Private equity performance and capital flows: Evidence from China

Fang, Hongyan; Nofsinger, John R.; Song, Zhaobin; Wang, Shuxun

doi:10.1016/j.ememar.2018.10.001

Cited by 2 publications

(3 citation statements)

References 22 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…Whether the invested projects can achieve exit and profitability, especially the knowledge and skills of venture capital. Unlike Fang et al (2018) [14] who believe that the investment return of venture capital funds has nothing to do with the team experience, according to Zarutskie (2010) [7] and Srensen(2008) [12], we believe that the richer the investor experience of venture capital funds , The better the return on investment. Therefore, we propose the following assumptions:…”

Section: The Hypothesis Of the Researchmentioning

confidence: 69%

“…Compared with underexperienced venture capital institutions, gain The weaker downside protects contractual cash flow rights. On the contrary, Fang et al (2018) [14] found that the investment return of venture capital funds has nothing to do with the manager's investment experience.…”

Section: Research On Investor Experience and Investment Return Of Venture Capital Fundmentioning

confidence: 99%

See 1 more Smart Citation

Research on the Influence of Investor Experience and Investment Strategy on Investment Return

Hu¹,

Hu²

2021

Proceedings of the 2021 3rd International Conference on Economic Management and Cultural Industry (ICEMCI 2021)

View full text Add to dashboard Cite

With the public's response to "mass entrepreneurship and innovation" and the gradual regulation of the financial market, venture capital industry in China has developed rapidly in recent years, which not only stimulates economic growth, but also promotes technological progress. However, there are still big differences in the performance of different venture capital entities. In this paper, we take the investment events of 540 private equity investment funds established in my country from 2008 to 2018 as a sample, and attempt to examine the impact of the investor experience and investment strategy of my country's venture capital institutions on investment returns. Through correlation analysis, hierarchical regression analysis and robustness test of variables, the empirical results show that: the investor experience of venture capital institutions is positively correlated with investment returns; industryspecialized investment strategies have a convex relationship with investment returns; regionally-specialized investment strategies have no correlation with investment returns.

show abstract

Section: The Hypothesis Of the Researchmentioning

confidence: 69%

Section: Research On Investor Experience and Investment Return Of Venture Capital Fundmentioning

confidence: 99%

Research on the Influence of Investor Experience and Investment Strategy on Investment Return

Hu¹,

Hu²

2021

Proceedings of the 2021 3rd International Conference on Economic Management and Cultural Industry (ICEMCI 2021)

View full text Add to dashboard Cite

show abstract

“…9Pan, Zhang and Wu 2021. Other academic studies using Zero2IPO include, e.g., Fang et al 2018, Gu and Lu 2014, and Zhang, Xiru, Ding and Lu n.d. We also acknowledge that Zero2IPO may not cover all GGFs and their investments and the values in some variables of GGFs (e.g. founding date, investment amount) are missing.…”

mentioning

confidence: 99%

The Promise and Pitfalls of Government Guidance Funds in China

Wei

Ang

Jia

2023

The China Quarterly

View full text Add to dashboard Cite

In 2005, the Chinese government deployed a new financial instrument to accelerate technological catch-up: government guidance funds (GGFs). These are funds established by central and local governments partnering with private venture capital to invest in state-selected priority sectors. GGFs promise to significantly broaden capital access for high-tech ventures that normally struggle to secure funding. The aggregate numbers are impressive: by 2021, there were more than 1,800 GGFs, with an estimated target capital size of US$1.52 trillion. In practice, however, there are notable gaps between policy ambition and outcomes. Our analysis finds that realized capital fell significantly short of targets, particularly in non-coastal regions, and only 26 per cent of GGFs had met their target capital size by 2021. Several factors account for this policy implementation gap: the lack of quality private-sector partners and ventures, leadership turnover and the inherent difficulties in evaluating the performance of GGFs.

show abstract

Private equity performance and capital flows: Evidence from China

Cited by 2 publications

References 22 publications

Research on the Influence of Investor Experience and Investment Strategy on Investment Return

Research on the Influence of Investor Experience and Investment Strategy on Investment Return

The Promise and Pitfalls of Government Guidance Funds in China

Contact Info

Product

Resources

About