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摘要 此論文主旨在研究大型營造等工程計劃包括公私合併基建工程之計劃融資的架構，及其計劃融資方法的成長趨向。 計劃融資為一創新及有時效性的融資技術。有別於傳統基建工程的融資方法，因此愈來愈多在採用。此研究主要是集中於計劃融資的益處，風險管理及保險要求。 由於全球的私有化現象，政府的資助計劃，有移轉至私人融資計劃的趨向。本金現在往往以計劃的資產作為抵押，而以計劃的收入基礎以返還之。因此計劃的收益為大型投資計劃的主要融資因素。計劃的完工時程往往加之於計劃融資團體及業主的合約內，因此保障股東權益使延遲完工保險的需求大增。 延遲完工保險又名預期利潤損失險，為以保障業主的收益以償還債務及實現利益而設計。在開發市場中為減免利益風險，以收益保證保險方式以填補預期收益與實際收益間的差異。此論文亦以討論常用於大型計劃的計劃融資方式的兩種保險產品，延遲完工保險及收益保證保險及其核保的挑戰性，理賠處理的特性。 以瞭解延遲完工保險的理賠複雜性，以一個興建、營運及移轉（BOT）的鐵路工程項目的理賠個案作為例子討論。並以訪談保險業界的專家為主以討論相關論點。除延遲完工保險外，乘客量保證保險亦作介紹其保障預期及實際乘客量差異所引起的收益短缺的運作方式。 / This thesis aims to study the framework of project finance and the growing trend for project financing methods in today’s large construction projects involving public-private infrastructure partnerships. Project financing is an innovative and timely financing technique that is increasingly emerging as the preferred alternative to conventional methods of financing infrastructure and other large-scale projects worldwide. Research is conducted on the benefits, risk management and insurance requirements of project finance. Due to global privatization where government funding programs have shifted towards private financing, principals now often collateralize loans with project assets and repay them purely on the basis of projected earnings. Thus, the revenue generating capability of a project has become a critical financing factor in large investment projects. Rigorous conditions on delays in scheduled project completion added to project contracts between financiers and principals and the need to protect shareholders’ interests have created demand for DSU insurance. DSU insurance, also known as advance loss of profits (ALOP) insurance, is designed to secure the portion of revenue which the principal requires to service debt and realize anticipated profit. To mitigate revenue risk in emerging markets, public-private partnership provides a revenue guarantee to protect for the insured’s financial loss due to shortfall between actual and projected revenue. The ‘pledged’ revenues may include sales revenue, rental, interest income, and other sources of funds that are generally recurring. The thesis further discusses two types of insurance commonly applied in project financing of large projects – the delay in start-up (DSU) insurance and revenue guarantee insurance. The features, underwriting challenges and claim handling of these two types of insurance will be investigated. In order to understand the complexity in claims handling involving DSU cover, a build-operate-transfer (BOT) railway construction project claim case study is created. Interviews are conducted with three selected experts from the insurance industry on the various issues related to DSU claim. The findings gathered from these experts are reported in this thesis. In addition to the DSU insurance, a ridership guarantee is also introduced for protecting the revenue shortfall between the actual and forecast ridership when project is put into commercial operations.

The “Trust to Invest in Early Stage Businesses” is a government project based in a public bank of Paraguay. This “Trust” aims to become the first and the best landmark of “Angel Investor” to foster entrepreneurial culture and help in the development of the stock market and the economy of the country. There is no similar fund in the market, therefore there is no regulation about this type of investment; as a consequence, the “Trust” will start to work with the institutions in charge to establish the basis for this new industry. The special purpose of the “Trust” is to target the most vulnerable of the businesses, the seed and the start-up stages. Those segments are not covered by the banks or any other financial institution. This project is an opportunity for the government to foster the “Inclusive Economic Growth” that is one of the pillars of the “National Development Plan 2014-2030” because start-ups maybe are small companies but they can play a significant role in the economic growth. I believe that the “Trust” will receive back his investment with profit, so, there will be more money to invest in early stage businesses and the cycle will continue.

