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首页> 外文期刊>Asia Pacific journal of management >How law, politics and transnational networks affect technology entrepreneurship: Explaining divergent venture capital investing strategies in China
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How law, politics and transnational networks affect technology entrepreneurship: Explaining divergent venture capital investing strategies in China

机译：法律，政治和跨国网络如何影响技术创业：解释中国不同的风险投资策略

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摘要

This article identifies three distinct patterns of investment behavior by venture capital firms investing in technology sector start-ups in China. The first pattern is the service-oriented, technology-light investment behavior exhibited by the foreign venture capitalist firms not founded by ethnic Chinese. The second pattern is the technology creation investment pattern exhibited by foreign firms founded by ethnic Chinese and embedded in ethnic Chinese communities. The third pattern consists of local state-funded Chinese venture capital firms that choose either to invest in state-directed projects or opt out of investing in technology start-ups entirely. What explains the differences in behavior between the strictly foreign and the ethnic Chinese-embedded foreign firms are the different legal environments in which these firms honed their skills. The different learned experience gained from operating in different environments explains why the foreign firms avoid investing in technology-generating activities in China whereas the ethnic Chinese firms are willing to do so despite China's notorious weak intellectual property rights regime. The political factors influencing the distribution of finance in China explain the behavior and essential failure of the local state-run venture capital firms. These findings demonstrate that several distinct, separate and non-clashing institutional arrangements are concurrently operating within China and shaping the behavior of venture capital firms there.
机译：本文确定了风险投资公司投资中国科技行业初创公司的三种不同的投资行为模式。第一种模式是由非华裔创办的外国风险投资家所展现的服务导向，技术轻型的投资行为。第二种模式是由华人创办并嵌入华人社区的外国公司所展示的技术创造投资模式。第三种模式是由地方政府资助的中国地方风险投资公司组成，它们要么选择投资于国家主导的项目，要么选择完全不投资于技术初创企业。严格解释为外国公司和嵌入华裔的外国公司之间行为差异的原因是这些公司磨练技能的不同法律环境。在不同环境中经营获得的不同经验教训解释了为什么外国公司避免在中国投资于技术开发活动，而尽管中国臭名昭著的知识产权制度薄弱，但华裔华人公司还是愿意这样做。影响中国金融分布的政治因素解释了当地国有风险投资公司的行为和本质上的失败。这些发现表明，有几种截然不同，相互独立且不冲突的制度安排正在中国境内同时运作，并在此塑造着风险投资公司的行为。

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