台灣高科技產業經過三十多年的發展，已累積了雄厚的資金與技 術基礎。而近日來由於政府政策的倡導與產品應用的擴展等緣故，使 得LED 產業成為當前最具未來發展潛力之產業。對於以投資在具有發 展潛力產業的創業投資公司來說，LED 相關之產業儼然成為投資首選 的目標。然而，台灣的創業投資事業的發展在2000 年達到高峰之後，近年來以日漸趨緩。雖然整體大環境表現不佳，但是其中仍不乏表現不錯的創業投資公司。本文以「源創管理顧問」為研究對象，以其投資於LED 產業為例，探討其創投經營之成功關鍵。研究發現，「股東人際網絡的運用」與「產業供應鏈的整合」為源創管理顧問最主要之核心要素。與其他創投公司相比，源創管理顧問除了投資標的公司以外，仍以股東之人際網路資源促進標的公司與上下游供應鏈之間的關係，一方面確保標的公司之穩定成長，另一方面也同時促進LED 產業之技術升級，以及加強與國外大廠之合作。以LED 產業國際分工的成效，以個案公司為例，本文建議台灣未來創業投資事業的發展也可採取國際分工的模式，如此一來除了可使創業投資公司處於有利優勢外，亦可完成其對於國家整體產業升級的使命。 / Taiwan High Tech Industry has developed for over thirty years and has amassed huge quantity of capital and technology knowledge. Due to government policies and product usage expansion in recent years, LED has become a highly potential industry. Therefore, venture capitalists are likely to lean towards investing in this industry due to its high growth rate. However, the development of venture capital has since slowed down upon reaching its peak in year 2000. Though most ventures did not perform well however, there were some that did well. The company studied in this thesis is InnoStream Consultancy Services. The study is to explore on their investment in the LED industry and the reasons for success. The study has discovered the usage of networking and integration of supply chain as the elements for the achievement. Different from the rest of industry, InnoStream made use of resources such as the network of its shareholders to foster the supply chain integration. As such, they managed to ensure steady growth of the company, development in their LED technology and strengthened in ties with overseas manufacturer. This study suggests international cooperation in the LED industry. Such a policy will improve the competitiveness of Taiwan’s LED industry in the global market, and result in industry upgrade.

Cette thèse est constituée de quatre chapitres distincts. Dans le premier chapitre, j'utilise une restriction exogène de la capacité des entreprises de transport routier à consentir des délais de paiement à leurs clients. Je montre que certaines entreprises prêtent à leurs clients au détriment de leurs investissements, de leur rentabilité et en s'exposant au risque de défaillance. Dans le second chapitre, je montre que les fonds d'investissement dont l'horizon est long choisissent des entreprises plus jeunes, à un stade moins avancé de leur développement. Les entreprises investies par des fonds dont l'horizon est plus long accroissent leur stock de brevets plus rapidement que celles qui sont investies par des fonds dont l'horizon est plus court. Le troisième chapitre est le résultat d'une collaboration avec Ron Kaniel et David Sraer. Nous utilisons des données détaillées de courtier et entreprenons une exploration quantitative du comportement des investisseurs individuels pendant la crise financière de 2008. Nous montrons que les investisseurs qui ont l'air les plus sophistiqués dans la période antérieure à la crise ont une propension moins grande à fuir vers les actifs sans risque, et une propension plus grande à être apporteurs de liquidité et à obtenir des rendements élevés pendant la crise. Dans le quatrième chapitre, j'explore l'idée selon laquelle les ménages ont une connaissance limitée de l'exposition de leur portefeuille aux facteurs de risque systématique, ce qui les conduit à faire des erreurs. Cette idée est appliquée à la décision des investisseurs individuels d'intervenir activement plutôt que d'investir passivement sur les marchés d'actions. / This dissertation is made of four distinct chapters. In the first chapter, I consider an exogenous restriction on the ability of French trucking firms to extend payment terms to their clients. I find that they provide trade credit at the cost of lower investment, lower return on assets, and higher default risk. In the second chapter, I show that private equity funds with a longer horizon select younger companies at an earlier stage of their development. Companies which receive funding from funds with a longer horizon increase their patent stock significantly more than companies which receive funding from investors with a shorter horizon. The third chapter presents a joint work with Ron Kaniel and David Sraer. We use detailed brokerage account data to provide a quantitative exploration of the behavior of retail investors during the financial crisis of 2008. We show that investors who appear more sophisticated on these dimensions in the pre-crisis period were, in the post-crisis period, less likely to flee to safety, more likely to engage in liquidity provisions and to earn higher returns. In the fourth chapter, I develop the idea that households have an imprecise knowledge of their portfolio's exposure to systematic risk and that this leads them to make investment mistakes. This idea is tested in the context of the decision to actively trade rather than passively invest in the stock market

