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学者姓名:吴炳德
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The expanding practice of accepting patents as collateral for loans has increasingly caught academic attention and the value of a patent has been verified as an important determinant. In this paper, we focus on validity and uncertainty in the context of innovative startups' patent pledge valuation, arguing that their interplay poses a timing dilemma to lenders. Our empirical tests utilized a database of Chinese innovative startups and their patents for the period 2008-2015. Using patent age as a proxy for time, our findings demonstrate that timing dynamically influences the collateralization potential of a patent. The results also suggest that lenders can use information cues from third parties, such as venture capital backing from the market and high-tech certification from the government, to cope with this timing dilemma, however in different ways. Thus, we advance existing literature on startups' debt financing by expanding the range of patent collateralization determinants to include dynamic multilevel factors. Plain English Summary The timing dilemma in innovative startups' patent collateralization for loans: the dynamically changing likelihood of a patent being accepted as loan collateral and different roles of information cues from third parties in coping with this dilemma. This study theorizes a timing dilemma that lenders confront when weighting in patents' validity legal lifetime and the uncertainty of patent valuation for innovative startups proposing patents as loan collaterals. Using a unique panel dataset of Chinese startups and their granted patents, multilevel analyses supported a dynamic view and showed that the age of a valid patent has an inverted U-shaped relationship with the likelihood of this patent being accepted as loan collateral. Being invested by venture capital or certificated as high-tech enterprise by government can accelerate acceptance by lenders. Thus, the principal implication of this study is that small innovative businesses should actively seek to obtain government certification and venture capital investments because this will not only improve their legitimacy and help them obtain equity financing but may also help them obtain more capital from debt investors through using patents as loan collaterals.
Keyword :
Government certification Government certification Patent collateralization Patent collateralization Patent pledge Patent pledge Venture capital Venture capital
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GB/T 7714 | Yang, Xue , Zhang, Hao , Hu, Die et al. The timing dilemma: understanding the determinants of innovative startups' patent collateralization for loans [J]. | SMALL BUSINESS ECONOMICS , 2022 , 60 (1) : 371-403 . |
MLA | Yang, Xue et al. "The timing dilemma: understanding the determinants of innovative startups' patent collateralization for loans" . | SMALL BUSINESS ECONOMICS 60 . 1 (2022) : 371-403 . |
APA | Yang, Xue , Zhang, Hao , Hu, Die , Wu, Bingde . The timing dilemma: understanding the determinants of innovative startups' patent collateralization for loans . | SMALL BUSINESS ECONOMICS , 2022 , 60 (1) , 371-403 . |
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GB/T 7714 | Yang, Xue , Zhang, Hao , Hu, Die et al. The timing dilemma: understanding the determinants of innovative startups' patent collateralization for loans (August, 10.1007/s11187-022-00645-2, 2022) [J]. | SMALL BUSINESS ECONOMICS , 2022 , 60 (1) : 405-407 . |
MLA | Yang, Xue et al. "The timing dilemma: understanding the determinants of innovative startups' patent collateralization for loans (August, 10.1007/s11187-022-00645-2, 2022)" . | SMALL BUSINESS ECONOMICS 60 . 1 (2022) : 405-407 . |
APA | Yang, Xue , Zhang, Hao , Hu, Die , Wu, Bingde . The timing dilemma: understanding the determinants of innovative startups' patent collateralization for loans (August, 10.1007/s11187-022-00645-2, 2022) . | SMALL BUSINESS ECONOMICS , 2022 , 60 (1) , 405-407 . |
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Drawing on the theory of socioemotional wealth (SEW), we propose that family relationships have implications for entrepreneurial orientation (EO) through enhancing energy and reducing stress, and that this is especially important when family decision-making is not inclined towards EO. Survey data from 528 family firms, collected from across China, generally supports our model, which in turn explains the heterogeneity behind family firms' priorities and routines. The results indicated that family decision control negatively affects a firm's EO, while family cohesion and adaptability play a negative moderating role in this relationship. Our findings help explain how family provides a powerful source of motivation that can boost EO in the family business, offering mean-ingful implications for research on entrepreneurship.
