Harnessing venture capital in China

IF 3.2 2区经济学 Q1 ECONOMICS Socio-Economic Review Pub Date : 2023-06-28 DOI:10.1093/ser/mwad037

Yan Xu

引用次数: 0

Abstract

This article studies the development and distinct features of China’s venture capital (VC) market, now the world’s second largest. I show that the Chinese state has creatively adapted its involvement in VC to harness it for industrial policy—by working with private investors to target startups in key sectors, rendering state activism and vibrant entrepreneurship mutually supportive. This adaptation and China’s embrace of transnational VC have created two varieties of VC with distinct investment patterns. Whereas return-driven VC, much raised overseas, has been active in backing platform companies, policy-guided VC has bet heavily on startups in prioritized sectors. This article challenges the view that vibrant VC and entrepreneurship are products of liberal market economies and the top-down portrayal of China’s political economy. It also adds to the understanding of state–market relations in China by illuminating the process of adaptation and reinvention and by studying China through an explicitly comparative lens.

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在中国利用风险资本

本文研究了目前世界第二大风险投资市场中国的发展及其鲜明特征。我表明，中国政府创造性地调整了对风险投资的参与，通过与私人投资者合作，瞄准关键领域的初创企业，使政府行动主义和充满活力的创业精神相互支持，从而利用风险投资制定产业政策。这种适应和中国对跨国风险投资的接纳创造了两种具有不同投资模式的风险投资。在海外筹集资金的回报驱动型风险投资一直积极支持平台公司，而政策导向型风险投资则在优先领域的初创企业上押下了大量赌注。这篇文章挑战了这样一种观点，即充满活力的风险投资和企业家精神是自由市场经济的产物，也是中国政治经济自上而下的写照。它还通过阐明适应和改造的过程以及通过明确的比较视角研究中国，增加了对中国国家-市场关系的理解。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Socio-Economic Review Multiple-

CiteScore

6.80

自引率

10.80%

发文量

期刊介绍： Originating in the Society for the Advancement of Socio-Economics (SASE), Socio-Economic Review (SER) is part of a broader movement in the social sciences for the rediscovery of the socio-political foundations of the economy. Devoted to the advancement of socio-economics, it deals with the analytical, political and moral questions arising at the intersection between economy and society. Articles in SER explore how the economy is or should be governed by social relations, institutional rules, political decisions, and cultural values. They also consider how the economy in turn affects the society of which it is part, for example by breaking up old institutional forms and giving rise to new ones. The domain of the journal is deliberately broadly conceived, so new variations to its general theme may be discovered and editors can learn from the papers that readers submit. To enhance international dialogue, Socio-Economic Review accepts the submission of translated articles that are simultaneously published in a language other than English. In pursuit of its program, SER is eager to promote interdisciplinary dialogue between sociology, economics, political science and moral philosophy, through both empirical and theoretical work. Empirical papers may be qualitative as well as quantitative, and theoretical papers will not be confined to deductive model-building. Papers suggestive of more generalizable insights into the economy as a domain of social action will be preferred over narrowly specialized work. While firmly committed to the highest standards of scholarly excellence, Socio-Economic Review encourages discussion of the practical and ethical dimensions of economic action, with the intention to contribute to both the advancement of social science and the building of a good economy in a good society.