Les pays de la zone OHADA observent, depuis une dizaine d’années, un accroissement significatif des opérations de capital-investissement. Les perspectives économiques encourageantes, la relative stabilité politique dans la région ainsi que les prévisions démographiques font de la zone OHADA une cible de premier choix pour les fonds d’investissement, qui y trouvent de formidables opportunités d’investissement et de croissance. Cette nouvelle dynamique nous appelle à nous interroger sur la faculté du droit OHADA à répondre aux exigences juridiques exprimées par ces nouveaux acteurs économiques lors de la conduite de leurs opérations. Cette thèse se propose d’analyser, dans une perspective comparative avec le droit français, les principaux enjeux juridiques du capital-investissement en droit OHADA. Ainsi, y seront étudiés les outils juridiques de prise de participation, la gestion des sociétés cibles, notamment à travers la pratique des pactes d’actionnaires, et enfin, les modalités de sortie de l’investissement. L’objectif annoncé est de déceler les forces et les faiblesses du régime actuel du droit OHADA à l’épreuve des exigences du capital-investissement / In the last decade, the OHADA countries have seen a significant increase in private equity transactions. The OHADA region’s economic outlook, relative political stability and projected population growth make the region of prime interest to investment funds due to tremendous growth and investment opportunities. This new dynamic makes it important to consider OHADA law’s ability to meet the legal requirements of private equity funds in structuring and conducting their operations.This thesis (i) analyses the main legal issues for private equity under OHADA law and (ii) compares the handling of such issues under OHADA law with their handling under French law. As such, this thesis addresses the legal instruments for taking ownership interests, management rules for target companies (including shareholder agreements), and exit strategies. The objective of such analysis is to identify the strengths and weaknesses of the current OHADA law regime from a private equity perspective

Made available in DSpace on 2016-04-26T20:48:58Z (GMT). No. of bitstreams: 1 Daiane Ramon de Alcantara.pdf: 1580752 bytes, checksum: b24b5e39eb3d6d9364aeb2d1cc88265e (MD5) Previous issue date: 2009-10-26 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / The purpose of this dissertation is to investigate the greatest financial barriers faced by Small Technology - Based Firms of CIETEC in Sao Paulo. In particular, this work aims to analyze which of these derives from the absence of adequate sources of funding. In order to achieve this objective we opted for an empirical study with a group of residents and graduated enterprises at the Incubator Center for Technological Companies from USP São Paulo. Mobilizing resources for Small Technology - Based Firms includes the study of financial environment, the institutional arrangements and mechanisms for state action and the actors in the credit and capital market. Additionally, the determinants of funding supply and demand must be understood considering the distinguishing features of this type of company. When we consider these aspects it is possible to find certain facilitator factors, such as the center infrastructure and the capabilities of entrepreneurs. Among the obstacles are mainly the products and services nature and maturation cycles and the academic profile of the founding partners. The conclusion is that the Small Technology - Based Firms of CIETEC even though with difficulties are able to do a better quest for public funding when compared to private ones made in credit and capital markets - particularly in the seed and venture capital modalities. The intense usage of public funds by these companies is sometimes a discouraging factor for market entrance, since these companies are used to survive with public funds. It seems to be a common fear among companies to have their projects rejected in the context of some agencies. In fact, when it occurs, they are obligated to stop the research and development of products and services, slowing the development process. In the field research with investors we found two possible solutions to the problem: i) the free providing, by CIETEC, of a TBCs management course in the same structure of the course made by Fundação Dom Cabral, Belo Horizonte, MG, ii) the development of tools for supporting the preparation of projects, such as courses or consultancy, to promote the reduction of mistakes made by companies during the preparation of funding requests for technology projects / O propósito desta dissertação é investigar quais são os maiores obstáculos financeiros enfrentados por Empresas de Base Tecnológica do CIETEC em São Paulo. Em especial, o trabalho objetiva analisar quais desses obstáculos são derivados da ausência de fontes adequadas de financiamento. Para tanto, optou-se pelo estudo empírico com um grupo de empresas residentes e graduadas no Centro Incubador de Empresas Tecnológicas, da USP São Paulo. A mobilização de recursos para EBTs engloba o estudo do ambiente financeiro, do arranjo institucional e dos mecanismos de atuação do Estado e dos atores no mercado de crédito e capitais. Adicionalmente, os fatores determinantes da oferta e demanda de financiamento devem ser compreendidos à luz das características distintivas desse tipo de empresa. Considerando esses aspectos, é possível encontrar certos fatores facilitadores, como a infraestrutura do Centro Incubador e as capacidades dos