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題名 中國大陸創業投資產業之研究
The Study of Venture Capital Industry in China
作者 張閔傑
Chang, Eric M.
貢獻者 黃仁德
Hwang, Jen Te
張閔傑
Chang, Eric M.
關鍵詞 Venture Capital
Chinese Stock Market
Innovation
SME Board
Stock Market Collaboration
日期 2011
上傳時間 2-Jan-2013 13:42:36 (UTC+8)
摘要 The Study discusses the development of the venture capital (VC) industry in China,
from its fundraising, investment to post investment, and comparisons on a global scale. We
also analyzed the relationship between the innovative industries and economic growth, and
discussed the VC’s exit route and stock market in China. The growth of China’s VC industry
is still promising but there are still some challenges that it has to overcome. Furthermore, the
VC development in China also implies the growth potential of the Chinese stock markets,
and suggests that Taiwan should act as an active role and take advantage of its geographical
position, strong relationship and regional stability with China to participate in the possible
collaboration of the stock markets in the Asia-Pacific region.
參考文獻 Ahlstrom, D., G. D. Bruton, and E. S. Chan (2000), “Venture Capital in China: Ground-level
Challenges for High Technology Investing,” Journal of Private Equity, 2, pp. 1–10.
Ahlstrom, D. and G. D. Bruton (2001), “Learning from Successful Local Private Firms in
China: Establishing Legitimacy,” Academy of Management Executive, 15:4, pp. 2–83.
Ahlstrom, D., G. D. Bruton, and K. S. Yeh (2007), “Venture Capital in China: Past, Present,
and Future,” Asia Pacific, 24, pp. 247–268.
Avnimelech, G. (2008), “A Five-phase Entrepreneurial Oriented Innovation and Technology
Policy Profile: The Israeli Experience,” European Planning Studies, 16:1, pp. 81-98.
Badino, J. H., C. C. Hu, and C. Y. Hung (2006), “Models of Taiwanese Venture Capital
Activity and Paths for the Future,” Venture Capital, 8:3, pp. 203-226.
Barry, C. B., C. J. Muscarella, J. W. Peavy III, and M. R. Vetsuypens (1990), “The Role of
Venture Capital in the Creation of Public Companies: Evidence from the Going-Public
Process,” Journal of Financial Economics, 27, pp. 447-471.
Berna, K. (2004), “Understanding the Role of Venture Capital Business in the Japanese IPO
Market,” Economic Journal of Hokkaido University, 33, pp. 221-231.
Bruno, A. V. and T. T. Tyebjee (1984), “A Model of Venture Capitalist Investment Activity,”
Management Science, 30:9, pp. 1051-1066.
Bruton, G. D. and D. Ahlstrom (2003), “An Institutional View of China’s Venture Capital
Industry: Explaining Differences between China and the West,” Journal of Business
Venturing, 18, pp. 233–259.
Bygrave, W. D. and J. A. Timmons (1992), Venture Capital at the Crossroads. Boston:
Harvard Business School Press.

Chang, E. M. (2012), “Taiwan should Develop as the Renmibi Transaction Center,”
Cooperative Bank Today, 38:4, pp. 42-54.
Chou, W. T. (2009), “Research on Venture Capital Industry in Taiwan,” master thesis of
Department of International Business, Tamkang University. Taiwan.
Engel, D. and M. Keilbach (2007), “Firm-Level Implications of Early Stage Venture Capital
Investment—An Empirical Investigation,” Journal of Empirical Finance, 14, pp.
150–167.
European Venture Capital Association (2005), EVCA Yearbook 2005.
Florida, R. and M. Kenney (1988), “Venture Capital-Financed Innovation and Technology
Entrepreneurship,” Journal of Business Venturing, 3, pp. 301-319.
Fuller, D. B. (2010), “How Law, Politics and Transnational Networks Affect Technology
Entrepreneurship: Explaining Divergent Venture Capital Investing Strategies in China,”
Asia Pacific, 27, pp. 445-459.