Keyword :
Entrepreneurial orientation Entrepreneurial orientation Family decision Family decision Family relationship Family relationship Socioemotional wealth Socioemotional wealth
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GB/T 7714 | Chen, Shihui , Wu, Bingde , Liao, Zhongju et al. Does familial decision control affect the entrepreneurial orientation of family firms? The moderating role of family relationships [J]. | JOURNAL OF BUSINESS RESEARCH , 2022 , 152 : 60-69 . |
MLA | Chen, Shihui et al. "Does familial decision control affect the entrepreneurial orientation of family firms? The moderating role of family relationships" . | JOURNAL OF BUSINESS RESEARCH 152 (2022) : 60-69 . |
APA | Chen, Shihui , Wu, Bingde , Liao, Zhongju , Chen, Ling . Does familial decision control affect the entrepreneurial orientation of family firms? The moderating role of family relationships . | JOURNAL OF BUSINESS RESEARCH , 2022 , 152 , 60-69 . |
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子承父业是家族企业传承的主流方式。家族系统对子女的接班意愿产生重要影响,但在以往研究中却受忽视。在家族系统理论的基础上,本文采用定性比较分析方法,以22个家族企业二代为样本,提出了家族系统的"结构-互动-功能"模型,探讨影响二代接班意愿的多重并发因素和因果复杂机制。主要结论如下:(1)高接班意愿的驱动机制可归为三种路径:独女继任型、规范-治理型、规范-沟通型。其中,第一条路径指小型家族和独生女的联动匹配,另外两条路径显示了家族系统的规范程度分别与正式治理以及非正式沟通的联动匹配;较之于规范-治理型,规范-沟通型更有效地激活了二代的接班意愿。(2)在多子女家族中,高水平的沟通更有可能带来男性二代...
Keyword :
家族系统理论 家族系统理论 家族结构 家族结构 接班意愿 接班意愿 组态分析 组态分析
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GB/T 7714 | 王爽 , 张聪群 , 陈士慧 et al. 家族二代的接班意愿从何而来?——基于家族系统理论的定性比较分析 [J]. | 管理评论 , 2020 , 32 (11) : 233-244 . |
MLA | 王爽 et al. "家族二代的接班意愿从何而来?——基于家族系统理论的定性比较分析" . | 管理评论 32 . 11 (2020) : 233-244 . |
APA | 王爽 , 张聪群 , 陈士慧 , 吴炳德 . 家族二代的接班意愿从何而来?——基于家族系统理论的定性比较分析 . | 管理评论 , 2020 , 32 (11) , 233-244 . |
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企业创新创业活动具有很强的风险承担属性,创新创业研究离不开对风险承担的关注.文章考察家族承诺对家族企业风险承担的影响机制,基于2015年全国范围内非公有制企业调研,对877个家族企业样本的研究结果显示,家族承诺正向促进企业的风险承担,企业长期导向在家族承诺和企业风险承担的关系中起部分中介作用.通过引入企业长期导向,文章弥补了家族涉入到企业产出之间“缺失的一环”.与此同时,文章验证了企业长期导向在中国家族企业情境下,并非有碍而是促进了家族企业风险承担.
Keyword :
中国情境 中国情境 创新创业 创新创业 家族承诺 家族承诺 意愿 意愿 长期导向 长期导向 风险承担 风险承担
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GB/T 7714 | 傅颖 , 窦军生 , 吴炳德 . 家族承诺何以影响企业的风险承担? [J]. | 南方经济 , 2019 , (8) : 100-113 . |
MLA | 傅颖 et al. "家族承诺何以影响企业的风险承担?" . | 南方经济 8 (2019) : 100-113 . |
APA | 傅颖 , 窦军生 , 吴炳德 . 家族承诺何以影响企业的风险承担? . | 南方经济 , 2019 , (8) , 100-113 . |
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Drawing on a case study of a three-generation family business, this paper explores the antecedents and consequences of female leadership in contemporary Chinese family business. Our findings suggest that institutional change in contemporary China affects the role of female family members in the family system, which eventually gave rise to female leadership in China's family businesses. We also propose that in comparison to male leadership, female leadership in Chinese family business is more concerned with balancing work-family conflict; more dependent upon the family's endowment of resources; and more likely to favor a participative (rather than authoritative) decision-making style.
