Research into the performance and investment practices of venture capital funds in China

 

There is little published information on the current investment practices of Chinese venture capital funds. Which practices lead to better returns for investments and VC funds? How do the investment practices vary between China based funds and China focused funds and amongst the different regions in Greater China? How do they compare to those used in Europe and the USA? Researchers from Henley Business School, University of Reading (https://www.henley.ac.uk ) and the University of Chester Business Research Institute / China Centre (https://www1.chester.ac.uk/business-research-institute) are collaborating on a new study into the performance and investment practices of VC firms in China. We hope that you will agree to take part in this study. All that is required is for you to be interviewed by the research team who will ask questions about the structural, operational (investment practices) and wider environmental characteristics of your VC firm and funds. Interviews usually last for around one hour. All information is treated entirely confidentially, firm names and your participation in the research will not be disclosed in any reports or academic papers that are published. In return for your co-operation we will share the findings of the research with you and the findings of our previous research on European and US VC firms and funds.

The research team comprises Dr Keith Arundale of the ICMA Centre, Henley Business School and his collaborators, Dr Ying Zhao and Zhijian Zhong, from the University of Chester Business Research Institute / China (see brief biographies below). The study builds on Dr Arundale’s previous research into the performance of VC funds in UK/Europe and USA which revealed several differences in the structural, operational and wider environmental characteristics of VC firms in those regions. This research was the most up to date, complete and extensive qualitative review of the entire venture capital investment process featuring interviews with 70 VC investment executives from 64 separate venture capital firms in UK, continental Europe and USA, supplemented by interviews with 40 other stakeholders (limited partner investors, entrepreneurs, advisors and corporate VCs). The research was published in Dr Arundale’s book “Venture Capital Performance: A comparative study of investment practices in Europe and USA” (Routledge: Taylor & Francis Group, 2019) https://www.keitharundale.com/index.php/publications/books/. The investment practices of Chinese VC firms in the new study will be compared with those of UK/Europe and US VC firms from the previous study. Best practices for VC investing in China will be proposed.

Please contact the following if you would like any further information on the study:

Dr Keith Arundale: k.arundale@icmacentre.ac.uk or phone: +44 7802 925499.

Dr Ying Zhao: y.zhao@chester.ac.uk or phone: +44 7845802872.

Biographies

Dr Keith Arundale is a Senior Visiting Fellow at the ICMA Centre, Henley Business School, University of Reading (https://www.icmacentre.ac.uk/people/dr-keith-arundale ). He is also a Visiting Professor at the University of Chester Business Research Institute / China Centre (http://businessresearchinstitute.co.uk/keith-arundale) and a former doctoral researcher at the Adam Smith Business School, University of Glasgow. Formerly, Keith led business development and the venture capital programme for the Global Technology Industry Group in Europe at PricewaterhouseCoopers (PwC). Keith was awarded an Adam Smith Business School prize for PhD excellence for his research work into VC fund performance and investment practices in Europe and USA. Keith is the author of “Raising Venture Capital Finance in Europe” (Kogan Page, 2007) and “Venture Capital Performance: A comparative study of investment practices in Europe and the USA” (Routledge: Taylor & Francis Group, 2019). He also authored the British Private Equity & Venture Capital Association’s (BVCA) “Guide to Private Equity”.

Dr Ying Zhao is a researcher at University of Chester Business Research Institute China Centre. She is specialised in reward-based crowdfunding as an alternative financing for start-up businesses in the entrepreneurial finance area. Ying is the first author of “Crowdfunding industry—History, development, policies, and potential issues” (2019) and several other conference paper on crowdfunding. She is also the chief editor of “Chester Forum IV Edited Proceedings: UK and China Business: The Marco Polo Initiative and Belt Road Initiative” (2019). She holds an MBA in Global Financial Services from Coventry University, an MA in International Financial Analysis and a BA in Accounting and Finance from Newcastle University. She is also an Association of Chartered Certified Accountants candidate and has previously worked in a financial consultancy business.

 

Zhijian Zhong currently is a PhD Fellow at the University of Chester. Present research interest is entrepreneurial finance especially in equity crowdfunding and venture capital investment. He holds postgraduate degrees in Finance from the University of London, Queen Mary University of London (2017). Before joining Chester, he was a broker at China Futures.

