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1、Venture-backedIPOsandthe+ExitingofVentureCapitalinChina*XiaoqingEleanorXuSetonHallUniversityThispaperdocumentsthedramaticimprovementininstitutional,legalandregulatoryenvironmentfortheexitingofforeignventurecapitalinChina.Italsodiscussestherecentdevelopments,advantagesanddisadvantages
2、ofvariousChinaventure-backedIPOlistingchannels,includingoverseaslistingthroughthemainboardandhigh-techtradingboardintheUnitedStates(viaNewYorkStockExchangeandNASDAQ),HongKong(viaHongKongStockExchangeandHongKongGrowthEnterpriseMarket)andSingapore(viaSingaporeExchangeandSESDAQ),anddome
3、sticlisting(viaShenzhenSmallandMediumEnterpriseBoard).Finally,thispaperexaminestheventurecapitalfundingandIPOofferingdetails,andtheshort-runandlong-runperformanceoftheU.S.-listedChinaVenture-backedIPOsbetween2000and2005.I.IntroductionChinahasbecomeanincreasinglyimportantmarketforglob
4、alventurecapital(VC)firmsthatarelookingforinnovativegrowthenterprisestoinvest.Withtheworld’slargestpopulation,fastesteconomicgrowthengine,andanaggressiveagendaofmarkettransformationandglobalintegration,Chinahasbeenhighlyregardedasapromising“dreamland”forventurecapitalinvestments.Thee
5、arliesteffortinpromotingventurecapitalinChinacanbetracedbacktomid1980s,primarilydrivenbythecentralgovernment’sdesiretofosterahigh-techindustryinChina[Xiao(2002),andEwing(2004)].However,thedomestic+TheauthorthanksKitMilhollandandAysemTkacikofNASDAQ,SamVanofNYSE,CharlesPoonofSingaporeE
6、xchange,andJayRitterofUniversityofFloridaforexcellentdataassistance.*Dr.XiaoqingEleanorXuisanAssociateprofessorofFinanceattheStillmanSchoolofBusiness,SetonHallUniversityandaCFACharterholder.Herresearchinterestsareinhedgefunds,venturecapital,securitymarketmicrostructureandmortgage-bac
7、kedsecurities.HerresearchpublicationsappearinjournalssuchasJournalofBankingandFinance,RealEstateEconomics,FinancialAnalystsJournal,JournalofFuturesMarkets,FinancialReview,ReviewofQuantitativeFinanceandAccounting,JournalofInvesting,InternationalReviewofEconomicsandFinance,JournalofAlt
8、ernativeInve