Download or read book Venture Capital Performance in China written by Qing (Sophie) Wang and published by . This book was released on 2013 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study investigates the determinants of venture capital (VC) performance in China. We focus on the impact of VC reputation, political connections, and managing partner/founder's experience on the performance of domestic and foreign VC investments. After controlling for VC age, portfolio firm age, syndicate size, VC industry competition, and a number of other factors, we find little correlation between VC reputation and investment performance in the Chinese market. In contrast, we find that the institutional characteristics such as political connections of VC firms and managing partner/founder's prior experience as managers and investment bankers are crucial to domestic VC success, but these have little impact on foreign VC performance. In particular, if a domestic VC firm is politically connected, or a managing partner/founder has more management experience or has previously worked as an investment banker, a portfolio firm is more likely to have an IPO exit through the Chinese mainland stock markets, and these VCs are also likely to speed up a portfolio firm's exit through IPOs in China.
Download or read book Investing in China written by Jonsson Yinya Li and published by GMB Publishing Ltd. This book was released on 2005 with total page 385 pages. Available in PDF, EPUB and Kindle. Book excerpt: Investing in China: The Emerging Venture Capital Industry is a unique and invaluable guide to venture capital in China. This important new book provides a detailed profile of the current state of the venture capital backed SME sector and an authoritative look at trends and future prospects. It provides an explanation of the mechanics of the investment process, from due diligence and investment monitoring, to exit, and a unique look at M & A opportunities and rules for foreign investors. The guide includes many detailed case studies and profiles of the IT, E-commerce, bio-technology and other sectors with potential for VC investment.
Download or read book Venture Capital Law in China written by Lin Lin and published by Cambridge University Press. This book was released on 2021-02-18 with total page 357 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides an in-depth comparative, empirical and critical analysis of the law and practice of venture capital in China.
Download or read book Cross Border Venture Capital Performance written by Lanfang Wang and published by . This book was released on 2015 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the determinants of cross-border venture capital (VC) performance in the Chinese VC market. We focus on the impact of foreign VC firms' (VCs') human capital and domestic entrepreneurs' experience on the performance of both VC investments and portfolio companies using logit and Cox hazard models. After controlling for portfolio company quality, domestic VC industry development, domestic exit conditions and a number of other factors, little correlation was evident between VC performance and foreign VCs' human capital, such as experience, networks and reputation. In contrast, the domestic entrepreneurs' experience is crucial to VC performance. In particular, if an entrepreneur has more general experience in terms of the number of companies previously worked for or more special experience in terms of the number of companies previously served as a CEO or top manager, a portfolio company is more likely to pull off a successful exit through IPO or M&A, and the VCs are also likely to shorten their investment duration in the portfolio company.
Download or read book Venture Capital and the Corporate Governance of Chinese Listed Companies written by Lin Zhang and published by Springer Science & Business Media. This book was released on 2011-10-20 with total page 126 pages. Available in PDF, EPUB and Kindle. Book excerpt: State-controlled listed companies have always dominated Chinese stock markets. As a result of the rampant scandals related to them, there have been voluminous academic efforts to explore their corporate governance, underpinned by agency costs. However, these studies have yet to examine the phenomenon from the perspective of venture capital and adaptive efficiency. During the last ten years, despite China’s remarkable progress in the development of its venture capital market, its domestic venture capital has been marginalized by American competitors. Given the different performance between them, the author contends that the corporate governance system of Chinese state-controlled listed companies has hampered the performance of the institutional factors which are responsible for the prosperity of American venture capital in Chinese venture capital markets. With the practice of American venture capital as the mirror, he empirically demonstrates that Chinese domestic venture capital lacks the four factors related to the success of their American counterparts: large and independent funding, application of incentive mechanisms, efficient exit channels, and a high risk tolerance level. More importantly, these defects as a whole are closely linked to the corporate governance of state-controlled listed companies. Considering the potential negative consequences on economic and social development, the author identifies policy reforms underway to harmonize agency costs and adaptive efficiency.
