Inderscience Publishers

Domestic VCs versus foreign VCs: a close look at the Chinese venture capital industry

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An increasing volume of research is being done to investigate the Chinese venture capital industry. Yet very little has contributed to examining the difference between the Chinese domestic venture capital industry and its foreign counterparts. It is because of the economic forces, particularly the financial frameworks that confer the Chinese venture capital industry with a unique figure: the Chinese venture capital serves not only as traditional venture capital, but also as an alternative financial mechanism, a legitimate yet much more flexible and efficient finance substitute to bank finance. This paper examines the Chinese venture capital industry in a bigger context: China's financial system reforms and its unique structure of the transitional economy. Venture capital means more in China. It serves multiple goals. To further promote venture capital in China, different driving forces have to reconcile their differences, and be consistent in their objectives.

Keywords: venture capital, financial system reforms, technology innovation, China

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