Cette thèse porte sur l’application des approches de commande prédictive pour l’optimisation des démarrages des centrales à cycles combinés. Il s’agit d’une problématique à fort enjeu qui pose des défis importants. L’élaboration des approches est progressive. Dans une première partie un modèle de centrale est construit et adapté à l’optimisation, en utilisant une méthodologie qui transforme des modèles physiques Modelica conçus pour la simulation en des modèles pour l’optimisation. Cette méthodologie a permis de construire une bibliothèque adaptée à l’optimisation. La suite des travaux porte sur l’utilisation du modèle afin d’optimiser phase par phase les performances du démarrage. La solution proposée optimise, en temps continu, le profil de charge des turbines en recherchant dans des ensembles de fonctions particulières. Le profil optimal est déterminé en considérant que celui-ci peut être décrit par une fonction paramétrée dont les paramètres sont calculés en résolvant un problème de commande optimale sous contraintes. La dernière partie des travaux consiste à intégrer cette démarche d’optimisation à temps continu dans une stratégie de commande à horizon glissant. Cette approche permet d’une part de corriger les dérives liées aux erreurs de modèles et aux perturbations, et d’autre part, d’améliorer le compromis entre le temps de calcul et l’optimalité de la solution. Cette approche de commande conduit cependant à des temps de calcul importants. Afin de réduire le temps de calcul, une structure de commande prédictive hiérarchisée avec deux niveaux, en travaillant à des échelles de temps et sur des horizons différents, a été proposée. / This thesis focuses on the application of model predictive control approaches to optimize the combined cycle power plants start-ups. Generally, the optimization of start-up is a very problematic issue that poses significant challenges. The development of the proposed approaches is progressive. In the first part a physical model of plant is developed and adapted to optimization purposes, by using a methodology which transforms Modelica model components into optimization-oriented models. By applying this methodology, a library suitable for optimization purposes has been built.In the second part, based on the developed model, an optimization procedure to improve the performances of the start-up phases is suggested. The proposed solution optimizes, in continuous time, the load profile of the turbines, by seeking in specific sets of functions. The optimal profile is derived by considering that this profile can be described by a parameterized function whose parameters are computed by solving a constrained optimal control problem. In the last part, the open-loop optimization procedure has been integrated into a receding horizon control strategy. This strategy represents a robust solution against perturbation and models errors, and enables to improve the trade-off between computation time and optimality of the solution. Nevertheless, the control approach leads to a significant computation time. In order to obtain real-time implementable results, a hierarchical model predictive control structure with two layers, working at different time scales and over different prediction horizons, has been proposed.

第一個由政府主導的創業競賽－科技部創新創業激勵計畫始於2013年。邁入第三年，已舉辦了六個梯次。根據科技新報指出，截至2015年4月，其中真正走向新事業發展的僅有38間。因此，本研究欲瞄準獲得優勝的參賽團隊，研究其在創業的歷程中面臨到什麼樣的改變因素，使得參賽團隊改變其方向。 本研究採用個案研究的方式，從FITI計畫歷屆獲得前十名優勝隊伍中挑選出四組作為研究個案，並搭配Timmons Model中所提到的「機會」「團隊」、「資源」及「動態關係」，透過這些面向來探討個案後續新創企業發展的改變因素，及如何與此理論相呼應。 研究結果發現，參與FITI計畫的創業團隊，其後續改變最主要的兩大原因為對未來機會拿捏的不確定性及團隊之間的不協調性；參照Timmons Model，可以很清楚地界定出創業團隊後續改變的因素為何；創業者對「機會」的可控程度為Timmons Model尚未考慮進的因素。 另外，針對研究結果亦提出建議給予未來參賽隊伍，及如何給予FITI計畫政策上的建議。對於參賽團隊而言，一切的因素如合作模式、股權分配等都應在事前談妥。而針對FITI計畫亦提出評審機制、白皮書、技轉三點未來可改進之建議。 / The first entrepreneurial contest held by government was the From IP to IPO (FITI) in 2013. FITI contest had held over two years, nearly 160 entrepreneurial teams, but only 38 of them established companies. Thus, this study aims to explore the reasons why these winning entrepreneurial teams change after the FITI contest. With the method of case study used in this study, four of the top ten winning entrepreneurial teams from over the past years had been chosen as case studies. And by the support of “Opportunity”, “Teams”, “Resources” and “Dynamic Relationships” from Timmons Model, this study aims to explore the reasons why these entrepreneurial team’s changing reasons, also to see how it fits in Timmons Model, and how it interacts with each other. This study finds out that the entrepreneurial teams change because of two reasons, which is the uncertainty to opportunity and the incoherence between team members. Next, the changing reasons can be clearly defined by the use of Timmons Model. Lastly, how much of the controlling power the team held to the opportunity, is one of the factors that Timmons Model had not been considered yet. Last but not least, this study also gave suggestions to the entrepreneurial teams that wanted to attend to FITI contest that everything like division of work should be negotiated at the very first place. On the other hand, three suggestions are also given out to FITI.

