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????上個月，我曾經說到，美國風險融資數據已顯露投資泡沫跡象。更多的錢，更少的公司，意味著風險資本期待更高的“現金的現金回報率”(cash-on-cash returns)。趨勢是集中化，而不是分散化。 ????如今，我們有了新的數據，顯示這是一個全球現象。 ????道瓊斯(Dow Jones) VentureSource本周二宣布，一季度美國、歐洲、加拿大、中國大陸和印度967家公司的風險融資總額為98億美元。融資總額較2010年同期增加20%，但融資公司數減少了7%。 ????變化最大的是歐洲，融資額增加17%，但融資公司數減少了35% (創紀錄新低)。事實上，182家融資公司是VentureSource自2000年開始統計以來的最低值。 ????中國大陸的風險融資總額和融資公司數都呈現下降，但平均融資規模仍上升。融資規模中值創下新高1,500萬美元 (較2010年一季度增加20%)。 ????至于其他地區的風險融資規模中值，VentureSource的報告顯示加拿大有大幅增長，美國和歐洲溫和加速，印度和以色列下降。 ????要知道，這都是假定處于精實創業(lean startup)的時代，即能以低成本實現全球化…… ????總的來說，全球風險融資有66%流向了美國公司。歐洲其次，為16%。中國緊隨其后，為15%。 |
????Last month, I argued that U.S. venture capital data was showing evidence of an investment bubble. More money going into fewer companies, which means that VCs are expecting higher cash-on-cash returns. Concentrating rather than diversifying. ????Now we have new numbers showing that this is a global phenomenon. ????Dow Jones VentureSource today said that VCs invested $9.8 billion into 967 deals last quarter for companies based on the U.S., Europe, Canada, mainland China and India. That's a 20% increase in dollars but a 7% decline in funded companies from the first quarter of 2010. ????The largest differential occurred in Europe, with a 17% increase in investment but a 35% drop in the number of deals (a record low). In fact, the 182 companies funded represents the lowest such figure since VentureSource began keeping track in 2000. ????Mainland China experienced drops in both dollars and companies, but average deal size still rose. Moreover, median deal size hit a record high of $15 million (20% bump from Q1 2010). ????As for median investment sizes in other regions, VentureSource reports a major increase in Canada, mild accelerations in the U.S. and Europe and decreases for both India and Israel. ????And, remember, this is all supposed to be in an age of lean startups that can globalize on the cheap... ????Overall, 66% of all global VC dollars went to U.S. companies. Europe placed second with 16%, while China followed closely with 15%. |
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