Download or read book Investment in China written by Jeffrey L. J. Sheng and published by . This book was released on 2003 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt: 责任者中文名为:盛立军、李宝春、缪家文。
Download or read book China s Venture Capital Market written by Lin Zhang and published by Elsevier. This book was released on 2014-12-01 with total page 101 pages. Available in PDF, EPUB and Kindle. Book excerpt: The venture capital market in China has been developing for over twenty years. Over this period, the legal frameworks surrounding China’s venture capital have evolved significantly. China’s Venture Capital Market addresses this important topic and argues for further improvements in legal frameworks for venture capital in China. The book consists of five chapters, each covering an aspect of venture capital in China. The first chapter profiles the venture capital market. The second, third and fourth chapters consider the legal problems and suggest reform measures for fundraising in, operation of and exit from Chinese venture capital. The book concludes by asking how long it will take for reform measures to take place in China. Fills a gap in the market by weighing up the pros and cons of the legal system under which venture capital operates in China Contains primary source material, including interviews with Chinese venture capitalists Gives new case studies of Chinese venture capital
Download or read book Venture capital and private equity in China structure process and performance written by Klaus Haberich and published by . This book was released on 2011 with total page 147 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Venture Capital Investments in China written by Feng Zeng and published by . This book was released on 2004 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt: Venture capital (VC) has been growing rapidly in developing countries since 1990, but little research has been done on VC in developing countries so far. This research contributes to the knowledge of VC in developing countries by studying VC investments in China. China is an attractive starting point to study VC in developing countries because China is the superstar of developing countries in attracting VC investments. Detailed research on VC in China will be of great interests to various VC practitioners and policy makers in developing countries. This thesis provides a detailed description of the history of venture capital in China by using a unique data set of VC-backed firms collected by the author. It finds that venture capital experienced dramatic change in China in the 1990s.
Download or read book Private Equity in China written by Kwek Ping Yong and published by John Wiley & Sons. This book was released on 2012-01-12 with total page 326 pages. Available in PDF, EPUB and Kindle. Book excerpt: Learn valuable lessons from the newly successful private equity players in China and explore the challenges and opportunities offered in Chinese markets The first book to deal with private equity finance in China, Private Equity in China: Challenges and Opportunities provides much-needed guidance on an investment concept that has so far proved elusive in Asia. Focusing on the opportunities that the Chinese finance market offers to private equity firms, the book shows how these firms can strategically position themselves in order to maximize success in this new marketplace. Private Equity in China includes in-depth case studies illustrating both successful and failed ventures by private equity firms operating in China, outlining the challenges faced by private equity firms in setting up new funds. It contains a collection of valuable experience and insights about acquiring companies and turning them around essential for any firm currently operating in, or considering entering, the Chinese market. Discusses the challenges faced by private equity firms in China including setting up the initial fund, fund raising, deal sourcing, deal execution, and monitoring and exit strategies Provides key insights drawn from keen observations and knowledge of the more mature private equity market in Western countries, analyzing the way forward for the Chinese private equity industry Discusses the role of renminbi-denominated funds in the development of the private equity industry in China Breaking new ground in exploring and explaining the private equity market in China, the book offers incredible new insight into how equity companies can thrive in the Chinese marketplace.
Download or read book Venture Capital in China written by Q. Ji and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Venture Capital Law in China written by Lin Lin and published by Cambridge University Press. This book was released on 2021-02-18 with total page 357 pages. Available in PDF, EPUB and Kindle. Book excerpt: China's venture capital market is not just the world's largest and fastest developing market, it also has the unique distinction of being engineered through heavy governmental intervention. This book breaks new ground by examining and testing established legal theories regarding the law of venture capital through the lens of the Chinese venture capital market. Using a hand-collected dataset of venture capital agreements, interviews with practitioners, and Chinese court judgements, it provides a comprehensive and insightful analysis of the Chinese venture capital market from the legal perspective. Topics covered include the roles of law and governmental intervention in developing the market, the state of investor protection, unique contractual developments and exits of venture capital investments. By providing an in-depth comparative analysis against the American venture capital market, it provides critical context and makes the Chinese venture market accessible. It is an invaluable resource for venture capital scholars, policymakers and practitioners.
