中国风险投资产业系统结构研究.docx

中国风险投资产业系统结构研究 下载 capital industry ABSTRACT Chinas venture capital industry is prosper and bloome. We will focus on the development of china venture capital industry and Research on system structure of Chinas venture capital indus在中国,风险投资方兴未艾。但对于中国风险投资产业系统结构的研究很少。本文将从中国风险投资产业发展现状分析入手,重点对中国风险投资产业系统结构进行研究。 The development Venture capital industry in China With the gradual deepening of sub-prime lending crisis in the United States, the slowdown of economic growth of all countries, and the continuous dropping of the stocks, venture capital industry was influenced certaint, the promotion of all policies and the releasing of the Guiding Opinions on Regulating the Establishment and Operation of Venture Capital Fund of Funds, the China venture capital industry still kept a good development st of China venture capital industry, the CVCRI established a research team in October 2008 to track the development of the Chinese venture capital industry in 2008, so as to follow any new trends in a timely fashaires and telephone interviews, this research team compiled a comprehensive collection of firsthand information on major venture capital institutions in China up to the end of 2008, including details of their financing, investment, exit performance and so on. Our survey covered the most active domestic and foreign venture capital institutions in mainland Chluding 261 from China and 141 from oversa, the CVCRI finished this survey report and we believe that these data, to a large extent, are very effective in mirroring the situation of Chinas venture capital investments in 2008. The CVCRIs survey indicates the newly raised funds by 191 institutions in China venture capital market reached to US$14.91 billion in 2008, a 14% increase over 2007. The average amount of newly raised founds per institution totaled US$77.99 millas revealed that the capital raising has compleup to US$19.34 billion, which was not included in the gross venture capital volent of China venture capital institutions tended to be cautious inevitan for 506 projects, with both decline in comparison with the figure in 2007. Government as enabler As the first section described and as is clear from the timeline of events, the government has played a central role in the development of Chinas venture capital indus champion, interpreting venture capital as an key factor behind the success of the high-tech industries in the United Stan as a means of linking science and technological development on the one hand, with national economic development on the otsupport from other key central government bodies, including the State Council, State Planning Commission, and the Chinese Communist Party leadersn board other important bureaucratic actors; in particular, the Ministry of Finance and local governmeivision of labor between central government bureaucracies and local governments vis-vis new venture fis. First, its transition-era policy of decentralization of responsibility and authority has created the institutional space for lower level actorsboth local governments and science and technology organizations (i.e., research institutes and universities)to act entrepreneurially and undertake new activit This has allowed research institutes and universities to spin-off organizational sub-units, people and even who organizations to become the basis of new venture ficy to technological entrepreneurship as a commercial activity and to new ventures as legal entit government sources to new ventures, for example, serve a more important role as a signal to other actors rather than as a source of financleading funds”, serving as a signal to local governments and banks that the venture is politically and socially legitimate and a qualified recipient of financial and other suppnment has been to create an institutional environment conducive to technology-based new venture developmade impressive strides towards aligning the legal and financial systems more closely to the goal of establishing a market-oriented business syskey institutional elements include corporate law governing the status and activities of legal entities, investment, contracts and intellectual property; regulation of foreign capital and enterprises; and the stock market and other elements of the capital markents have played a much more direct role in the development of new ventures and supporting infrastructonded so positively to central governments initiatives in this area is the still considerable control of the central government over key rewards to individuals and organizations that stand out as supporters and implementors of policy initiatie central government and Communist Party exert over upper level personnel appointments, both in government and enterprihin local governments, however, is motivated by the same fundamental objective as that of the central government; i.e., the concensus that greater exploitation of local science and technology resources can support economic and social development objectives, albeit focused on the local rather than national letive to pay attention to local economic growth, as central government support for both their budgets and local enterprises (especially SOEs) has dropped sharply, concomitant with an increase in authority for pursuing economic grong for revenues and employment opportunitieslocal governments have responded enthusiastically to the incentives and opportunities to foster new technology-based ventures in their regisspecifically, the local departments of finance, bureaus of the science and technology committee, and high-tech zone administration departmentshave provided a range of direct support to new ventuovernment-backed guaranty companies to guarantee bank loans to local ventures, in addition to direct financial support to new ventueater operating autonomy, including offering competitive compensation to their employeir investors The first type to appear in China were the government VC firms (GVCFs). Although the first such venture capital firm was established by the central government (SSTC and MoF) in 1985 (beginning operations in 1986), those that followed were all controlled by