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 转一篇ATIMES上的有关中国VC现状的文章 |
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暗八仙
头衔: 海归上校
声望: 院士
性别: 
加入时间: 2005/08/19
文章: 5359
来自: 北京
海归分: 76190
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作者：暗八仙 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
Nothing ventured ...
Investing in China: the Emerging Venture Capital Industry in China by Jonsson Yinya Li
Reviewed by James Borton
Earlier this month, private equity investors witnessed the surprisingly successful initial stock offering by Baidu, known as China's Google, and Yahoo's $1 billion investment in Chinese e-commerce company Alibaba. These high-profile international deals are sending more venture capitalists hurtling through time zones from Silicon Valley to various science parks in China, like modern Marco Polos. So the recent publication of Investing in China: the Emerging Venture Capital Industry in China by Jonsson Yinya Li, could not be more auspicious, since it trumpets the arrival of China's venture capital industry.
For sure, there are many private equity investors who remain skeptical about the full emergence of a venture capital system in the state-planned economy. But Li's new guide does provide ample documentation of more China-focused funds coming of age in China's fast march to the financial markets. Experienced US venture funds along with Asian regional funds and a number of
domestic funds have adapted to Beijing's evolving rules and regulations, enabling many to build positive investment track records.
In a recent interview with Asia Times Online, Li revealed that in his role as an academic researcher at Renmin University's Center for the Study of China Venture Capital, he assiduously pores over Chinese periodicals and newspapers, and journals reporting on private equity developments, each day.
With the entrance of China into the World Trade Organization and the opening up of the Chinese economy, Chinese bureaucrats recognize that venture capital-backed small and medium-sized enterprises (SMEs) are fueling China's staggering nearly 9% growth rate. All readers must certainly give credit to the exhaustive research and the prescience of this venture capital guide, which includes excellent case studies of the financing and development of e-commerce site Alibaba and Asian news site AsianInfo.
Although the guide does provide many details on the mechanics of China's investment process, and an examination of successful venture capital-backed SMEs including due diligence and investment monitoring, Li's boosterism for the advent of the industry does not adequately address some of the policy obstacles impacting on the flow of private equity capital into China this year. For example, the new and confusing investment circulars issued by the State Administration of Foreign Exchange (SAFE) are dampening the venture capital investment climate. Professor Mannie Liu of Renmin University's School of Finance, the director of the China Venture Capital Research Institute, speculates that the recent decline of venture funds entering the country is linked directly to the government's latest regulations prohibiting state-owned enterprise assets from being illegally removed from the country.
China remains steeped in bureaucracy, and some venture capitalists suggest that the overly numerous filings at SAFE remain buried in a Great Wall of paper, with an insufficient number of administrative support and trained management to process any timely reviews.
According to the Beijing-based Zero2ipo research consultancy, in spite of the venture capital slowdown, there's an influx of entrepreneurial associations and networks springing up in China, largely focused on information technology developments. Companies like Zero2ipo, along with the publication of this new guide to the venture capital marketplace, do succeed in showcasing and identifying new talent to buttress the government's initiative of "rejuvenating China with science and technology".
It is noteworthy that by the end of 2004, with the direct assistance of venture capital companies, SMIC, Shanda, Finance Street, 51job.com and eLong, among others, executed significant overseas initial public offerings (IPOs) and raised $4.67 billion.
Recent efforts have been made by the Chinese government to improve the state of its venture capital industry, especially with respect to foreign investment. Only a few years ago, China allowed the formation of foreign-managed domestic currency venture capital funds, but this effort proved to be unsuccessful, leading to the enactment of a new set of rules. The new rules, including the creation of a structure similar to a limited partnership, provided foreign investors the same opportunities as Chinese partners with respect to venture capital investment. China also lowered the barriers to entering its venture capital market by reducing the minimum capitalization requirement from $100 million to $10 million. As a result of such reforms, foreign investors have increased access to China's venture capital market.
In an e-mail interview, author Li elaborated on the need for stronger policy recommendations for the continued overhaul of the venture capital industry:
Some policy recommendations for the development of China's venture capital industry have been suggested. They are as follows: to amend the Company and the Partnership Acts to provide a more flexible and effective operating environment for the venture capital industry. Partnerships are the usual form of organization used in countries with mature venture capital industries. The structures available in China are much more rigid, making it more difficult for investors and fund managers to divide profits and risk.
Currently, China has no law on regulations regarding limited partnerships. Some provisions in the Partnership Act even hinder the development of limited partnerships ... the enactment of an Investment Fund Act as well as a Venture Capital Investment management Act [should be accelerated]. Their aims should be to broaden the sources of capital available for the venture capital industry. Venture capital companies in China currently face major restrictions on their a funding sources; therefore, China should learn from and apply overseas experience, by introducing investment funds to provide a structure for venture capital organizations.
The Chinese are indeed quick studies, so the authoritative guide effectively serves as a paean for entrepreneurship inside China.
Despite a projected modest downturn, Venture capital organizations are expected to invest approximately US$1 billion in China by the end of 2005, down from a record $1.2 billion in 2004. Additionally, the Chinese venture capital industry will generate opportunities for more start-ups. It is likely that mainstream venture capital firms will establish new China offices, and there will be many more overseas IPOs for Chinese companies.
Li's book does not claim that China will become the new Silicon Valley, nor does he provide a blueprint as to how that might occur. Nevertheless, with the Chinese government building more innovation centers and science parks, and with the continuous return to China of graduates with degrees from MIT, Stanford and other institutions of higher learning, there's nonetheless a compelling portrait of a new China embedded in this financial tome.
Investing in China: the Emerging Venture Capital Industry in China by Jonsson Yinya Lim Adamas. GMB Publishing Ltd, September 2005. ISBN: 1905050135 (Hardcover version), and 1-905050-50-X (E-Book version). Price US$144, 288 pages. To order the book, please click here.
James Borton is a veteran freelance journalist in Asia and has been regularly reporting on China media and private equity developments also found at his new blog, www.chinaventurenews.com
作者：暗八仙 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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 转一篇ATIMES上的有关中国VC现状的文章 -- 暗八仙 - (7626 Byte) 2005-9-02 周五, 22:36 (1806 reads)
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