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Improving the performance of governmental venture capital firms: Reforms at Shenzhen Capital Group

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  • Yuejia Zhang

Abstract

This paper documents how Shenzhen Capital Group (SCG) tackled agency problems faced by governmental venture-capital firms (GVCs) by adopting an expansion strategy and undertaking a series of reforms in its compensation scheme and decision-making process. Empirical results show that after SCG’s reforms, portfolio companies funded by SCG or a SCG-led syndicate were more likely to achieve successful exits through IPO or M&A than those financed by other GVCs. This paper provides evidence and a live example of how GVCs can effectively mitigate agency problems to achieve better performance.

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  • Yuejia Zhang, 2021. "Improving the performance of governmental venture capital firms: Reforms at Shenzhen Capital Group," Journal of Small Business Management, Taylor & Francis Journals, vol. 59(2), pages 249-279, March.
    • Handle: RePEc:taf:ujbmxx:v:59:y:2021:i:2:p:249-279
    DOI: 10.1080/00472778.2020.1849713
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