下面为大家整理一篇优秀的essay代写范文- Comparison of venture capital between China and foreign countries，供大家参考学习，这篇论文讨论了中外风险投资。美国风险投资发端于“天使投资”，是民间主体基于对成长型中小企业的利润预期而自发形成的制度创新。在风险投资的创设与发展过程中，政府主要提供法律与政策支持。而中国的风险投资与其外国同行相比的，比较缺乏管理经验。所以政府在采取措施促进风险投资的发展时，应重新审视风险投资的定位与政策，改善金融环境、促进立法。
After a brief recession in 2002, China's venture capital rebounded rapidly in 2003 and continued to develop rapidly in 2004. In 2003, venture capital reached us $992 million, an increase of 137% over the previous year, and in 2004, venture capital reached us $1.269 billion, an increase of 27.92% over the previous year. Vigorously in our country, but the risk investment of domestic venture capital investment institutions and investment has been shrinking, risk investment institutions from 296 to 2002 2003 in 233, a third is strong, risk investment institutions the cash declined from $2002 in 58.2 billion to 2002 of 50.1 billion yuan, was reduced by 13.9%, reduce investment by $2002 in 194.8 million to $2003 in 169 million, the share dropped from 46.6% in 2002 to 17% in 2003. Why does China's venture capital development present such a great contrast? This article attempts from the risk investment operation of the financial environment, the two aspects of creation background and development through comparison between the Chinese and foreign venture capital institutions, in order to find out the cause of the weak development of venture capital in China.
As an investment and financing mechanism, venture capital operates in a specific financial environment, which is affected by the structure of financial system, the development of financial market and the operating efficiency of financial system. From the Angle of venture capital financing, venture capital needs a lot of man who can shoulder the risk capital providers, these capital providers or institutional investors, or individual investors, for them, the risk investment is the investment decision-making, balanced a means of financial assets, profitability and safety. When a country appear more capital providers through risk investment to coordinate safety and profitability of its assets, the country often has experienced the full development of the capital market, to achieve diversification of assets for investors and hierarchical risk tolerance. The main fund supplier of venture capital, institutional investor, has been fully cultivated and developed. Mature capital market also means mature property right transaction activities, which enables venture capital to exit through various channels such as IPO, MBO and M&A.
Through the world financial system, they can be divided into two categories, category marked by developed, active stock market, most of the investment and financing activities in these countries is reflected in the stock market trading, such as the United States. The other is dominated by a strong banking system, with major investment and financing activities going through the banking system, such as Germany and Japan. In 1998, Black•B and Gilson•R studied the structure of venture capital and capital markets in these countries and concluded that weak venture capital activities were associated with an economy dominated by bank financing. The reason for the rapid development and prosperity of American venture capital lies in the existence of highly developed and dynamic securities market.
In the true sense of the financial system of our country, the industrial and commercial bank of China should be started in 1984 to create, since more than ten years, our country gradually established its banking system, insurance system and stock system, and formed the current banking, insurance, securities industry situation of separate operation and supervised respectively. From the planned economy gradually transition to the market economy, the economic transformation trace inevitably reflected in the process of the establishment and development of the financial system, and cause huge impact to the running efficiency of financial institutions.
At the beginning of China's securities market was built in the planned economy era, to maintain the socialist economy of the state power, shares of listed companies in China are divided into state-owned shares, legal person share and three types of individual shares, only allow the free flow of individual shares on the market and trade. Equity separation seriously hindered the development of securities market, in June 2001, the Chinese government has tried to reduce the state-owned shares, to increase the liquidity of the securities market, but because of the difficulties caused by the economic transformation that the government had to give up the action. Though in mid - 2004, the shenzhen stock exchange to establish the small and medium-sized enterprises board, make the development of the securities market and took a step forward, but our country securities market defects in innate system make it difficult to realize the investment and financing of the transformation, the end of 2003, a total of 33 securities company in China, the total assets of 528.5 billion yuan, total market capitalization of $4.24577 trillion of capital.
