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中国商业互联网的休戚,起伏与海外资本市场密切相关。自1995年初发端,中国商业互联网成为七,八年内速成和拷贝的产物,它的每个细胞都有风险投资的烙印,使得中国网络业折腰于资本的“脸色”。因为外国资本所占的比例仍然高于中国本土资本,目前中国互联网产业吸收的国外风险投资迄今为止不到30亿美元,只占中国电信纽约上市预期融资的十分之一。1999年中国风险投资公司为92家,可利用风险资本为100亿元人民币,实际投入到企业中的仅10亿元人民币,这其中政府投资还占了较多的比重。资本依旧是所有要素中最为稀缺的资源。这不到30亿美元的资本中,IDG、高盛、软银三巨头正在中国上演着逐鹿中国风投市场的“三国演义”。
The merits and demerits of China’s commercial Internet are closely related to overseas capital markets. Since the beginning of 1995, China’s commercial Internet has become a product of rapidity and duplication within seven or eight years. Each of its cells has a stigma of venture capital, which has caused China’s Internet industry to shy away from the “face” of capital. Because the proportion of foreign capital is still higher than that of Chinese local capital, the foreign venture capital absorbed by the Internet industry in China so far is less than 3 billion U.S. dollars, accounting for only one-tenth of the expected financing of China Telecom’s listing in New York. In 1999, there were 92 venture capital companies in China, with available venture capital of 10 billion yuan and actual investment of only 1 billion yuan in the enterprise, among which government investment also accounted for a large proportion. Capital remains the most scarce resource of all elements. In less than $ 3 billion of capital, IDG, Goldman Sachs and Softbank are staging a “Romance of the Three Kingdoms” in China on the Chinese venture capital market.