Thesis
The 'new argonauts' in China : the venture capital dimension
- Creator
- Awarding institution
- University of Strathclyde
- Date of award
- 2012
- Thesis identifier
- T13307
- Qualification Level
- Qualification Name
- Department, School or Faculty
- Abstract
- New Argonauts are defined as American-educated scientists and engineers who have set up technology companies since returning to their home countries such as China, India, Israel and Taiwan (Saxenian, 2006). This thesis has developed Saxenian's New Argonauts to those who have become venture capitalists (VCs) in China. The aims of the thesis are three-fold: (1) to identify the role of New Argonaut VCs in China's venture capital industry; (2) to examine how New Argonauts use their transnational networks in their portfolio investments; and (3) to assess the impact of their investments on China's economic development. Semi-structured interviews with 33 returnee VCs and 3 returnee business angels were collected to address the above first and second research question. Furthermore, four case studies (two cases were sourced from the semi-structured interviews and two from the secondary data) were employed to address the second and third research question. The use of four cases allows for answering them in much more depth and in greater detail. And as a result, to obtain an insight into the venture capital process used by these New Argonaut VCs and their significant contributions to the effective venture capital industry in China. The findings of case studies further corroborate the proposed relationships tested by 36 in-depth interviews. Transnational networks between New Argonaut investors and the American VC industry and business communities play a vital role, enabling New Argonaut investors to raise funds from the American market successfully, to evaluate the state-of-the-art knowledge of technology, to have co-investment opportunities with foreign VC firms who are unfamiliar with the Chinese market, to create relationships between their portfolio firms and overseas customers, suppliers and strategic partners, and to help their portfolio firms to exit successfully especially in the U.S. equity market. New Argonaut VCs therefore facilitate the rapid economic development in China.
- Resource Type
- DOI
- Date Created
- 2012
- Former identifier
- 948791
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