Culture and venture capital development : a theoretical exploration on China

Pao Yue-kong Library Electronic Theses Database

Culture and venture capital development : a theoretical exploration on China

 

Author: Zeng, Wei
Title: Culture and venture capital development : a theoretical exploration on China
Degree: M.Sc.
Year: 2013
Subject: Venture capital -- China.
Corporate culture -- China.
Hong Kong Polytechnic University -- Dissertations
Department: Faculty of Business
Pages: 155 leaves : col. ill. ; 30 cm.
Language: English
InnoPac Record: http://library.polyu.edu.hk/record=b2577079
URI: http://theses.lib.polyu.edu.hk/handle/200/6893
Abstract: Venture capital (VC) is a widely used form of financial intermediation that is particularly well suited to support the creation and growth of young entrepreneurial companies (Hellmann and Puri 2000). This industry began in the U.S. and expanded from there to Europe and later to Asia to become a worldwide industry. It has contributed significant impacts to the development of the high-tech industries and the overall growth of their national economies as well. In the U.S., for example, VC has backed many high-tech start-ups that have evolved into major companies which include Apple, Genentech, Microsoft, and Intel. VC has also been credited with stimulating job creation, innovation, and economic growth (Eaton, Jonathan, Kortum, and Samuel 2001). But compared with the western countries, venture capital seems not play the corresponding tremendous role to support the high-tech industries in China's practice (Ahlstrom, Bruton, and Yeh 2007). The objective of this dissertation is to identify this problem from the culture dimension by utilizing Hofstede's cultural dimension theoretical framework to examine influence of culture on venture capital development in China. In this dissertation, I conjecture that the primary channel for culture to affect the venture capital development in China through the innovation, risk-taking, and trust. Three cultural dimensions in Hofstede's cultural dimension theoretical framework are particularly relevant for VC development: collectivism, power distance and uncertainty avoidance. This dissertation from the theoretical perspective first analyzes how the innovation, risk-taking, and trust as the essential success factors to influence a country's venture capital development. And then indicates the impact of Chinese culture such as collectivism, high power distance and high uncertainty avoidance are associate with low rates of innovation, risk-avoidance and mistrust between the venture capitalists and the enterprises. The present studies on China's venture capital mainly on the perspective of policy, law, and financial environment. This dissertation contribute to conclude the literatures by identify the missing link between culture and venture capital development in China.

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