Abstract
Through three rounds of total coverage survey on VC funds in Mainland China, we receive 41 VC fund samples. This paper, we empirically test the relation among the size of VC fund portfolios, entrepreneurs’ profit share and exogenous factors and find: (1) the portfolio size of a VC fund significantly varies non-monotonically with entrepreneurs’ profit share, the number of venture firms is first increasing when entrepreneurs’ profit share is low and then decreasing when it is high; (2) entrepreneurs’ profit share is significantly positive related with the number of venture firms in a VC fund; (3) government-sponsored VCs invest more venture firms but retain less profit share in a venture firm.
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