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Antecedents and institutionalization of China's venture capital system

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China's current venture capital system is a relatively recent phenomenon emerging from decades of government-led technology policy and a still-transitioning business system. This paper first proposes a general framework in which a venture capital system is defined as the configuration of actors, rules and practices by which investment funds are pooled, investment targets identified, funds invested and monitored, and returns appropriated. The system by which these activities are accomplished is specific to China's national context, and the paper traces the antecedents and institutionalization process giving rise to China's current venture capital system. The analysis leads to policy and managerial implications as well as a research agenda for further studies in the Chinese context, as well as broader studies across different venture capital systems.

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en

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application/pdf

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http://flora.insead.edu/fichiersti_wp/inseadwp2004/2004-52.pdf

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