| In the past more than half a century, Venture Capital (VC) has greatly promoted the economic development and the upgrading of the industrial structure in American-European countries. Although the Chinese government attached great importance to venture investment and give a lot of expectations from the introduction since the mid-1980s, the VC industry has been slowly to develop and play its rightful roles. VC originated and developed in the developed market economies and the corresponding system environment, China is in its economic transformation, the related system of market economy is still not perfect, the legal system has created a lot of obstacles to the development of VC, and especially in the exit system there are many issues to be resolved. Now in the light of local conditions and drawing on the useful experience, Adjusting the original system,accelerating the institutional innovations and achieving a smooth mechanism of VC exit is a major issue of the VC system.The paper consists of four chapters.The first chapter introduces the concept of VC and its exiting legal system. This thesis starts with two controversy translation of the"venture capital" and "risk investment", and gets the essence of VC by comparison of different definitions. Then, the essay demonstrates the operation mechanism of VC. According to the operation mechanism of VC, it can be safely drawn the conclusion that exit mechanism is the key aspect in the mechanism. Further, this chapter analyzes the elements affecting the exiting manners of VC.In the second chapter, the thesis focuses on exit mechanism. It concretely discusses the significance of exit mechanism of VC and introduces four exit channels: Initial Public Offering,IPO (including Main-Board Market and Second-Board Market);Sales (mainly Mergers & Acquisition), stock repurchase and write-off. Finally, the advantages and disadvantages of those exit ways have been made a simple comparison separately. Thus, there formed a theoretical platform about the research of the legal system of VC exit. The third chapter selects typical country of VC United States to draw a lesson for the current exit situation in China. The United States, as the birthplace and most developed countries of modern venture capital, the system design is the most perfect. In the market-oriented financial system, there formed an advanced, multi-layer capital market and then played a crucial role on VC exit. Particularly for the two OTC markets of NASDAQ and OTCBB, their advanced market rules designing helped the United States'and many other world's VC withdraw successfully. In addition, there are many system designs to provide a variety of open channels for venture capital. Through detail discussion, this part puts forward the chief task and key problem of exit mechanism of VC in China.In the last part, the thesis discusses the perfection of relevant legal system of China's VC exit. This is also the main innovative part. From the own perspective of VC, the essay analyzes the legal obstacles and corresponding countermeasures which VC faced when exited from different manners in China's current legal system environment. And for the practical needs of VC exit, the author gives the advices on how to improve related legal system in China: It is important to establish an acceptable multi-level capital market, especially to establish a second-board market meeting the basic requirements of the existing rules. Meanwhile, it is also highly demanded to unify the property exchange market into a integrate one, changing the property market services and strengthening property market regulation, so it can function as a complementary to the second-board market much better. It also needs to revise the relevant laws and regulations, and to allow using various financial instruments. Only through these measures can set up a healthy standard and feasible exit system fitting our situation, can accelerate the growth of the nation's economy, and can stimulate the economic restructuring and technological progress.
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