An institutional view of China's venture capital industry - Explaining the differences between China and the West

被引:345
作者
Bruton, GD
Ahlstrom, D
机构
[1] Texas Christian Univ, Dept Management, MJ Neeley Sch Business, Ft Worth, TX 76129 USA
[2] Chinese Univ Hong Kong, Dept Management, Shatin, Hong Kong, Peoples R China
关键词
venture capital; institutional theory; China; private equity;
D O I
10.1016/S0883-9026(02)00079-4
中图分类号
F [经济];
学科分类号
02 ;
摘要
Institutional theory argues that institutions in general, and culture in particular, shape the actions of firms and individuals in a number of subtle but substantive ways. The theory has been used to explain a number of significant and substantive managerial differences found in different parts of the world. To date, the examination of venture capital outside the US and Europe, however, has been rather limited. Institutional theory also suggests that there would be differences in how venture capital may operate in other parts of the world, such as Asia where the culture is substantially different from the West. Based on interviews with 36 venture capitalists in 24 venture capital firms investing in China, this exploratory research finds that China's institutional environment creates a number of significant differences from the West. The article discusses the impact of these findings on future research on Asian venture capital, theory development, and the activities of venture capital professionals in that region. (C) 2002 Published by Elsevier Science Inc.
引用
收藏
页码:233 / 259
页数:27
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