Venture Capital in Japan
基于历史数据、访谈和问卷调查，研究了日本风险投资行业的背景、发展及战略意义，并与美国进行了比较，揭示了日本风险投资家评估潜在投资对象的决策模型。
PROF. DENNIS M. RAY IS WITH THE SCHOOL of Accountancy and Business, Nanyang Technological University, Singapore, and Prof. Dominique V. Turpin is with the International Management Development Institute, Lausanne, Switzerland. This paper examines the background, development, and strategic significance of the venture capital industry in Japan. It is based on historical, aggregate data, interview and survey data collected over a number of years in Japan. The paper reports on a survey completed by eighteen Japanese venture capitalists, representing more than two-thirds of all venture capital funds inJapan. This survey builds on the pioneering research of Professor Ian MacMillan and associates with regard to 27 decision criteria used by venture capitalists in evaluating potential portfolio clients. Comparisons with the United States venture capital community are made in this study. The cognitive models used byJapanese venture capitalists in evaluating prospective portfolio clients are also explored.