The textile industry in Kenya was once an important sector in the country but due to theliberalisation of trade and the second hand industry’s impact, the industry has declined inrecent years. The increased competition from import has boosted the costs of raw material andoutrivaled the local textile production. Further, the government’s lack of investments in thecountry’s electric power supply has also contributed to the current situation. Consequently,the domestic textile entrepreneurs are today facing a complex and competitive marketplacebut despite these obstacles there are women that have managed to overcome the entrancebarriers.It is an unfavourable climate for being a woman entrepreneur in Kenya since the socioculturalnorms restrain women to work outside their homes and in some business sectors. Though, ourfindings have shown that the Kenyan women have the handicraft skills but lack access tofinancial resources as well as management skills to start-up businesses in the textile industry.Access to credit is regarded as one of the main obstacles to establish a firm. There are lendinginstitutes but the interest rate is high and the collateral requirements hard to fulfil. Moreover,there are micro-loan institutes but the loans are not sufficient to companies with growthpotential.The purpose of this study was to map-out key success factors for becoming a womanentrepreneur in the competitive textile marketplace in Nairobi, Kenya. We aimed tounderstand how some entrepreneurs have managed to overcome the obstacles women face intheir social- and cultural context and how mapping of their shared supportive variables canencourage other females to become entrepreneurial.Our results find that there is not one way to handle difficulties along the dynamic andcompetitive textile market in Kenya. The respondents come from different social- and culturalcontexts that in diverse ways have influenced their management ways. We have though beenable to map out shared factors that have been supportive when overcoming obstacles in theprocess of a business start-up; being a visionary and opportunity seeker, counterbalancemissing knowledge, effective use of limited resources, fighter instinct, find a niche in themarketplace, networking skill and manage employees and unsupportive surroundings.Textilindustrin i Kenya var en gång en betydelsefull sektor för landet men under de senareåren har dess relevans minskat på grund av ett ökande inflytande från frihandeln samt enväxande försäljning av andrahandskläder. Konkurrensen från import har lett till högreråvarukostnader som succesivt spelat ut den lokala textilproduktionen. Vidare har regeringenvarit sparsam med att investera i landets elförsörjning vilket också har bidragit till denrådande situationen. Följaktligen står den inhemska textilindustrins företagare idag inför enkomplex och konkurrensutsatt marknad, men trots många hinder finns det kvinnor som harlyckats övervinna inträdesbarriärerna.För kvinnliga entreprenörer i Kenya är företagsklimatet ogynnsamt då det föreliggersociokulturella normer vilka begränsar kvinnor att arbeta utanför hemmet och även inom vissabranscher. Vår studies resultat har visat att kenyanska kvinnor besitter ett hantverkskunnande,men saknar tillgång till finansiella resurser samt färdigheter för att starta och leda ett företag itextilindustrin. Tillgängligheten till ekonomiska medel har betraktas som ett av de störstahindren för att upprätta en verksamhet. Det finns utlåningsinstitut, men där är räntan hög ochkraven på kreditsäkerhet svåra att uppfylla. Det finns dessutom mikrolånsinstanser men lånensom ges där är inte tillräckliga för företag med tillväxtpotential.Intentionen med denna studie var att kartlägga viktiga framgångsfaktorer för att bli enkvinnlig företagare på den konkurrensutsatta textila marknaden i Nairobi, Kenya. Vårt syftevar att förstå hur vissa entreprenörer lyckats övervinna hinder som kvinnor möter i sinsociala- och kulturella kontext samt kartlägga gemensamma stödjande variabler som i sin turkan inspirera andra kvinnor till att bli företagare.Vårt resultat belyser att det