试论自主创新与风险投资

自主创新发展高科技已成为我国调整产业结构和转变经济增长方式的一个中心环节,打造自主创新的风险投资机制,建立以企业为主体、市场为导向、政府资助和社会闲置资本为主体的风险投资体系,是实现我国自主创新、“十一五”规划的重要手段。风险投资在发达国家已取得了辉煌的成就,在我国尚处于开发阶段,完善我国的资本市场,形成风险投资的退出机制将是风险投资成败的关键。     

浅论风险投资

风险投资作为一种新型的股权融投资方式在我国逐渐流行起来，风险投资把资金投放和企业管理职能有机结合起来，提高了投资效率。一个国家的风险投资业是否成功，应该以风险投资基金的增值和盈利为标准。     

试论风险投资的退出机制

在风险投资运作过程中 ,退出机制是风险投资成败的关键环节。退出的关键在于风险资本需要一个成功从原投资企业撤出投资的“出口” ,以便进行新一轮的投资 ,实现资本的增值。策划风险投资的退出 ,在种子期、创业期和成长期都有不同的方式。     

试论风险投资的退出机制

在风险投资运作过程中，退出机制是风险投资成败的关键环节。退出的关键在于风险资本需要一个成功从原投资企业撤出投资的“出口”，以便进行新一轮的投资，实现资本的增值。策划风险投资的退出，在种子期、创业期和成长期都有不同的方式。     

风险投资的制度分析

风险投资运作过程中存在委托-代理关系,存在信息不对称.信息不对称带来"逆向选择"和"道德风险"问题.从制度经济学角度考虑,设计一套行之有效的激励和约束机制能够最大限度地减少"逆向选择"和"道德风险"的发生,提高投资市场的运行效率.     

报刊文摘

国家创新体系有三大突破日前，国家科技部部长朱丽兰透露，全国创新工作会议将出台的一系列可以操作而且力度很大的政策，表明在建立国家创新体系上将有三方面重大突破。一是企业成为创新主体。朱丽兰强调，现在企业自身在告别短缺经济面对国际竞争的压力下，已经有技术创新的需求和意识，各类企业都在近年内建立了技术开发中心，而科技开发性科研院所早已不满足单纯的科研成果转化，而是正在通过转制成为科技型企业和技术创新的主体。二是重视风险投资机制的建立。朱丽兰说，风险投资工作现在进展很快，惟其如此，政府在这个时候出面强调建…     

风险投资的制度分析

风险投资运作过程中存在委托一代理关系，存在信息不对称。信息不对称带来“逆向选择”和“道德风险”问题。从制度经济学角度考虑，设计一套行之有效的激励和约束机制能够最大限度地减少“逆向选择”和“道德风险”的发生，提高投资市场的运行效率。     

大学生网络创富童话的豪情与伤痛

刘远进曾是重庆高校名噪一时的“创业明星”：当他的同学还在为找工作四处奔波时，他空手套白狼，以薄薄3页的网站创业计划书而博得100万风险投资。成为诺盟科技有限公司GEO。他创办的“e路校园”网站创造了日点击率8万次的奇迹。然而半年后。这个网络创富童话昙花一现便枯萎了。无情的市场将刘远进“打回原形”。     

关于构建我国中小企业金融支持体系的思考

金融环境是加快中小企业发展的基本条件之一 ,也是当前人们关注的热点。融资渠道狭窄 ,融资政策不平等 ,无法以合理的利息取得企业发展所必须的资金 ,是中小企业面临的一个突出困难。本文通过对国外对中小企业发展所采取的金融政策阐述 ,提出关于建立中小企业金融支持体系的几点建议 :应建立中小企业发展基金 ,完善信用担保机制 ,帮助中小企业融资 ;建立符合国情的风险投资机制和体系 ,以适应中小企业高新技术创新的融资手段 ;对中小企业的创新投资给以适当的优惠 ;建立债权融资机构 ;发挥金融部门的行业优势 ,加强为中小企业提供金融配套服务等     

关于构建我国中小企业金融支持体系的思考

金融环境是加快中小企业发展的基本条件之一，也是当前人们关注的热点。融资渠道狭窄．融资政策不平等，无法以合理的利息取得企业发展所必须的资金。是中小企业面临的一个突出困难。本文通过对国外对中小企业发展所采取的金融政策阐述，提出关于建立中小企业金融支持体系的几点建议：应建立中小企业发展基金，完善信用担保机制，帮助中小企业融资；建立符合国情的风险投资机制和体系，以适应中小企业高新技术创新女々融资手段；对中小企业的创新投资给以适当的优惠；建立债权融资机构；发挥金融部门的行业优质，加强为中小企业提供金融配套服务等。     

