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Venture Capital in China: Development, Confidence, and Lessons

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  • Mark V. Cannicea , Cathy Goldberg, Ling Ding

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  • Mark V. Cannicea , Cathy Goldberg, Ling Ding
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    Abstract

    The venture capital industry in China is in a formative stage with an evolving set of government regulations to respond to and new metrics to adopt. Through this development process, the confidence that venture capitalists possess in the high-growth entrepreneurial environment in China is critical as it provides a platform from which future fund-raising and investment decisions are made. While China’s rapid economic growth is driven, in part, by its entrepreneurial expansion and the development of its venture capital industry, there has not before been a systematic study of venture capitalist (VC) confidence in China. We began tracking the confidence of venture capitalists in China each quarter in Q2 2005. In this report we explore the practical and theoretical relation that Chinese VC confidence has to other aspects of the Chinese entrepreneurial environment. We found that changes in China VC confidence tend to precede changes in the Shanghai Index in the same direction; they also tend to precede changes in the NASDAQ Index in a similar manner. Based on these discovered relationships we offer theoretical and managerial contributions to the stream of venture capital research in China and a discussion of potential lessons for the development of venture capital in other regions.

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    Bibliographic Info

    Article provided by UNIVERSIDAD JAVERIANA - CALI in its journal ECONOMÍA, GESTIÓN Y DESARROLLO.

    Volume (Year): (2012)
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    Handle: RePEc:col:000097:010471

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    1. Akerlof, George A, 1970. "The Market for 'Lemons': Quality Uncertainty and the Market Mechanism," The Quarterly Journal of Economics, MIT Press, vol. 84(3), pages 488-500, August.
    2. Black, Bernard S. & Gilson, Ronald J., 1998. "Venture capital and the structure of capital markets: banks versus stock markets," Journal of Financial Economics, Elsevier, vol. 47(3), pages 243-277, March.
    3. Bruton, Garry D. & Ahlstrom, David, 2003. "An institutional view of China's venture capital industry: Explaining the differences between China and the West," Journal of Business Venturing, Elsevier, vol. 18(2), pages 233-259, March.
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