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China's Venture Capital Institutional Arrangements

Posted on:2002-07-01Degree:MasterType:Thesis
Country:ChinaCandidate:L H FanFull Text:PDF
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Venture Capital (VC) has been in existence for more than sixty years in western countries. With the coming of knowledge economy, our country begins realizing the importance of VC, especially the special functions of VC in the restructure of economy and the improvement of science and technology. Although all kinds of reports about VC lie in different newspapers and magazines, VC in our country has a lot of defects yet, such as in law system, human resource, and lack of support and withdrawal channel of VC and so on. With the help of economic theories, especially Information theory and Agency theory, this paper discusses how to cultivate VC's investment main part and design VC's withdrawal channels in our country's VC system, because of the comparative importance of investment main part and withdrawal of VC.The paper has five chapters:The first chapter focuses on VC' concept and VC' economic efficiency. Firstly, while he discusses its concept and characteristics, the writer distinguishes VC from investment risk and analyses its special working method; secondly, the writer describes its whole process clearly, including accumulating money, searching and selecting projects, participating in management and withdrawal of VC; finally, with the help of western economic ideas, the writer tries to analyze how VC could realize economic efficiency of utilizing information and resources in micro and macro sides.In Chapter Ⅱ, the system state of VC is studied carefully; With the fast development of economy, the development of VC all over the world has some new tendency, such as capital origin increasing,accumulating capital by offering security, legalization,internationalization and scale enlargement;Because VC company, as a main kind of organization style in our country, is usually owned by state, there is agency relation and moral hazard, which influence its efficiency. By analyzing the condition of VC in our country and compare its defects, the writer makes the conclusion that in our country, there' s still a long way to go, especially in constructing VC's concrete system, such as the cultivation of main body and the withdrawal system of VC, besides government insurance, tax favor, intellectual propects right protection, constitution' constructing, government stock and intermediat-institution's building and so on.In Chapter Ⅲ,the writer focuses on how to cultivate VC' main body. Although the VC company develops very quickly these years, there still exist many defects because of the limitation of the system; the writer studies the system situation and give some suggestions so as to raise its working efficiency; The writer also analyzes VC fund, a kind of VC' organization form; it has two kinds of organization styles: corporation style and partnership style; Recently, because of its comparative advantage, the limited partnership comes into being in many western countries. The writer analyzes its characteristics in detail and tries to advise how to use the limited partnership to develop VC fund in our country; then, because of the importance of the listed company in stock market, the writer studies the inherent law about the listed company joining in VC territory and conclude that there are several reasons, such as investing and financing mechanism and so on; At the same time, the writer also suggests several methods with which the listed company joins in VC territory. At last, the situation of privates joining in VC is simply introduced. Chapter Ⅳ concentrates on how VC will withdraw from invested company several years later, because the successful withdrawal of VC promotes the development of VC.; firstly, by analyzing the different function of the Second Board and the Main Board, the writer makes the conclusion that The Second Board is an important withdrawal channel undoubtedly of developing VC in our country, compared with the Main board. The writer suggests that our country should do lots of work in the decision of list qualification, transaction system, offering program, qualification of re...
Keywords/Search Tags:venture capital investment main body withdrawal channel
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