Patterns of agrarian transformation in Ethiopia: State-mediated commercialisation and the ‘land grab’

Much of the literature on the ‘land grab’ has thus far focused on the international drivers of foreign agricultural investment, with far less attention paid to the roles of developing country states and domestic political economy in changing forms of agrarian production. This paper analyses how global and domestic processes combine to produce patterns of agrarian transformation in Ethiopia, one of the main targets of foreign agricultural investment. The paper presents a typology of changes in land use and examines in detail three case studies of investments in Ethiopia drawn from this typology. The paper concludes that the most dramatic changes are taking place in lowland, peripheral regions where large-scale, capital-intensive farms employing wage labour pose a serious risk to pastoralists whose ‘use’ of land is contested by the state. Although the government has been careful to avoid mass displacement of settled smallholders, there are also important changes taking place in highland areas, with the government encouraging investments that combine the resources of investors with the labour and land of smallholders. These investments have resulted in exposure to new forms of market risk.     

Food security or commercial business? Gulf State investments in Australian agriculture

Worldwide investments in agricultural land have gained much attention in recent years, resulting in renewed awareness of land as being a scarce and finite resource. This paper investigates a case of South-to-North land deals, namely investments from the Arab Gulf targeting agricultural land in Australia. For the Arab Gulf States that highly depend on external food supplies, investment abroad is one strategy to guarantee future food security. At the same time, leading Australian political and economic representatives have been eager to attract investments from the Gulf. Increasing foreign investment in Australian land has, however, provoked a vivid public debate in Australia. Concepts of foreign direct investment and its role are currently renegotiated on the federal level with regard to Australia's own food security, the ‘national interest’ and the redefinition of ‘Australian agricultural land’. While these concerns also play out on the local level, investments have to be seen within the wider context of Australian ruralities. The paper reveals how food security and commercial and financial interests intersect and become blurred within current transformations of the global agri-food system.     

‘Land grab’ as development strategy? The political economy of agricultural investment in Ethiopia

This paper examines the domestic political economy of so-called ‘land-grabbing’ in Ethiopia, assessing the motivations of the Ethiopian government, which has strongly promoted foreign agricultural investment. The paper draws on a unique set of federal and regional databases detailing foreign and domestic investments in Ethiopia to analyse the likely role investment will play in the Ethiopian economy and the areas which have been targeted for investment. The analysis identifies increased foreign exchange earnings as the main likely contribution of investment but in doing so highlights concerns for food security in Ethiopia, as the goal of national self-sufficiency has given way to a risky trade-based food security strategy. The paper also argues that the federal government's attempts to direct investment to sparsely-populated lowlands have important implications for the ethnic self-determination that is a key tenet of Ethiopia's federal system.     

‘Like gold with yield’: evolving intersections between farmland and finance

Since 2007, capital markets have acquired a newfound interest in agricultural land as a portfolio investment. This phenomenon is examined through the theoretical lens of financialization. On the surface the trend resembles a sort of financialization in reverse – many new investments involve agricultural production in addition to land ownership. Farmland also fits well into current financial discourses, which emphasize getting the right kind of exposure to long-term agricultural trends and ‘value investing’ in genuinely productive companies. However, capital markets' current affinity for farmland also represents significant continuity with the financialization era, particularly in the treatment of land as a financial asset. Capital gains are central to current farmland investments, both as a source of inflation hedging growth and of potentially large speculative profits. New types of farmland investment management organizations (FIMOs) are emerging, including from among large farmland operators that formerly valued land primarily as a productive asset. Finally, the first tentative steps toward the securitization of farmland demonstrate the potential for a much more complete financialization of farmland in the future.     

Green economy,Scandinavian investments and agricultural modernization in Tanzania

‘Green economy’ is a broad concept open to different interpretations, definitions and practices ranging from the greening of current neoliberal economies to radical transformations of these economies. In Africa, one emerging and powerful idea in the implementation of the green economy seems to be to use a green agenda to further strengthen development as modernization through capital-intensive land investments. This has again reinvigorated old debates about large-scale versus smallholder agriculture. Influential actors justify large-scale ‘green’ investments by the urgency for economic development as well as to offset carbon emissions and other environmental impacts. In this contribution, we discuss the case of the Southern Agricultural Growth Corridor of Tanzania (SAGCOT) to give examples of how the green economy may materialize in Africa. SAGCOT is presented by the Tanzanian government as well as investors and donors as a leading African example of an ‘investment blueprint’ and as a laboratory to test green growth combining profitable farming with the safeguard of ecosystem services. In particular, we discuss three Scandinavian investments within SAGCOT, their social implications and their discursive representations through the public debates that these investments have generated in Scandinavia.     

