Study On The Mechanism Of Venture Capital Withdraw

Venture Capital (VC) is a kind of innovative finance tool, which propered with the trend of Hi-tech industry being a main sector of world economy. As an important part of mordern innovation system,VC industry has been very important for whole economy system. Foreign researches usually focused on the topics such as venture investment contract arrangement, governmance structure of start-up enterprises or VC orgnizations, development styles of VC industry.To be profitable, Venture investment must quit from start-up enterprise . In this procedure, price plays an important role. Starting with analyses of venture capital withdraw models, this thesis constructs an analysis structure of venture capital withdraw mechanism.Chapter 2: Firstly,we defined some basic concepts about venture investment industry,and then demonstrates two characteristics of venture investment,which are staged investment and high risk. Secondly,we recalled of venture industry development in U.S. and found that industry policy is very important support for venture investment industry. Thirdly, we saw three kinds of basic styles of venture investment i.e. Business Angel(B. A.),Venture Capital(V.C.) and Institutional Venture Investors attached to Big Giants.Finally,we saw the role venture investment withdraw palyed.Chapter3 :With two logic lines i.e. withdraw efficiency and withdraw effort,we analized venture investment withdraw procedure,which includes four crucial knots i.e.withdraw time choice,withdraw channel choice,withdraw degree choice and withdraw marketplace choice. We saw some obstacles stemmed from policies in China and gave some advice of venture investment withdraw to China venture investors.Finally, we analized a case with structure that we have constructed before.Chapter4:After recalling of traditional pricing methods and theories,we constructed theoratical pricing model with real-option theory. And then,we researched pricing procedure of IPO stocks and gave some practical advice.This thesis have some innovative merits: 1, Considering withdraw efficiency and withdraw effort, we find an approach to see a panoroma of venture investmentwithdraw. 2, With real-option theory,we constructed pricing model for start-up enterprises which oriented to IPO.3, With empirical approach, we find that authority media has an impact on the IPOs' first day pricing behavior at secondary market.