Research On Chinese CVC And The Stage Of Venture Companies

After the development for over 20 years, the venture capital in China has gradually formed a situation of the investment from the government, the corporation and the individuals. Different background of venture capital has different capital sources and ownership, that cause they choose different risk enterprises, these differences will be reflected in the tendency of all development stage of their business risk.This paper takes the VC investment events on database of CVsource from 2005 to 2013 as a sample, empirical analysis the relations of Companies Venture Capital(CVC) and the stage of venture companies from the Independent Venture Capital(IVC),and further analysis the regulation of government-backed venture capital to the above relationship. The results showed that different types of risk investment institutions makes significantly different choices on the stage of venture companies, beside the IVC, CVC takes more investment on the early and development stage of companies, and they will strengthen the correlation relations if the CVC has government background.This paper takes a different perspective from the traditional legal classification, classify the venture capital based on different sources of capital and ownership. from a different perspective, this paper reveals the relationship between the different types of venture capital and venture development stage, and analyzes the role of government background regulation. Through this research, you can compare the different types of venture capital makes the different from investment objectives and project selection. It has important practical significance on clear China venture capital market participants Role(government, businesses and individuals) and improve the quality of Chinese enterprises financing decision. At the same time, this study also has some limitations, only research on relations of venture capital types and venture development stage, and need more research and study on venture capital makes the criteria and preferences for risk company, and use of its own resources to help venture businesses grow. They all need a further study.