Skip to main content
Erschienen in: Asia Pacific Journal of Management 3/2007

01.09.2007 | Commentaries

Venture capital in China: A view from Europe

verfasst von: Mike Wright

Erschienen in: Asia Pacific Journal of Management | Ausgabe 3/2007

Einloggen

Aktivieren Sie unsere intelligente Suche, um passende Fachinhalte oder Patente zu finden.

search-config
loading …

Abstract

This article provides commentary on the analysis of venture capital in China by Ahlstrom, Bruton, and Yeh (Venture capital in China: Past, present, and future. Asia Pacific Journal of Management, 2007). The article considers issues relating to the scope of venture capital and private equity, the nature of venture capital and private equity organizations, the life-cycle process of VC investing, internationalization, and foreign venture capital firms. The paper identifies areas for future research and compares the Chinese VC context with those in Western Europe and Central and Eastern Europe.

Sie haben noch keine Lizenz? Dann Informieren Sie sich jetzt über unsere Produkte:

Springer Professional "Wirtschaft+Technik"

Online-Abonnement

Mit Springer Professional "Wirtschaft+Technik" erhalten Sie Zugriff auf:

  • über 102.000 Bücher
  • über 537 Zeitschriften

aus folgenden Fachgebieten:

  • Automobil + Motoren
  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Elektrotechnik + Elektronik
  • Energie + Nachhaltigkeit
  • Finance + Banking
  • Management + Führung
  • Marketing + Vertrieb
  • Maschinenbau + Werkstoffe
  • Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

Springer Professional "Wirtschaft"

Online-Abonnement

Mit Springer Professional "Wirtschaft" erhalten Sie Zugriff auf:

  • über 67.000 Bücher
  • über 340 Zeitschriften

aus folgenden Fachgebieten:

  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Finance + Banking
  • Management + Führung
  • Marketing + Vertrieb
  • Versicherung + Risiko




Jetzt Wissensvorsprung sichern!