Fung, H. G., Q. W. Liu, and M. X. Shen (2004), “Venture Capital Cycle, Opportunities, and
Challenges in China,” Chinese Economy, 37:4, pp. 28–49.
Gold, T., D. Guthrie, and D. Wank (2002), Social Connections in China: Institutions, Culture,
and the Changing Nature of Guanxi. New York: Cambridge University Press.
Green, M. B. (1991), Venture Capital: International Comparisons. London and New York:
Routledge.
Greenwood, J. and J. Boyan (1990), “Financial Development, Growth, and the Distribution
of Income,” Journal of Political Economy, 98, pp. 1076–1107.
Haberich, K. (2011), “Venture Capital and Private Equity in China: Structure, Process and
Performance,” doctor dissertation of Graduate School of Business Administration,
Economics, Law and Social Sciences (HSG), University of St. Gallen, Switzerland.

Hasan, I. and H. Wang (2006), “The Role of Venture Capital on Innovation, New Business
Formation, and Economic Growth,” presented at Financial Management Association
(FMA) Annual Meeting, 11-14 October, Utah.
Hasson A. (2005), “Israel: Land of Opportunity?” European Venture Capital Journal,
December-January, pp. 58-60.
Jain, B. A., and O, Kini (1995), “Venture Capitalist Participation and the Post-Issue
Operating Performance of IPO Firms,” Managerial and Decision Economics, 16, pp.
593-606.
Kambil, A., V. W. Long, and C. Kwan (2006), “The Seven Disciplines for Venturing in
China,” Sloan Management Review, 47, pp. 85-89
Keuschnigg, C. (2004), “Venture Capital Backed Growth,” Journal of Economic Growth, 9,
pp. 239-261.
Kirkulak B. (2004), “Understanding the Role of Venture Capital Business in the Japanese
IPO Market,” Economic journal of Hokkaido University, 33, pp. 221-231.
Koh, F. C. C. and W. T. H. Koh (2002), “Venture Capital and Economic Growth: An
Industry Overview and Singapore’s Experience,” working paper, No. 21, School of
Economics and Social Sciences, Singapore Management University.
Koh, W. T. H. and P. K. Wong (2005), “The Venture Capital Industry in Singapore: A
Comparative Study with Taiwan and Israel on the Government’s Role,” paper 967,
Research Collection School of Economics, Singapore Management University.
Lau, D. (1999), “Behind the Great Wall: China Opens its Doors to Domestic and Foreign
Venture Capital Funds,” Venture Capital Journal, July, pp. 48-50.
Lee, W. H., and W. T. Yang (2000), “The Cradle of Taiwan High Technology Industry
Development－Hsinchu Science Park,” Technovation, 20, pp. 55-59.

Lerner, J. (1995), "Venture Capitalists and the Oversight of Private Firms." Journal of
Finance, 50, pp. 301-318.
Li, C. and H. Yao (2011), “The Problems and Strategies of the Development for Venture
Capital in Mainland China,” Journal of Social Sciences, 10:1, pp. 79-110.
Liang, P. (2008), “Venture Capital in Japan and Enlightenment to China,” Chinese Business
Review, 7:1, pp. 10-20.
Liles, P. (1974), “Sustaining the Venture Capital Firm,” Journal of Business Venturing, 1:1,
pp. 119-128.
McNaughton, R. (1990), “The Performance of Venture-Backed Canadian Firms 1980-1987,”
Regional Studies, 24:2, pp. 105-121.
Meade, N. (1977), “The Decline of Venture Capital”, Omega 5, pp. 63-72.
Menger, D. (1988), Principles of Economics. New York : New York University Press.
National Venture Capital Association (2009), NVCA Yearbook 2009.
