政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/54423

政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/54423

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政大典藏 > College of Commerce > Executive Master of Business Administration > Theses > Item 140.119/54423

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/54423

Title:	中國大陸最佳創投案源建立法則 Best Practices of VC Deal Sourcing in China
Authors:	陳儀雪 Chen, Yvonne
Contributors:	李仁芳陳儀雪 Chen, Yvonne
Keywords:	創投案源關係中國 Venture Capital Deal Sourcing Guanxi China
Date:	2007
Issue Date:	2012-10-30 10:59:20 (UTC+8)
Abstract:	大中國區的興起，帶動全球的投資中國熱其獨特經濟人文的發展對外人而言是一大挑戰在大中國地區，如何找尋好的案源對非中國人而言，文化語言的藩籬如何克服如何透過複雜的關係網，確保好案源的建立如何找出Deal sourcing 的最佳運作模式根據過去十幾年來在中國投資的VC的經驗模式探討及分析希望從經驗中歸納出重點來提升未來中國投資案的成功率 “Greater China” is a term referring collectively to both the territories administered by the People`s Republic of China (including Hong Kong and Macau), and territories administered by the Republic of China (Taiwan and some neighboring islands). To foreigners, Greater China may seem like more or less a homogenous region, with people of seemingly common appearance, language (Mandarin or some variant of it), and culture. However, deep underlying differences exist between Taiwan and China. To give an example, while Confucian ethics and values are deeply ingrained in the Taiwanese mindset, such traditional values are almost non-existent under the mainland Chinese brand of social capitalism. Being able to understand and leverage these fine nuances in culture is a critical factor in successfully doing business in China. Indeed, in the fifteen years or so since Taiwanese VC’s have entered the Chinese market, they have gained valuable insight on the critical role that culture plays in originating successful deals. This paper will attempt to identify the best practices adopted by Taiwanese VC’s in successfully sourcing and landing VC deals in China. ACKNOWLEDGEMENT ii LIST OF FIGURES v CHAPTER 1. INTRODUCTION 1 Section 1. Introduction 1 Section 2. Reasons for Research 4 Section 3. The Research Questions 5 CHAPTER 2. LITERATURE REVIEW 6 Section 1. The Chinese Venture Capital Market 6 Section 2. Theories Regarding the Initial Steps of the VC Process 10 Section 3. Exiting Theories on Business Networking in China 14 CHAPTER 3. RESEARCH QUESTION AND METHODOLOGY 17 Section 1. Research Model 17 Section 2. Research Questions 18 Scope 18 Section 3. Methodology 19 Interviewees 19 Interview Procedures/ Interview Settings 21 Analysis of Results 23 Reliability and Validity 23 CHAPTER 4. Case Study 24 Section 1. Background 24 Clarification of Coding System Used 27 Section 3: Analysis - Trust, Locals and Networking. 30 Trust 30 Local Partner/ Entrepreneur 33 Networking 35 Section 4: Analysis - Deal Selection Problem and Macro/ Micro Factors 38 Deal Selection 39 Macroeconomic & Microeconomic Factors 45 Section 5: Analysis – Investment Style 48 Section 6: Analysis – Deal Origination Method & Other Factors 52 Origination Method 53 Other Factors 58 Section 7. 1st Group v.s. 2nd Group of Interviews 61 CHAPTER 5. FINDINGS & DICUSSION 62 Section 1. Discussion of Results of 1st Group Interviews. 62 Section 2. Findings from Interview 1. 65 Section 3. Findings from Interview 2 71 Section 4. Discussion of Results of 2nd Group Interviews 75 CHAPTER 6. CONCLUSION 77 Section 1. Conclusion 77 Section 2. Further Studies 81 REFERENCE 83 APPENDIX 1 Exhibit 1. Interview Guide 1 Exhibit 2. Coded Interview Transcripts: 1st Interview Group 2 Exhibit 2-1: 1st Interview – Mr. M 2 Exhibit 2-2: Interview 2 – Ms. C and Mr. B 14 Exhibit 2-3: Interview 3 – Mr. T 21 Exhibit 3. Coded Interview Transcripts: 2st Interview Group 30 Exhibit 3-1: 1st Interview – Mr. V 30 Exhibit 3-2: 2st Interview – Mr. R 34 Exhibit 4. Interviewee Acknowledgement of Coded Transcripts 38 Page 1: Mr. T 38 Page 2: Mr. V 38 Page 3: Mr. R 38
Reference:	[1] Bao S., Lin S., and Zhao C., (2006) “The Chinese Economy After WTO Accession.”, Public Venture Capital and Its Private Strategies in China, 155-177 [2] Barnathan J. Et.al (1996) “Rethinking China” Business Week, 4 March, 13-20 [3] Ebenekamp B., (2006) “What you ‘xi’ is What you Get”, Brandweek, 13/11/2006; 47,41 pg.20. [4] Gallanter J. R.,(2003) “Leveraging the power of relationships”, Sales and Marketing Management. New York: Aug 2003 Vol.155, Iss. 8; pg 56 [5] Gold T., Guthrie D., Wank D, (Eds.) (2002), “Social Connections in China: Institutions, Culture and the Changing Nature of Guanxi”, Cambridge University Press, New York, NY [6] Gomez E.T., (2005) “Inter-ethnic relations, business and identity – the Chinese in Britain and Malaysia” United Nations Research institute for Social Development. Available at: www.unrisd.org [7] Gupta, Udayan (ed.) 2000, Done Deals: Venture Capitalists Tell Their Stories, Harvard Business School 王美音˙楊子江譯（2002），Udayan Gupta編，創業投資這一行 — 35位頂尖創投家助人興業的成功故事，遠流 [8] Li and Wright (1999) “ The issue of guanxi: discrepancies, reality and implications”, Business Research Centre Working Paper, Hong Kong Baptist University, Hong Kong Sep. [9] Luo, Y., (1997), “Guanxi: principles, philosophies and implications”, Human Systems Management, Vol. 16 No.1, 43-52 [10] MacMillan I., Siegel R., Subba Narashimha P.N., “Criteria Used By VentureCapitalist to Evaluate Proposals”. In Wright M., Sapienza H., Busenitz L., (2003) “Venture Capital” Volume II”, 3-12 [11] McMahan T, “Venture capital flows into China”, Wall Street Journal (14/02/2007) 19-20 [12] O. Fiet J., (1995) “Reliance Upon Informants in the Venture Capital Industry”. In Wright M., Sapienza H., Busenitz L., (2003) “Venture Capital Volume II”, 44-72 [13] Pandey I., M, Jang A., (1996) “Venture capital for financing technology in Taiwan”, Technovation (Sep 1999), Vol. 16, Iss. 9; 507-513 [14] Sappington, David E.M., “Incentives in Principal-Agent Relationships”, Journal of Economic Perspectives 5:2 (Spring 1991), 45-66 [15] Szeto R., Wright P., Cheng E., “Business networking in the Chinese context; Its role in the formation of guanxi, social capital and ethical foundations” Management Research News. Patrington: 2006. Vol.29, Iss.7. pg. 425. [16] Zero2IPO Research Centre., (2006). “China Venture Capital Annual Forum 2006”, China VC, PE, M&A, IPO Markets, Jan~Nov 2006. [17] Yan Y. X. (1996), “The culture of guanxi in a north China village”, The China Journal, Vol. 35, No.1, pg. 1-25
Description:	碩士國立政治大學經營管理碩士學程(EMBA) 93932902 96
Source URI:	http://thesis.lib.nccu.edu.tw/record/#G0093932902
Data Type:	thesis
Appears in Collections:	[Executive Master of Business Administration] Theses

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