| Enter 21st century, China should develop medium and small scientific and technological enterprises in a more cost-effective manner with the strategic eyes. However, while studying medium and small scientific and technological enterprise's development, we have realized the existing problem soberly. Large quantities of good rudiment have appeared in the course of developing in many medium and small scientific and technological enterprises, it is actually few but can really develop. Its main reason is that medium and small scientific and technological enterprises face the financing difficulty, and the fund is the important condition of development of small and medium-sized enterprises. But medium and small scientific and technological enterprises are because of some one's own characteristics, if the risk in embryonic stage is relatively high, one's own assets are relatively small in scale, the management system is imperfect, profit ability is bad, etc. In addition, our country lacks the restrictions of essential credit assurance system, etc. again at the present stage, make it obtain fund extremely difficultly. At present, the most outstanding problem in medium and small scientific and technological enterprises of our country develop, is the shortage of the fund, problem not smooth of the financing channel.Venture capital is a kind of private equity capital input investment. As a successful way to develop a nation's high-tech technology and thus improve its economy, Venture Capital should be introduced in china. And, in a market economy condition, more space should be saved for the market hand; the government mainly directs the development of economy by laws and regulations that following the economy rules. This article offers approaches to establish a legal system on venture Capital in china through introducing and comparing the equivalent mechanism in other countries and districts, and make the conclusion that it is necessary and urgent to establish similar legal institution in china.
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