China's insurance industry is the financial industry that is least affected by the economic transformation. State-owned insurance companies have realized the management socialization by means of business division and shareholding system reform at an early stage. The insurance industry has developed rapidly in just over ten years since its establishment. By the end of 2004, the total amount of insurance premiums reached 431.81 billion yuan and the total assets of the insurance industry reached 1.18 trillion yuan. But compared with western countries, the insurance company still cannot play a role of major institutional investors, one is the insurance company's investment channels in China has been under strict control, until 2004 to allow direct investment in the stock market, investment, investment and investment management at groping stage, play a role of major institutional investors, leading investment direction remains to be time; Second is $5660.3 with Switzerland and the UK compared to $4058.5 insurance density, insurance density in China is only $35.3, 3.33% compared to 13.37% of the UK and Switzerland 12.74% insurance depth, show that China's insurance industry is still in the small stage, still need to get long-term development.
Compared with the securities industry and insurance industry, China's banking industry is huge and well-developed. At the end of 2003, the domestic banking system including three policy Banks, four wholly state-owned commercial Banks, 112 urban commercial Banks, 693 urban credit cooperatives, 32401 rural credit cooperatives, in addition, there are 204 of the 223 foreign bank branches and offices of foreign Banks. The total assets of the banking system reached 27.64 trillion yuan, far higher than the total insurance assets of 912.28 billion yuan and the total market value of securities capital of 4.24577 trillion yuan, accounting for 84.3% of China's financial market. It also shows the dominant position of the banking sector in China's financial system. Within the banking system in our country, state-owned commercial Banks occupy the dominant position for a long time, it absorbs 65% of the national savings, paid out 55% of loans to financial institutions, taking 80% of the payment and settlement business in the whole society. Due to historical reasons, the state-owned commercial Banks and state-owned enterprises exist while, difficult to cut off the relationship, this makes the banking system most of the money went to state-owned enterprises, make a major contribution to our country economy of small and medium-sized enterprises and the private sector is difficult to get money; On the other hand, state-owned commercial Banks have become the main source of bad loans. Although the government has taken to set up asset management companies, foreign capital, shareholding system reform and other ways to solve the state-owned commercial Banks non-performing loans, capital shortage and corporate governance issues, but in the process of the marketization of the banking system in China gradually into orbit, the state-owned commercial Banks dominated the situation of China's investment and financing structure remain unchanged, most of the social idle funds still focus on the state-owned commercial Banks, and provides the state-owned enterprises through the banking system. The inefficiency and partiality of the banking system in allocating social capital will remain for some time to come.
Learned from the above analysis, our country venture capital operation in a system of state-owned commercial Banks as the master of the financial environment, the environment on the one hand, have restricted the transformation of the idle capital to venture capital, on the other hand, expand the venture capital, namely as a supplement to the bank money, for many hard to win the trust of small and medium-sized enterprises to provide legal support funds from the bank. Compared with foreign venture capital institutions, this financial environment also determines that China's venture capital institutions are at a disadvantage in financing, investment and exit.
American venture capital originates from "angel investment", which is a system innovation spontaneously formed by the private subject based on the profit expectation of growing smes. In the creation and development of venture capital, the government mainly provides legal and policy support. This bottom-up induced generated risk investment institutions in the high investment, high risk, high participation, high-yield investment philosophy, ACTS as a risk enterprise capital providers, the social roles of managers and workers. Risk investment institutions more take the form of a limited partnership organization, risk investment institutions of managers and stakeholders, with rich management experience of risk investment institutions operating risk bearing unlimited liability.
Risk investment expansion and contraction is largely influenced by the success of venture capital and the gem influence the performance of the stock market, such as the 1999 HP, such as yahoo success created a myth in silicon valley, make the risk investment rose from $1998 in 21.347 billion to $1999 in 54.604 billion, but soaring to $2000 in 105.892 billion, but in the spring of 2001 the NASDAQ market collapse of the risk of the investment suddenly dropped to $41.015 billion, 2002, 2003, is to keep this decline, It was not until 2004 that the momentum was reversed, rising slightly to $20.941 billion. This feature is also reflected in international risk investment institutions entering into China, in 2001, 2002, affected by the NASDAQ stock market fell, enter our country foreign venture investment of $258 million and $208.6 million respectively, and in 2003, 2004 by the number of successful listing of Chinese risk enterprises and merger case, foreign venture investment reached $823 million and $794.4 million.
