Hong Kong’s Venture Capital System and the Commercialization of New Technology

Kevin Au and Steven White
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Kevin Au: The Chinese University of Hong Kong
Steven White: China Europe International Business School

Chapter 6 in Innovation Policy and the Limits of Laissez-faire, 2010, pp 145-180 from Palgrave Macmillan

Abstract: Abstract The objective of this chapter is to describe the features of Hong Kong’s venture capital system and make policy recommendations to improve its effectiveness as an institutional support for the establishment of new firms and the commercialization of new technologies as part of a larger objective of diversifying Hong Kong’s industrial base and creating a base for future economic growth. To do this effectively, we must address venture capital (VC) as a “system” rather than the more limited sense of a category of investment capital or a segment of the finance industry. With this broader scope, we will explicate the characteristics of specific types of actors and the formal and informal rules and norms by which they make decisions. As our analysis reveals, the current system has emerged from Hong Kong’s particular historical, social, political and economic environment. While logical in this sense, it has not proven to be very supportive of new technology-based ventures.

Keywords: Venture Capital; Pension Fund; Private Equity; Main Board; Venture Fund (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-30411-6_7

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DOI: 10.1057/9780230304116_7

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