Escolar Documentos
Profissional Documentos
Cultura Documentos
U.S. Dollars
Year China Hong Kong Indonesia Japan Korea Malaysia Philippines Singapore Taiwan Thailand
1991 76 15352 1547 75 16 868 412 64
1992 878 57 16028 1629 147 26 896 470 90
1993 1422 99 17750 1687 160 58 1013 508 98
1994 2384 225 17750 1902 194 85 1833 562 117
1995 3458 245 14851 2567 437 123 3164 696 165
1996 3612 8019 289 11254 3224 448 166 3981 1336 201
1997 3500 9632 426 7722 1857 406 169 4468 1913 177
1998 3112 14462 328 12513 2995 460 224 5258 3598 242
1999 3735 21203 333 21729 4986 667 292 7791 4447 265
* China and Hong Kong are combined by the Asian Venture Capital Journal, however it is more accurate to keep them separate,
because of their very different characters. In this report, the countries are treated differently.
Year Hong Kong/China China Indonesia Japan Korea Malaysia Philippines Singapore Taiwan Thailand
1990 800 N/A 5 3999 1014 16 7 291 220
1991 1048 N/A 8 5943 1210 22 10 399 297
1992 193 65 18 405 111 10 8 120 61
1993 520 242 11 322 111 34 8 186 148
1994 1042 645 37 322 443 62 14 236 132
1995 2089 678 99 1467 745 73 16 240 216
1996 1350 609 55 1429 1139 58 16 461 429
1997 988 N/A 62 992 920 49 12 388 643
1998 1378 N/A 34 927 609 53 54 424 881
1999 1985 N/A 48 2296 1253 81 65 1060 1043
Source: AVCJ various years
Table 3: Distribution of Investment by Stage in the U.S., Europe, and Asia, 1999 in percent*
* The NVCA (2000), EVCA (2000), and AVCJ (2001) define their categories differently making it difficult to compare the
aggregating it into these relatively broad categories. For example, the NVCA is very careful to exclude private equity fund
quite as rigorous in its definitions, and finally the EVCA simply includes private equity investors in its industrial associatio
totals.
Table 4: Distribution of Investments by Industries in U.S., Total Asia, and Various Nations by percentage in 19991
Industry U.S. U.S. Asia Japan Korea Taiwan Singa- Hong China Indo- Malaysia
1998 19992 pore Kong nesia
Online 17.1 38.5 8.95 5.8 5.3 24.6 15.0 6.3 5.9 8.7 13.9
Communications 17.3 17.4 11.4 9.2 13.4 7.5 15.8 16.4 5.8 8.3 7.4
Software & 20.0 15.6 N/A N/A N/A N/A N/A N/A N/A N/A N/A
Services
Medical 12.5 5.1 3.93 1.6 2.4 2.1 10.2 5.1 3.8 5.2 2.1
Semiconductors 4.3 3.6 N/A N/A N/A N/A N/A N/A N/A N/A N/A
Consumer 5.6 3.6 10.0 10.3 6.3 2.4 12.1 13.9 11.7 15.5 7.9
Computer-related 2.9 2.7 9.97 9.7 9.8 25.1 8.4 6.5 6.7 5.9 7.7
Biotechnology 5.4 2.5 N/A3 N/A N/A N/A N/A N/A N/A N/A N/A
Industrial/Energy 2.3 1.6 21.0 4 18.2 19.6 9.2 8.4 25.6 37.5 22.8 23.2
Electronics6 N/A N/A 10.3 12.1 15.7 15.3 14.5 6.3 6.0 21.1 15.2
Financial Services8 N/A N/A 10.1 17.5 15.4 2.1 5.8 6.3 2.1 5.4 0.3
Other 12.7 9.5 14.5 15.6 12.1 11.7 9.8 13.6 20.5 7.1 22.3
1
The NVCA uses different categories than AVCJ, so these comparisons are rough approximations.
2
This should be treated with caution because the online-related is anamalously high in 1999.
3
This includes biotechnology.
4
For Asia this is a summation of the categories Manufacturing Heavy & Light, Infrastructure, and Utilities.
5
In Asia this is termed "Information Technology."
6
This is non-computer related electronics and there is no comparable U.S. category.
7
This includes U.S. categories of Computer Hardware, Software, & Semiconductors.
8
There is no similar category in the U.S.
9
Vietnam had an unusually high percentage of investments (11.6 percent) in agriculture. No other country had more than 4 percent.
Table 5: Geographical Sources of Venture Capital for the Various Asian Nations, 1999
1998 1999
Agric/Fisheries 8 3
Computers 154 227
Conglomerates 0 0
Construction 128 168
Consumer prod. 411 398
Electronics 172 203
Ecology 0 0
Financial services 65 70
Information tech. 53 200
Infrastructure 723 759
Leisure/entertain. 0 4
Manuf. - heavy 238 221
Manuf. - light 42 71
Media 11 16
Medical 61 128
Mining & metals 0 0
Retail/wholesale 28 31
Services - nonfinan 112 127
Telecommunications 144 197
Textiles & clothing 5 11
Transport/distri 297 257
Travel/hospitality 86 93
Utilities 259 224
TOTAL 2997 3408
* These represent the entire portfolio and not the annual investment. These are the only two years for which data is
available. In prior years the categories were different.
1
People's Daily Online. 2000. "China's Anhi Sets Up First Private Venture Capital Company." (June 19).
2
Asian Venture Capital Journal. 2001. Page 284. This is direct quote, but it is located in Guangzhou Province
3
Asian Venture Capital Journal. 2001. Page 295. Management firm is Shanghai Wings Venture Capital.
