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A report issued in December 2009 proved that the foreign venture capital & private equity (VC/PE) investors favor the pure Renminbi (RMB) funds in China.
On December 21, 2009, China Venture Capital Association officially published the 2009 Report on Foreign Capital’s Participating in RMB Funds. According to the report, in 2009 the foreign VC/PE was bullish on the pure RMB funds and the enterprises at the starting period. In addition, the second board IPO became the first choice for foreign VC/PE institutions’ plan of withdrawing.
RMB Funds: the Best Choice
The report showed that in the end of 2009 the foreign VC/PE institutions actively participated in the RMB funds. 41% of the foreign VC/PE institutions which have not set up RMB funds have already listed this project into their agenda; 22.7% of them were setting up the RMB Funds; 18.3% had formed detailed plans to set up the funds and they would be carried out soon. In addition, 17.6% of the foreign VC/PE institutions which have set up RMB funds were planning to found another one.
When asked, 91.2% of the foreign VC/PE institutions believed that the rise of RMB funds was an unchangeable trend and participating in the RMB funds was a kind of preparation for the long-term development in China. 89.3% of the foreign VC/PE institutions were encouraged by the prospect for withdrawal. Furthermore, the foreign VC/PE institutions were bullish on the RMB funds with the hope of cooperating with the government to gain more resources and conveniences.
The research proved that the foreign VC/PE institutions prefer setting up the RMB funds which were completely invested by local limited partner, which is also called the pure RMB funds. 64% of the foreign VC/PE institutions having planned to set up RMB funds said they would choose pure RMB funds while the other 36% would prefer the joint venture RMB funds. Thus, 47.2% of the foreign VC/PE institutions thought the RMB funds invested by the local limited partner and managed by foreign gross partner as the best model for RMB funds.
Problems on Local Partnership
Most of the foreign VC/PE institutions believed that the biggest hurdle for the foreign capital to join in the RMB funds was the unconsummated related policies.
Meanwhile, these foreign VC/PE institutions thought that the market environment for the foreign capital to join in the RMB funds was not satisfactory enough, which was reflected in the immature local market for limited partnership in China. The research revealed that 70.3% of the foreign VC/PE institutions considered the lack of qualified institutional local partner and the behindhand understanding of local partnership as the main problems haunting China.
Another truth revealed by the research was that most of the foreign VC/PE institutions hoped to raise capital for RMB funds from the national social security funds or insurance companies. In addition, local social security funds, local governments’ guiding funds and commercial banks were also good choices for the foreigners to raise capital.
On December 21, 2009, China Venture Capital Association officially published the 2009 Report on Foreign Capital’s Participating in RMB Funds. According to the report, in 2009 the foreign VC/PE was bullish on the pure RMB funds and the enterprises at the starting period. In addition, the second board IPO became the first choice for foreign VC/PE institutions’ plan of withdrawing.
RMB Funds: the Best Choice
The report showed that in the end of 2009 the foreign VC/PE institutions actively participated in the RMB funds. 41% of the foreign VC/PE institutions which have not set up RMB funds have already listed this project into their agenda; 22.7% of them were setting up the RMB Funds; 18.3% had formed detailed plans to set up the funds and they would be carried out soon. In addition, 17.6% of the foreign VC/PE institutions which have set up RMB funds were planning to found another one.
When asked, 91.2% of the foreign VC/PE institutions believed that the rise of RMB funds was an unchangeable trend and participating in the RMB funds was a kind of preparation for the long-term development in China. 89.3% of the foreign VC/PE institutions were encouraged by the prospect for withdrawal. Furthermore, the foreign VC/PE institutions were bullish on the RMB funds with the hope of cooperating with the government to gain more resources and conveniences.
The research proved that the foreign VC/PE institutions prefer setting up the RMB funds which were completely invested by local limited partner, which is also called the pure RMB funds. 64% of the foreign VC/PE institutions having planned to set up RMB funds said they would choose pure RMB funds while the other 36% would prefer the joint venture RMB funds. Thus, 47.2% of the foreign VC/PE institutions thought the RMB funds invested by the local limited partner and managed by foreign gross partner as the best model for RMB funds.
Problems on Local Partnership
Most of the foreign VC/PE institutions believed that the biggest hurdle for the foreign capital to join in the RMB funds was the unconsummated related policies.
Meanwhile, these foreign VC/PE institutions thought that the market environment for the foreign capital to join in the RMB funds was not satisfactory enough, which was reflected in the immature local market for limited partnership in China. The research revealed that 70.3% of the foreign VC/PE institutions considered the lack of qualified institutional local partner and the behindhand understanding of local partnership as the main problems haunting China.
Another truth revealed by the research was that most of the foreign VC/PE institutions hoped to raise capital for RMB funds from the national social security funds or insurance companies. In addition, local social security funds, local governments’ guiding funds and commercial banks were also good choices for the foreigners to raise capital.