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研究生: 陳儀雪
Chen, Yvonne
論文名稱: 中國大陸最佳創投案源建立法則
Best Practices of VC Deal Sourcing in China
指導教授: 李仁芳
學位類別: 碩士
Master
系所名稱: 商學院 - 經營管理碩士學程(EMBA)
Executive Master of Business Administration(EMBA)
論文出版年: 2007
畢業學年度: 96
語文別: 英文
論文頁數: 38
中文關鍵詞: 創投案源關係中國
外文關鍵詞: Venture Capital, Deal Sourcing, Guanxi, China
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  • 大中國區的興起,帶動全球的投資中國熱
    其獨特經濟人文的發展對外人而言是一大挑戰
    在大中國地區,如何找尋好的案源
    對非中國人而言,文化語言的藩籬如何克服
    如何透過複雜的關係網,確保好案源的建立
    如何找出Deal sourcing 的最佳運作模式
    根據過去十幾年來在中國投資的VC的經驗模式探討及分析 希望從經驗中歸納出重點來提升未來中國投資案的成功率


    “Greater China” is a term referring collectively to both the territories administered by the People's Republic of China (including Hong Kong and Macau), and territories administered by the Republic of China (Taiwan and some neighboring islands). To foreigners, Greater China may seem like more or less a homogenous region, with people of seemingly common appearance, language (Mandarin or some variant of it), and culture. However, deep underlying differences exist between Taiwan and China. To give an example, while Confucian ethics and values are deeply ingrained in the Taiwanese mindset, such traditional values are almost non-existent under the mainland Chinese brand of social capitalism. Being able to understand and leverage these fine nuances in culture is a critical factor in successfully doing business in China. Indeed, in the fifteen years or so since Taiwanese VC’s have entered the Chinese market, they have gained valuable insight on the critical role that culture plays in originating successful deals. This paper will attempt to identify the best practices adopted by Taiwanese VC’s in successfully sourcing and landing VC deals in China.

    ACKNOWLEDGEMENT ii
    LIST OF FIGURES v
    CHAPTER 1. INTRODUCTION 1
    Section 1. Introduction 1
    Section 2. Reasons for Research 4
    Section 3. The Research Questions 5
    CHAPTER 2. LITERATURE REVIEW 6
    Section 1. The Chinese Venture Capital Market 6
    Section 2. Theories Regarding the Initial Steps of the VC Process 10
    Section 3. Exiting Theories on Business Networking in China 14
    CHAPTER 3. RESEARCH QUESTION AND METHODOLOGY 17
    Section 1. Research Model 17
    Section 2. Research Questions 18
    Scope 18
    Section 3. Methodology 19
    Interviewees 19
    Interview Procedures/ Interview Settings 21
    Analysis of Results 23
    Reliability and Validity 23
    CHAPTER 4. Case Study 24
    Section 1. Background 24
    Clarification of Coding System Used 27
    Section 3: Analysis - Trust, Locals and Networking. 30
    Trust 30
    Local Partner/ Entrepreneur 33
    Networking 35
    Section 4: Analysis - Deal Selection Problem and Macro/ Micro Factors 38
    Deal Selection 39
    Macroeconomic & Microeconomic Factors 45
    Section 5: Analysis – Investment Style 48
    Section 6: Analysis – Deal Origination Method & Other Factors 52
    Origination Method 53
    Other Factors 58
    Section 7. 1st Group v.s. 2nd Group of Interviews 61
    CHAPTER 5. FINDINGS & DICUSSION 62
    Section 1. Discussion of Results of 1st Group Interviews. 62
    Section 2. Findings from Interview 1. 65
    Section 3. Findings from Interview 2 71
    Section 4. Discussion of Results of 2nd Group Interviews 75
    CHAPTER 6. CONCLUSION 77
    Section 1. Conclusion 77
    Section 2. Further Studies 81
    REFERENCE 83
    APPENDIX 1
    Exhibit 1. Interview Guide 1
    Exhibit 2. Coded Interview Transcripts: 1st Interview Group 2
    Exhibit 2-1: 1st Interview – Mr. M 2
    Exhibit 2-2: Interview 2 – Ms. C and Mr. B 14
    Exhibit 2-3: Interview 3 – Mr. T 21
    Exhibit 3. Coded Interview Transcripts: 2st Interview Group 30
    Exhibit 3-1: 1st Interview – Mr. V 30
    Exhibit 3-2: 2st Interview – Mr. R 34
    Exhibit 4. Interviewee Acknowledgement of Coded Transcripts 38
    Page 1: Mr. T 38
    Page 2: Mr. V 38
    Page 3: Mr. R 38

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