在华投资：私募股权和创业资本的机会PDF电子书下载

Section One Opportunities for Private Equity Investor 2

Chapter1 Areas for Investment 2

1.1 Market in General 2

1.2 IT and Biotech 7

1.2.1 Internet and E-commerce 7

1.2.2 IC 9

1.2.3 Software 10

1.2.4 Electronics 11

1.2.5 Interactive TV 12

1.2.6 Telecommunication 12

1.2.7 Wireless Telecommunication 14

1.2.8 Biotech 15

1.2.9 Pharmaceutical 16

1.2.10 Traditional Chinese Medicine 18

1.2.11 Medical Instrument 19

1.3 Service Industries 19

1.3.1 Healthcare 19

1.3.2 Retail 21

1.3.3 Transportation and Physical Distribution 23

1.3.4 Other Service Industries 25

1.4 Manufacturing Industries 28

1.4.1 Chemical 28

1.4.2 Material 31

1.4.3 New Energy 33

1.4.4 Environmental Industry 35

1.4.5 Other Manufacturing Industries 37

Chapter2 Identifying Opportunities 41

2.1 Investment Criteria 41

2.1.1 China as a Developing Country 42

2.1.2 New Open Market 44

2.1.3 Cost and Economic Scale 44

2.2 Market and Project Evaluation 46

2.2.1 Market Evaluation 46

2.2.2 Project Evaluation 48

2.3 Technology,Market and Location 50

2.3.1 Market Orientation vs.Technology Orientation 50

2.3.2 Differences of Ventures in Three Major Cities 52

2.4.1 The Most Dynamic Economy Sector 55

2.4 Focusing on Private Sector 55

2.4.2 Corporate Governance of Private Companies 58

2.4.3 Financing the Growth 60

2.4.4 Future Development 62

2.4.5 Enterprises Started by Returned Overseas Chinese Scholars 64

Chapter3 M A in China 67

3.1 The market and trends 67

3.1.1 Foreign capital s M A activities in China 68

3.1.2 The trends of M A market in China 68

3.2 Opportunities obstacles for international investors 70

3.2.1 Enter China by M A 70

3.2.2 Opportunities for typical foreign investors 70

3.2.3 Obstacles for international investors 72

3.2.4 Ways to acquite a public listed Chinese company 73

3.3 Process of acquiring a Chinese company 73

3.4 Risk concern 79

3.4.1 Accounting concerns 79

3.4.2 Legal concerns 80

3.4.3 Other concerns 83

3.5 Key M A success factors 84

3.5.1 M A parties 84

3.5.2 Strategy 85

3.5.3 Public relation management 85

3.5.4 Risk control 86

3.5.5 Culture management 86

Section summary 87

Section Two Venture Capital Industry in China 90

Chapter4 Introduction to Venture Capital Industry 90

4.1 History 90

4.1.1 Primary stage 90

4.1.2 Growth stage 92

4.1.3 Three generations in the growth stage 93

4.2 Government s role 97

4.2.1 Purposes of promoting venture capital 97

4.2.2 Government s involvements 99

4.3 Advantageous conditions 101

4.4 Problems with venture capital growth 104

4.5.1 Capital size 108

4.5 Basic features of venture capital investment 108

4.5.2 Preferred sectors 109

4.5.3 Preferred stages 112

4.5.4 Distribution by region 113

4.6 Other features of venture capital investment 114

4.6.1 Project sources 114

4.6.2 Criteria of decision making 115

4.6.3 A few exit deals and performances 116

4.7 Cases 116

4.7.1 Beijing City Government s role in the growth of venture capital 117

4.7.2 Shenzhen City Government s infrastructures 120

5.1.1 Framework of foreign investment laws 124

5.1 Legal environment on foreign direct investment 124

Chapter5 Legal and Social Cultural Environments 124

5.1.2 Basic forms of foreign direct investment 125

5.1.3 Management procedures for foreign investment enterprises 126

5.2 Capital Raising 127

5.2.1 Forbidden Private Capital Raising 127

5.2.2 Call for Limited Partnership 128

5.2.3 No Legal Formation of Pensions and Insurances 129

5.3 Capital Structure 131

5.3.1 Absence of Convertible Preferred Shares 131

5.3.2 Stock Options 132

5.4 Intellectual Property Rights 133

5.4.1 Infrastructure 133

5.4.2 Enforcements 134

5.5 Tax System 136

5.5.1 Overview of the Tax System 136

5.4.3 Intangible Property 136

5.5.2 Taxes Applicable to Foreign Investors 137

5.5.3 Tax Incentives 139

