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,
Amit , R. , Brander , J . ,and C. Zott , 1998 , Why do Venture Capital Firms Exist : Theory and Canadian Evidence , Journal of Business
Venturing , 13 , 441 466.

Black , B. S. , and R. J . Gilson , 1998 ,Venture Capital and the Structure of Capital Markets : Banks Versus Stock Markets, Journal of
Financial Economics , 47 : 243 277.

Burgel , O. , 2000 ,UKVenture Capital and Private Equity as an Asset Class for Institutional Investors ,London Business School Press , London.
Bygrave , W. D. ,and J . Timmons , 1992 ,Venture Capital at the Crossroads. ,Harvard Business School Press ,Boston.
Cumming ,D. J . and J . Macintosh ,2002
, Venture Capital Exits in Canada and the United States, University of Toronto , research paper.
Gompers , P. , and J . Lerner , 1999 , The Venture Capital Cycle , MIT Press , Cambridge.
Hellmann T. , 2000
, Venture Capitalists : the Coach of Silicon Valley, Chapter 13 in The Silicon Valley Edge. Edited by Lee Chong , Moon
Miller , et al ,. Stanford : Stanford University Press.
Lumme , A. , C. Mason , and M. Suomi , 1996
, The Returns from Informal Venture Capital Investments : an Exploratory Study, Journal of
Entrepreneurial Small Business Finance , 5 : 139 158.

Kaplan S. N. , and P. Stromberg , 2001 ,Venture Capitalists as Principals : Contracting , Screening , and Monitoring, American Economic
Review , 91 (2) : 426 430.

Kaplan S. , N. , and P. Stromberg , 2004 ,Characteristics , Contracts , and Actions : Evidence From Venture Capitalist Analyses, Journal
of Finance , 10 ,341 401.

Kortum , S. and J . Lerner. , 2000 ,Does Venture Capital Spur Innovation ?, Rand Journal of Economics , 31 : 674 692.

2004 , ,

89


:
Manigart , S. , et al . , 2002 ,Determinants of Required Return in Venture Capital Investments :a Five2country Study, Journal of Business
Venturing , 17 :291 312.

Masona C. , and T. Harrison , 2002 ,Is It Worth It ? The Rates of Return from Informal Venture Capital Investments, Journal of Business
Venturing , 17 :211 236.

Sahlman , W. , 1990 ,Structure and Governance of Venture2Capital Organizations, Journal of Financial Economics , 27 : 473 524.
Sapienza , H. J . and A. K. Gupta , 1994 ,Impact of Agency Risks and Task Uncertainty on Venture Capitalist2CEO Interaction, Academy
of Management Journal , 37 , 1618 1632.

Sapienza , H. J . ,Manigart , S. and W. Vermeir , 1996 , Venture Capitalist Governance and Value and Value Added in Four Countries,
Journal of Business Venturing , 11 :439 469.

Wright , M. , K. Robbie and M. , Albrington , 1998

, Venture Capital in Europe,Stationary Office , London.
White , S. , J . Gao and W. Zhang , 2005 ,Financing new Ventures in China : System antecedents and Institutionalization, Research Policy
34 (6) : 894 913.
Zeng , L. , and P. Wells , 2000 ,The Determinants of Venture Capital Funding : Evidence Across Countries, Journal of Corporate Finance
6 , 241 289.
Zhang , W. , and Y. Jiang , 2002 , The Relationship Between Venture CapitalistsExperience and Their Unvolvement in the VC2backed
companies, Paper Presented at the 9 th Global Finance Conference ; Beijing , May 27 29 , 2002.

Returns on Chinese Venture Capital Investment and Its Determinants

Qian Ping and Zhang Wei

(1. Institute of Accountancy , Tsinghua University ; 2. School of Economics and Management , Tsinghua University)

Abstract :This paper analyses the relationship between the returns on venture capital investment of local venture capital (VC) firms
in China and their determinants. It empirically assesses the significance of these factors using data from 1999 to 2003 with robust
multinomial regression models. The result shows that the returns of state2owned VC firms are lower than those of private 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 also negatively affects the returns. The above results give some insights into the development of venture capital
industry in China. Some policy suggestions are provided.
Key Words :Venture Capital ; Local Venture Capital Firms ; Exit ; Returns on Investment
JEL Classification : G39 , G19 , C15 , C25

( : ) ( : )

90