B096

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1 Collected Papers of History Studies Mar. 204 No. 2 韩宇 B096 Venture capital formal or professional venture capital informal venture capital angel investor business angle 2

2 Varian Associates C. D SBIC KPCB Timothy Sturgeon How Silicon Valley Came to be in Martin Kenney ed. Understanding Silicon Valley the Anatomy of an Entrepreneurial Region Stanford Stanford University Press 2000 pp Martin Kenney and Richard Florida Venture Capital in Silicon Valley Fueling New Firm Formation in Martin Kenney ed. Understanding Silicon Valley the Anatomy of an Entrepreneurial Region p A. Floyd Kvamme Life in Silicon Valley A First - Hand View of the Region's Growth in Chong - Moon Lee et al eds. The Silicon Valley Edge A Habitat for Innovation and Entrepreneurship Stanford Stanford University Press 2000 p Richard Florida and Mark Samber Capital and Creative Destruction Venture Capital Technological Change and Economic Development Pittsburg Carnegie Mellon University May 994 pp

3 CSA American Research and Development Corporation ARD EG&G Ionics 3 ARD ARD ARD ARD ARD TA TA Associates Richard Florida and Donald F. Smith Venture Capital Formation Investment and Regional Industrialization Annals of the Association of American Geographers Vol. 83 No. 3 September 993 p Henry Chen Paul Gompers Anna Kovner and Josh Lerner Buy Local The Geography of Successful and Unsuccessful Venture Capital Expansion NBER Working Paper No. 502 June 2009 p. 3 http / /www. nber. org /papers /w Richard Florida and Mark Samber Capital and Creative Destruction Venture Capital and Regional Growth in U. S. Industrialization in Trevor Barnes and MericGertler eds. The New Industrial Geography Regions Regulation and Institutions. London Routledge 999 p Richard L. Florida and Martin Kenney Venture Capital - Financed Innovation and Technological Change in the USA Research Policy Vol p

4 70 80 Eastech Zerostage Richard L. Florida and Martin Kenney Venture Capital - Financed Innovation and Technological Change in the USA p. 33. Nancy S. Dorfman Route 28 The Development of a Regional High Technology Economy in David Lampeed. The Massachusetts Miracle High Technology and Economic Revitalization Cambridge Mass. The MIT Press 988 p Henry Chen Paul Gompers Anna Kovner and Josh Lerner Buy Local The Geography of Successful and Unsuccessful Venture Capital Expansion p. 3. p Richard Florida and Mark Samber Capital and Creative Destruction Venture Capitaland Regional Growth in U. S. Industrialization Lori Hawkins Austin firms luring venture capital Austin American - Statesman February Page Number D. Council for Entrepreneurial Development http / /www. cednc. org. /publications / vc_ report / past_ vc_ reports. html. http / /www. neweconomyindex. org /metro /raleigh - durham. html. 5

5 CMSA CMSA Robert D. Atkinson and Paul D. Gottlieb The Metropolitan New Economy Index Benchmarking Economic Transformation in the Nation's Metropolitan Areas Progressive Policy Institute April 200 p %