Keyword :
Case study Case study Family business in China Family business in China Female leadership Female leadership Institutional change Institutional change
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GB/T 7714 | Chen, Shihui , Fang, Hanqing Chevy , MacKenzie, Niall G. et al. Female leadership in contemporary Chinese family firms [J]. | ASIA PACIFIC JOURNAL OF MANAGEMENT , 2018 , 35 (1) : 181-211 . |
MLA | Chen, Shihui et al. "Female leadership in contemporary Chinese family firms" . | ASIA PACIFIC JOURNAL OF MANAGEMENT 35 . 1 (2018) : 181-211 . |
APA | Chen, Shihui , Fang, Hanqing Chevy , MacKenzie, Niall G. , Carter, Sara , Chen, Ling , Wu, Bingde . Female leadership in contemporary Chinese family firms . | ASIA PACIFIC JOURNAL OF MANAGEMENT , 2018 , 35 (1) , 181-211 . |
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采用单案例纵向研究的方法,考察了MX公司24年破坏性技术创业过程及其不同成长阶段的合法性要求以及获取途径,并构建了破坏性技术创业合法化的理论模型.结果发现:中国情境下的破坏性技术创业注重技术与市场的匹配,并通过后续的渐进改善实现对主流市场的颠覆,其成长路径经历了"非主流市场→技术积累→主流市场"的过程.此外,破坏性技术创业在构思阶段、商业化阶段和成长阶段等3个不同时期中,合法性要求及其获取途径皆存在动态差异性.合法性要求从规范合法性演变为认知合法性,最后演变成规制合法性.相应地,破坏性技术创业企业可以依次通过采取选择环境、控制环境和依从环境的策略来获取相应的合法性,从而获得成长所需的资源.
Keyword :
合法性 合法性 合法性获取 合法性获取 破坏性技术创业 破坏性技术创业 转型经济 转型经济
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GB/T 7714 | 王志玮 , 叶凌峰 , 吴清 et al. 转型经济下破坏性技术创业及其合法性演化研究 ——MX公司纵向案例分析 [J]. | 科学学与科学技术管理 , 2018 , 39 (8) : 100-114 . |
MLA | 王志玮 et al. "转型经济下破坏性技术创业及其合法性演化研究 ——MX公司纵向案例分析" . | 科学学与科学技术管理 39 . 8 (2018) : 100-114 . |
APA | 王志玮 , 叶凌峰 , 吴清 , 吴炳德 . 转型经济下破坏性技术创业及其合法性演化研究 ——MX公司纵向案例分析 . | 科学学与科学技术管理 , 2018 , 39 (8) , 100-114 . |
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治理模式与投资视野的关系是一个重要但仍存争论的问题,以往以研发投资作为考察这个问题出发点的研究存在基本假设和研究情境两方面的缺陷.本研究按回报周期将研发投资分成短期和长期两种类型,从SEW理论视角,以转型经济下民营企业研发行为为考察对象,建立了一个从短期和长期角度比较主导联盟目标与企业目标是否兼容的理论模型,探讨新常态时期家族控制与投资视野的关系.基于全国工商联民营企业健康调研的大样本数据的实证研究显示,家族企业短期研发投资的力度低于非家族企业,长期研发投资的力度高于非家族企业,并且,这种行为特点受两种相反力量的调节,充裕的内部研发资源放大了这种特性,动态的外部行业技术抑制了这种特性.这个研究揭示了在损失厌恶的决策模式下,目标兼容性在投资决策中的决定性作用,从时间维度揭示了家族企业投资视野的特点:家族企业兼具长期财务风险偏好和短期风险厌恶的研发投资特点,但这种特点受到企业内部研发资源、外部行业技术动态性因素的调节效应,这为全面认识家族企业的研发投资提供了一个较为全面的分析框架.
