000 02881nam a22004215i 4500
001 978-1-4614-1281-6
003 DE-He213
005 20140220083242.0
007 cr nn 008mamaa
008 111018s2012 xxu| s |||| 0|eng d
020 _a9781461412816
_9978-1-4614-1281-6
024 7 _a10.1007/978-1-4614-1281-6
_2doi
050 4 _aHB71-74
072 7 _aK
_2bicssc
072 7 _aBUS000000
_2bisacsh
082 0 4 _a330
_223
100 1 _aZhang, Lin.
_eauthor.
245 1 0 _aVenture Capital and the Corporate Governance of Chinese Listed Companies
_h[electronic resource] /
_cby Lin Zhang.
250 _a1.
264 1 _aNew York, NY :
_bSpringer New York,
_c2012.
300 _aVIII, 122p.
_bonline resource.
336 _atext
_btxt
_2rdacontent
337 _acomputer
_bc
_2rdamedia
338 _aonline resource
_bcr
_2rdacarrier
347 _atext file
_bPDF
_2rda
520 _aState-controlled listed companies have always dominated Chinese stock markets. As a result of the rampant scandals related to them, there have been voluminous academic efforts to explore their corporate governance, underpinned by agency costs. However, these studies have yet to examine the phenomenon from the perspective of venture capital and adaptive efficiency. During the last ten years, despite China’s remarkable progress in the development of its venture capital market, its domestic venture capital has been marginalized by American competitors. Given the different performance between them, the author contends that the corporate governance system of Chinese state-controlled listed companies has hampered the performance of the institutional factors which are responsible for the prosperity of American venture capital in Chinese venture capital markets. With the practice of American venture capital as the mirror, he empirically demonstrates that Chinese domestic venture capital lacks the four factors related to the success of their American counterparts: large and independent funding, application of incentive mechanisms, efficient exit channels, and a high risk tolerance level. More importantly, these defects as a whole are closely linked to the corporate governance of state-controlled listed companies.  Considering the potential negative consequences on economic and social development, the author identifies policy reforms underway to harmonize agency costs and adaptive efficiency. 
650 0 _aEconomics.
650 1 4 _aEconomics/Management Science.
650 2 4 _aEconomics/Management Science, general.
650 2 4 _aFinance/Investment/Banking.
650 2 4 _aR & D/Technology Policy.
710 2 _aSpringerLink (Online service)
773 0 _tSpringer eBooks
776 0 8 _iPrinted edition:
_z9781461412809
856 4 0 _uhttp://dx.doi.org/10.1007/978-1-4614-1281-6
912 _aZDB-2-SBE
999 _c101035
_d101035