4
People's Daily Online. 2000. "Liaoning Sets Up Venture Capital Firm." (March 23).
5
People's Daily Online. 2000. "East China Province to Establish Venture Capital Fund." (May 24) RMB 100m
Venture Fund to Start Operation in Chengdu.
5
People's Daily Online. 2001. "Hi-Tech Venture Capital Fund Available in Chongquing." (March 31).
6
China Economic Review. 1999. "Shanghai's New Venture Capital Fund." (September): 12.
7
Asian Venture Capital Journal. 2001. Page 295.
8
Bassolino, Francis. 2000. "In Search of Growth, China Turns to High-Tech Venture Capital Funds." Harvard China
Review (April 13).
9
www.chinasite.com. 2001.
10
People's Daily Online. 2000. "RMB 100m Venture Fund to Start Operation in Chengdu." (September 29).
11
People's Daily Online. 2001. "Hi-Tech Venture Capital Fund Available in Chongquing." (March 31).
12
ChinaOnline. 1999. "Ventuer Capital in China: Enter at Your Own Risk." (January 6).
13
ChinaOnline. 1999. "Ventuer Capital in China: Enter at Your Own Risk." (January 6).
14
ChinaOnline. 1999. "Ventuer Capital in China: Enter at Your Own Risk." (January 6).
15
ChinaOnline. 1999. "Ventuer Capital in China: Enter at Your Own Risk." (January 6).
Table H1: Sources and Destinations of Hong Kong Venture Capital
Note 1: Fiscal 98 is the year from April 98 to March 99. Fiscal 99 is from April 99 to March 00, and the
quarterly data is from April to June 2000 (hereafter).
Note 2: The figure for "IT-related" was calculated by simply adding online specific, computers, and
semiconductors/other elect. and communications.
Operating N/A N/A 2 years N/A One year or N/A Less than 10
History Market years old
Capitalization 5
billion yen
Market Value of N/A 800 1.8 2 billion 500 million yen N/A
Public Floats million billion yen
yen yen
Equity
243 (8.5) 73 (4.2) 53 (55.1) 19 (21.0)
Investments
Source: Ministry of Commerce and Industry (1997) and the Bank Inspection Board (1997)
Table K4: The Formation and Closure of Korean Venture Capital Partnerships by Year
New
80 22 15 82 191 390
Establishment
Withdrawal 9 9 6 26 18 68
Table O1: Sources of Capital for the Malaysian Venture Capital Industry
Table T2: The Cumulative Number of Taiwanese Venture Capital Funds by Vintage Year
Year Number
1984 1
1985 2
1986 3
1987 6
1988 9
1989 13
1990 20
1991 22
1992 24
1993 27
1994 28
1995 34
1996 53
1997 74
1998 124
1999 132
Nation None* Taiwan U.S. China Singa- Japan Hong Malay- Thai-
pore Kong sia land
Mentions 41 30 29 9 6 5 4 4 4
* 72 firms were used. All of those headquartered somewhere else were omitted. All citations of less than four
were omitted. This meant one that listed "Asia-Pacific" generally was omitted.
** When no preference is mentioned, it is likely that Taiwan is the preference.
4000
3500
Total Pool
3000
in US $ millions
1500
1000
500
0
1992 1993 1994 1995 1996 1997 1998 1999
Figure J1: Japanese Venture Capital Investments by Year and Type
Note: Amounts are based on exchange rates for June 30 of each specified year.
10,000
9,000
8,000
Investment Amount (in millions)
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
1985 1986 1987 1989 1990 1991 1992 1994 1995 1996 1997 1999 June-
Corporate 403 706 978 1,619 2,523 3,694 4,242 5,941 6,399 7,406 4,634 3,525 4,081
Fund 211 313 363 672 926 1,357 1,742 2,685 3,109 2,733 2,704 2,901 3,602
Loan Balance 617 1,222 2,120 3,617 6,598 7,571 7,635 4,250 2,787 1,999 1,554 635 571
Source: Venture Enterprise Center Annual Surveys cited in Hamada (2001) and METI (2001)
Figure K1: Number of Korean Venture Capital Firms from 1995 to 2000
160 147
140
120
100 87
72
80 60
48 54
60
40
20
0
1995 1996 1997 1998 1999 2000
60,000,000
Trading Volume (unit: 1K share)
51,050,304 50,481,933
50,000,000
40,000,000
30,000,000
20,000,000
8,647,396
10,000,000
35,416 47,191 205,653
0
1996 1997 1998 1999 2000 June-01
Source: www.kosdaq.co.ko
Figure K3: The Balance between Equity and Loans in Investments by Korean Venture Capital
Partnerships
1600000
Amount of Investment (in million won)
1200000
Loans
800000
Investments
400000
0
1993 1994 1995 1996 1997 1998 1999.10
1600000
Amount of Investment (in million won)
1200000
Loans
800000
Investments
400000
0
1993 1994 1995 1996 1997 1998 1999.10
90
83.4
80
70 69.8
60
Percentage
Corporate subsidiary
50 52
Financial subsidiary
40
Independent VC
30 28
20 20.8 20
10 9.4 12.4
4.2
0
1990 1997 2000
salary
Venture Capital Firm
Partners
(organized as a partnership)
Capital
Gains
One-time return of
cash or securities Cash
Limited Partners
(no involvement)
Salary
Dividends Profit-sharing?
Venture Capital Firm
Owners Employees
(Organized as a corporation)
Stock shares
2% fee Management
20% carry (little co-investment 1%)
Shares
Cash Dividends
20% tax
deduction Government
Investors – owners of until 1999
company