중국 벤처캐피탈의 현황 및 기회와 리스크

Abstract

Venture Capital (VC) in China is main issue of this study. Venture industry in China consists of various participants such as central government, local government, VCs, banks, incubators, research institutes, credit guarantee institutions, and so on. Each of participants plays unique role in promoting venture business while they are interconnected directly or indirectly. The purpose of this study is to explain the development process and the structure of VC industry in China, to find differences in investment patterns according to different types of VC, and finally to see opportunity and risk factors in venture investment in China especially in terms of foreign VC. The main findings in this research can be summarized by following conclusions. Firstly, VC in China has been developed in the order of government VC, University VC, corporate backed VC and foreign VC. After China's participation of WTO in 2001, foreign VC has become main actor of VC industry in China with enlarging both the size and number of investments. However, we can easily find that there is bias in the investments. For example, VC investment in China has been focused on mostly IT industry in Beijing and Shanghai. Secondly, strong and weak points of foreign VC are different from those of Chinese domestic VC. Compared with domestic VC, foreign VC shows different patterns in finding investment opportunity and in operation among VC cycle. Thirdly, since the characteristics of foreign VC is different from that of domestic VC, finding opportunity and risk factors in China is essential for foreign VC to make a successful venture investment in China. Since the opportunity and risk factors varies according to the types of VC, specialized strategy should be prepared to be successful in China venture investment.