finns flera sätt att hantera svårigheter på den dynamiska ochkonkurrensutsatta textila marknaden i Kenya. Respondenterna i denna rapport kommer frånolika sociala- och kulturella kontexter vilket på olika sätt har påverkat deras sätt att hanteraföretag. Vi har dock kunnat kartlägga gemensamma faktorer som har hjälpt att övervinnahindren i processen med att starta företag; vara en visionär och en möjlighetssökare, hanteraavsaknad av kunskap, effektivt använda begränsade resurser, ha en kämparinstinkt, hitta ennisch på marknaden, vara skicklig på att använda sitt nätverk och att hantera sina medarbetaresamt en icke stödjande omgivning. / Program: Textilekonomutbildningen

This thesis goal is to analyze the factors that are influencing the strategies and growth expectations of the Czech start-ups. The analysis is based on the data sample from the Czech GEM 2011 and unique study of the Czech start-ups performed in 2011 as well. Various statistical methods are used to determine which microeconomic factors affect (1) the strategy choice and (2) growth expectations. As for the factors influencing expected growth, the research is concluded by the creation of the regression equations explaining the expected growth in the revenues as well as expected growth in employees. The factors influencing strategy choice are: managers-owners experience, the environment, self-efficacy, gender, and innovativeness. The factors influencing expected growth in revenues are: innovativeness, self-efficacy, competitive strategy, managers-owners experience, social capital, export intention, and business planning. The factors influencing the expected growth in employment are: legal structure of company, export intention, self-efficacy, innovativeness, competitive strategy, business planning. Following variables create the regression equation explaining expected growth in revenues: financial planning, export intention, education, IPR use, and age of entrepreneur. The variables explaining expected growth in employees are: (1) export intention, product newness, and legal structure of the company, (2) product newness, differentiation inclination, and financial projections. Alongside, the Porter's generic strategies framework was proved to fit the data sample while it was showed that a portion of Czech entrepreneurs are "stuck in the middle". By these findings, this thesis provides unique empirical verification of the growth and strategy theory on the sample of the Czech entrepreneurs.

Entrepreneurial small businesses are significant to the U.S. economy, as they represent 99% of employer firms and employ 49% of the private sector. Nearly half of new businesses fail within the first 5 years of operation. While external factors beyond the control of business owners account for some failures, many occur because of managerial inadequacies. The purpose of this phenomenological study was to explore the lived experiences of successful entrepreneurs to understand the qualities needed to create and sustain new small and medium-sized enterprises (SMEs) beyond 5 years. The sample consisted of 21 entrepreneurs from Northeastern Indiana who created and operated SMEs successfully for at least 5 years. The conceptual framework for this study was human capital theory and entrepreneurial leadership theory. The data were collected from semistructured interviews. Participants completed transcript reviews and member checking was conducted to enhance data credibility and trustworthiness. The phenomenological reduction method was used for data analysis and included bracketing, horizontalizing, clustering, integrating invariant statements, and synthesizing composites. The following themes emerged in addressing the guiding question: entrepreneurial intention recognized at a young age, creative problem-solving skills, business and support systems, entrepreneurial passion, opportunity recognition and seizure, and task and managerial delegation. The study findings can help inform best practices to help future entrepreneurs, and those who educate, train, and mentor them, create and operate successful new ventures.

