中国风险投资行业调查

ChinaVentureCapitalResearchInstitute(HongKong)ResearchReportTheSurveyResearchontheChinaVentureCapitalIndustry2005PrincipalInvestigator:CHENGong-meng,ManagingDirector,ChinaVentureCapitalResearchInstituteCo-Investigators:Dr.TANYi,LINLiang-Yi,Dr.SUNChang-Qun,WANGYu-Qing,ZHONGNianChinaVentureCapitalResearchInstitute(HongKong)March,2005-I-AcknowledgementThisresearchreportisbasedontheVentureCapitalindustryinvestigationorganizedbyChinaVentureCapitalResearchInstitute.Inthesurvey,wereceivedtheinformationdataof144venturecapitalorganizations(seeAppendix2).GuangdongVentureCapitalAssociation,ShenzhenVentureCapitalAssociation,ShanxiVentureCapitalAssociation,TianjinVentureCapitalAssociation,HubeiVentureCapitalAssociationandZhejiangVentureCapitalAssociationdidtheirkindeffortstothesurvey.Weexpressourearnestappreciationtoallthosewhogaveushelpduringtheresearch.ResearchteamMarch2005-II--III-TheSurveyResearchontheChinaVentureCapitalIndustry2005Atthebeginningof2004,CertainOpinionsaboutHowtoBoosttheReformationandSteadyDevelopmentofCapitalMarketbytheStateCouncilwaspromulgated,whichsentatimelyrainforthedevelopmentofcapitalmarketincludingVentureCapital;InMay,ShenzhenSmallandMediumEnterprisesBoardwasofficiallyestablished,whichprovidedanewwithdrawalchannelforChinaventurecapital;InJuly,DecisionsaboutInvestmentSystemreformationbyStateCouncilwasbroughtintoeffect,whichexpandedtheinvestingfieldsforventurecapital.Atthesametime,eachregionsalloverthecountryenactedmanylocalrulesandregulations,basedonthenationallawsandthelocaleconomicsituationaswellastheventurecapitaladvancement.ThepromulgationandtheimplementationoftheselawsandregulationsgreatlyimprovedtheinvestmentenvironmentforventurecapitalinChina,whichfacilitatedthedevelopmentofChinaVentureCapitalIndustryintoconvalescenceafterseveralyears’depressionandadjustment.Underthisbackground,ChinaVentureCapitalResearchInstitute(HongKong),whichhasbeencontinuouslydevotingtoimpelthedevelopmentofChinaventurecapital,establishedasurveyteaminOct.2004,withtheDeanGongmengChenasthePrincipal,toinvestigatethestatusquoofVentureCapitalinChinasoastotrackthenewtrendsofthisindustryintime.During-IV-3months,theteamwidelycollectedtheaccuratefirsthandinformationofthemaindomesticventurecapitalorganizations,includingcompanybasicinformation,financingcondition,investing,projectmanagementandinvestmentreturnsuptotheendof2004bymeansofquestionnaire.Afterstatisticanalysistowardsthe144effectivefeedbackquestionnaires,wefoundthatninemajorcharacteristicswereappearedinChinaVentureCapitalIndustryin2004asfollows:thescaleofcapitalthatChinaventurecapitalorganizationsmanagedhadtendencyofenlargement;howeverthecapitalscalewasstillsmall,whichhadsuppressedtheenhancementofventurecapitalintensity;Investors’favoritedistrictsweresosimilarthatthedevelopmentofventurecapitalwasgeographicallyuneven;EastChinaandtheCentralSouthregionhavedevelopedintothenewsuitableareasforventurecapital;venturecapitalinvestmentfocusedongrowthperiodandexpansionperiod,andinvestmenttotheseedperiodincreased;M&AwasthefundamentalwithdrawalchannelforVentureCapitallastyear;massivenewoverseasventurecapitalorganizationsenteredChinaandcarriedoutinvestments;projectinvestmentswerethemainbusinessofmanyventurecapitalorganizations;projectbonusandwithdrawalreturnsweretheorganization’smainsourceofincome.-V-.........................................................................................................................................III...............................................................................................................................................IV.............................................................................................2..............................................................................................3.........................................................................................................................4......................................................................4.........................................................................4......................................................6..........................................8..................................................................9..............................................9............................................10............................................................................11........................................................11...........................................................................................................14...............................................................................................16-1-22000044-2--3--15%-10%-5%0%5%10%15%20%25%30%0500050001000010000200002000050000500002004200322000044-4-0%5%10%15%20%25%30%20042003-5-0%2%4%6%8%10%12%14%-6-01437216944943603922216.82764.562080010000200003000040000500006000070000()2039212042971816301.658525.827876.32305350050000100000150000200000250000300000350000()-7-241980925229051015202530-8-020040060080010001200140031