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Having transplanted " Venture Capital" system from American for
twelve years, we still don''t know how well this system perform
precisely. The original purposes of transplanting Venture
Capital, VC, are : providing high technology industries with
capital, introducing technology from foreign countries, helping
them to go public, etc. Most local researches about VC were
completed by questionnaire. I try to test some professional
functions of VC from the view of statistics. The results of
the tests are: 1.The timing of IPO(Initial Public Offering)
for VC backed companies is not significant superior than the
ones without VC''s backing. 2.The certification effect of VC on
IPO is not significant. The difference of the underpricing
degree of IPO between these two groups, VC backed and no VC
backed, is not significant. According to the results of
testing and the comparison of different country''s VC system, I
make the following suggestions: 1.To make the environment for
the formation of VC more healthy, the authorities should permit
VC to go public. But the criteria of going public should be
adjusted. 2. Releasing VC from the limitation on investment
scope. 3. VC should participate not only in the activities
about protecting their stockholder''s rights, but also in the
activities about adding company''s value aggressively. 4.
Under the circumstance that information is clearly disclosed,
the authorities transferred the monitoring rights and duties
from themselves to the investment population.
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