The Study On Venture Capital Withdrawal System

The venture capital withdrawal system states that the venture capital institute turns the venture capital invested to the venture firm after which grows relatively mature from the share ownership form into the capital form. In other words, it states the mechanism of shifting into cash and the arrangement of relative necessary system.The venture capital withdrawal system has the following effects:I. Evaluate the venture capital activity and find the value on investmentII. Complete the income on investment and recover the high risk undertaken by the owner of venture capital.III. Absorb the social capital and improve the efficient circle of venture capital.There are four main withdrawal patterns: IPO, merging purchase,shares repurchase, bankrupt and liquating.It has effect on studying Chinese venture capital withdrawal studying the two different venture capital withdrawal patterns of the USA and Germany.I. The USA withdrawal pattern of venture capitalThe American enterprise's financing pattern is mainly the direct financinNg taking the capital market as the loading body. Matching to that, there is the financial system taking the stock market as the center. This financial system brings up the American mature stock market. IPO is the main withdrawal method adopted by American venture capital to withdraw the venture firm and it has the highest benefit. II. The Germany withdrawal pattern of venture capitalThe Germany enterprise's financing pattern is the indirect financing led by bank. Because of the financial system characteristic of taking the all-round bank as the subject, the withdrawal method of venture capital differs from the USA. On the withdrawal mechanism, they often choose shares repurchase.At present, the venture capital withdrawal is still the "bottleneck" in Chinese venture capital. Our withdrawal method is main the merging purchase. Lacking the perfect regulation and policy system, lacking perfect capital market and lacking the efficient medium organization are the three hinder factors limiting our venture capital withdrawal.The following is the current choice analysis of Chinese venture capital withdrawal:I. IPO:1. The withdrawal analysis of list on primary marketThe direct list is restrained by the terms regulated by the company law and list ration, list rhythm and enterprise scale, etc. because many venture enterprises have founded for a short time and their asset scale can't achieve the list requirement, it is difficult for most venture capital to withdraw by list. Purchasing shell to listPurchasing shell to list is not restrained by list ration and list rhythm, so the venture enterprise can list indirectly, which offers a feasible method for the venture capital withdrawal. And because our listed enterprise has the particularity on setting the stock equality, except a few public A stock can circulate in home security market, the state stock in holding position and the corporation stock cannot circulate now. The concentrate of stock equality offers the best chance to stock equality transfer in the out counter agreement exchange, decrease the large cost and many kinds of non-prediction of purchasing on secondary market, and be easy to succeed in purchasing shell to list. 2. The withdrawal analysis of growth enterprise marketFor an internal enterprise to list abroad, the excellent list places by choosing are not many, which not only has good financing ability especially to absorb the international fund, but also understands Chinese situation and masters the demand of internal enterprise fully. Hong Kong is an international financial center of China and satisfies the two terms fully, so it is the best place welcomed by the internal enterprise willing to list. American NASDAQ market is welcomed by the internal enterprise which wants to list abroad and there are many successful cases of internal enterprises listing.II. The withdrawal analyses of merging purchaseIt is proved by the practice that merging purchase withdrawal is a successful withdraw...