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Study On The International Venture Capital Operation, Exit And Multi-capital Market System

Posted on:2005-04-04Degree:DoctorType:Dissertation
Country:ChinaCandidate:Z M DaiFull Text:PDF
GTID:1116360155957861Subject:Economics
Abstract/Summary:PDF Full Text Request
Accompanied by the arrival of Knowledge-based Economy and the implement of China's strategy of boosting the nation by relying on science and education, Venture capital investment has attracted much close attention on it. The domestic and foreign successful experiences indicate that Venture capital investment is an efficient form to accelerate the development of high and new technology and the industrialization. Many enterprises has been developed with the support of venture capital, and a considerable number of high-tech enterprises has successfully entered the domestic and foreign capital market and fully actualized the whole process of venture capital Investment.What is noteworthiness is that some of the foreign Venture Capital has been quietly entering China since the 1990's. It has been a unique and new investing means of the introducing of foreign capital, and its developing tendency and influence is quite powerful. The coming years will be the key ones for China's high-tech industry continuously and healthily tending towards the developing. The Chinese high-tech Venture Capital investment industry, which has experienced the twists and turns, will welcome more capital by complete new investing environment, human resource market and project quality. The descent of IT stock makes the international venture capital investors more reasonable, but they do not shrink back because of frustration. Domestic and foreign venture capital investors will all surely have positive expectation on this market and enter it some when.Theory and practice authorities have begun to research on the entering of international venture capital. Whereas the particularity of it, there has not a deep and systematic research on this kind of venture capital, which is different from general joint-venture mode, neither on its possible influence to China's economy. Especially the inexpedient exit channel leads the international venture capital to misgiving a lot. Hence, it is necessary to for the author to make deep research on this phenomenon. This thesis indicates the international venture capital's entering scale, feature, reason and possible influence to China by numerous researches and investigation. It mainly discusses on the exit barriers of international venture capital in China, evaluates the foreign multi-level market; designs multi-level market in China and the relevant system environment.The thesis includes the following:1. General description of the operation feature of international venture capital in China (Chapter1-3)The thesis analyzes the venture capital's fundamental theory, operation featureand domestic and foreign research. It indicates the general scale of international venture capital in China, investment-received industries, feature of enterprise development stage and feather of investment region. It analyzes the reason of selecting project and judgment methods by international venture capital. As a special investing method, venture capital investment has its particularity. Therefore the thesis also analyzes the organization form and investment strategy of international venture capital in China.2.Analyses on the cause and effect of the international venture capital entering China (Chapter4)Since the international venture capital has already entered China, it certainly will influence China's economy, finance and other aspects. This thesis analyzes the function and influence of the entering for the international venture capital in China. It indicates that the entering of international venture capital benefit in accelerating the development of China's venture investment industry; in accelerating the innovation of technology and the development of China's small-and-medium-sized science and technology enterprises; in fostering the new economic growth point; in accelerating the industrialization of production of high and new technique and the conversion of the industrial structure. At the same time, the thesis, through analyzing the relation between international venture capital and the China's capital market, indicates that the entering of the international venture capital in China will be a challenge for the opening and supervising of China's capital market.Comparing the different international investment theory, the thesis also points out the difference of venture capital and FDI, gives a new explain of international capital flow, points out a interactive-model that can explain the reason of international venture capital.3.Discussion on the exit problem of the international venture capital in China (Chapter 5)The author pays emphasis on the exit problem of the international venture capital in China, the thesis analysis the function of venture capital exit. Based on the theoretic model of venture capital exit decision-making, the thesis analyzes the choice for the international venture capital exit channel; the barrier of IPO and trade sale. These barriers will have negative effect on foreign venture capital investing in China.4.Research on the constructing of the multi-level capital market system and relative operation environment (Chapter6-7)To aim at the exit barriers met by the international venture capital, these chapters is researches on the necessary of the multi-level capital market system, the exiting of the multi-level capital market through division of labor theory in economics. Since academe has already made many researches on the main-board market, this thesis,...
Keywords/Search Tags:International Venture Capital, Operation, Exit, Multi-capital Market
PDF Full Text Request
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