 

中国风险投资基金的绩效和投资实践研究及人员介绍

目前,在西方相对较少有关于中国风险投资基金以及其相关的投资实践的研究。哪种做法能给风投基金带来更好的回报?中国的基金和主要专注在中国的基金之间,以及大中华不同区域之间,投资方式有何不同?它们与欧洲和美国的相比又有什么的不同之处?英国雷丁大学商学院与切斯特大学商学研究院的研究人员正在对中国风险投资公司的绩效和投资实践进行新的研究。 

我们诚挚邀请您参与到这项研究中。我们的研究团队将对您进行访谈,研究团队将就您的风险投资公司和基金的结构,运营(投资实践)和相关的环境特征提出问题。访谈大约一小时。所有信息将完全保密处理,公司名称和您的参与不会在任何发表的报告或学术论文中披露。作为您合作的回报,我们将与您分享研究结果以及我们先前对欧洲和美国风险投资公司和基金的研究结果。 

该研究小组由来自英国雷丁大学商学院ICMA中心 (https://www.icmacentre.ac.uk)的Keith Arundale博士及其合作者英国切斯特大学商学研究院(http://businessresearchinstitute.co.uk) 的赵莹博士和钟志坚组成(详见请看下面的简介)。该研究将基于Arundale博士先前对英国/欧洲和美国的风险投资基金的绩效进行进一步的深入对比研究。先前的研究揭示了这些地区的风险投资公司在结构,运营和相关的环境特征方面的若干差异,并对整个风险投资过程的有着相对完整和全面的研究。其中包括对来自英国,欧洲大陆和美国的64家独立风险投资公司的70位风险投资投资高管的访谈,以及对40位其他利益相关者的访谈(包括有限合伙人投资者,企业家,顾问和企业风险投资等)。这项研究发表在Arundale博士的著作《风险资本绩效:欧洲和美国投资实践的对比研究》一书中(泰勒弗朗西斯集团出版社,2019)。新研究中将会把中国风险投资公司的投资实践将与先前研究中的英国/欧洲和美国风险投资公司的投资实践进行比较。希望通过新的研究,能发现在中国进行风险投资的相对优势,给中国的风险投资机构以及从业人员带来不同的视野。

如果您需要有关该研究的任何更多信息,请联系以下人员:

Keith Arundale博士   邮件:k.arundale@icmacentre.ac.uk电话 +44 7802 925499.

赵莹博士   邮件:y.zhao@chester.ac.uk电话:+44 7845802872.

研究人员介绍

Keith Arundale博士,英国雷丁大学商学院高级访问研究员,切斯特大学商学研究院客座教授。他曾在英国普华永道的欧洲全球科技产业部从事商业开发和风险投资方向项目负责人。在风险投资行业内工作近30年后,他决定转向学术研究方向。他在格拉斯哥大学读博期间,撰写了欧美风险投资基金的绩效和投资实践对比研究的论文,并获得了PhD Excellence Award (最佳博士生奖)。 他有2本书籍著作,《欧洲风险投资》(Kogan page 出版社,2007) 及《风险资本绩效:欧洲和美国投资实践的对比研究》(泰勒弗朗西斯集团出版社,2019)。同时他还为英国风险投资协会 (BVCA)撰写了“私募股权投资指南”。

赵莹博士英国切斯特大学商学研究院中国中心研究员。她主要关注英国中小型企业的融资,特别是在创业融资和替代融资领域的研究方向。她著有数篇期刊和会议论文,包括“众筹行业历史,发展,政策和潜在挑战”(Journal of Public Affairs, 2019,“回报众筹模型作为创业融资的可行性及影响因素”(英国管理学会年会,2018),“回报众筹模型在创业融资实践中的概念模型”(ISBE, 2019)等。另外,她先后作为责任编辑和主编出版了2017-2019年的《切斯特论坛中英商务:马可波罗倡议与“一带一路”的发展》系列会刊。她拥有切斯特大学创业融资博士学位,考文垂大学全球金融服务MBA学位、纽卡斯尔大学国际金融分析硕士学位和会计与金融学士学位。她也是英国特许注册会计师协会的候选人,并有英国金融咨询公司的工作经验。

钟志坚,英国切斯特大学在读博士。他的主要研究方向是股权融资与风险投资相结合的创业融资模式。他曾在中信建投期货有限责任公司任经纪人。他还拥有伦敦大学玛丽女王学院的金融硕士学位。