Since the end of the 1990s the Japanese venture capital market has undergone some enormous institutional changes. Many new independent venture capital firms with a specialised focus and new investment strategies have entered the market and through deregulation new risk management approaches have now become available in Japan.
Regarding these changes I want to answer following questions:
- How does this new investment environment influence the investment decision of Japanese venture capital managers?
- What are the main reasons for the difficulties of financing young high tech companies in Japan and will there be an improvement in the near future?
- Is it still fair to criticise Japanese venture capital firms for inefficient investment behaviour as it is done by Japanese as well as by Western authors?
To answer these questions I analyse the risk perception of Japanese venture capital managers. Collecting quantitative data by interviewing Japanese venture capital professionals I focus on the relationship between individual professional experiences, risk perception, risk management approaches and investment behaviour.
My presentation will consist of three parts: First I will give a short introduction about venture capital in Japan and how it is reviewed. Second I will present the theoretical background and my research design, before I will finally discuss my latest results in the third part of my presentation.
CV: Nik Raupp is a PhD candidate at the University of Duisburg-Essen and currently a doctoral research fellow at the DIJ. He studied Economics and Japanese Studies at University of Bonn and at Keio University.