Fund Ownership, Investment Preference, and Performance: The Venture Capital Industry in China
- 151 Downloads
The venture capital (VC) industry has emerged and grown in China accompanying the development of the Chinese market economy Based on observations, the founding stage of the industry is during the period 1985–1997, when VCs were funded mostly by state capital, while a few foreign VCs, such as IDG, had just started to enter the Chinese market. The early developing stage spans 1998–2005, coinciding with the Internet investment boom in the United States, when a large number of oversea returnees brought capital back to China to create thousands of Internet companies.
KeywordsVenture Capital Initial Public Offering Exit Channel Target Firm Ownership Type
Unable to display preview. Download preview PDF.
- Aiken, L. S., & West, S. G. 1991. Multiple regression: testing and interpreting interactions. Newbury Park, CA: Sage.Google Scholar
- Chemmanur, T. J., Hull, T. J., & Krishnan, K. (2014). Do local and international venture capitalists play well together? International venture capital investments and the development of venture capital markets. SSRN Working Paper and AFA 2012 Chicago Meetings Paper.Google Scholar
- Erikson, T., & Sorheim, R. 2005. “Technology angels” and other informal investors. Technovation, 25(5): 489–496.Google Scholar
- Hege, U., Palomino, F., & Schwienbacher, A. 2003. Determinants of venture capital performance: Europe and the United States. LSE Ricafe Working Paper No. 001.Google Scholar
- Lakonishok, J., Shleifer, A., Thaler, R., & Vishny, R. 1991. Window dressing by pension fund managers. American Economic Review Papers and Proceedings, 81(2): 227–231.Google Scholar
- Lu, H. T., Solt, M. E., & Tan, Y. 2010. Do foreign and local venture capitalists behave alike in transitional economies? Evidence from China. Journal of International Business and Economics, 10(1): 1–10.Google Scholar
- Manigart, S., Lockett, A., Meuleman, M., Landstrom, H., & Desbrieres, P. 2002. The syndication of venture capital investments in Europe: evidence from five European countries. Frontiers of Entrepreneurship Research: Proceedings of the Twenty-Second Annual Entrepreneurship Research Conference, Babson College.Google Scholar
- Wang, L., & Wang, S. 2010. The impact of public market signals on venture capital investment decision and performance. China Economic Quarterly, 10(1): 183–208 (in Chinese).Google Scholar