China's venture capital has a completely different background and development process. The creation of venture capital in China science and technology system reform in 1985, the central government is trying to change the situation of research and development funds from the government plans to grant, to solve the transformation of scientific and technological achievements in China slow, the problem of insufficient funds. The start-up purpose not only determines the unique social role - venture capital in China fund, promoting the transformation of high-tech, but also make the subsequent development - each rapid growth or recession is associated with the government decision-making. Deng xiaoping in 1992 to determine the development direction of the risk investment, under around the government's response, and at the end of 1993, China has established 11 venture capital firms, but most is set up by the local government, and is affiliated with the ministry of science and technology. In 1998, the central committee of "the development of China's venture capital business proposal as soon as possible" raised all over the country research of risk investment, the establishment of risk investment company, at the end of 1999 venture capital company with 99, when the new 40, 2000, 102 new venture investment company, including the part by creating private companies and financial institutions and enterprises of the company. Government money is no longer the only source of funds, venture capital organizations in the private sector has begun to enter the venture capital industry, some listed companies to join the wave of venture investment, at the end of 2001, 45% of China's venture capital funded by public companies, a total of $880 million, 42% comes from government departments, totaled $836 million, another 13% comes from the private sector, a total of $255 million. The source of funding for venture capital has begun to shift from government ownership to public enterprise, which is almost evenly split with the government. At the end of 2001, when the China securities regulatory commission announced that delayed the opening of a second board market, the lack of exit channel risk investment company badly hit, risk investment dropped from $2001 in 518 million to $418 million, down 19.31%.
The publication of the draft regulations on the administration of foreign venture capital companies, a government document in 2002, encouraged the establishment of some sino-foreign venture capital companies. In 2003, 2004, the strong growth of economy in our country, the expected appreciation of the yuan, and more than the emergence of the venture capital exit successful cases have promoted the rapid rebound risk investment and growth, risk investment of $2003 in 992 million, and $1.269 billion in 2004, an increase of 137% and 27.92% respectively. But as I mentioned earlier, risk investment institutions from 296 in 2002 to 2003 in 233, a third is strong, risk investment institutions the cash from 58.2 billion yuan in 2002 dropped to 50.1 billion yuan in 2003, was reduced by 13.9%, reduce risk investment of $2002 in 194.8 million to $2003 in 169 million, the share from 46.6% in 2002 to 17% by 2003. In 2004, affected by the establishment of the sme board, China's venture capital increased significantly, rising to us $319.8 billion, an increase of 89.23% over the previous year and a share of 25.2%.
Sources of venture capital in our country gradually in the process of the enterprise, personal, risk investment agencies and their foreign counterparts another weakness is rooted in its special creation background and development course of the venture capital fund managers in China are mostly lack of management experience. Such as the former analysis, many venture capital institutions founded by the government in our country, most of the risk investment institutions, founded in 2000 and beyond, fund manager's choice of venture investment project and risk management of enterprise are lack of experience. In the survey of 204 venture capital company managers found that background with government officials, 48, a former professor of scholars have 31, with Banks and other financial background, there are 37, a background in foreign background or sea turtles have 13 people, only 75 entrepreneurial background, accounting for 37%. This also explains the factors that restrict the development of venture capital institutions in China.
Is venture capital in China as part of the national science and technology and rejuvenating the country policy by the government enforce product, it runs in the state-owned commercial Banks, the dominant financial environment, its law of development and the social role is more related to government policy. This makes it different from its foreign counterparts in financing channels, management levels, exit routes and other aspects, and is in a relatively inferior position. Government is taking steps to promote the development of risk investment, should re-examine the positioning of venture capital and policy, should be to improve the financial environment, promote the legislation, standardize the development of risk investment target.
