| Since its appearance in the research of "New Technical Revolution and Our Countermeasures" organized by the State Scientific Committee in 1984, Venture capital has been in existence for almost twenty years but nominally. However, during the nearly twenty years, we did not see any material development, in which venture capital fund stands first. To a large extent, it lies in the fact that timely and favorable sustainment that venture capital fund hungers for was not afforded to it, in which the environment of legal system stands first.Intending to induct venture capital fund onto the right path, many are required to be studied firstly, such as the understanding of its connotation and denotation, the orientation of its legal attributes, the choosing of its legal system basement, the design of its withdrawing channels, and other related problems derived. If there is no clear understanding from legal point of view, the development of venture capital fund will still be tied up in different fields. Therefore, this treatise probes into several aspects on legal problem according to the following route: with the practical convention used for reference, the author tends to expatiate on such problems by way of comparing different viewpoints both international and domestic as the definition and legal attributes of venture capital fund, the venture capital sources, legal structural forms and the choice of legal system basement, private-collecting venture capital fund, and the withdrawing arrangement. Thereout comes the conclusion at last but not the least: the task oflawmaking is the most urgent affair. To adopt various viewpoints and choose the most beneficial one is truly the all-important and best method.
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