Literatur
Zurück zum Zitat Ahlstrom, D., Bruton, G., & Yeh, K. 2007. Venture capital in China: Past, present, & future. Asia Pacific Journal of Management (in press). Ahlstrom, D., Bruton, G., & Yeh, K. 2007. Venture capital in China: Past, present, & future. Asia Pacific Journal of Management (in press).
Zurück zum Zitat Armour, J., & Cumming, D. 2006. The legal road to Silicon Valley. Oxford Economic Papers, 58: 596–635.CrossRef Armour, J., & Cumming, D. 2006. The legal road to Silicon Valley. Oxford Economic Papers, 58: 596–635.CrossRef
Zurück zum Zitat Bruining, H., & Wright, M. 2002. Entrepreneurial orientation in management buyouts and the contribution of Venture Capital. Venture Capital: An International Journal of Entrepreneurial Finance, 4: 147–168.CrossRef Bruining, H., & Wright, M. 2002. Entrepreneurial orientation in management buyouts and the contribution of Venture Capital. Venture Capital: An International Journal of Entrepreneurial Finance, 4: 147–168.CrossRef
Zurück zum Zitat Farag, H., Hommel, U., Witt, P., & Wright, M. 2004. Contracting, monitoring and exiting venture investments in transitioning economies: A comparative analysis of Eastern European and German markets. Venture Capital: An International Journal of Entrepreneurial Finance, 6: 257–282.CrossRef Farag, H., Hommel, U., Witt, P., & Wright, M. 2004. Contracting, monitoring and exiting venture investments in transitioning economies: A comparative analysis of Eastern European and German markets. Venture Capital: An International Journal of Entrepreneurial Finance, 6: 257–282.CrossRef
Zurück zum Zitat Filatotchev, I., Liu, X., Buck, T., & Wright, M. 2006. The export orientation and export performance of high-technology SMEs in emerging markets: The effects of knowledge transfer by returnee entrepreneurs. CMBOR Occasional Paper. Filatotchev, I., Liu, X., Buck, T., & Wright, M. 2006. The export orientation and export performance of high-technology SMEs in emerging markets: The effects of knowledge transfer by returnee entrepreneurs. CMBOR Occasional Paper.
Zurück zum Zitat Hoskisson, R. E., Eden, L., Lau, C.-M., & Wright, M. 2000. Strategy in emerging economies. Academy of Management Journal, 43(3): 249–267.CrossRef Hoskisson, R. E., Eden, L., Lau, C.-M., & Wright, M. 2000. Strategy in emerging economies. Academy of Management Journal, 43(3): 249–267.CrossRef
Zurück zum Zitat Karsai, J., Wright, M., & Filatotchev, I. 1997. Venture capital in transition economies: The case of Hungary. Entrepreneurship Theory and Practice, 21(4): 93–110. Karsai, J., Wright, M., & Filatotchev, I. 1997. Venture capital in transition economies: The case of Hungary. Entrepreneurship Theory and Practice, 21(4): 93–110.
Zurück zum Zitat Kaplan, S., Martel, F., & Stromberg, P. 2005. How do legal differences and experience affect financial contracts? University of Chicago working paper. Kaplan, S., Martel, F., & Stromberg, P. 2005. How do legal differences and experience affect financial contracts? University of Chicago working paper.
Zurück zum Zitat Kaplan, S., & Stromberg, P. 2003. Financial contracting theory meets the real world: An empirical analysis of venture capital contracts. Review of Economic Studies, 70: 281–315.CrossRef Kaplan, S., & Stromberg, P. 2003. Financial contracting theory meets the real world: An empirical analysis of venture capital contracts. Review of Economic Studies, 70: 281–315.CrossRef
Zurück zum Zitat Knockaert, M., Lockett, A., Clarysse, B., & Wright, M. 2006. Do human capital and fund characteristics drive follow-up behavior of early stage high-tech VCs? International Journal of Technology Management, 34: 7–27.CrossRef Knockaert, M., Lockett, A., Clarysse, B., & Wright, M. 2006. Do human capital and fund characteristics drive follow-up behavior of early stage high-tech VCs? International Journal of Technology Management, 34: 7–27.CrossRef
Zurück zum Zitat Le, N. T. B., Venkatesh, S., & Nguyen, T. V. 2006. Getting bank financing: A study of Vietnamese private firms. Asia Pacific Journal of Management, 2: 209–227.CrossRef Le, N. T. B., Venkatesh, S., & Nguyen, T. V. 2006. Getting bank financing: A study of Vietnamese private firms. Asia Pacific Journal of Management, 2: 209–227.CrossRef
Zurück zum Zitat Lockett, A., Murray, G., & Wright, M. 2002. Do UK VCists still have a bias against investment in new technology firms?. Research Policy, 31: 1009–1030.CrossRef Lockett, A., Murray, G., & Wright, M. 2002. Do UK VCists still have a bias against investment in new technology firms?. Research Policy, 31: 1009–1030.CrossRef
Zurück zum Zitat Mäkelä, M., & Maula, M. 2006. Inter-organizational commitment in syndicated cross-border venture capital investments. Entrepreneurship Theory and Practice, 30: 273–298.CrossRef Mäkelä, M., & Maula, M. 2006. Inter-organizational commitment in syndicated cross-border venture capital investments. Entrepreneurship Theory and Practice, 30: 273–298.CrossRef
