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題名 中國大陸最佳創投案源建立法則
Best Practices of VC Deal Sourcing in China
作者 陳儀雪
Chen, Yvonne
貢獻者 李仁芳
陳儀雪
Chen, Yvonne
關鍵詞 創投
案源
關係
中國
Venture Capital
Deal Sourcing
Guanxi
China
日期 2007
上傳時間 30-Oct-2012 10:59:20 (UTC+8)
摘要 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
參考文獻 [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
描述 碩士
國立政治大學
經營管理碩士學程(EMBA)
93932902
96
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0093932902
資料類型 thesis
dc.contributor.advisor 李仁芳zh_TW
dc.contributor.author (Authors) 陳儀雪zh_TW
dc.contributor.author (Authors) Chen, Yvonneen_US
dc.creator (作者) 陳儀雪zh_TW
dc.creator (作者) Chen, Yvonneen_US
dc.date (日期) 2007en_US
dc.date.accessioned 30-Oct-2012 10:59:20 (UTC+8)-
dc.date.available 30-Oct-2012 10:59:20 (UTC+8)-
dc.date.issued (上傳時間) 30-Oct-2012 10:59:20 (UTC+8)-
dc.identifier (Other Identifiers) G0093932902en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/54423-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 經營管理碩士學程(EMBA)zh_TW
dc.description (描述) 93932902zh_TW
dc.description (描述) 96zh_TW
dc.description.abstract (摘要) 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		zh_TW
dc.description.abstract (摘要) “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.en_US
dc.description.abstract (摘要) 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		-
dc.description.tableofcontents 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		zh_TW
dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0093932902en_US
dc.subject (關鍵詞) 創投zh_TW
dc.subject (關鍵詞) 案源zh_TW
dc.subject (關鍵詞) 關係zh_TW
dc.subject (關鍵詞) 中國zh_TW
dc.subject (關鍵詞) Venture Capitalen_US
dc.subject (關鍵詞) Deal Sourcingen_US
dc.subject (關鍵詞) Guanxien_US
dc.subject (關鍵詞) Chinaen_US
dc.title (題名) 中國大陸最佳創投案源建立法則zh_TW
dc.title (題名) Best Practices of VC Deal Sourcing in Chinaen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) [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		zh_TW