A Study About The China Venture Capital Development Strategy In The Economic System Transition Period

This dissertation was focus on the Chinese strategy development of venture capital in her economic system transition period. The dissertation had the theory of social division of labor, the common theory of risk, and the Chinese transitional economics as its theoretical basis, jointly using the methodology of standard analysis and case analysis, considering the characteristics of Chinese economic system transitional process, and strived to reveal the special notation of the so-named venture capital during the special period of the above-mentioned process, upon which constituting a strategy development structure and proposing a series of policy advises. The dissertation pointed out that the so-named venture capital must not limited its meaning in the process of capital financing and investment, that on a high aspect it was an enterprise rebuilding process, a process of economic microstructure reconstitution and optimization, a gigantic project enclosing the series processes of resource reorganization, micro-structural rebuilding, market shares adjusting, industrial structure evolution. There were two strategies in such project: one, to invest and to managing, which was the traditional connotation of venture capital, the other, to rebuild the enterprise and optimizing the resources such as the material, the technology, the governance structure, the marketing and the circumstances resources. The dissertation could be divided into 8 parts as follows,Chapter 1, a leading introduction, to illustrate the agent of the study, the main studying methodology, the basis of the study, and the innovation of this study.Chapter 2, an introduction about the theory of social division of labor, the theory of risk, and the Chinese transitional economics. This part played as the theoretical basis of the whole study.Chapter 3, based upon last part, to give a common analysis and illustration to venture capital.Chapter 4, a concise introduction about the macro policies and the micro structures and the withdraw system of USA, Japan and UK, illustrating the following principle, act according to the circumstances, and suit the national conditions.Chapter 5, a detailed introduction about the process of venture capital operation.The above three chapters jointly finished the illustration of venture capital, following the logic order of from abstracted to actual, from macro aspect to micro aspect, and from institutional aspect to operational aspect. The following three chapters would focus on the Chinese venture capital modeling and policy advises discussion.Chapter 6, a concise retrospect of Chinese economic system transition, illustrating the logic reason of such process, setting which as the circumstances, the dissertation went on discussing the development of Chinese venture capital situations and problems existing.Chapter 7, discussing the most suited model of venture capital in China in such period, illustrating that the operation of venture capital must be an enterprise rebuilding process, a process of economic microstructure reconstitution and optimization, a gigantic project enclosing the series processes of resource reorganization, micro-structural rebuilding, market shares adjusting, industrial structure evolution. Then the dissertation went on to constitute two operational models, i.e. reconstitution inside the industry and reconstitution beyond industries.Chapter 8, proposing several advises to the government, the SOE(state-owned-enterprises) and the private enterprises.