Rate of return on venture capital investment in China

被引：1
作者：
Qian, Ping [1 ]
Zhang, Wei [2 ]
机构：
[1] Tsinghua Univ, Inst Accountancy, Beijing, Peoples R China
[2] Tsinghua Univ, Sch Econ & Management, Beijing, Peoples R China
来源：
CHINA ECONOMIC JOURNAL | 2008年 / 1卷 / 02期
关键词：
venture capital; local venture capital firm; exit; rate of return;
D O I：
10.1080/17538960802076554
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
The rate of return on venture capital investment of venture capital (VC) firms in China has been attracting increasing attention. We use robust multinomial regression models to analyze 56 exit projects of venture capital investment from 1999 to 2003 in China. The results show that the returns of state-owned VC firms are lower than those of non state-owned VC firms. Furthermore, the returns of the VC firms located in Shanghai and Shenzhen are higher than those in other regions. The capital scale of VC firms is negatively correlated with the rate of return. In addition, some variables, such as business duration, investment scale, investment duration and exit vehicle, are probably unrelated to rate of return on venture capital investment in China.
引用
收藏
页码：155 / 164
页数：10
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