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Private equity in China : an institutional comparative study

Abstract : Investments by funds in the equity of non listed companies represent a crucial activity of capitalism of the 21st Century. This thesis provides a thorough study on the development and the characteristics of private equity funds operating in China. It applies the framework of institutional analysis and follows the logic of the varieties of capitalism while using a multi-disciplinary approach. We develop a comparative study on Chinese, French and British private equity funds based on the institutional differences among the economic models of the three countries. Our analysis suggests that the specificity of the economic development of China is mainly related to the role of the Chinese state, the importance of guanxi in the sphere of business and the great market complexity created by the “path of dependence”. Accordingly, for private equity in China we observe a stronger influence of the Chinese state, an extensive impact of guanxi, a more diverse use of information sources, a more limited choice of financial tools, and the preference of Chinese entrepreneurs to keep control of their firms. Our econometric study indicates that the rigidity of labor market, economic openness and taxation on company profits have the greatest impact on the activity of the funds and that in comparison with France, the UK and the US, China has stronger coefficients for the factors of GDP growth, household consumption growth, political stability and infrastructure.
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Submitted on : Monday, December 4, 2017 - 9:12:12 AM
Last modification on : Tuesday, October 20, 2020 - 11:21:14 AM


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  • HAL Id : tel-01654478, version 1


Xieshu Wang. Private equity in China : an institutional comparative study. Economics and Finance. Université Sorbonne Paris Cité, 2015. English. ⟨NNT : 2015USPCD051⟩. ⟨tel-01654478⟩



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