empreendedores. Entre os obstáculos enfrentados estão, principalmente, a natureza e o ciclo de maturação dos produtos/ serviços, além do perfil acadêmico dos sócios fundadores. A conclusão do estudo é que as empresas de base tecnológica do CIETEC têm mais facilidade -- embora também enfrentem dificuldades -- na busca por financiamento público do que por financiamento no mercado privado de crédito e capitais especialmente seed e venture capital. A intensa utilização de financiamento público por essas empresas é, por vezes, fator desestimulante para a inserção no mercado, uma vez que as empresas ficam acostumadas a sobreviver com recursos públicos. Parece comum o medo das empresas em ter seus projetos recusados no âmbito de algum órgão de fomento. De fato, quando isso ocorre, elas são obrigadas a parar a pesquisa e o desenvolvimento dos produtos/serviços, retardando o processo de desenvolvimento. Na pesquisa de campo realizada com investidores foram encontradas duas possíveis soluções para o problema: i) o fornecimento gratuito, pelo CIETEC, de um curso de gestão de EBTs, nos moldes do realizado pela Fundação Dom Cabral, em Belo Horizonte- MG; ii) a elaboração de instrumentos de apoio à elaboração de projetos, como cursos ou consultoria, que possibilitem a redução dos erros cometidos pelas empresas durante a elaboração de pedidos de financiamento para projetos tecnológicos

Devenue en l'espace d'une trentaine d'années un segment à part entière de la finance internationale, la finance islamique trouve désormais tout son sens dans l'économie contemporaine. La crise de 2008 et ses conséquences dramatiques sur le tissu économique et entrepreneurial ont donné un attrait aux financements islamiques et notamment aux opérations de capital risque. Apparu au début des années 2000, le capital risque islamique consiste à prendre des participations au capital de sociétés non cotées considérées comme conformes à l'éthique musulmane afin de financer leur création et leur démarrage. Dans cette opération, il existe un lien incontestable entre l'éthique religieuse et la notion d’investissement. Si les prescriptions du droit musulman garantissent un équilibre entre les partenaires financiers, elles soumettent néanmoins l’investisseur à certaines contraintes. La structuration d'une opération financière islamique commande en effet le respect de certains principes d'essence religieuse tels que la prohibition de la spéculation, l'aléa et toute forme de rémunération par l'intérêt. Se pose alors la question de l'acculturation de ce modèle dans la finance française. En ce sens, l'hypothèse principale de cette recherche vise à analyser l'adaptabilité du capital risque islamique en vue de sa structuration dans le cadre juridique français. A travers une analyse approfondie des exigences de la loi islamique et du cadre de la gestion collective en France, la présente étude met en perspective les structures juridiques permettant d'atteindre la flexibilité requise pour mettre en œuvre une opération de capital risque islamique en droit français. Outre les enjeux économiques qui sont attachés à la réception d'une activité à haute valeur ajoutée, la modélisation d'un « capital risque islamique à la française » pourrait renforcer l'attractivité de la place de Paris en permettant l'inclusion d'une catégorie d'entrepreneurs et d'investisseurs à la recherche d'une alternative plus éthique et solidaire pour le financement d'entreprise. / In the space of 30 years, Islamic finance has become a full segment of international finance and has proved its value in the contemporary economy. The 2008 crisis and its dramatic consequences on the economic and business fabric raised attractiveness of Islamic finance transactions, in particular venture capital. The latter was created in the early 2000’s and consists in taking equity participations in unlisted companies that are considered compliant with Islamic ethics to finance their creation and startup. Thus, religious ethics and investment are indisputably linked. If the Islamic law requires ensuring a balance between financial partners, the investor is nevertheless subject to certain constraints. Indeed, the legal structuring of Islamic financial transactions obliges compliance with certain religious principles such as prohibition of speculation, hazard and any form of remuneration by interest. This raises the question of the acculturation of this model within the French finance. To this end, the main hypothesis of this research aims to analyze the adaptability of Islamic venture capital in view of its implementation in the French legal framework. Through in-depth analysis of the requirements of Islamic law and the framework of collective management in France, this study puts into perspective the legal structures that could provide the flexibility required to implement an Islamic venture capital transaction into French law. In addition to the economic benefits attached to the receipt of an activity with high added value, modeling a "French Islamic venture capital" could increase the attractiveness of the financial place of Paris by allowing the inclusion of a class of entrepreneurs and investors looking for ethical and cooperative alternatives for corporate finance.