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After a brief recession in 2002, China's venture capital rebounded rapidly in 2003 and continued to develop rapidly in 2004. In 2003, venture capital reached us $992 million, an increase of 137% over the previous year, and in 2004, venture capital reached us $1.269 billion, an increase of 27.92% over the previous year. Vigorously in our country, but the risk investment of domestic venture capital investment institutions and investment has been shrinking, risk investment institutions from 296 to 2002 2003 in 233, a third is strong, risk investment institutions the cash declined from $2002 in 58.2 billion to 2002 of 50.1 billion yuan, was reduced by 13.9%, reduce investment by $2002 in 194.8 million to $2003 in 169 million, the share dropped from 46.6% in 2002 to 17% in 2003. Why does China's venture capital development present such a great contrast? This article attempts from the risk investment operation of the financial environment, the two aspects of creation background and development through comparison between the Chinese and foreign venture capital institutions, in order to find out the cause of the weak development of venture capital in China.
As an investment and financing mechanism, venture capital operates in a specific financial environment, which is affected by the structure of financial system, the development of financial market and the operating efficiency of financial system. From the Angle of venture capital financing, venture capital needs a lot of man who can shoulder the risk capital providers, these capital providers or institutional investors, or individual investors, for them, the risk investment is the investment decision-making, balanced a means of financial assets, profitability and safety. When a country appear more capital providers through risk investment to coordinate safety and profitability of its assets, the country often has experienced the full development of the capital market, to achieve diversification of assets for investors and hierarchical risk tolerance. The main fund supplier of venture capital, institutional investor, has been fully cultivated and developed. Mature capital market also means mature property right transaction activities, which enables venture capital to exit through various channels such as IPO, MBO and M&A.
Through the world financial system, they can be divided into two categories, category marked by developed, active stock market, most of the investment and financing activities in these countries is reflected in the stock market trading, such as the United States. The other is dominated by a strong banking system, with major investment and financing activities going through the banking system, such as Germany and Japan. In 1998, Black•B and Gilson•R studied the structure of venture capital and capital markets in these countries and concluded that weak venture capital activities were associated with an economy dominated by bank financing. The reason for the rapid development and prosperity of American venture capital lies in the existence of highly developed and dynamic securities market.
In the true sense of the financial system of our country, the industrial and commercial bank of China should be started in 1984 to create, since more than ten years, our country gradually established its banking system, insurance system and stock system, and formed the current banking, insurance, securities industry situation of separate operation and supervised respectively. From the planned economy gradually transition to the market economy, the economic transformation trace inevitably reflected in the process of the establishment and development of the financial system, and cause huge impact to the running efficiency of financial institutions.
At the beginning of China's securities market was built in the planned economy era, to maintain the socialist economy of the state power, shares of listed companies in China are divided into state-owned shares, legal person share and three types of individual shares, only allow the free flow of individual shares on the market and trade. Equity separation seriously hindered the development of securities market, in June 2001, the Chinese government has tried to reduce the state-owned shares, to increase the liquidity of the securities market, but because of the difficulties caused by the economic transformation that the government had to give up the action. Though in mid - 2004, the shenzhen stock exchange to establish the small and medium-sized enterprises board, make the development of the securities market and took a step forward, but our country securities market defects in innate system make it difficult to realize the investment and financing of the transformation, the end of 2003, a total of 33 securities company in China, the total assets of 528.5 billion yuan, total market capitalization of $4.24577 trillion of capital.
China's insurance industry is the financial industry that is least affected by the economic transformation. State-owned insurance companies have realized the management socialization by means of business division and shareholding system reform at an early stage. The insurance industry has developed rapidly in just over ten years since its establishment. By the end of 2004, the total amount of insurance premiums reached 431.81 billion yuan and the total assets of the insurance industry reached 1.18 trillion yuan. But compared with western countries, the insurance company still cannot play a role of major institutional investors, one is the insurance company's investment channels in China has been under strict control, until 2004 to allow direct investment in the stock market, investment, investment and investment management at groping stage, play a role of major institutional investors, leading investment direction remains to be time; Second is $5660.3 with Switzerland and the UK compared to $4058.5 insurance density, insurance density in China is only $35.3, 3.33% compared to 13.37% of the UK and Switzerland 12.74% insurance depth, show that China's insurance industry is still in the small stage, still need to get long-term development.
