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A Study On The Formation Mechanisms Of Venture Capital In China

Posted on:2003-02-28Degree:DoctorType:Dissertation
Country:ChinaCandidate:J J XuFull Text:PDF
GTID:1116360062985393Subject:Political economy
Abstract/Summary:PDF Full Text Request
Though venture capital (VC) has considerably short history in China, it shows strong vigor at the very beginning with its unique Chinese features. Based on the basic situation of China and the interior theories of VC, this thesis deeply analyzes the key mechanisms of VC and accordingly point out suggestive strategies.The thesis begins with various literature reviews on VC. In the main body, it firstly analyzes the microscopically mechanisms of VC's engender -contract mechanism, which is also the basic system of VC's further development. With other analytical tools like company bonds, corporation shares, the formation of venture investment (VI) contracts and relative breaching problems in the asymmetric information environment are also discussed. Then the thesis researches into the objective and essential backgrounds of VC's formation in China. The inter-industry effects of VI in China whose main objects not only refer to VI itself, but also include the influences and counter-influences to other industries is discussed. All in all, the origin and operating mechanism form of VC in China is the vital body of the thesis. They are the basis of further research on contracts andindustry effects matters. Therefore the thesis discusses the two key questions and their corresponding influences to company institutions with the practical situation of China.The creativity of this thesis shows in three aspects: research methodologies, research scopes and creative viewpoints. In the research methodology, the comparative analyses between China and other countries are done with theoretical and empirical studies altogether. More are undertaken than simply introducing the basic environment of China and foreign countries with the aim to thoroughly analyze the mechanisms of VI and find the according practical support in the reality. Econometric models are also employed from which the research can be more theoretical. In the research aspect, macroscopical levels and microscopical levels or both two are involved. However, the thesis regards the formation mechanisms of VC as a whole body and successfully integrates the contents of the two levels. Taken microescopical mechanisms as the basis and marcoscopical strategies as the conclusion, the thesis redefines due research aspects and results in more beneficial conclusions. Furthermore, the detailed creative viewpoints are showed in the whole analyzing and summarizing processes.At the end of the thesis, suggestive strategies are proposed so as to promote the healthy development of VC in China. They are as follows. Issuing relative laws and regulations timely; sweeping away the barriers of venture investment; establishing systems in favor of the successful development of VI including IPO and exit principles hi the stock market; actively developing joint-venture investment funds and corresponding fund administration corporations; fully pushing the growth of venture investment in public.
Keywords/Search Tags:Venture Capital, Contract Mechanism, Industrial Effect, Operating Mechanism
PDF Full Text Request
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