【顶级期刊创业研究速递】ETP 2019年第6期中英文摘要（下）

Bringing It All Back Home: Corporate Venturing and Renewal Through Spin-ins

将其都带回家：通过孵化进行公司创业与更新

作者：

Richard A. Hunt1, David M. Townsend1, Elham Asgari1, and Daniel A. Lerner2,3

1Virginia ch, Pamplin College of Business, Blacksburg, VA, USA

2Deusto Business School, Bilbao, Spain

3Universidad del Desarrollo, Faculty of Business and Economics, Santiago, Chile

摘要：

公司收购常常是昂贵且困难的，特别是那些为了促进公司创业目标而进行的收购交易。在频繁的高成本失败的激励下，公司正在尝试采用新颖的组织结构和新方法来实现收购驱动的公司创业活动。在本文中，我们检验了公司孵化-收购策略——即被收购公司由收购公司的前雇员所创建——在解决公司创业目标驱动的收购交易中面临的挑战的有效性。通过匹配的孵化和非孵化收购交易，我们发现了孵化收购产生了超额绩效，将其定位为公司创业组合中高绩效的一面。

More often than not, corporate acquisitions are expensive and difficult, especially those transacted for the purpose of advancing the aims of corporate entrepreneurship (CE). Motivated by frequent, high-cost failures, firms are experimenting with novel organizational structures and fresh approaches to acquisition-driven CE. In this study, we examine the effectiveness of corporate spin-ins—acquisitions in which the acquired company is founded by former employees of the acquiring firm—in resolving key challenges of CE-motivated acquisitions. Using a matched pairwise dataset of spin-in and non-spin-in acquisitions, we discover that spin-ins generate superior outcomes, positioning them as a high-potential facet of CE portfolios.

African Business Groups: How Does Group Affiliation Improve SMEs’ Export Intensity

非洲商业集团：附属公司如何改善中小企业出口强度

作者：

Mahdi Tajeddin1 and Michael Carney1

1John Molson School of Business, Concordia University, West Montréal, QC, Canada

摘要：

撒哈拉以南非洲（SSA）的中小型企业（SME）是否可以克服市场缺陷，以获得出口所需的资源？我们假设，在许多新兴经济体中，内资中小型企业通过建立商业集团（BG）中长期业务关系形式的私人治理体系来解决不完善市场带来的障碍。本文的数据来自于世界银行企业调查，包括33个撒哈拉以南非洲国家的8885个中小企业样本。我们发现，商业集团隶属的中小企业的出口强度要优于独立企业，其中财务、人力和技术资源在商业集团隶属关系与出口关系的强度之间起到了调节作用。

Can small and medium-sized enterprises (SMEs) in sub-Saharan Africa (SSA) overcome market imperfections to get the resources needed for exporting? We hypothesize that in many emerging economies, domestically owned SMEs address the hurdle of imperfect markets by creating private governance systems in the form of long-term business relationships in business groups (BGs). Our data are collected from the World Bank’s Enterprise Survey and comprises 8,885 SMEs in 33 SSA countries. We find that the export intensity of BG-affiliated SMEs is superior to independent firms, and that financial, human, and technological resources mediate the intensity of the BG affiliation–export relationship.

Financier Search and Boundaries of the Angel and VC Markets

天使投资和风险投资市场的投资人搜索与边界

作者：

Gurupdesh Pandher1

1University of Windsor, Odette School of Business, Windsor, ON, Canada

摘要：

本文研究了关键创业融资绩效比如投资回报和股权分配是如何受到企业特征、投资人风险偏好和竞争性搜索的影响。本文使用双重委托代理模型，在该模型中投资人确定股权分配，以最大程度地发挥其投资回报的预期效用，而企业家则寻求最佳交易。该模型结果提供了有关企业融资周期的新理论见解，即天使投资人/风险投资家在创业融资市场中具有异质化风险规避和风险分离特征。该模型预测到具有较高投资能力和顾问服务能力的投资人（例如风投）倾向于在后期阶段进行投资，因为他们的预期投资回报随着企业的初始价值和投资者生产率的提高而增加。企业家进行竞争性搜索可以通过降低较低（较高）风险规避投资仁的优势（劣势）使得投资回报更加相似，使具有多种风险偏好的投资人能够共赢此外，该模型还显示了风险分离临界点的出现，超过该临界点，只有风险规避水平较低的天使投资人/风险投资人才能从风险较高的风险投资中获利。

This paper studies how critical entrepreneurial finance outcomes such as the investment return and equity division are shaped by venture characteristics, financier risk preferences, and competitive searching. Our analysis uses a double-hazard agency model in which financiers determine the equity division to maximize the expected utility of their investment return while entrepreneurs search for the best deal. Model results provide new theoretical insights on the venture funding cycle, the coexistence of angels/venture capitalists (VCs) with heterogeneous risk aversion, and risk separation in the entrepreneurial finance market. The model predicts that financiers with higher funding capacity and advisory capabilities (e.g., VC firms) will prefer to fund at later stages as their expected investment return rises with the venture’s initial value and financier productivity. Competitive searching by entrepreneurs enables financiers with a diverse set of risk preferences to coexist profitably by reducing the advantage (disadvantage) of lower (higher) risk aversion financiers and making investment returns more similar. Further, the model shows the emergence of a risk separation cutoff beyond which only angels/VCs with lower levels of risk aversion can profitably fund riskier ventures..

Local Banking Development and the Use of Debt Financing by New Firms

本地银行发展与新创企业贷款融资

作者：

Marc Deloof1, Maurizio La Rocca2 and Tom Vanacker3

1Department of Accounting and Finance, University of Antwerp and Antwerp Management School, Antwerp, Belgium

2Dipartimento di Scienze Aziendali e Giuridiche, Universita degli Studi della Calabria, Calabria, Italy

3Department of Accounting and Corporate Finance, Ghent University, Ghent, Belgium

摘要：

本文使用大量意大利企业样本来研究本地银行发展对新创企业债务融资的影响。控制的潜在的内生因素，本文发现在相对人口而言有更高比例银行分支机构的省份新创企业更容易使用银行贷款和更高的杠杆。但是考虑银行异质性很重要。例如，一个省中拥有更多外资银行实际上降低了新创企业获得银行贷款的机会。总体上，我们的研究为本地银行业发展在新创企业债务融资中的作用提供了新的且细致的证据。

We investigate the effects of local banking development on the debt financing of new firms using a large sample of Italian firms. Controlling for potential endogeneity issues, we find that new firms are more likely to use bank debt and have higher leverage in provinces with more bank branches relative to population. However, it is important to account for bank heterogeneity. For instance, more foreign banks in a province actually reduce access to bank debt. Taken together, our study provides new and nuanced evidence on the role of local banking development for the debt financing of new firms.

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刘志阳，教授，博士生导师，上海财经大学商学院副院长、创业学院执行副院长、中国社会创业研究中心主任，教育部创新创业教指委委员

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