Zurück zum Zitat Manigart, S., De Waele, K., Wright, M., Robbie, K., Desbrieres, P., Sapienza, H., et al. 2002. Determinants of required return in venture capital investments: A five country study. Journal of Business Venturing, 17(4): 291–312.CrossRef Manigart, S., De Waele, K., Wright, M., Robbie, K., Desbrieres, P., Sapienza, H., et al. 2002. Determinants of required return in venture capital investments: A five country study. Journal of Business Venturing, 17(4): 291–312.CrossRef
Zurück zum Zitat Manigart, S., Lockett, A., Mueleman, M., Wright, M., Landstrom, H., Bruining, H., Desbrieres, P., & Hommel, U. 2006. Why do European venture capital companies syndicate? Entrepreneurship Theory and Practice, 30. Manigart, S., Lockett, A., Mueleman, M., Wright, M., Landstrom, H., Bruining, H., Desbrieres, P., & Hommel, U. 2006. Why do European venture capital companies syndicate? Entrepreneurship Theory and Practice, 30.
Zurück zum Zitat Maula, M., & Makela, M. 2003. Cross-border venture capital. In A. Hyytinen & M. Pajarinen (Eds.), Financial systems and firm performance: Theoretical and empirical perspectives (pp. 269–291). Helsinki: Taloustieto. Maula, M., & Makela, M. 2003. Cross-border venture capital. In A. Hyytinen & M. Pajarinen (Eds.), Financial systems and firm performance: Theoretical and empirical perspectives (pp. 269–291). Helsinki: Taloustieto.
Zurück zum Zitat Meyer, K. E. 2006. Asian management research needs more self-confidence. Asia Pacific Journal of Management, 2: 119–137.CrossRef Meyer, K. E. 2006. Asian management research needs more self-confidence. Asia Pacific Journal of Management, 2: 119–137.CrossRef
Zurück zum Zitat Meyer, K. E. 2007. Contextualizing organizational learning: Lyles and Salk in the context of their research. Journal of International Business Studies (in press). Meyer, K. E. 2007. Contextualizing organizational learning: Lyles and Salk in the context of their research. Journal of International Business Studies (in press).
Zurück zum Zitat Peng, M. W. 2001. How entrepreneurs create wealth in transition economies. Academy of Management Executive, 15: 95–110. Peng, M. W. 2001. How entrepreneurs create wealth in transition economies. Academy of Management Executive, 15: 95–110.
Zurück zum Zitat Peng, M. W. 2005. From China strategy to global strategy. Asia Pacific Journal of Management, 22: 123–141.CrossRef Peng, M. W. 2005. From China strategy to global strategy. Asia Pacific Journal of Management, 22: 123–141.CrossRef
Zurück zum Zitat Peng, M. W., & Luo, Y. 2000. Managerial ties and firm performance in a transition economy: The nature of the micro-macro link. Academy of Management Journal, 43(3): 486–501.CrossRef Peng, M. W., & Luo, Y. 2000. Managerial ties and firm performance in a transition economy: The nature of the micro-macro link. Academy of Management Journal, 43(3): 486–501.CrossRef
Zurück zum Zitat Peng, M. W., & Zhou, J. 2005. How network strategies and institutional transitions evolve in Asia. Asia Pacific Journal of Management, 22(4): 321–336.CrossRef Peng, M. W., & Zhou, J. 2005. How network strategies and institutional transitions evolve in Asia. Asia Pacific Journal of Management, 22(4): 321–336.CrossRef
Zurück zum Zitat Phan, P., Siegel, D., & Wright, M. 2005. Science parks and incubators: Observations, synthesis and future research. Journal of Business Venturing, 20: 165–182.CrossRef Phan, P., Siegel, D., & Wright, M. 2005. Science parks and incubators: Observations, synthesis and future research. Journal of Business Venturing, 20: 165–182.CrossRef
Zurück zum Zitat Pruthi, S., Wright, M., & Lockett, A. 2003. Do foreign and domestic venture capital firms differ in their monitoring of investees? Asia Pacific Journal of Management, 20(2): 175–204.CrossRef Pruthi, S., Wright, M., & Lockett, A. 2003. Do foreign and domestic venture capital firms differ in their monitoring of investees? Asia Pacific Journal of Management, 20(2): 175–204.CrossRef
Zurück zum Zitat Pruthi, S., Wright, M., & Meyer, K. 2006. Staffing VC firms’ international operations. Occasional Paper. Pruthi, S., Wright, M., & Meyer, K. 2006. Staffing VC firms’ international operations. Occasional Paper.
Zurück zum Zitat Tan, J. 2007. Growth of industry clusters and innovation: Lessons from Beijing Zhongguancun Science Park. Journal of Business Venturing (in press). Tan, J. 2007. Growth of industry clusters and innovation: Lessons from Beijing Zhongguancun Science Park. Journal of Business Venturing (in press).
