风险资本市场的波动性与企业创新

本文通过对风险资本市场供给和需求的理论和实践分析 ,深入探讨了在风险资本市场长期的发展中 ,其供给和需求的变化所造成的市场的波动性 ,并进一步探讨了对企业创新活动的影响。     

川端康成樱花意象研究

结合川端康成特殊的\"孤儿根性\"和恋爱态度,可以看出他所继承的日本传统文学\"物哀\"、\"幽玄\"的思想以及他所受的西方基督教文化的影响,从《古都》中川端康成对樱花在日本传统文化中本真的隐喻意义的把握出发,说明了樱花作为战争的反思形象所包含的\"自救\"与\"她救\"意义,借以加深对川端康成在战后回归日本传统美的文学思想的理解。     

从《金陵赋》审视京都赋的嬗变

浠庢眽鐝浐鐨勩€婁袱閮借祴銆嬨€佸紶琛＄殑銆婁簩浜祴銆嬨€佹檵宸︽€濈殑銆婁笁閮借祴銆嬪強娓呯▼鍏堢敳鐨勩€婇噾闄佃祴銆嬬湅浜兘璧嬩綋鏂囧鐨勪紶鎵垮強婕斿彉,鍐嶄粠鍐欎綔鐩殑銆佸啓浣滄墜娉曘€佽緸璧嬭绛夋柟闈㈠鍏惰繘琛岃€冨療,杩涜€屾寚鍑轰含閮借祴鐨勫彉鍖?     

试论风险投资的阶段性特征及风险管理策略

风险投资在我国是一个约定俗成的具有特定内涵的概念。根据美国全美风险投资协会的定义,风险投资是由职业金融家投入到新兴的、迅速发展的,具有巨大竞争潜力的企业中一种权益资本。风险投资在我国虽然还不是发展得很成熟,但是近年来已经有越来越多的创业投资家表示对风险投资有一定的兴趣。风险投资在我国呈现良好的发展趋势,各地的风险投资人员累积了一定的经验,在实践中技术得到很大的提高。一般风险投资的运作包括融资、投资、管理．退出四个阶段。例如融资是一个风险企业筹集资金的开始,风险家选择合适的企业进行投资。当风险企业进入稳定的发展阶段,风险投资家可以参与相关的管理,在时机成熟时及时上市。然而,风险投资家在各个阶段均面临着技术风险,市场风险,操作风险等等,如果不能及时识别与防范,风险投资家可能会“血本无归”。本文对近几年来的风险投资行业进行了相关的研究分析,综合了各方面的数据,结合相关的案倒,运用实证研究和案例分析的方法,试论风险投资家在进行风险投资时可能面临的各种风险,以及相关的防御方法。     

人力资本"产权主体三角"刍议

人力资本投资主体应根据其投资份额享有相应的人力资本产权,在由此而形成的人力资本“产权主体三角”中,个人和企业部分的权益应得以强化,政府部分的产权因受到制度约束而削弱,政府出让其显性权益,以获得隐性收益为主。     

企业人力资本价值体系及薪酬模式的探讨

人力资本价值如何参与企业收益分配是当代人力资源管理及会计中的重点、难点,在坚持按劳分配为主体的前提下,本文详细地阐述了人力资本的定义、价值体系及其计量,重点论述了以人力资本的价值为基础的现代企业“人力资本激励薪酬模式”,并对现代企业利益分配提出了若干改进建议,具有一定的创新性和可行性。     

基于金字塔式实训平台的中国创业教育模式研究——以万里模式为例

在后金融危机时代背景下,创业教育的普及和深化对中国实现和谐社会建设与经济包容性增长具有重要意义.对在校大学生和普通创业者而言,创业梦想的实现需要创业理性的指引和创业实践的锤炼,科学创业实训平台的搭建可以为创业者提供创业训练和创业经验的积累.基于中国创业教育的发展条件分析了我国创业教育中的制约因素,并构建了基于创业过程的创业教育动态模型.最后结合浙江万里学院创建“创业型大学”的实践探索,提出了基于金字塔式实训平台的中国创业教育模式.     

Optimization of component reliability in the design phase of capital goods

We introduce a quantitative model to support the decision on the reliability level of a critical component during its design. We consider an OEM who is responsible for the availability of its systems in the field through service contracts. Upon a failure of a critical part in a system during the exploitation phase, the failed part is replaced by a ready-for-use part from a spare parts inventory. In an out-of-stock situation, a costly emergency procedure is applied. The reliability levels and spare parts inventory levels of the critical components are the two main factors that determine the downtime and corresponding costs of the systems. These two levels are decision variables in our model. We formulate the portions of Life Cycle Costs (LCC) which are affected by a component’s reliability and its spare parts inventory level. These costs consist of design costs, production costs, and maintenance and downtime costs in the exploitation phase. We conduct exact analysis and provide an efficient optimization algorithm. We provide managerial insights through a numerical experiment which is based on real-life data.     

The influence of capital market laws and initial public offering (IPO) process on venture capital

This paper is concerned with the influence of capital market laws and initial public offering (IPO) process on venture capital. It discusses the impact of US federal state laws and Securities and Exchange Commission (SEC) regulations to the venture capital markets, arguing if the rules and regulatories are burdensome to entrepreneurs and new-growth businesses. The impact of Sarbanes-Oxley Act and the future Investment Act on venture capital funds and entrepreneurial companies going public are also discussed. The paper proposes the model of venture capital financing describing the process from fund raising to investment exits, the linkages of the venture capital market to the financial/capital markets and the related capital market laws. The policy implications on SEC regulations essential to the development of venture capital industry are suggested.     

Capital budgeting and optimal timing of investments in flexible manufacturing systems

This paper investigates the financial-economic decision process for investments in flexible manufacturing systems (FMS). Contrary to popular belief, we show that conventional capital budgeting techniques can be used to make such investment decisions. First, we identify theoverall impact of installing an FMS and present guidelines for a cash flow forecasting model. We then present ways in which to incorporate uncertainty in these cash flows within a risk-adjusted discount rate. These expected cash flows and the discount rate are used in calculating the net present value (NPV). Once the capital budgeting analysis is completed, a critical issue facing the firm is the optimal timing of the installation. We reinterpret the general results on optimal timing of investments within the special context of an FMS project. Finally, we illustrate the above technique via a stylized example.