Compared with the securities industry and insurance industry, China's banking industry is huge and well-developed. At the end of 2003, the domestic banking system including three policy Banks, four wholly state-owned commercial Banks, 112 urban commercial Banks, 693 urban credit cooperatives, 32401 rural credit cooperatives, in addition, there are 204 of the 223 foreign bank branches and offices of foreign Banks. The total assets of the banking system reached 27.64 trillion yuan, far higher than the total insurance assets of 912.28 billion yuan and the total market value of securities capital of 4.24577 trillion yuan, accounting for 84.3% of China's financial market. It also shows the dominant position of the banking sector in China's financial system. Within the banking system in our country, state-owned commercial Banks occupy the dominant position for a long time, it absorbs 65% of the national savings, paid out 55% of loans to financial institutions, taking 80% of the payment and settlement business in the whole society. Due to historical reasons, the state-owned commercial Banks and state-owned enterprises exist while, difficult to cut off the relationship, this makes the banking system most of the money went to state-owned enterprises, make a major contribution to our country economy of small and medium-sized enterprises and the private sector is difficult to get money; On the other hand, state-owned commercial Banks have become the main source of bad loans. Although the government has taken to set up asset management companies, foreign capital, shareholding system reform and other ways to solve the state-owned commercial Banks non-performing loans, capital shortage and corporate governance issues, but in the process of the marketization of the banking system in China gradually into orbit, the state-owned commercial Banks dominated the situation of China's investment and financing structure remain unchanged, most of the social idle funds still focus on the state-owned commercial Banks, and provides the state-owned enterprises through the banking system. The inefficiency and partiality of the banking system in allocating social capital will remain for some time to come.
Learned from the above analysis, our country venture capital operation in a system of state-owned commercial Banks as the master of the financial environment, the environment on the one hand, have restricted the transformation of the idle capital to venture capital, on the other hand, expand the venture capital, namely as a supplement to the bank money, for many hard to win the trust of small and medium-sized enterprises to provide legal support funds from the bank. Compared with foreign venture capital institutions, this financial environment also determines that China's venture capital institutions are at a disadvantage in financing, investment and exit.
American venture capital originates from "angel investment", which is a system innovation spontaneously formed by the private subject based on the profit expectation of growing smes. In the creation and development of venture capital, the government mainly provides legal and policy support. This bottom-up induced generated risk investment institutions in the high investment, high risk, high participation, high-yield investment philosophy, ACTS as a risk enterprise capital providers, the social roles of managers and workers. Risk investment institutions more take the form of a limited partnership organization, risk investment institutions of managers and stakeholders, with rich management experience of risk investment institutions operating risk bearing unlimited liability.
Risk investment expansion and contraction is largely influenced by the success of venture capital and the gem influence the performance of the stock market, such as the 1999 HP, such as yahoo success created a myth in silicon valley, make the risk investment rose from $1998 in 21.347 billion to $1999 in 54.604 billion, but soaring to $2000 in 105.892 billion, but in the spring of 2001 the NASDAQ market collapse of the risk of the investment suddenly dropped to $41.015 billion, 2002, 2003, is to keep this decline, It was not until 2004 that the momentum was reversed, rising slightly to $20.941 billion. This feature is also reflected in international risk investment institutions entering into China, in 2001, 2002, affected by the NASDAQ stock market fell, enter our country foreign venture investment of $258 million and $208.6 million respectively, and in 2003, 2004 by the number of successful listing of Chinese risk enterprises and merger case, foreign venture investment reached $823 million and $794.4 million.