Download or read book Venture Capital Networks and Investment Performance in China written by Zhiyang Liu and published by . This book was released on 2014 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Influence of Venture Capital Firms written by Shao Zhang and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Governmental Venture Capital Firms in China written by Yuejia Zhang and published by . This book was released on 2018 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: This research combines quantitative and qualitative methods and aims to provide a detailed analysis of the characteristics of governmental venture capital firms (GVCs) in China, their interaction with private venture capital firms (PVCs) through syndication and the methods to improve GVCs’ performance. I first identify the strengths and weaknesses of GVCs in each stage of a VC life cycle and compare them with PVCs. I focus on VC firms’ exit performance in their portfolio companies and carry out empirical tests using data on VC investments in China between 1991 and 2010. I find that portfolio companies backed by GVCs are less likely to go public than those backed by PVCs, but they have no statistically significant difference in the likelihood of exiting through merger and acquisition. However, when GVCs invest in their local portfolio companies, the underperformance of these investments exiting through IPOs is moderated. In addition, GVCs show no superior performance in early-stage investments. I then look at the mixed syndication that involves both GVCs and PVCs. I identify the positive and negative aspects of mixed syndication and find that the portfolio companies backed by mixed syndication are less likely to receive their second round of financing than those backed by syndication solely among PVCs. I present evidence consistent with two possible explanations: (1) PVC-led mixed syndicates select riskier projects to invest in; (2) lead PVCs with an above-average networking position get limited benefits but suffer high coordination costs from mixed syndication. Lastly, I carry out a case study on Shenzhen Capital Group (SCG), one of the most successful GVCs in China, to explore the methods for improving the performance of GVCs. SCG used to face limited funding resources, less effective compensation schemes and the hurdle of annual assessment by the government as other GVCs did. I document how SCG tackled these problems through its expansion strategy and established a link between SCG’s investment performance and future fundraising. In addition, SCG carried out a series of reforms in compensation, decision-making and staff investment, which better aligned the interests of managers and the company. I find that the investments made by SCG after it adopted its new strategy resulted in higher returns than other GVCs. Furthermore, portfolio companies that received investment by SCG or SCG-led syndicates in their first round of VC financing were more likely to achieve successful exits than those portfolio companies backed by other GVCs.
Download or read book Growth of New Technology Ventures in China s Emerging Market written by Haiyang Li and published by Edward Elgar Publishing. This book was released on 2006 with total page 358 pages. Available in PDF, EPUB and Kindle. Book excerpt: The contributors provide comprehensive, up-to-date coverage of the literature of how new ventures in China's emerging market can successfully grow by using different strategies. Equally important, this book links new venture concepts and theories based on developed market economies with a transition market context.
Download or read book The Performance of Governmental Venture Capital Firms written by Yuejia Zhang and published by . This book was released on 2016 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the difference between governmental venture capital firms (GVCs) and private venture capital firms (PVCs) from the perspective of a VC life cycle. Compared to PVC, GVCs put in less effort over the whole cycle due to the lack of a link between current performance and future fundraising, and a less efficient compensation mechanism for those involved. Using data on VC investments in the Chinese market between 1991 and 2010, the empirical results show that portfolio companies backed by GVCs underperform those backed by PVCs in going public. The results are supported by a series of robustness checks and selection bias tests. When taking into consideration unobservable factors which may affect the possibility of being backed by GVCs and achieving an IPO, portfolio companies backed by GVCs have a 31-percentage-point lower possibility of getting listed on the stock market compared with those backed by PVCs.
