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Nascent entreprenurialship in china and beyond aom pdw 2012

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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!

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