体监督这种非正式外部治理机制可以通过强大的社会舆论力量约束政治关联高管行为,从而提高上市公司治理水平

并购败绩后撤换CEO吗?——我国上市公司内外部治理机制有效性检验

本文结合中国制度背景,首次从CEO实施价值损害型并购后是否被撤换的角度来考察公司内外部治理机制的有效性。实证检验发现:(1)大约有三分之一的CEO在并购之后三年内被非自愿变更,其中被公司内部治理机制变更的CEO占28%,而被公司外部治理机制也就是因公司控制权变更而撤换的CEO占6%;(2)并购公告前后的短期市场反应越差,CEO在并购后3～5年内越可能被非自愿变更;(3)同样实施价值损害型并购,民营企业CEO被变更的概率远高于国有企业,究其原因可能是民营企业的外部治理机制即公司控制权市场在约束CEO行为方面比国有企业有效

武湖的渔业资源及渔业利用初步意见

武湖现有鱼类50种,其中鲤科鱼类33种,占总数的66%。渔获物组成中,鲢、鳙、鲤、鲫、鲌的产量占总产量的93%左右,渔获物以低龄为主。武湖目前的主要增养殖方式是放养鲢鳙,通过投放无机和有机化肥培养浮游生物来达到增加鲢鳙鱼产量的目的。针对武湖的渔业资源现状和渔业可持续发展的需要,提出了渔业利用的初步意见

原生态文化与中国传统

第九届人类学高级论坛于2010年6月23～25日在贵州省凯里学院举行。会议期间,《光明日报》国学版主编梁枢先生组织了一个关于"原生态文化与中国传统"的小型座谈会,会议由广西民族大学徐杰舜教授主持,参加人员有中国人民大学郑杭生教授、中国社会科学院叶舒宪研究员、四川大学徐新建教授、厦门大学彭兆荣教授、中国人民大学陆益龙副教授、浙江师范大学林敏霞博士等。座谈会就原生态文化与中国传统文化尤其是国学的关系展开了深入探讨

Effect of Refractive Index of Substrate on Fabrication and Optical Properties of Hybrid Au-Ag Triangular Nanoparticle Arrays

以石英和不同型号的玻片为基底,系统研究了基底折射率对周期性金银复合纳米阵列的制备及其光学性能的影响。采用离散偶极子近似(ddA)数值方法研究了复合阵列的局部表面等离子共振(lSPr)光谱特性,计算结果表明,当基底折射率为1.43和1.68时,纳米阵列的折射率灵敏度(rIS)和品质因子(fOM)比较优异。利用纳米球刻蚀法(nSl)制备了二维周期性复合纳米点阵结构,实验结果表明,当基底折射率为1.43和1.68时,基底与贵金属纳米颗粒有较好的粘合度,纳米阵列结构形貌比较规则清晰。Based on the substrate of silica and different types of slides, the effect of refractive index of substrate on fabrication and optical properties of hybrid Au- Ag triangular periodic nanoparticle arrays is systematically investigated.The optical spectrum of localized surface plasmon resonance(LSPR) simulated by discrete dipole approximation(DDA) numerical method shows that the nanoparticle arrays can obtain better refractive index sensitivity(RIS) and figure of merit(FOM), when refractive index of substrate is 1.43 and 1.68, respectively.The nanosphere lithography(NSL) is used to fabricate the periodic nanostructure arrays.The experimental results demonstrate that when refractive index of substrate is 1.43 and 1.68, nanoparticles and substrate have better adhesive ability.Meanwhile, the nanoparticles both form a large-scale monolayer array with the hexagonally close-packed structure.国家自然科学基金(11074207); 厦门科技项目(3502Z20143020;2012S0484); 福建省教育厅科技项目(JA11157;12200); 集美大学潘金龙基金(C512038

Marketization,Independence of Independent Directors and Firm Value——Evidence from the Resignation Announcement of Independent Directors

本文以独立董事辞职公告为切入点,实证检验市场化程度、独立董事独立性与公司价值的关系。实证结果表明,独立董事的独立性有助于提升公司价值。如果独立董事的任职时间早于现任董事长,则辞职公告的市场反应较差;独立董事的任期越短,则辞职公告的市场反应越差。进一步的研究发现,市场化程度越高的地区,独立董事独立性与辞职公告市场反应之间的负相关关系越弱,这表明,独立董事的监督作用与市场化程度具有某种程度的替代性。The original intention of independent director system is to solve the principal-agent problem between shareholders and managers.However,whether independent director really play the monitoring role,and provide a valuable service to shareholders? Whether independent directors enhance the value of the company? The existing literature conclusions are quite different,even conflicting.There may be two reasons that lead the arguments,on the one hand,the board of directors is endogenously determined mechanism,the poor performance of the company will lead the board of directors to increase the independent directors(Hermalin and Weisbach,2003);on the other hand,not all of the independent directors can effectively supervise the management,because the CEO may intervene in the hiring of independent directors(Shivdasani and Yermack,1999).The same problem also exists in China;consequently the effectiveness of the system of independent directors is doubtful.In order to solve the above problems,the scholars have adopted the event study methodology to research the problem(Nguyen and Nielsen,2010).Based on previous studies,this paper firstly explorers the market reaction to the independent director's resignation announcement,then examines the relationship between independence of independent directors and firm value,and analyzes how external governance environment(the degree of regional markets) affecting this relationship.We manually collect independent director resignation announcement between 2004 and 2010 from Shanghai and Shenzhen stock exchanges websites.We construct two variables to measure independence of independent directors,that is relative tenure of independent directors(Indep1) and absolute tenure of independent directors(Indep2).The empirical results show that,the independence of independent directors is helpful for improving firm value.If independent directors entered the board earlier than the current chairman of the board,then stock price will fall down after the announcement of independent director resignation.There exists a positive relationship between tenure of independent director and market reaction of resignation announcement.Further research finds that,the marketization will weaken the relationship between independence of independent directors and market reaction of independent director resignation.This indicates that the marketization has some degree of alternative on supervisory role of independent directors.The conclusions of this study is similar to Zhang and Zeng(2010),indicates that independent directors resignation announcement does have information content.On the other hand,this paper has deepened previous research,which is reflected in two aspects: First,we integrate market reaction to announcement of the resignation of independent directors with independent directors background characteristics,and adopt two indicators to measure independence of independent directors,then examines the relationship of the independent directors' independence and firm value.Second,our study further discuss external governance environment(that is the degree of regional markets),and conclude the supervisory role of the independent directors and the degree of marketization is alternative in some degree,which enrich research of the relationship between of internal and external governance mechanisms.According to the paper,we propose two policy recommendations.First,regulators should consider limiting the number of independent directors in the nomination of large shareholders and management,and increasing the number of independent directors which behave minority shareholders.Second,it is necessary stipulate independent directors to serve only two consecutive terms.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

面向MapReduce的数据处理流程开发方法

数据处理流程在信息爆炸的今天被广泛应用并呈现出海量和并行的特点,MapReduce编程模型的简单性和高性价比使得其适用于海量数据的并行处理,但是MapReduce不支持多数据源的数据处理,不能直接应用于具有多个处理操作、多个数据流分支的数据处理流程。提出一种模型驱动的面向MapReduce计算模型的数据处理流程快速开发方法,定义数据处理流程的逻辑模型、物理模型和组件模型,使用模型转换算法和代码生成算法将逻辑模型转化为物理模型,再转换为能直接在Hadoop平台上运行的MapReduce程序,基于该方法实现了一个开发工具CloudDataFlow。实验表明该方法可以有效提高数据流程的处理效率