Over the past decade, Social Impact Investing (SII) has garnered increasing attention among public policy makers as a solution for multigenerational, complex, intractable social and environmental problems, or as some advocates like to say, ‘wicked’ problems. The growing interest in SII aligns with the expansion, since the 1980s, of a set of public sector reforms that make use of new public policy instruments to achieve public objectives. Neoliberal economists and New Public Management (NPM) theorists have long argued for these reforms to improve the effectiveness and efficiency of government bureaucracies. These reforms have led to a paradigm shift that Lester M. Salamon has labeled ‘New Governance’, characterized by public policies that make use of market mechanisms, partnerships with new actors, networks and flexible rules. Public administration scholars have suggested focusing on public policy instruments instead of the traditional focus on programs and institutions to gain an understanding of the dynamics of the ‘New Governance’ paradigm and to address important questions that go beyond the dimensions of effectiveness and efficiency. This dissertation draws on Lester M. Salamon’s framework for analyzing public policy instruments combined with a conceptual framework developed by the Organization for Economic Development and Cooperation (OECD). The thesis uses this framework to assess the SII market by examining three cases of Canadian federal public policy instruments designed and implemented to achieve socio-economic objectives. These policy instruments provide either a cash transfer or a tax incentive to create investment funds mandated to invest with a purpose of making a return and achieving a positive social outcome. The dissertation employs a qualitative research approach and case study method to explore questions of equity and effectiveness to produce findings and recommendations useful to pubic administration scholars who focus their research on public policy instruments and to public policy makers who are considering policy options for structuring and growing the SII market. Data was collected through an extensive document review and 19 semistructured interviews. A dimensional analysis, SII analysis and discourse analysis of the data were undertaken. The researcher made the choice of undertaking a discourse analysis in order to fill a gap in the public policy instrument literature and inform the debate on SII. This dissertation contributes to the body of knowledge on public policy instruments and SII by presenting the results of a comparative analysis of three public policy instruments that created investment funds mandated to produce socio-economic outcomes.

