Acknowledgement
Preface
Introduction
SectionOneOpportunitiesforPrivateEquityInvestor
Chapter1AreasforInvestment
1.1MarketinGeneral
1.2ITandBiotech
1.2.1InternetandE-commerce
1.2.2IC
1.2.3Software
1.2.4Electronics
1.2.5InteractiveTV
1.2.6Telecommunication
1.2.7WirelessTelecommunication
1.2.8Biotech
1.2.9Pharmaceutical
1.2.10TraditionalChineseMedicine
1.2.11MedicalInstrument
1.3ServiceIndustries
1.3.1Healthcare
1.3.2Retail
1.3.3TransportationandPhysicalDistribution
1.3.4OtherServiceIndustries
1.4ManufacturingIndustries
1.4.1Chemical
1.4.2Material
1.4.3NewEnergy
1.4.4EnvironmentalIndustry
1.4.5OtherManufacturingIndustries
Chapter2IdentifyingOpportunities
2.1InvestmentCriteria
2.1.1ChinaasaDevelopingCountry
2.1.2NewOpenMarket
2.1.3CostandEconomicScale
2.2MarketandProjectEvaluation
2.2.1MarketEvaluation
2.2.2ProjectEvaluation
2.3Technology,MarketandLocation
2.3.1MarketOrientationvs.TechnologyOrientation
2.3.2DifferencesofVenturesinThreeMajorCities
2.4FocusingonPrivateSector
2.4.1TheMostDynamicEconomySector
2.4.2CorporateGovernanceofPrivateCompanies
2.4.3FinancingtheGrowth
2.4.4FutureDevelopment
2.4.5EnterprisesStartedbyReturnedOverseasChineseScholars
Chapter3M&AinChina
3.1Themarketandtrends
3.1.1Foreigncapital''sM&AactivitiesinChina
3.1.2ThetrendsofM&AmarketinChina
3.2Opportunities&obstaclesforinternationalinvestors
3.2.1EnterChinabyM&A
3.2.2Opportunitiesfortypicalforeigninvestors
3.2.3Obstaclesforinternationalinvestors
3.2.4WaystoacquireapubliclistedChinesecompany
3.3ProcessofacquiringaChinesecompany
3.4Riskconcem
3.4.1Accountingconcerns
3.4.2Legalconcerns
3.4.3Otherconcerns
3.5KeyM&Asuccessfactors
3.5.1M&Aparties
3.5.2Strategy
3.5.3Publicrelationmanagement
3.5.4Riskcontrol
3.5.5Culturemanagement
Sectionsummary
SectionTwoVentureCapitalIndustryinChina
Chapter4IntroductiontoVentureCapitalIndustry
4.1History
4.1.1Primarystage
4.1.2Growthstage
4.1.3Threegenerationsinthegrowthstage
4.2Government''srole
4.2.1Purposesofpromotingventurecapital
4.2.2Government''sinvolvements
4.3Advantageousconditions
4.4Problemswithventurecapitalgrowth
4.5Basicfeaturesofventurecapitalinvestment
4.5.1Capitalsize
4.5.2Preferredsectors
4.5.3Preferredstages
4.5.4Distributionbyregion
4.6Otherfeaturesofventurecapitalinvestment
4.6.1Projectsources
4.6.2Criteriaofdecisionmaking
4.6.3Afewexitdealsandperformances
4.7Cases
4.7.1BeijingCityGovernment''sroleinthegrowthofventurecapital
4.7.2ShenzhenCityGovernment''sinfrastructures
Chapter5LegalandSocialCulturalEnvironments
5.1Legalenvironmentonforeigndirectinvestment
5.1.1Frameworkofforeigninvestmentlaws
5.1.2Basicformsofforeigndirectinvestment
5.1.3Managementproceduresforforeigninvestmententerprises
5.2CapitalRaising
5.2.1ForbiddenPrivateCapitalRaising
5.2.2CallforLimitedParmership
5.2.3NoLegalFormationofPensionsandInsurances
5.3CapitalStructure
5.3.1AbsenceofConvertiblePreferredShares
5.3.2StockOptions
5.4IntellectualPropertyRights
5.4.1Infrastructure
5.4.2Enforcements
5.4.3IntangibleProperty
5.5TaxSystem
5.5.1OverviewoftheTaxSystem
5.5.2TaxesApplicabletoForeignInvestors
5.5.3TaxIncentives