Peng, M. W. (2001), “How Entrepreneurs Create Wealth in Transition Economies,” Academy
of Management Executive, 15, pp. 95-110.
Peng, M. W. and J. Q. Zhou (2005), “How Network Strategies and Institutional Transitions
Evolve in Asia,” Asia Pacific Journal of Management, 22, pp. 321–336.
Peng, M. W. and Luo, Y. (2000), “Managerial Ties and Firm Performance in a Transition
Economy: The Nature of the Micro-macro Link,” Academy of Management Journal,
43:3, pp. 486-501.
Pfirrmann, O., U. Wupperfeld, and J. Lerner (1997), Venture Capital and New Technology
Based Firms: An U. S. -German Comparison. Washington D. C.: Physica-Verlag,
Pratt, G. (1990), “Venture Capital in the United Kingdom,” Bank of England Quarterly
Review, 30, pp. 78-83.

Rogers, E., and J. Larsen (1984), Silicon Valley Fever: Growth of a High-Technology
Culture. New York: Basic.
Samila, S. and O. Sorenson (2011), “Venture Capital, Entrepreneurship, and Economic
Growth,” Review of Economics and Statistics, 93:1, pp. 338-349.
Saxenian, A. L. and J. Y. Hsu (2001), “The Silicon Valley-Hsinchu Connection: Technical
Communities and Industrial Upgrading,” Industrial and Corporate Change, 10, pp.
893-920.
Sheu, D. F. and H. S. Lin (2006), “A Study on the Information Transparency of the
Involvements by Venture Capital—Case from Taiwan IT Industry,” Journal of
American Academy of Business, 10:1, pp. 227-233.
Steinfeld, E. S. (1998), Forgoing Reform in China: The Fate of State-owned Industry.
Cambridge. New York: Cambridge University Press.
Schmeisser, W. (2000), “Venture Capital und Neuer Markt als strategische Erfolgsfaktoren
der Innovationsförderung”, Finanz-Betrieb 2: pp. 189-193.
Tan, J. (1999), “The Growth of Entrepreneurial Firms in Transitional Economy: The Case of
a Chinese Entrepreneur,” Journal of Management Inquiry, 8:1, pp. 83-89.
Trajtenberg M. (1999), “R&D Policy in Israel: An Overview and Reassessment, Feldman,”
working paper, No. 7930, Innovation Policy in the Knowledge-Based Economy. Boston:
Kluwer Academic Publishers.
White, S., J. Gao, and W. Zhang (2002), “Antecedents and Institutionalization of China’s
Venture Capital System,” paper presented in the International Conference on Financial
Systems, Corporate Investment in Innovation and Venture Capital, 7-8 November,
Belgium.
Wright, M. (2007), “Venture Capital in China: A View from Europe,” Asia Pacific Journal
of Management, 24, pp. 269-281.
Zhang, L. Z. (2011), “The Legal Environment for Foreign Private Equity Firms in China,”
Fordham Journal of Corporate & Financial Law, 16:4, pp. 839-889.
Zhang, L. (2012), Venture Capital and the Corporate Governance of Chinese Listed
Companies. New York: Springer.
