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Venture capital in China: a culture shock for Western investors

Kuntara Pukthuanthong (College of Business Administration, San Diego State University, San Diego, California, USA)
Thomas Walker (John Molson School of Business, Concordia University, Montreal, Canada)

Management Decision

ISSN: 0025-1747

Article publication date: 8 May 2007




This study seeks to examine the peculiarities of the venture capital market in China and seeks to compare it with Western markets.


The paper provides insights based on both the practitioner and academic literature in the field.


It is noted that different cultural norms, corporate governance structures, a lack of appropriate exit strategies, and governmental intervention are important factors that set the markets apart and should be taken into consideration when making venture capital investments in China.

Practical implications

The paper should be of interest to practitioners considering investing in China and to academics doing research in this area.


The paper is to the best of the authors' knowledge the first to provide a detailed and comprehensive review of the Chinese venture capital market.



Pukthuanthong, K. and Walker, T. (2007), "Venture capital in China: a culture shock for Western investors", Management Decision, Vol. 45 No. 4, pp. 708-731.



Emerald Group Publishing Limited

Copyright © 2007, Emerald Group Publishing Limited

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