China's venture capital has a completely different background and development process. The creation of venture capital in China science and technology system reform in 1985, the central government is trying to change the situation of research and development funds from the government plans to grant, to solve the transformation of scientific and technological achievements in China slow, the problem of insufficient funds. The start-up purpose not only determines the unique social role - venture capital in China fund, promoting the transformation of high-tech, but also make the subsequent development - each rapid growth or recession is associated with the government decision-making. Deng xiaoping in 1992 to determine the development direction of the risk investment, under around the government's response, and at the end of 1993, China has established 11 venture capital firms, but most is set up by the local government, and is affiliated with the ministry of science and technology. In 1998, the central committee of "the development of China's venture capital business proposal as soon as possible" raised all over the country research of risk investment, the establishment of risk investment company, at the end of 1999 venture capital company with 99, when the new 40, 2000, 102 new venture investment company, including the part by creating private companies and financial institutions and enterprises of the company. Government money is no longer the only source of funds, venture capital organizations in the private sector has begun to enter the venture capital industry, some listed companies to join the wave of venture investment, at the end of 2001, 45% of China's venture capital funded by public companies, a total of $880 million, 42% comes from government departments, totaled $836 million, another 13% comes from the private sector, a total of $255 million. The source of funding for venture capital has begun to shift from government ownership to public enterprise, which is almost evenly split with the government. At the end of 2001, when the China securities regulatory commission announced that delayed the opening of a second board market, the lack of exit channel risk investment company badly hit, risk investment dropped from $2001 in 518 million to $418 million, down 19.31%.
The publication of the draft regulations on the administration of foreign venture capital companies, a government document in 2002, encouraged the establishment of some sino-foreign venture capital companies. In 2003, 2004, the strong growth of economy in our country, the expected appreciation of the yuan, and more than the emergence of the venture capital exit successful cases have promoted the rapid rebound risk investment and growth, risk investment of $2003 in 992 million, and $1.269 billion in 2004, an increase of 137% and 27.92% respectively. But as I mentioned earlier, risk investment institutions from 296 in 2002 to 2003 in 233, a third is strong, risk investment institutions the cash from 58.2 billion yuan in 2002 dropped to 50.1 billion yuan in 2003, was reduced by 13.9%, reduce risk investment of $2002 in 194.8 million to $2003 in 169 million, the share from 46.6% in 2002 to 17% by 2003. In 2004, affected by the establishment of the sme board, China's venture capital increased significantly, rising to us $319.8 billion, an increase of 89.23% over the previous year and a share of 25.2%.
Sources of venture capital in our country gradually in the process of the enterprise, personal, risk investment agencies and their foreign counterparts another weakness is rooted in its special creation background and development course of the venture capital fund managers in China are mostly lack of management experience. Such as the former analysis, many venture capital institutions founded by the government in our country, most of the risk investment institutions, founded in 2000 and beyond, fund manager's choice of venture investment project and risk management of enterprise are lack of experience. In the survey of 204 venture capital company managers found that background with government officials, 48, a former professor of scholars have 31, with Banks and other financial background, there are 37, a background in foreign background or sea turtles have 13 people, only 75 entrepreneurial background, accounting for 37%. This also explains the factors that restrict the development of venture capital institutions in China.
Is venture capital in China as part of the national science and technology and rejuvenating the country policy by the government enforce product, it runs in the state-owned commercial Banks, the dominant financial environment, its law of development and the social role is more related to government policy. This makes it different from its foreign counterparts in financing channels, management levels, exit routes and other aspects, and is in a relatively inferior position. Government is taking steps to promote the development of risk investment, should re-examine the positioning of venture capital and policy, should be to improve the financial environment, promote the legislation, standardize the development of risk investment target.
想要了解更多英国留学资讯或者需要英国代写，请关注51Due英国论文代写平台，51Due是一家专业的论文代写机构，专业辅导海外留学生的英文论文写作，主要业务有essay代写、paper代写、assignment代写。在这里，51Due致力于为留学生朋友提供高效优质的留学教育辅导服务，为广大留学生提升写作水平，帮助他们达成学业目标。如果您有essay代写需求，可以咨询我们的客服QQ：800020041。
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