Studying Technology Entrepreneurship in China Yan Anthea Zhang China Europe International Busin...
Potential Research Topics at Different Stages of Entrepreneurship Entrepreneurial ...
Clusters as IncubatorsZhang, Li, and Schoonhoven. 2009. Inter-CommunityRelationships and Community growth in China’s High-...
Locations of 54 National Technology Development Clusters in China
Nuclear Application ...
Total Sales Revenue for All Zones 1988-2000 (In 1990 RMB) ...
Entrepreneurial StrategyZhang and Li, 2010. Innovation search of new ventures in atechnology cluster: The role of ties wit...
Entrepreneurial Capability:Li and Zhang, 2007. The Role of Managers’ Political Networkingand Functional Experience in New ...
Entrepreneurial ExitCapital exit• VC/PE involvement – Valuation – Status of VC/PE – Role of VC/PE• IPOPersonal exit•...
Entrepreneurial Exit-IPO• Growth Enterprises Market (GEM) board (ChiNext) (创业板)• The first group of 28 firms debuted IPOs ...
Trading Volume and Return of the 60-Day WindowOf the First Lock-Up Period Expiration First Group N = 28 (3...
Trading Volume and Return of the 60-Day WindowOf the First Lock-Up Period Expiration ...
THANK YOU!
of 13

Nascent entreprenurialship in china and beyond aom pdw 2012

Published on: Mar 3, 2016
Published in: Business      Technology      
Source: www.slideshare.net


Transcripts - Nascent entreprenurialship in china and beyond aom pdw 2012

  • 1. Studying Technology Entrepreneurship in China Yan Anthea Zhang China Europe International Business School and Rice University Presented at the Academy of Management Annual Meeting Boston, August 2012
  • 2. Potential Research Topics at Different Stages of Entrepreneurship Entrepreneurial strategy: • Innovation search • Alliances • Product innovationClusters as ExitIncubators Entrepreneurial capability: • Political networking • Functional experience • Overseas experience
  • 3. Clusters as IncubatorsZhang, Li, and Schoonhoven. 2009. Inter-CommunityRelationships and Community growth in China’s High-Technology Industries 1988-2000. Strategic ManagementJournal, 30(7): 163-183.
  • 4. Locations of 54 National Technology Development Clusters in China
  • 5. Nuclear Application IntegratedFigure 3. Industry Dispersion across Chinas Technology Development Optical/Advanced Manufacturting High Tech Agriculture Ocean Technology Types of Industry Environmental Protection Zones New Energy Aeronautical Engineering New Materials Biotech/Pharmaceutical Electronic Information 60 50 40 30 20 10 0 Number of Zones
  • 6. Total Sales Revenue for All Zones 1988-2000 (In 1990 RMB) 500 450Total Sales Revenue in RMB 400 350 300 Billions 250 200 150 100 50 0 Year
  • 7. Entrepreneurial StrategyZhang and Li, 2010. Innovation search of new ventures in atechnology cluster: The role of ties with serviceintermediaries. Strategic Management Journal. 31(1): 88-109.• Service intermediaries• Innovation search
  • 8. Entrepreneurial Capability:Li and Zhang, 2007. The Role of Managers’ Political Networkingand Functional Experience in New Venture Performance: Evidencefrom China’s Transition Economy, Strategic Management Journal,28(8):791-804.• TMT political networking• TMT functional experience• Appropriability of TMT human capitalLi, Zhang, Li, Zhou, and Zhang, Forthcoming. Returnees vs.locals: Who perform better in China’s technologyentrepreneurship? Strategic Entrepreneurship Journal.• Founders’ overseas experience• Complementary resources
  • 9. Entrepreneurial ExitCapital exit• VC/PE involvement – Valuation – Status of VC/PE – Role of VC/PE• IPOPersonal exit• Family succession• Managerial professionalization – Monitoring and incentive
  • 10. Entrepreneurial Exit-IPO• Growth Enterprises Market (GEM) board (ChiNext) (创业板)• The first group of 28 firms debuted IPOs on October 30, 2009• 200+ firms listed• Potential research topics – IPO valuation – IPO underpricing – Long term return – Insider share lockup period and lockup period expiration
  • 11. Trading Volume and Return of the 60-Day WindowOf the First Lock-Up Period Expiration First Group N = 28 (300001-300028) 0.4 160000000 0.35 140000000 0.3 120000000 0.25 100000000 0.2 80000000 average return trading volume 0.15 60000000 0.1 40000000 0.05 20000000 0 0
  • 12. Trading Volume and Return of the 60-Day WindowOf the First Lock-Up Period Expiration Non First Group (N = 145) (300029-300174) 0 1800000 t-8 t-6 t-4 t-2 t-30 t-28 t-26 t-24 t-22 t-20 t-18 t-16 t-14 t-12 t-10 t0 t2 t4 t6 t8 t10 t12 t14 t16 t18 t20 t22 t24 t26 t28 1600000-0.05 1400000 -0.1 1200000 1000000 averge return-0.15 800000 trade volume -0.2 600000 400000-0.25 200000 -0.3 0
  • 13. THANK YOU!

Related Documents