5.6Foreign-InvestedVentureCapitalEnterprise
5.6.1Qualifications
5.6.2ProceduresoftheEstablishment
5.6.3BusinessScope
5.6.4CapitalContributionsandAlteration
5.6.5VentureCapitalManagementEnterprise
5.6.6GeneralCommentsontheRegulations
5.7GovernmentalAuthoritiesforForeignInvestors
5.7.1RelevantState''sLawsandRegulations
5.7.2RolesofLocalRegulations
5.7.3RelevantGovernmentalAuthorities
5.8TrendtowardsImprovingtheLegalFramework
5.8.1ObstaclesofCurrentLegalFramework
5.8.2LegalChangesfortheGrowthofVentureCapital
5.8.3ProgressoftheDraftedLawandRegulations
5.8.4PromotionLawonSMEs
5.9ChineseCulturalValuesonBusiness
5.9.1EvolutionofCulturalValues
5.9.2DealingwiththeChineseinBusiness
5.9.3ChineseNegotiationFeatures
5.10AttitudesofForeignInvestedEnterprisesonChina''sBusinessEnvironment
Chapter6VentureCapitalOriginationsandVentureCapitalists
6.1DomesticVentureCapital
6.1.1Sources
6.1.2Non-BankFinancialInstitutions
6.1.3ListedCompanies
6.1.4PrivateCapital
6.2VentureCapitalOrganizationsFundedbyGovernments
6.2.1Features
6.2.2TendtoChange
6.3DomesticVentureCapitalOrganizations
6.3.1IncentiveandRestrictiveMechanisms
6.3.2AdditionalCapitalraising
6.3.3TypicalOperation
6.3.4RiskControl
6.4ForeignVentureCapital
6.4.1InvestmentStructures
6.4.2Sources
6.4.3ActiveFirms
6.5Intermediaries
6.5.1ConsultingFinns
6.5.2VentureCapitalAssociations
6.5.3GuarantyCompanies
6.5.4Incubators
6.5.5OtherIntermediates
6.6DomesticVentureCapitalists
6.6.1Roles
6.6.2CurrentQualifications
6.6.3Sources
6.7Sino-ForeignVentureCapitalCooperation
6.7.1Necessity
6.7.2CooperationModes
6.8Cases
6.8.1LegendCapital
6.8.2ShenzhenVentureCapitalCo.,Ltd.
Chapter7SurveyandQuantitativeAnalysis
7.1Hypothesis
7.1.1CommentonCurrentSituationofVCIndustryinChina
7.1.2ProposalforDevelopmentStrategy
7.2Questionnaire
7.3FiguresandDataAnalysis
7.3.1Comment1to12
7.3.2Proposal1to16
7.4DiscussionandImplication
SectionSummary
AppendixResourcesIntegrationPerspectiveofVentureCapital/PrivateEquity
overPublicEquityMarket
A.1Introduction
A.2LiteratureReview:InformationAsymmetryandAgencyCostinVenture
CapitalModel
A.2.1RaisingFund
A.2.2IdentifyingInvestment
A.2.3DealStructure
A.2.4Monitoring
A.2.5ExitInvestment
A.3ResearchObjectives
A.4InformationasOrganizationalResource
A.4.1DecisionMaking
A.4.2InformationProductivity
A.4.3ComparativeConsultation
A.5HumanCapitalasCommittedResource
A.5.1Entrepreneur''sObjectiveHumanCapital
A.5.2Entrepreneur''sSubjectiveHumanCapital
A.5.3VCs''HumanCapitalandParmerSelection
A.5.4IncentiveMechanismforHumanCapitalProductivity
A.6TheResourcesIntegrationPerspective
A.6.1TheSubstitutabilityandInterdependencebetweenFinancialCapital
andHumanResources
A.6.2TheSubstitutabilityandInterdependencebetweenHumanCapital
andInformation
A.7TheProductivityofPublicEquityMarket
A.7.1MarketEfficiencyvs.EconomicEfficiency
A.7.2BeyondInformationAsyrmnetry
A.7.3BehavioralFinance
A.7.4StockFundManager''sShort-Termism
A.8DiscussionandImplication
A.8.1ResourcesIntegrationAdvantageofVCoverPublicEquity
A.8.2ImplicationtoCapitalMarketRestructuring
References
AboutAuthors
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