The Impact of Institutional Environment on Venture Capital PracticesComparative Study of China and Russia论文.pdf

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1、AbstractABSTRACTVenturecapitalfinancingofficiallyappearedintheUSin1960sanddevelopedthereuptothepointofbecomingadistincttypeinprivateequityfinancingwithitsownspecialfeaturesandprocesssteps.Laterin1970-1980sthisbestpracticeUSventurecapitalmodelstartedtospreadintoemergingeconomi

2、esandothercountries.KeytwoemergingmarketsintheworldtodayareChinaandRussia.ShowingtobeextremelysuccessfulintheUS,governmentsofemergingeconomiesmadeeffortstoencouragetheformationofthelocalventureindustry.NowadaystheUSventurecapitalmodelissuccessfullyappliedinemergingeconomiesan

3、dmanyothercountries.However,whenimplementingthesamemodelindifferentcountriesventurecapitalistshavetoadaptandadjustitsstrategies,practicesandoperationalactivitiesofventurecapitalcycle，，，，，，TableofcontentsTABLEOFCONTENTSCHAPTER1.INTRODUCTION11.1Researchimportanceandquestions11.

4、1.1Significanceoftheresearch11.1.2Researchquestionsandgoals21.2Researchstructureandmethodology31.2.1Researchmethodology31.2.2Researchstructure41.3Literaturereview61.3.1Typicalmodelofventurecapitalfinancing61.3.2DriversofVCmarket:institutionalenvironmentisakey121.3.3VCinemergi

5、ngeconomies:impactofinstitutionalenvironment15CHAPTER2.THEORETICALANDHISTORICPERSPECTIVEONVENTURECAPITAL192.1Theoreticalperspective192.1.1Typicalmodelofventurecapitalcycle192.2HistoricperspectiveonventurecapitalinChinaandRussia252.2.1VenturecapitaldevelopmentinRussia252.2.2Ve

6、nturecapitaldevelopmentinChina27CHAPTER3:COMPARATIVESTUDYOFTHEVCINDUSRTYKEYDRIVERSANDINSTITUTIONALENVIRONMENTINCHINAANDRUSSIA丨丨丨，Tableofcontents4.4Duediligenceandselectionprocessofpotentialportfoliocompanies534.5Structuringthedealandmonitoringtheportfoliocompany584.5.1Structu

7、ringthedeal584.5.2Monitoringtheportfoliocompany624.6AddingvalueactivitiesofVCtotheportfoliofirm644.7Exitpractices66CHAPTER5.CONCLUSIONS，Chapter1.IntroductionCHAPTER1.INTRODUCTION1.1Researchimportanceandquestions1.1.1SignificanceoftheresearchVenturecapitalisarelativelyyoungphe

8、nomenoninthefinancefield,butitsimportanceforlong-termeconomicdevelop