Cette thèse s’interesse à l’étude des effets des sociétés de Capital-Investissement (SCI) sur la performance des introductions en bourse. La démarche suivie pour argumenter cette thèse nous a conduits, dans une première partie, à justifier notre positionnement théorique et à définir nos hypothèses de recherche. Cette étape nous a orientée vers l’analyse des caractéristiques des introductions en bourse et l’analyse du rôle des SCI notamment sur le marché des introductions en bourse. Nous avons construit une argumentation autour du rôle des SCI en matière de résolution des asyémtries informationnelles caractérisant les sociétés introduites en bourse. Les SCI, étant dotées d’une capacité à concevoir des contrats, d’un réseau de connaissance et d’une expertise, pourraient atténuer les conflits d’agence et émettre un signal positif sur le marché d’IPOs. En revanche, ces sociétés pourraient se retrouver face au problème de sélection adverse au moment de la décision d’investissement et/ou adopter un comportement opportuniste pour servir leurs intérêts. La vérification empirique de cette problèmatique est développée dans la deuxième partie de notre thèse. Elle consiste à comparer la performance à court et à long terme des sociétés financées de celles non financées par CI, ensuite analyser cette performance en foction de l’affiliation institutionnelle des SCI et enfin, expliquer cette performance en fonction de la réputation des SCI et des stratégies d’intermédiation de celles-ci, notamment la syndication, le financement séquentiel et la distribution des droits aux cash-flows et au contrôle / In this dissertation, it is tried to understand the effects of Venture Capital Firms (VCF) on the performance of VC-backed listed companies in France. To do this research, we try to develop, in the first part, theoretical framework and define research hypothesis. This part leads us to examine characteristics of initial public offerings (IPOs) and the role of venture capitalists particularly in conducting an IPO. We develop the argument around the role of VCF in resolving informational problems, characteristics of IPO’s market. A VCF, being specialists to draw up contract with entrepreneurs and possessing expertise and knowledge network, could diminish conflicts of interests and certify IPOs. However, these firms could run a problem of adverse selection and/or adopt opportunistic behaviour to serve their own interests. The empirical validation of this problem is dealt with in second part of this dissertation. It consists, in first place, to compare performance of VC backing IPOs to Non-VC backing IPOs. In second place, we determine the relation between the performance of VC backing IPOs and the institutional affiliation of VCF. In last part, we test explanatory power of reputation of VCF and their mechanisms of intermediation, particularly, syndication, staged financing and distribution of cash-flows and control rights

在中國大陸的法律環境中，外商私募股權基金是較新的議題，它同時牽涉了「外商投資」與「私募股權投資」兩個領域。因此，就外商私募股權基金而言，其為中國大陸在國外法律繼受嬗變後，再於法律雙軌制下的二次嬗變。 外商私募股權基金，是指由外國投資者注資或者外國投資者管理的私募股權基金。因此，它的市場屬性為「外國直接投資」、「國際金融服務」。 由於中國大陸對外商採取「外資法群」進行規範，而並沒有一部外商法典做集中、統一的規定。因此，彼此間存在一定程度的分散、重複、衝突等問題。再加上中國大陸對外商、內資採取雙軌制立法，故法律規範雖有創新但也常有彼此扞格或不足之處。也因此造成運作上的幾個問題：外匯管制、投資待遇、雙軌制、地方政府隨意的政策、實務操作的衝突(投資協議、有限合夥)、及優先股的欠缺。 財經法律因應經濟市場而生，惟經濟市場逐年改變。外商私募股權基金既是經濟市場的產物，就無法透過行政力量加以限制，也無需透過偏頗政策揠苗助長。僅需創造一個平等的法治環境，讓市場自行運作。 本文探討中國大陸對外商私募股權基金相關法規的發展現狀、投資障礙與內外資衝突等議題。除對如何完善立法略盡棉薄之力外，並希冀能提供台灣投資者於前進中國大陸時有所參考。 / In the legal environment of China, the foreign private equity fund is a relatively new issue, it involves two areas of "foreign investment" and "private equity investment” simultaneously. Therefore, with respect to the foreign private equity fund, it is subject to transmutation of foreign laws and subsequently the second transmutation under the dual system of laws in China. The foreign private equity funds refer to the private equity funds injected by foreign investors or managed by foreign investors. Therefore, its market attribute to the "foreign direct investment", "international financial service." Although China has adopted a series of laws to regulate foreign enterprises, there is not one foreign investment code as centralized and unified regulation. Thus, there exists a certain degree of dispersion, overlap, conflict problems among them. Along with the duel system of legislation adopted for foreign enterprises and domestic investments, there are often discrepancies or deficiencies between the legal requirements, although they have been innovated. This resulted in several operational problems: foreign exchange controls, investment treatments, duel system, arbitrary policies of local governments, conflict in practices (investment agreement, limited partnership), and the lack of preference shares. Financial laws are established in response to the market economy, but the economic market changes every year. Since the foreign private equity funds are the production of the market economy, they cannot be restricted only by the administrative power, and they don’t need partial polices to pull up. They only require creating an equal legal environment to make the market operate under its own mechanism. This paper discovers the issues with respect to the current development status of related regulations on the foreign private equity funds, foreign investment barriers and conflicts between domestic and foreign investment in China. In addition to make a little contribution to improve the legislation, it’s also expected to provide reference to Taiwan investors for developing business in China.