Zurück zum Zitat Westhead, P., Wright, M., & Ucbasaran, D. 2001. The internationalization of new and small firms: A resource-based view. Journal of Business Venturing, 16(4): 333–358.CrossRef Westhead, P., Wright, M., & Ucbasaran, D. 2001. The internationalization of new and small firms: A resource-based view. Journal of Business Venturing, 16(4): 333–358.CrossRef
Zurück zum Zitat Wright, M., Clarysse, B., Lockett, A., & Binks, M. 2006a. University spin-out companies and venture capital. Research Policy, 35: 481–501.CrossRef Wright, M., Clarysse, B., Lockett, A., & Binks, M. 2006a. University spin-out companies and venture capital. Research Policy, 35: 481–501.CrossRef
Zurück zum Zitat Wright, M., Filatotchev, I., Hoskisson, R., & Peng, M. 2005a. Strategy research in emerging economies: Challenging the conventional wisdom. Journal of Management Studies, 42: 1–34.CrossRef Wright, M., Filatotchev, I., Hoskisson, R., & Peng, M. 2005a. Strategy research in emerging economies: Challenging the conventional wisdom. Journal of Management Studies, 42: 1–34.CrossRef
Zurück zum Zitat Wright, M., Hoskisson, R., Busenitz, L., & Dial, J. 2000. Entrepreneurial growth through privatization: The upside of management buyouts. Academy of Management Review, 25: 591–601.CrossRef Wright, M., Hoskisson, R., Busenitz, L., & Dial, J. 2000. Entrepreneurial growth through privatization: The upside of management buyouts. Academy of Management Review, 25: 591–601.CrossRef
Zurück zum Zitat Wright, M., Kissane, J., & Burrows, A. 2004a. Private equity in Central Europe: Strong growth in opportunities. Nottingham: CMBOR. Wright, M., Kissane, J., & Burrows, A. 2004a. Private equity in Central Europe: Strong growth in opportunities. Nottingham: CMBOR.
Zurück zum Zitat Wright, M., Kitamura, M., & Hoskisson, R. 2003. Management buyouts and restructuring Japanese corporations. Long Range Planning, 36(4): 355–374.CrossRef Wright, M., Kitamura, M., & Hoskisson, R. 2003. Management buyouts and restructuring Japanese corporations. Long Range Planning, 36(4): 355–374.CrossRef
Zurück zum Zitat Wright, M., Liu, X. Buck, T., & Filatotchev, I. 2006b. Returnee entrepreneur characteristics, science park location choice and performance: An analysis of high technology SMEs in China”. CMBOR Occasional Paper. Wright, M., Liu, X. Buck, T., & Filatotchev, I. 2006b. Returnee entrepreneur characteristics, science park location choice and performance: An analysis of high technology SMEs in China”. CMBOR Occasional Paper.
Zurück zum Zitat Wright, M., Lockett, A., & Pruthi, S. 2002. The screening of venture capital investments in India. Small Business Economics, 19: 13–29.CrossRef Wright, M., Lockett, A., & Pruthi, S. 2002. The screening of venture capital investments in India. Small Business Economics, 19: 13–29.CrossRef
Zurück zum Zitat Wright, M., Lockett, A., Pruthi, S., Manigart, S., Sapienza, H., Desbrieres, P., et al. 2004b. Venture capital investors, capital markets, valuation and information: US, Europe and Asia. Journal of International Entrepreneurship, 2: 305–326.CrossRef Wright, M., Lockett, A., Pruthi, S., Manigart, S., Sapienza, H., Desbrieres, P., et al. 2004b. Venture capital investors, capital markets, valuation and information: US, Europe and Asia. Journal of International Entrepreneurship, 2: 305–326.CrossRef
Zurück zum Zitat Wright, M., Pruthi, S., & Lockett, A. 2005b. International venture capital research: From cross-country comparisons to crossing borders. International Journal of Management Reviews, 7(3): 1–31.CrossRef Wright, M., Pruthi, S., & Lockett, A. 2005b. International venture capital research: From cross-country comparisons to crossing borders. International Journal of Management Reviews, 7(3): 1–31.CrossRef
Zurück zum Zitat Wright, M., & Robbie, K. 1996. Venture capitalists, unquoted equity investment appraisal and the role of accounting information. Accounting and Business Research, 26: 153–170. Wright, M., & Robbie, K. 1996. Venture capitalists, unquoted equity investment appraisal and the role of accounting information. Accounting and Business Research, 26: 153–170.
Zurück zum Zitat Wright, M., & Robbie, K. 1998. Venture capital and private equity: A review and synthesis. Journal of Business Finance and Accounting, 25(5 and 6): 521–570.CrossRef Wright, M., & Robbie, K. 1998. Venture capital and private equity: A review and synthesis. Journal of Business Finance and Accounting, 25(5 and 6): 521–570.CrossRef
Metadaten
Titel
Venture capital in China: A view from Europe
verfasst von
Mike Wright
Publikationsdatum
01.09.2007
Erschienen in
Asia Pacific Journal of Management / Ausgabe 3/2007
Print ISSN: 0217-4561
Elektronische ISSN: 1572-9958
DOI
https://doi.org/10.1007/s10490-006-9036-x

Weitere Artikel der Ausgabe 3/2007

Asia Pacific Journal of Management 3/2007 Zur Ausgabe

Premium Partner