The Mobilization Efficiency of Venture Capital in China
Venture capital industry has been a recent but dramatic development in China with the capital market sitting on the emerging edge, and has drawn a lot of academic and government attention. However, due to its young age and the underdeveloped capital market, a full evaluation of the industry is still too early. So this paper chooses to analyze one aspect of the venture capital development in China-mobilization efficiency. We have found that Chinese culture, absence of track record of the venture capitalists, absence of appropriate exit channels and lack of open, active, mature and stable equity-driven capital market have resulted in low mobilization efficiency in the venture capital market in China. And therefore the government should adopt an appropriate role and take corresponding measures to facilitate the VC development: to provide more favorable environment that will reduce the time,financial and opportunity costs for entrepreneurs, to educate the entrepreneurs who might be able to pursue faster growth with such financial tool as venture capital but worry about loss of control, to encourage private investment fund to absorb the tremendous savings, and to encourage the institutional investors in order to further develop the capital market.
Venture capital Mobilization efficiency Market Government
Zhao Changwen Chen Chunfa
Business School, Sichuan University, PRC, 610064
国际会议
第六届管理学国际会议(Proceedings of ICM2007 the 6th International on Management)
武汉
英文
740-753
2007-08-03（万方平台首次上网日期，不代表论文的发表时间）