A cross-country comparison on venture capital industry - with regional emphasis

摘要

This study examines the impact of venture capitalists' capacity and character on their investee companies from a cross-country angle. The basic hypothesis claims that VC-backed IPO companies' performance and characters are significantly influenced by the characters of venture capitalists and the overall market condition. The empirical findings are generally consistent with our basic hypothesis. Based on the results of empirical study on VC-backed IPO companies in China, Singapore and U.S., this research provides evidence to support the basic hypothesis---venture capitalists' experience and characters and market infrastructure have significant influence on their investee companies.