描述 碩士
國立政治大學
亞太研究英語碩士學位學程(IMAS)
99926002
100
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0099926002
資料類型 thesis
dc.contributor.advisor 黃仁德zh_TW
dc.contributor.advisor Hwang, Jen Teen_US
dc.contributor.author (Authors) 張閔傑zh_TW
dc.contributor.author (Authors) Chang, Eric M.en_US
dc.creator (作者) 張閔傑zh_TW
dc.creator (作者) Chang, Eric M.en_US
dc.date (日期) 2011en_US
dc.date.accessioned 2-Jan-2013 13:42:36 (UTC+8)-
dc.date.available 2-Jan-2013 13:42:36 (UTC+8)-
dc.date.issued (上傳時間) 2-Jan-2013 13:42:36 (UTC+8)-
dc.identifier (Other Identifiers) G0099926002en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/56555-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 亞太研究英語碩士學位學程(IMAS)zh_TW
dc.description (描述) 99926002zh_TW
dc.description (描述) 100zh_TW
dc.description.abstract (摘要) The Study discusses the development of the venture capital (VC) industry in China,
from its fundraising, investment to post investment, and comparisons on a global scale. We
also analyzed the relationship between the innovative industries and economic growth, and
discussed the VC’s exit route and stock market in China. The growth of China’s VC industry
is still promising but there are still some challenges that it has to overcome. Furthermore, the
VC development in China also implies the growth potential of the Chinese stock markets,
and suggests that Taiwan should act as an active role and take advantage of its geographical
position, strong relationship and regional stability with China to participate in the possible
collaboration of the stock markets in the Asia-Pacific region.		en_US
dc.description.tableofcontents Chapter 1 Introduction ...........................................................................................................1
1.1 Research Background and Motivation.......................................................................................... 1
1.2 Research Purposes ....................................................................................................................... 2
1.3 Methodology ............................................................................................................................... 3
Chapter 2 The Global Venture Capital Industry .....................................................................4
2.1 The Role of Venture Capital ........................................................................................................ 4
2.2 Overview of the Global VC Market ............................................................................................. 8
2.3 The Western VC Development .................................................................................................. 12
2.3.1 The VC Development in the United States ...................................................................... 12
2.3.2 The Model of Silicon Valley ........................................................................................... 16
2.3.3 The VC Development in Europe ..................................................................................... 18
2.4 The Eastern VC Development ................................................................................................... 23
2.4.1 The VC Development in Taiwan ..................................................................................... 23
2.4.2 The VC Development in Israel ........................................................................................ 26
2.4.3 The VC Development in Japan and Singapore ................................................................. 29
2.5 Summary ................................................................................................................................... 32
Chapter 3 The Venture Capital Industry in China ................................................................ 34
3.1 The VC Market in China ........................................................................................................... 34
3.1.1 The Transition in Economic System ................................................................................ 34
3.1.2 The VC Participants in China .......................................................................................... 35
3.2 The Challenges Face by the Venture Capital in China ................................................................ 41
3.2.1 Legalization and Institutionalization ................................................................................ 41
3.2.2 Information Transparency ............................................................................................... 43
3.2.3 The Social Network ........................................................................................................ 44

3.2.4 The Control on Foreign Exchange ................................................................................... 45
3.3 The Reform on Venture Capital in China ................................................................................... 46
3.3.1 The Legal Environment................................................................................................... 46
3.3.2 The Loosen Control on the Foreign Exchange ................................................................. 49
3.4 Summary ................................................................................................................................... 50
Chapter 4 The Venture Capital Industry and the Economic Growth in China ....................... 52
4.1 Regional and Segmental Development in China ......................................................................... 52
4.1.1 VC and Regional Development ....................................................................................... 52
