The process of interaction inevitably results in the resources sharing. In the practice of Chinese VC, LPs can not only influence the investment operation of VC funds through the restriction and compensation clauses in the limited partnership agreement, but also appoint representatives to the investment committee to directly participate in the investment operation of VC funds ( Ozmel et al., 2018, 2020). However, in China, an emerging market, the system of VC fund operation has yet to be improved. Otherwise, LPs are likely to violate the Control Rules and lose the protection of limited liability. After the fund is established, the investment operation of the VC fund is entirely the independent responsibility of the GP, and LPs are not allowed to participate. In European and American venture capital practice, LPs are passive investors. Meanwhile, the General Partner (GP) is responsible for managing the VC fund and making investment decisions. In traditional theory, the Limited Partner (LP) of VC fund is pure financial investor who will not be involved in the actual affairs of the institution ( Gompers and Lerner, 1996) and has no influence on the portfolio enterprises. (2015), as the starting link of VC fund operation cycle, capital raising object will have an impact on the resource endowment of VC fund, which determines the subsequent behavioral decision of VC fund. However, studies discussing the impact of VCs on enterprise internationalization mainly focused on the type of VC institutions, ignoring the impact caused by fund investors on VC resource endowment. Existing research suggests that enterprise resource plays a crucial role in the internationalization process ( Park, 2020 Khurshed et al., 2020), and the investors have different resource bases ( Maula et al., 2005). With more and more enterprises seeking to expand overseas markets, the important role of VC in enterprise internationalization has been recognized by many researchers ( Sergi and Popkova, 2022 Dutta and Folta, 2016 Cumming et al., 2016 Humphery and Suchard, 2013). As an important financial support for enterprises, venture capital (VC) is able to provide value-added services to its portfolio enterprises with its expertise and relationship network.
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