Keyword :
家族企业 家族企业 损失厌恶 损失厌恶 时间视野 时间视野 目标兼容性 目标兼容性 研发投入 研发投入
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GB/T 7714 | 吴炳德 , 王志玮 , 陈士慧 et al. 目标兼容性、投资视野与家族控制:以研发资金配置为例 [J]. | 管理世界 , 2017 , (2) : 109-119 . |
MLA | 吴炳德 et al. "目标兼容性、投资视野与家族控制:以研发资金配置为例" . | 管理世界 2 (2017) : 109-119 . |
APA | 吴炳德 , 王志玮 , 陈士慧 , 朱建安 , 陈凌 . 目标兼容性、投资视野与家族控制:以研发资金配置为例 . | 管理世界 , 2017 , (2) , 109-119 . |
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以一个长时段的女性主导的家族创业为例,考察制度变迁与中国女性创业者崛起的关系,既有理论的必要性、也有现实的合理性.作者采用扎根理论方法,构建了基于制度理论的分析模型,用研究中自然涌现的“男女平权、创业合法化、女性创业能力”三个基本要素刻画了女性创业者崛起的关键因素.研究结果显示,制度变迁的发生顺序造就了中国女性创业者的崛起,集权体制具有发起大规模社会变革的效率优势,男女平权制度冲击了传统家庭模式和性别分工,改革开放实现创业合法化,通过干中学等方式女性积累并提高了发现、利用创业机会的能力,在三因素的共同作用下,中国女性创业者走上了崛起之路.作者基于制度变迁的视角建立了女性创业的理论框架,分析女性创业的原因以及如何兴起的过程.
Keyword :
制度变迁 制度变迁 合法性 合法性 女性创业 女性创业
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GB/T 7714 | 吴炳德 , 陈士慧 , 陈凌 . 制度变迁与女性创业者崛起——来自LN家族的案例 [J]. | 南方经济 , 2017 , (3) : 23-41 . |
MLA | 吴炳德 et al. "制度变迁与女性创业者崛起——来自LN家族的案例" . | 南方经济 3 (2017) : 23-41 . |
APA | 吴炳德 , 陈士慧 , 陈凌 . 制度变迁与女性创业者崛起——来自LN家族的案例 . | 南方经济 , 2017 , (3) , 23-41 . |
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如何提高家族企业传承的有效性是迫切的现实和理论问题.在保持家族控制的前提下,代际创业成为破解困境的重要手段.本文从家族层面探索代际创业是什么、为什么以及如何促进代际创业等相关问题,通过资源的供给和使用视角梳理研究现状,指出该领域目前存在的不足,提出“家族—企业—家族”的新研究框架,并对存在的研究机会进行了简要的阐述,以提升学界对代际创业的兴趣,关注传承和创业相结合的实践,更好地理解“家族”在“创业”中的作用.
Keyword :
代际创业 代际创业 家族创业导向 家族创业导向 家族层面 家族层面
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GB/T 7714 | 吴炳德 , 陈士慧 , 窦军生 et al. 家族企业代际创业研究动态与述评 [J]. | 中国科技论坛 , 2017 , (3) : 117-124 . |
MLA | 吴炳德 et al. "家族企业代际创业研究动态与述评" . | 中国科技论坛 3 (2017) : 117-124 . |
APA | 吴炳德 , 陈士慧 , 窦军生 , 朱建安 . 家族企业代际创业研究动态与述评 . | 中国科技论坛 , 2017 , (3) , 117-124 . |
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