4.1.2 VC and Industry Development ........................................................................................ 53
4.2. Venture Capital and Innovation in China－ZGC Case .............................................................. 57
4.2.1 The ZGC National Demonstration Zone .......................................................................... 57
4.2.2 VC Activities in ZGC ..................................................................................................... 59
4.2.3 Innovation in ZGC .......................................................................................................... 60
4.3 Cross-Strait Comparison ............................................................................................................ 63
4.4 Summary ................................................................................................................................... 65
Chapter 5 The Chinese Venture Capital Industry and the Stock Market ............................... 66
5.1 The Divestment of the VC in China ........................................................................................... 66
5.1.1 The IPOs of Chinese Enterprises ..................................................................................... 67
5.1.2 Performance of the Divestment of VC in China ............................................................... 69
5.2 IPO Activities and Stock Markets .............................................................................................. 71
5.2.1 The Western Stock Exchanges and Chinese Listed Companies ........................................ 71
5.2.2 The Eastern Stock Exchanges and Chinese Listed Companies ......................................... 74
5.2.3 Comparison of S&M Boards in the Exchanges ................................................................ 75
5.3 The Collaboration of Stock Exchanges ...................................................................................... 78
5.3.1 The Importance of Scale ................................................................................................. 78
5.3.2 The Collaboration Possibility for East Asia Stock Markets .............................................. 82
5.3.3 SWOT analysis of Taiwan Stock Markets for Attracting the Chinese’s IPO ..................... 83

5.4 Summary ................................................................................................................................... 86
Chapter 6 Conclusions and Suggestions ............................................................................... 87
6.1 Conclusions ............................................................................................................................... 87
6.2 Suggestions ............................................................................................................................... 90
Appendix-1: China Venture Capital & Private Equity Annual Ranking—2009~2011 .......... 93
Appendix-2: Top 20 VC Firms—2007~2011 ....................................................................... 94
Appendix-3: Top 10 Domestic VC Firms—2010~2011 ....................................................... 95
Appendix-3: Active Taiwanese VC Firms in China—2010~2011 ........................................ 97
Appendix-4: Top 10 Foreign VC Firms—2010~2011 .......................................................... 98
Appendix-5: Basic Requirements for the Admission of Securities to the Selected Capital
Markets ........................................................................................................... 99
References ......................................................................................................................... 104		zh_TW
dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0099926002en_US
dc.subject (關鍵詞) Venture Capitalen_US
dc.subject (關鍵詞) Chinese Stock Marketen_US
dc.subject (關鍵詞) Innovationen_US
dc.subject (關鍵詞) SME Boarden_US
dc.subject (關鍵詞) Stock Market Collaborationen_US
dc.title (題名) 中國大陸創業投資產業之研究zh_TW
dc.title (題名) The Study of Venture Capital Industry in Chinaen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) Ahlstrom, D., G. D. Bruton, and E. S. Chan (2000), “Venture Capital in China: Ground-level
Challenges for High Technology Investing,” Journal of Private Equity, 2, pp. 1–10.
Ahlstrom, D. and G. D. Bruton (2001), “Learning from Successful Local Private Firms in
China: Establishing Legitimacy,” Academy of Management Executive, 15:4, pp. 2–83.
Ahlstrom, D., G. D. Bruton, and K. S. Yeh (2007), “Venture Capital in China: Past, Present,
and Future,” Asia Pacific, 24, pp. 247–268.
Avnimelech, G. (2008), “A Five-phase Entrepreneurial Oriented Innovation and Technology
Policy Profile: The Israeli Experience,” European Planning Studies, 16:1, pp. 81-98.
Badino, J. H., C. C. Hu, and C. Y. Hung (2006), “Models of Taiwanese Venture Capital
Activity and Paths for the Future,” Venture Capital, 8:3, pp. 203-226.
Barry, C. B., C. J. Muscarella, J. W. Peavy III, and M. R. Vetsuypens (1990), “The Role of
Venture Capital in the Creation of Public Companies: Evidence from the Going-Public
Process,” Journal of Financial Economics, 27, pp. 447-471.
Berna, K. (2004), “Understanding the Role of Venture Capital Business in the Japanese IPO
Market,” Economic Journal of Hokkaido University, 33, pp. 221-231.
Bruno, A. V. and T. T. Tyebjee (1984), “A Model of Venture Capitalist Investment Activity,”
Management Science, 30:9, pp. 1051-1066.
Bruton, G. D. and D. Ahlstrom (2003), “An Institutional View of China’s Venture Capital
Industry: Explaining Differences between China and the West,” Journal of Business
Venturing, 18, pp. 233–259.
Bygrave, W. D. and J. A. Timmons (1992), Venture Capital at the Crossroads. Boston:
Harvard Business School Press.