This dissertation examines the role of public investments in inducing small firms to develop risky, early-stage technologies. It contributes to expanding our understanding of the consequences of research, innovation, and entrepreneurship policies and programs by investigating in more depth the effect of the Small Business Innovation Research (SBIR) program on the innovation effort, ability to attract external capital, and other metrics of post-entry performance of small business start-ups using a new sample and estimation approach. Unlike prior R&D subsidy studies that concentrated almost exclusively on European countries, this dissertation focused on small business start-ups in the United States using a new scientific survey of new firms. It integrated the Kauffman Firm Survey (KFS) from the Ewing Marion Kauffman Foundation with the SBIR recipient dataset from the U.S. Small Business Administration (SBA) and used advances in statistical matching to achieve better comparability between the treated and control groups of small business start-ups. The integrated KFS-SBA dataset, which contains both recipient and non-recipient small firms, and statistical matching allowed us to empirically construct the counterfactual outcomes of SBIR recipients. This dissertation balanced the pre-treatment characteristics of SBIR recipients and non-recipients through propensity score matching (PSM). It constructed the comparison sample by identifying non-recipients with nearly identical propensity scores as those of SBIR recipients. Consistent with the propensity score theorem, observations with the same distribution of propensity scores have the same distribution of observable characteristics. PSM made the comparison and treatment samples homogenous except in SBIR program exposure, making the fundamental assumption of ignorability of treatment assignment more plausible. Using the realized outcomes of observationally similar non-recipient start-ups as the counterfactual outcomes of SBIR recipients, we found empirical evidence of the input additionality effect of the SBIR program. Had they not applied for and granted SBIR R&D subsidies, recipient start-ups would have spent only $185,000 in R&D, but with SBIR their R&D effort was significantly increased to $663,000, on average. The treatment effects analyses also found a significant positive effect of SBIR on innovation propensity and employment. However, it appears that public co-financing of commercial R&D has crowded-out privately financed R&D of small business start-ups in the United States. A dollar of SBIR subsidy decreased firm-financed R&D by about $0.16. Contrary to prior SBIR studies, we did not find any significant "halo effect" or "certification effect" of receiving an SBIR award on attracting external capital. However, we discovered a different certification effect of the SBIR program: SBIR grantees are more likely to attract external patents. This finding also confirms that innovation requires a portfolio of internal and external knowledge assets as theorized by David Teece and his colleagues. This dissertation's empirical results may be relevant to the Small Business Administration, SBIR participating agencies, the U.S. Congress, other federal, state and local policymakers, small high-tech start-ups, and scholars in the field of science, technology, and innovation policy.

This dissertation examines the role of public investments in inducing small firms to develop risky, early-stage technologies. It contributes to expanding our understanding of the consequences of research, innovation, and entrepreneurship policies and programs by investigating in more depth the effect of the Small Business Innovation Research (SBIR) program on the innovation effort, ability to attract external capital, and other metrics of post-entry performance of small business start-ups using a new sample and estimation approach. This study integrated the Kauffman Firm Survey from the Ewing Marion Kauffman Foundation with the SBIR recipient dataset from the U.S. Small Business Administration and used advances in the micro-econometrics of program evaluation to empirically construct the counterfactual outcomes of SBIR recipients. We found empirical evidence of the input additionality effect of the SBIR program. The treatment effects analyses also found a significant positive effect of SBIR on innovation propensity and employment. However, it appears that public co-financing of commercial R&D has crowded-out privately financed R&D of small business start-ups in the United States. A dollar of SBIR subsidy decreased firm-financed R&D by about $0.16. Contrary to prior SBIR studies, we did not find any significant “halo effect” or “certification effect” of receiving an SBIR award on attracting external capital. What we discovered is a different certification effect of the SBIR program: SBIR grantees are more likely to attract external patents. This finding confirms that innovation requires a portfolio of internal and external knowledge assets as theorized by David Teece and his colleagues.