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China's Venture Capital System, Innovative Models And Practice

Posted on:2003-02-21Degree:MasterType:Thesis
Country:ChinaCandidate:H MaFull Text:PDF
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Ranked as " the engine of new economy", venture capital breeds several high-tech companies, but also significantly pushes forwards the development of high technology industry as well as the promotion of industry infrastructure and thus brings about the prosperity of the U.S.A. Today Venture capital has become the initial source of financing high technology industry, the key competitive element to a country's comprehensive power, and dramatically roots all over the world.In 1985, China's policy "to subside the research and development of the high-developed and high-risked high-technology by venture capital "stimulated venture capital to seed and bloom in China economy. Statistic shows that, in China, by the end of 2000, there have been 160 venture companies running capital over 21 billions. Shelves of articles regarding venture capital emerge in every bookstore with few guiding to the right practical set-up of a right venture capital in China right today.As a member of a venture capital since 1993 and having successfully innovated and set up a venture company in 2000, the author is much honored to present what she has learned, sensed and practiced, to share with those under-taking and potential colleges and step together towards the upright future of China venture capital."Economy unit of efficiency is the critical element to economy growth". With regard to the thriving of the western world, Douglas. C. North emphasizes the importance of system organization to economic efficiency. With the same opinion, Chinese economist Professor Wu Jinglian once stressed that "one of the key elementshindering the potentiality of an enterprise imputes to the failure of company system meeting the development of new economy." Truly, it is of life-and-death importance to build up a systematic environment and operation framework of venture capital, such as a sound policy and legal system as well as a workable financing, investing, and withdrawing mechanism, whereas practically we get to understand it cannot be accomplished in one move. Eventually, it becomes a major factor how to design, opt and adapt an efficient venture business organization system to meet the existing defect but developing economic environment and dominantly to achieve a sound development so as to actually accelerate the national economy growth.Focusing on the innovation of venture capital organization system, the author makes a profound and systematic study and exploration of the establishment of a sound venture capital organization system through the methods of macroanalysis and microanalysis, comparison and contract, theoretical analysis and practical application. In the article, the author starts with the historical comprehensive experience of venture capital, goes further to analyse the advantages and disadvantages of current venture company organization system by means of the examination of the existing macro and micro environment thus to shape the opinion of the historical and practical importance of venture partnerships, and backed by the statement of contract features and the relevant economic explanation of the venture partnerships along with the abstract economic restricts, steps to the goal of an China-styled transitional venture partnerships and concludes with a proof of the practical case the author managed.Generally, the thesis is comprised of the introduction and three chapters.The introduction outlines the reasons for the choice of the subject and its practical significance. "Financial innovation inherits from the mutual influence and causality between the reform and the leading system." "It reflects the balance of go-chess-game between the market and administration power." Hence, the author stresses the significance of developing countries to import and digest those financial innovation achievements of the developed countries and to refine their self-measured innovation products and points out Chinese venture partnerships' solution to shoulder upon the western's, foot on China and grow Sino-style.In chapt...
Keywords/Search Tags:venture capital, company operation system, innovation, venture partnership, practice
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