Chang, E. M. (2012), “Taiwan should Develop as the Renmibi Transaction Center,”
Cooperative Bank Today, 38:4, pp. 42-54.
Chou, W. T. (2009), “Research on Venture Capital Industry in Taiwan,” master thesis of
Department of International Business, Tamkang University. Taiwan.
Engel, D. and M. Keilbach (2007), “Firm-Level Implications of Early Stage Venture Capital
Investment—An Empirical Investigation,” Journal of Empirical Finance, 14, pp.
150–167.
European Venture Capital Association (2005), EVCA Yearbook 2005.
Florida, R. and M. Kenney (1988), “Venture Capital-Financed Innovation and Technology
Entrepreneurship,” Journal of Business Venturing, 3, pp. 301-319.
Fuller, D. B. (2010), “How Law, Politics and Transnational Networks Affect Technology
Entrepreneurship: Explaining Divergent Venture Capital Investing Strategies in China,”
Asia Pacific, 27, pp. 445-459.
Fung, H. G., Q. W. Liu, and M. X. Shen (2004), “Venture Capital Cycle, Opportunities, and
Challenges in China,” Chinese Economy, 37:4, pp. 28–49.
Gold, T., D. Guthrie, and D. Wank (2002), Social Connections in China: Institutions, Culture,
and the Changing Nature of Guanxi. New York: Cambridge University Press.
Green, M. B. (1991), Venture Capital: International Comparisons. London and New York:
Routledge.
Greenwood, J. and J. Boyan (1990), “Financial Development, Growth, and the Distribution
of Income,” Journal of Political Economy, 98, pp. 1076–1107.
Haberich, K. (2011), “Venture Capital and Private Equity in China: Structure, Process and
Performance,” doctor dissertation of Graduate School of Business Administration,
Economics, Law and Social Sciences (HSG), University of St. Gallen, Switzerland.

Hasan, I. and H. Wang (2006), “The Role of Venture Capital on Innovation, New Business
Formation, and Economic Growth,” presented at Financial Management Association
(FMA) Annual Meeting, 11-14 October, Utah.
Hasson A. (2005), “Israel: Land of Opportunity?” European Venture Capital Journal,
December-January, pp. 58-60.
Jain, B. A., and O, Kini (1995), “Venture Capitalist Participation and the Post-Issue
Operating Performance of IPO Firms,” Managerial and Decision Economics, 16, pp.
593-606.
Kambil, A., V. W. Long, and C. Kwan (2006), “The Seven Disciplines for Venturing in
China,” Sloan Management Review, 47, pp. 85-89
Keuschnigg, C. (2004), “Venture Capital Backed Growth,” Journal of Economic Growth, 9,
pp. 239-261.
Kirkulak B. (2004), “Understanding the Role of Venture Capital Business in the Japanese
IPO Market,” Economic journal of Hokkaido University, 33, pp. 221-231.
Koh, F. C. C. and W. T. H. Koh (2002), “Venture Capital and Economic Growth: An
Industry Overview and Singapore’s Experience,” working paper, No. 21, School of
Economics and Social Sciences, Singapore Management University.
Koh, W. T. H. and P. K. Wong (2005), “The Venture Capital Industry in Singapore: A
Comparative Study with Taiwan and Israel on the Government’s Role,” paper 967,
Research Collection School of Economics, Singapore Management University.
Lau, D. (1999), “Behind the Great Wall: China Opens its Doors to Domestic and Foreign
Venture Capital Funds,” Venture Capital Journal, July, pp. 48-50.
Lee, W. H., and W. T. Yang (2000), “The Cradle of Taiwan High Technology Industry
Development－Hsinchu Science Park,” Technovation, 20, pp. 55-59.

Lerner, J. (1995), "Venture Capitalists and the Oversight of Private Firms." Journal of
Finance, 50, pp. 301-318.
Li, C. and H. Yao (2011), “The Problems and Strategies of the Development for Venture
Capital in Mainland China,” Journal of Social Sciences, 10:1, pp. 79-110.
