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The Discussion On Exiting Issue Of Venture Capital

Posted on:2001-04-14Degree:MasterType:Thesis
Country:ChinaCandidate:Y FangFull Text:PDF
GTID:2156360002950539Subject:Finance
Abstract/Summary:PDF Full Text Request
This thesis tries to discuss the importance of mechanism to quit in venture capital system, in the function on venture capital, venture-backed companies, high-tech industry development and for the general situation of Chinese venture capital investment, to compare very type of mechanism to quit by the way of antithesis, and to discuss the choice of exit mechanism by static game analysis with complete information. It also evaluates the situation of exit mechanism of Chinese venture capital and come to the conclusion that China must use the U.S experience for reference to form exit mechanism by setting up second board market. The second board market of China will come into being, so the thesis also discusses relevant factors on China setting up second board market such as the timing, trading system, supervising system, etc. The thesis points out that the Chinese second board market should take the international experiences as reference. All stocks of the enterprises should completely circulate. Venture capital to quit should be restricted in timing and the quantity. Incentive system is needed. And market maker system should be setup gradually. But we should setup the market location, the competing system and supervising system according to the practical conditions. And we should either setup other exiting ways and the relevant conditions for second board market.
Keywords/Search Tags:venture capital, exiting mechanism, game theory, second board market.
PDF Full Text Request
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