local governments, usually led by the local bureau of the science and technology commission and supported by the finance department of the local governmrce of financing, over time and with changes in the regulatory environment, they have diversified their funding sourcash-rich enterprises to keep up their investment capacw venture developments in those zones represent preferential access to information and investment opportunitlso susceptible to local government pressure to support new ventures whose risk and return prospects are not attract or capable managers, so their ability to assess, monitor and intervene in new venture management is limiers from 2000. They benefit tremendously from their university ties, giving them privileged access to new venture investment opportunities, as well as intimate information about the ventuame weaknesses as the GVactice limited to those that emerge from the university, and they do not have the managerial expertise related to venture capital investnot cash-rich, so they depend more and more on other sources of investment capital; again, publicly listed and cash-rich enterprises have become their primary backnding VC firms (e.g., the Chinese Academy of Science is a major investor in Shanghai New Margin Ventures (Shanghai Lianchuan Touzi), they are too few to represent a major category of VC fantages of UVcus of all of the government and firm actors introduced so far is, of course, Chinas new technology ventus, there are a number of characteristics that they commonly shrom research institutes or universitized to participate in equity investment, the sources of venture capital and private equity fund were extenal in 2008 indicates that the percentage of capital from individuals reached to 34.72%, far exceeding the 14.82 % of 2007; the percentage of capital from financial institutions ranked second, dropped to 14.60% in 2008 from 34.57% in 2007, and the percentage of capital from enterprises decreased to 18.56% in 2008, from the figure 36.37% in 2007. Individual capital, mainly from some affluent entrepreneurs, has small scale each, but has large quantity, flexibility, and preference for high-risk and high-return industry, and thus has been one of the most important resources of the local venture capital fuang, and the Pearl River Delta Region, some active entrepreneurs set up venture capital funds, such as Donghai venture Capital Limited Partnership Enterprise in Wenzhou established by eight private-owned enterprises and one nature person, and the initial capital reached to US$73.16 mill In 2008, influenced by financial crisis and policy of expanding domestic demand, more and more venture capitalists transferred to the counter-cyclical traditional industry from the high-tech indus projects with total investment volume US$4.94 billposition in both number and volume, which was 119(23.75%), US$1.45 billion (29.4%). Furthermore, with the depletion of traditional energy and governments attention to energy-saving and emission-reduction, venture capital focused on the energy and environment protection indusy and environment protection project was 45(8.98%), amounted to US$335.93 million, 6.79% of the total venture capital voltal firms vis-vis their investees in China provides insights into not only the nature of the relationship between VC firms and investees, but also insights into the stage of development of Chinas VC firms themseloring of investee management than foreign ancial reports more frequents, only two-thirds of domestic VCs required monthly repos obtain such rigeir investee management decisions than do Fund of financing less frequently than Ft and cash flow rights of entrepreneurs contingent on the ventures performation plans more generally into investee firms and often only to top management, FVCs almost always introduce stock options into investee firms and for all employes in terms of value-added servit once per quarter (and often monthly), less than half of the domestic VCs participate so frequenf firms is that the domestic firms in general do not see addressing operational issues of investees as an important part of their development, or their role as investpation on the financial aspects of the investee fided to in the description of FVCFs and domestic venture capital firms, is that domestic VCs are much less experienced than their foreign counterpainvestee firmsthey do not have the experience base to justify taking a leading role in many top management iss value-added services they provide to investperience and expertise to invest, monitor and support investee firms takes much longer to devedomestic VC fi and domestic VC firms needed to generate profits, this divergence has become even more pronounlatter stages, such as the growth and pre-IPO stage fier, and the investment strategies of VCs in different regions differ, in terms of timing, on post-development stage ventures, while in Shanghai start-up stage investments are more comn start-up stage venturns sooner rather than later, and are increasingly wary of inherently risky and uncertain projeis shift represents a contradiction between the desires of the government for VC to nurture early stage high-tech firms, and the logic of the market represented by VC firms decisihowever, face the same challenge in interacting with management in new ventuepreneurs are extremely reluctant to allow “outsiders” (including investors) into the ftential loss of control or poch has tended to position “capital” and “knowledge” as opponents, rather than as working toward a common goal and mutual gnture capital and the commercialization of new technology has emerged as a major contributor to Chinas development and sustained economic vitalt of both the venture capital industry and the new technology ventures it has supporl will act as an effective mechanism for allocating capital, given the particular institutional and other characteristics of Chinas business sysnecessary for Chinas domestic venture capital firms to make dramatic improvements in their operatig, monitoring and supporting new ventunagement systems to be more in line with their business activities and requireme