5.6 Foreign-Invested Venture Capital Enterprise 141

5.6.1 Qualifications 141

5.6.2 Procedures of the Establishment 142

5.6.3 Business Scope 142

5.6.4 Capital Contributions and Alteration 143

5.6.5 Venture Capital Management Enterprise 144

5.6.6 General Comments on the Regulations 144

5.7.1 Relevant State s Laws and Regulations 145

5.7 Governmental Authorities for Foreign Investors 145

5.7.2 Roles of Local Regulations 146

5.7.3 Relevant Governmental Authorities 147

5.8 Trend towards Improving the Legal Framework 148

5.8.1 Obstaclcs of Current Legal Framework 148

5.8.2 Legal Changes for the Growth of Venture Capital 150

5.8.3 Progress of the Drafted Law and Regulations 151

5.8.4 Promotion Law on SMEs 154

5.9 Chinese Cultural Values on Business 155

5.9.1 Evolution of Cultural Values 155

5.9.2 Dealing with the Chinese in Business 156

5.9.3 Chinese Negotiation Features 157

5.10 Attitudes of Foreign Invested Enterprises on China s Business Environment 159

Chapter6 Venture Capital Originations and Venture Capitalists 162

6.1 Domestic Venture Capital 162

6.1.1 Sources 162

6.1.2 Non-Bank Financial Institutions 164

6.1.3 Listed Companies 165

6.1.4 Private Capital 166

6.2 Venture Capital Organizations Funded by Governments 169

6.2.1 Features 169

6.2.2 Tend to Change 172

6.3 Domestic Venture Capital Organizations 174

6.3.1 Incentive and Restrictive Mechanisms 174

6.3.2 Additional Capitalraising 178

6.3.3 Typical Operation 179

6.3.4 Risk Control 180

6.4 Foreign Venture Capital 181

6.4.1 Investment Structures 181

6.4.2 Sources 183

6.4.3 Active Firms 184

6.5 Intermediaries 186

6.5.1 Consulting Firms 187

6.5.2 Venture Capital Associations 189

6.5.3 Guaranty Companies 190

6.5.4 Incubators 191

6.5.5 Other Intermediates 194

6.6.1 Roles 195

6.6 Domestic Venture Capitalists 195

6.6.2 Current Qualifications 198

6.6.3 Sources 200

6.7 Sino-Foreign Venture Capital Cooperation 203

6.7.1 Necessity 203

6.7.2 Cooperation Modes 205

6.8 Cases 208

6.8.1 Legend Capital 208

6.8.2 Shenzhen Venture Capital Co.,Ltd 211

Chapter7 Survey and Quantitative Analysis 215

7.1 Hypothesis 215

7.1.1 Comment on Current Situation of VC Industry in China 215

7.1.2 Proposal for Development Strategy 219

7.2 Questionnaire 224

7.3 Figures and Data Analysis 226

7.3.1 Comment 1 to 12 226

7.3.2 Proposal 1 to 16 232

7.4 Discussion and Implication 241

Section Summary 243

Appendix Resources Integration Perspective of Venture Capital/Private Equity over Public Equity Market 245

A.1 Introduction 245

A.2 Literature Review:Information Asymmetry and Agency Cost in Venture Capital Model 247

A.2.1 Raising Fund 247

A.2.2 Identifying Investment 248

A.2.3 Deal Structure 249

A.2.4 Monitoring 250

A.2.5 Exit Investment 251

A.3 Research Objectives 252

A.4 Information as Organizational Resource 253

A.4.1 Decision Making 254

A.4.2 Information Productivity 254

A.4.3 Comparative Consultation 256

A.5 Human Capital as Committed Resource 259

A.5.1 Entrepreneur s Objective Human Capital 259

A.5.2 Entrepreneur s Subjective Human Capital 260

A.5.3 VCs Human Capital and Partner Selection 261

A.5.4 Incentive Mechanism for Human Capital Productivity 262

A.6.1 The Substitutability and Interdependence between Financial Capital and Human Resources 264

A.6 The Resources Integration Perspective 264

A.6.2 The Substitutability and Interdependence between Human Capital and Information 265

A.7 The Productivity of Public Equity Market 266

A.7.1 Market Efficiency vs.Economic Efficiency 266

A.7.2 Beyond Information Asymmetry 267

A.7.3 Behavioral Finance 268

A.7.4 Stock Fund Manager s Short-Termism 269

A.8 Discussion and Implication 270

A.8.1 Resources Integration Advantage of VC over Public Equity 270

A.8.2 Implication to Capital Market Restructuring 272

References 274

About Authors 277