Dissertation
Dissertation > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Investment

The Study on the Government-Supporting of Venture Capital in China

Author YangJun
Tutor ZuoBaoJin
School Nanjing Agricultural College
Course Agricultural Economics and Management
Keywords venture capital government-supporting governmental leading funds SBIC
CLC F832.48
Type PhD thesis
Year 2006
Downloads 2288
Quotes 9
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The Study on the Government—Supporting Behaviors of Venture Capital in ChinaThe first venture capital company, China new technology venture capital Company was established in September 1985. By now the development of venture capital in China is still in the preliminary phase with little progresses. Compared to America, Israel with developed venture capital countries, there exist a large gap between Chinese venture capital in terms of numbers of venture capital organizations, scope and numbers of invested small and medium-sized enterprises whatsoever. The reasons of the large gap are two restrictions of Chinese venture capital development: one is from the market and the other is government.This dissertation chooses the government-supporting behaviors during the development of venture capital in China as research subject. At first, the feasible theories of government support are based on information dissymmetry and covenant theory, etc. Further, it confirms the great contribution made by the Chinese government-using primary supporting method in the form of direct contributing capital, and also use governmental leading funds in the developed countries in VC for reference ,Then combine the the situation of our country, discuss the feasibility of actualize governmental leading funds in JangSu province.In details, the main body of this dissertation mainly consists of the followings:At first, it discusses the economic meaning of the support to venture capital development from the government of China. On the one hand, it constitutes a perfect theoretically analytical framework, which systematically aggregates, substantiates and consummates the need for the intervention of the venture capital field by the government, by means of the information dissymmetry theory, the relationship between economy growth and system arrangement theory, covenant theory. On the other hand, it provides with the realistic evidences for supporting the intervention of the venture capital field by the government by analyzing the characteristics of the coercive right of the government, the features of the venture capital and the complexity operative system.Secondly, it analyzes the current conditions of the government supporting venture capital development in China. This dissertation expatiates the main problems and the active functions of the government behaviors in nearly 20 year’s venture capital development in China. What’s more, it analyzes in regression to the elements affecting the scale of the venture capital and find out the most important element affecting the current venture capital is the capital invested by the government, based on which it explains in economics view point to the current status of the government behaviors by applying the theory of government and public choice and the theory of the relationship between government and market.Thirdly, The study on the direct governmental-supporting in VC. According to the function flow and the objective of governmental-supporting.the chapter classify direct support and indirect support.and compare the theory and effect with different direct governmental-support methods,then draw an conclusion that any governmental supporting exists two different effect.Fourthly, The study on the indirect governmental-supporting in VC.according to analyzing the law system and surrounding construction of VC,the draw an conclusion that any governmental-supporting exists in the mutual affect and restrict state.Fifthly, The feasible analysis of governmental leading funds in our country. On the basis of governmental-supporting actuality in our country and the different effect of any governmental-supporting method ,analyze the importance and necessary of governmental leading funds in our country.The compare with the different function mode of governmental leading funds,search for the mode of governmental leading funds suit to our country.at last analyze the feasibility of construct governmental leading funds in JangSu province.Finally, it summarizes the research of this dissertation, demonstrating the main research results of this dissertation and potential weakness and the direction of the research in the future, as well as makes suggestions to the government-supporting behaviors of the venture capital in China.

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