【正文】 作作風(fēng)使我終生受益，在這近半年的寫作時間里，我所學(xué)到的不僅僅是專業(yè)知識，更是學(xué)到了許多做人的道理。借此機會，首先向程嬋娟老師表示我最衷心的感謝和最誠摯的敬意。衷心感謝各位老師、各位領(lǐng)導(dǎo)親切關(guān)懷，在此一并致以誠摯的謝意！在論文的寫作工程中，也得到了許多同學(xué)朋友的寶貴建議，對于論文的修改提出很多真知灼見，祝愿他們身體健康、工作順利!由于本人水平有限，文章中難免有不周地方，請各位老師和評委多提寶貴意見。參考文獻[1] [M].北京:經(jīng)濟科學(xué)出版社,2009[2] 鮑勃[M].（潘煥學(xué)譯）北京:中國人民大學(xué)出版社,2004[3][M].北京:中信出版社,2003[4] [M].北京:機械工業(yè)出版社,2012[5] [M].上海：上海財經(jīng)大學(xué)出版社,[6] [M].上海:復(fù)旦大學(xué)出版社,2011[7] [M].北京:科學(xué)出版社,[8] [M].北京:中國城市經(jīng)濟社會出版社,[9] [M].上海:上海交通大學(xué)出版社,[10] [M].北京:經(jīng)濟管理出版社,2001[11] :基于契約機制與人力資本的視角[M].北京:對外經(jīng)濟貿(mào)易大學(xué)出版社,:211219[12] Henri L,Beenhakker. Handbook for the Analysis of Capital Investments[M].Greenwood Press.[13] Yen Yee risk Management[M].John Wiley amp。 附 錄Venture capital in China: Past, present, and future David Ahlstrom ,Garry D. Bruton,Kuang S. Yeh.Asia Pacific J Manage(247268) February 2007(2). China represents one of the fastest growing markets for venture capital investing in the world. In 2005 alone it was estimated that $ billion was raised by venture capital firms to invest in China, up from $325 million in 2002. However, there are significant challenges to such venture investing in a transition economy where private enterprises were only recently given legal sanction. In China, venture capitalists find that they play more roles and are faced with a broader set of tasks than is typical, further plicating their work. These challenges among others have led John Mumford, the founding partner of Crosspoint Venture Partners to predict: “Most if not all early stage venture capital being invested in...China will be lost”.That there would be such challenges for private equity investing in China is not to be unexpected. Investment in new projects and technologies in mature economies is a challenging endeavor even for established firms, which often fail to create lasting growth with their investments. Investments in startup entrepreneurial ventures in mature economies by venture capitalists are similarly challenging. Venture capitalists in such economies have found ways to reduce the risk associated with new venture investment by reducing the nonsystematic risk involved in investing. They do this though careful due diligence, providing management and personnel assistance, careful monitoring of the investment, and wellplanned exit strategies. However, in mature economies such as in North America and Western Europe, the rule of law is well established and venture capitalists are able to carry out these activities to reduce nonsystematic risk relatively easily.附錄Thus, the institutional stability and predictability helps to create an environment that can help to control the higher risk climate of private equity and venture capital investing. In a developing economy like that of China, institutional stability is still not achieved, such factors are not present. Developing economies are often characterized by institutions and that are underdeveloped, property rights that are illdefined, enforcement that is nonexistent and little legitimacy for private firmsand China is no exception to this. The result is heightened risk and difficulty in collecting accurate data and monitoring investments.The venture capital industry in every country is shaped in part by its institutional context. The supplyside institutional variables affecting the venture capital industry include the level of economic development, existence of national systems of innovation, level of entrepreneurship, labor practices, corporate ownership regulations, educational achievement, the legal system, and business cultures. Crucial demandside variables include issues such whether new firms are mercializing new business opportunities capable of justifying highrisk equity investments. Since the industry is so dependent on the national (and, in some cases, regional) institutional environment a range of national evolutionary trajectories is found in the venture capital industry around the world. Additionally, there are institutional forces that both encourage and discourage the development of venture capital in a country. The result is that a venture capital industry will evolve in a punctuated fashion in fits and starts rather than monotonically. Thus, China’s venture capital industry may share some characteristics of other country’s venture capital industries, but also has its own characteristics idiosyncratic to its institutional environment.The institutional context in China that produces the unique differences includes the lack of intellectual property protection and the fact that assets can be seized and held with little recourse to the owners. China, and most emerging economies, also lack active markets for corporate control and established public equity markets by which investors can exit their investments. This lack of property rights and (an enforceable) rule of law add to the plexity of the venture capital process. These unique characteristics however have not prevented China from creating a rapidly growing market for venture capital. Local business practices and traditions provide special challenges. This article will examine how venture capitalists meet these challenges and work to control the considerable risk associated with financing new firms in China’s developing economy. The article concludes with a discussion of future prospects for research and practice of venture capital in China.While there has been a boom in venture capital in China in recent years, the understanding of the industry remains fragmented without a clear understanding of how it differs from that in the mature economies of North America. As a result, we extend the work to report an exploratory examination of venture capital in China based on a grounded theory approach to data collection and analysis. Specifically, the research draws on interviews with venture capitalists currently active in China in order to identify a framework by which venture cap