标题：The Role of Venture Capitalists in Value Creating
作者：Chen, Xiaorong; Hui, Xiaofeng; Cai, Di
作者机构：[Chen, Xiaorong; Hui, Xiaofeng] Harbin Inst Technol, Sch Management, Haerbin, Peoples R China.; [Cai, Di] Shandong Univ, Sch Management, Jinan 25010 更多
会议名称：International Conference on Management and Information Technology (CMIT)
会议日期：OCT 26-28, 2013
来源：2013 INTERNATIONAL CONFERENCE ON MANAGEMENT AND INFORMATION TECHNOLOGY
摘要：This article reviews the main literatures on venture capital (Hereafter, VC) contributes to enterprise. Venture capital contributes economy in many different ways. First, VC spurs growth and innovation of new firms but it may be, on the contrary, that innovation opportunities stimulate new firm start-ups to exploit such opportunities and these start-ups demand VC because venture capitalists are complements to such firms. Second, venture capitalists are able to minimize potential agency costs through reviewing business plans of young companies and designing contracts with entrepreneurs. Third, venture capitalists oversee management more intensely than commercial bank in the projects they finance because they hold a much larger stake. Finally, venture capitalists add value to their companies by providing a variety of services: they help shape strategies, provide technical and commercial advice, and attract key personnel. But venture capital industry is shaped by the institutional context and China is no exception to this. How to perfect the institution relate the venture capital is an important question to be solved.