Liang, P. (2008), “Venture Capital in Japan and Enlightenment to China,” Chinese Business
Review, 7:1, pp. 10-20.
Liles, P. (1974), “Sustaining the Venture Capital Firm,” Journal of Business Venturing, 1:1,
pp. 119-128.
McNaughton, R. (1990), “The Performance of Venture-Backed Canadian Firms 1980-1987,”
Regional Studies, 24:2, pp. 105-121.
Meade, N. (1977), “The Decline of Venture Capital”, Omega 5, pp. 63-72.
Menger, D. (1988), Principles of Economics. New York : New York University Press.
National Venture Capital Association (2009), NVCA Yearbook 2009.
Peng, M. W. (2001), “How Entrepreneurs Create Wealth in Transition Economies,” Academy
of Management Executive, 15, pp. 95-110.
Peng, M. W. and J. Q. Zhou (2005), “How Network Strategies and Institutional Transitions
Evolve in Asia,” Asia Pacific Journal of Management, 22, pp. 321–336.
Peng, M. W. and Luo, Y. (2000), “Managerial Ties and Firm Performance in a Transition
Economy: The Nature of the Micro-macro Link,” Academy of Management Journal,
43:3, pp. 486-501.
Pfirrmann, O., U. Wupperfeld, and J. Lerner (1997), Venture Capital and New Technology
Based Firms: An U. S. -German Comparison. Washington D. C.: Physica-Verlag,
Pratt, G. (1990), “Venture Capital in the United Kingdom,” Bank of England Quarterly
Review, 30, pp. 78-83.

Rogers, E., and J. Larsen (1984), Silicon Valley Fever: Growth of a High-Technology
Culture. New York: Basic.
Samila, S. and O. Sorenson (2011), “Venture Capital, Entrepreneurship, and Economic
Growth,” Review of Economics and Statistics, 93:1, pp. 338-349.
Saxenian, A. L. and J. Y. Hsu (2001), “The Silicon Valley-Hsinchu Connection: Technical
Communities and Industrial Upgrading,” Industrial and Corporate Change, 10, pp.
893-920.
Sheu, D. F. and H. S. Lin (2006), “A Study on the Information Transparency of the
Involvements by Venture Capital—Case from Taiwan IT Industry,” Journal of
American Academy of Business, 10:1, pp. 227-233.
Steinfeld, E. S. (1998), Forgoing Reform in China: The Fate of State-owned Industry.
Cambridge. New York: Cambridge University Press.
Schmeisser, W. (2000), “Venture Capital und Neuer Markt als strategische Erfolgsfaktoren
der Innovationsförderung”, Finanz-Betrieb 2: pp. 189-193.
Tan, J. (1999), “The Growth of Entrepreneurial Firms in Transitional Economy: The Case of
a Chinese Entrepreneur,” Journal of Management Inquiry, 8:1, pp. 83-89.
Trajtenberg M. (1999), “R&D Policy in Israel: An Overview and Reassessment, Feldman,”
working paper, No. 7930, Innovation Policy in the Knowledge-Based Economy. Boston:
Kluwer Academic Publishers.
White, S., J. Gao, and W. Zhang (2002), “Antecedents and Institutionalization of China’s
Venture Capital System,” paper presented in the International Conference on Financial
Systems, Corporate Investment in Innovation and Venture Capital, 7-8 November,
Belgium.
Wright, M. (2007), “Venture Capital in China: A View from Europe,” Asia Pacific Journal
of Management, 24, pp. 269-281.
Zhang, L. Z. (2011), “The Legal Environment for Foreign Private Equity Firms in China,”
Fordham Journal of Corporate & Financial Law, 16:4, pp. 839-889.
Zhang, L. (2012), Venture Capital and the Corporate Governance of Chinese Listed
Companies. New York: Springer.		zh_TW