Questo studio vuole illustrare le possibilità di sviluppo dell’industria del venture capital nei mercati emergenti. Il venture capital rappresenta un’alternativa importante per le imprese emergenti dei paesi in via di sviluppo, contribuendo a rafforzare uno sviluppo integrato di tutto il sistema finanziario e dei suoi attori principali quali le istituzioni bancarie tradizionali, i fondi d’investimento ed il mercato dei capitali. L’obiettivo principale del progetto consiste nell’identificare gli attori principali, e gli investimenti target, così come le esperienze più significative, analizzando i fattori critici e mettendo a fuco azioni e programmi utili per attirare investitori di venture capital, accrescere la conoscenza di questi strumenti e superare i maggiori ostacoli al fine di massimizzare l’impatto che l’industria del venture capital può avere nel rafforzare la crescita industriale a livello paese. Il lavoro comprende alcune analisi empiriche nell’ambito dell’area arabo-mediterranea, svolte con l’obiettivo di facilitare partnership ed accrescere investimenti tra i paesi scelti ed i paesi europei. Commenti, spunti e proposte presentate nella parte finale del lavoro sono il frutto di un attento studio degli attori e fattori chiave che contraddistinguono le operazioni di venture capital. Le proposte ed i programmi suggeriti cercano di rispondere alle esigenze e necessità individuate nel corso delle analisi empiriche che sono state svolte trascorrendo lunghi periodi a contatto con gli imprenditori, investitori e funzionari locali. Le analisi empiriche sullo sviluppo dell’industria del venture capital a livello paese sono state svolte in: Giordania, Palestina, Egitto, Israele e Tunisia. / This research aims to verify development of venture capital in emerging markets. Venture capital represents an important alternative to emerging businesses in developing countries by increasing the strength of the entire financial system and its key players, from traditional banking institutions and investment funds, to stock market capital. The project’s main goal is to identify key actors, investment targets, and experiences as well as aiming at analyzing critical factors and conceptualizing related actions pertinent to becoming more competitive in attracting venture capital investors, developing know-how, overcoming barriers, and maximizing the impact venture capital industry may have on industrial growth. The project is focused on the Arab-Mediterranean region seeking to foster partnership and facilitate investment among European and Arab-Mediterranean countries. The comments, ideas, and proposals presented in the final part of the work come from a careful study of the key issues and players exemplified by the operation of venture capital. The findings are also the result of observations made at the end of country-level empirical analyses where much time has been spent in contact with entrepreneurs, investors, and local officials. Country Empirical Analyses on Venture Capital industry development are being carried out in Egypt, Jordan, Palestine, Tunis and Israel.

The three chapters of this thesis investigate the decision-making processes behind financial and donation behaviour of individuals. Chapter One studies the impact of prior learning and competition on the presence of the disposition effect in a venture capital setting. It reveals that prior learning leads to better venture choices and confirms competition as the most efficient form of resource allocation and management. Chapter Two addresses the empirical finding of a negative relationship between income and charitable giving as a proportion of that income. As the first study to replicate this downward relationship in an experiment, it exposes income rank information as one of the factors causing the relationship. Using a unique dataset from a natural experiment in Chapter Three, I explore the effect of increased publicity via additional visibility and information on the household donation behaviour. The results show that donations increase with public announcements and the announcement order. / Los tres capítulos de esta tesis investigar los procesos de toma de decisiones que describen la conducta financiera y la donación de los individuos. Capítulo I estudia el impacto de la formación previa y la competencia en la presencia del efecto de la disposición en un entorno de capital de riesgo. El estudio confirma que la formación previa favorece el proceso de selección y que la competencia permite la asignación más eficaz de recursos y gestión. Capítulo II investiga la presencia de una relación negativa entre los ingresos y las donaciones (representados en proporción de esos ingresos). El capitulo presenta los resultados del primer estudio que examina esta relación con un experimento y propone que entre los factores que explican esta relación es la información sobre los ingresos personales comparado con los de sus compañeros. Capítulo III utiliza una base de datos única que contiene los resultados de un experimento natural y presenta resultados empíricos sobre el efecto de una mayor publicidad a través de la visibilidad e información adicional sobre el comportamiento de la donación de los hogares. Los resultados muestran que las donaciones aumentan con los anuncios públicos y el orden de estos anuncios.