Agrarian structure,foreign investment in land,and land prices in Brazil

The recent global rush for farmland in Latin America has produced a dramatic increase in the level of foreign investment in land in Brazil. The current trend accentuates the ongoing process of foreignization of agriculture associated with the production of grains, sugar, ethanol and other commodities, increasing land prices. In response, the Brazilian government reestablished a legal mechanism for ‘controlling’ land-based foreign investment which has proven neither efficient nor effective in solving land concentration. This paper examines this issue by analyzing the causes of the increase in investment as well as the consequences of this process with respect to land prices, critically situating land-based investments and the government's policy response in a broader discussion of the demands of agrarian social movements.     

How not to think of land-grabbing: three critiques of large-scale investments in farmland

Large-scale investments in farmland have been criticized, chiefly, because of questions about the capacity of the countries targeted by these land deals to effectively manage these investments in order to ensure that they contribute to rural development and poverty alleviation. This article questions the idea that this is the only or even the main problem raised by such investments. If weak governance were the only problem, then appropriate regulation—and incentives to manage such investments correctly—would indeed be a solution. However the real concern behind the development of large-scale investments in farmland is that giving land away to investors, having better access to capital to ‘develop’, implies huge opportunity costs, as it will result in a type of farming that will have much less powerful poverty-reducing impacts, than if access to land and water were improved for the local farming communities; that it directs agriculture towards crops for export markets, increasing the vulnerability to price shocks of the target countries; and that even where titling schemes seek to protect land users from eviction, it accelerates the development of a market for land rights with potentially destructive effects on the livelihoods, both of the current land users that will face increased commercial pressure on land, and of groups depending on the commons—grazing and fishing grounds, and forests. The article maps these various levels of critiques. It concludes that we need to do more than impose a discipline on land-grabbing: we need a real alternative to this kind of investment in land.     

Land grabbing in post-Soviet Eurasia: the world’s largest agricultural land reserves at stake

‘Land grabbing’ in Africa by China, and other populous, high-income Asian countries such as South Korea, has received considerable attention, while land grabbing in post-Soviet Eurasia has gone largely unnoticed. However, as this article shows, foreign state and private companies are also acquiring vast areas of farmland in this region. The article first discusses the factors that make post-Soviet Eurasia such an attractive region for international investment, arguably encompassing much greater agricultural land reserves than most regions of sub-Saharan Africa or Asia. Second, in view of the use of media and web-based data in this article, the methodological limitations of researching land investments are discussed. Third, an overview is given of the processes of land accumulation and farm acquisition. Both domestic and international accumulation of land are dealt with in the domestic context of agricultural development and institutions. Furthermore, the main actors (investors) involved in land grabbing are distinguished (according to their country of origin and legal or institutional form). Fourth, the article outlines the main obstacles (and points of contention) concerning the emergence (and effectiveness/performance) of domestic, and especially international, agroholdings in the region. Some preliminary findings are presented on the possible effects of land grabbing on local populations in this region.     

Situating private equity capital in the land grab debate

This paper examines the private equity investment landscape in African land and agriculture markets by exploring two underlying questions: (1) Within the global land grab trend, how is power manifested for private equity investors? and (2) What are the development implications of private equity-backed investments? The essay begins with an overview of the recent rise of private equity in African land markets. It then analyzes the power relations embedded in this trend, particularly exploring the issues of information asymmetry and ‘creative destruction’ inherent in private equity finance, and their implications for governance and labour. Finally, the paper examines the power dynamics that characterize the relatively new relationship between private equity groups and development finance. Drawing on several illustrations of the World Bank Group's involvement in private equity-backed land investments, this paper demonstrates how the overlapping interests between development finance and private equity groups, in part, explain private equity's presence in emerging farmland markets.     

越南劳动关系研究 ：中资企业投资风险与防范

越南作为"一带一路"沿线的重要国家和我国重要邻国,是近年来中国企业"走出去"的主要目的地国家之一。随着中国企业在越南投资的不断增加,其所面临的劳动用工风险亟须予以关注,主要表现在劳动法律制度频繁变动、外籍劳工配额限制严格、劳资纠纷不断增加、劳动力成本明显上升等方面,影响了"一带一路"倡议在越南的推进。为此,在国际层面上,应加强双边或多边劳务合作协议,有效消除劳务贸易壁垒;在国家层面上,应增强劳动风险指引精准性,切实做好风险防范预警;在企业层面上,应遵守当地劳动法律规制,实施企业经营管理属地化,提高企业集体谈判水平,加强用工风险防范能力。