6 5 Center for Venture Research % % 0% % 5% 瑏瑠 % 25 3% 00 0% 69% 瑏瑡瑏瑢 20 2% 5. 9% 4. 6% 2% 8. 9% 8. 9% Gerald A. Benjamin and Joel B. Margulis Angel Financing How to Find and Invest in Private Equity New York John Wiley & Sons 999 p Lori Wright UNH Center For Venture Research Angel Investors HaveReturned To The Market But The Post Seed Funding Gap Continues October http / /unhinfo. unh. edu /news /news_ releases /2004 /october /lw_ cvr. html. 3 Jeffrey E. Sohl The U. S. Angel and Venture Capital Market Recent Trends and Developments Journal of Private Equity Vol. 6 No p Colin M. Mason and Richard T. Harrison Closing the Regional Equity Capital Gap The Role of Informal Venture Capital Small Business Economics Vol. 7 No p Jeffrey E. Sohl The U. S. Angel and Venture Capital Market Recent Trends and Developments p Jeffrey E. Sohl The U. S. Angel and Venture Capital Market Recent Trends and Developments p Allen N. Berger and Gregory F. Udell The Economics of Small Business Finance the Role of Private Equity and Debt Markets in the Financial Growth Cycle Journal of Banking and Finance Volume p Colin M. Mason and Richard T. Harrison Closing the Regional Equity Capital Gap The Role of Informal Venture Capital p Jeffrey E. Sohl The U. S. Angel and Venture Capital Market Recent Trends and Developments p. 4. 瑏瑠 William E. Wetzel JR. The Informal Venture Capital Market Aspects of Scale and Market Efficiency Journal of Business Venturing p 瑏瑡 Colin M. Mason and Richard T. Harrison Closing the Regional Equity Capital Gap The Role of Informal Venture Capital p. 6. 瑏瑢 Mark Van Osnabrugge and Robert Robinson Angel Investing Matching Startup Funds with Startup Companies The Guide for Entrepreneurs and Individual Investors New York John Wiley & Sons

7 7. 2% 6. 6% 4. % 990 angel investors group angel group 994 Band of Angels Angel Resource Institute Angel Capital Association ACA 68 3 ACA Ohio TechAngel Funds Silicon Valley Bank and Angel Resource Institute Halo Report The US Angel Group Year in Review 20 p. 4. What is an Angel Group http / /angelresourceinstitute. org /resource - center /angel - group - definition. aspx. ACA Member Directory http / /www. angelcapitalassociation. org /directory /. Silicon Valley Bank and Angel Resource Institute Halo Report The US Angel Group Year in Review p. 3 http / /angelresourceinstitute. org / resource - center / ~ / media / ARI / Files / Research /20% 20HALO% 20Report _ Angel% 20Group% 20Year% 20in% 20Review _ Finala. pdf. Jason Fell The Top 0 Angel Investor Groups A look at the largest groups that fund startups ranked by number of investors Entrepreneur August 5 20 http / /www. entrepreneur. com /article /22049.

8 Venture Capital and the Growth of High Technology Cities in the United States HAN Yu School of the Humanity Xiamen University Xiamen Fujian China Abstract The availability of venture capital is widely considered as an important factor underlying the success of the high technology cities in the United States. It is easy to conclude that venture capital is the precondition of the growth of high technology cities because of the significance of the formal venture capital and its concentration in the existing technopoles. This article investigates the growth of several well - known high technology regions and finds that such a conclusion is not true. The high tech cities might grow without the support of formal venture capital. The angel investment is an important source of venture capital and it is playing a greater role with the development of angle groups. Key words venture capital high technology cities United States angel investment The Proposition 3 of California Constitution and the Property Tax Reform in the United States WANG Xu School of the Humanities Xiamen University Xiamen Fujian China Abstract California's Proposition 3 by means of the initiative process and was approved by California voters received widespread attention as the first evidence of a national tax revolt in 970s. It resulted in an enormous amount of publicity not only in California but throughout the United States. Thus the main fiscal effect is a structural reform of the state - local system shifting responsibility to the state government. In the meantime local governments turn to the property tax as its major revenue. This paper try to demonstrate that the property tax as the major revenue of local government have played an important role in the local economic development and will not be replaced by any other tax. Such conclusion may highlight the major direction of local tax revenue and help us to get fuller understanding of American local government both in structurally and functionally. Key words the United States Proposition 3 of the California Constitution property tax 9

Delaware. 2 All data are expressed in terms of 2010 U.S. dollars. These calculations were performed using implicit price deflators

Delaware. 2 All data are expressed in terms of 2010 U.S. dollars. These calculations were performed using implicit price deflators Venture Capital in the Philadelphia Metro Area* Jennifer Knudson October 2011 Many consider venture capital to be a barometer of innovation and economic growth. It is an important source of capital for