Рынок венчурного капитала в Китае и Японии: сравнительный анализ
The goal of this paper is to compare a state of venture capital market in China and Japan. Both countries have faced an outstanding increase in volume of venture financing in recent years. Although the emergence of VC in these countries was forced by state reforms, instruments of government innovation policies are found to be different due to the unique features of their institutional development. For the purpose of the study, we conducted a comparative analysis of drivers of venture capital growth seen in China, a closed economic system with high level of government regulation, and Japan, an example of open market economy. Among venture capital drivers observed in the countries, entrepreneurial base, financial markets development, regulation of foreign investments and support of private business sector are found to be of a high significance. Moreover, structure and heterogeneity of investors positively affect venture growth as it provides a more diversified pool of capital. The exit stage of a deal is to be of an extreme importance for venture capitalists, that is why government actions towards an opening of new exit ways, including creation of alternative stock exchanges and easing of M&A regulation, cause booms on VC market. The declarative manner of innovation programs in China makes public funds the main player on the market, which flow budget capital to large-scale projects. On the other hand, Japanese government prefers to act as an intermediary between private investors and start-ups. Our findings illustrate how institutional factors affect an efficiency of government support, which provides valuable inputs for practitioners and policymakers.