A Research On The Venture Investment Exit Channels Of China

In some advanced countries and districts.venture capital has being nurtured the rapid growth of high technology resulting in economic growth .The venture capital industry has made very rapid progress in China .but many organizations can not run well .One of the main reasons is that our country is short of necessary circumstance and market mechanism. The venture capital industry of China is still in elementary phase. Because little venture capital can exit, the capital can not circle all right .One set of perfect investment exit channels will become a kernel of the venture capital industry.In general, according to international experiences the initial public offering (IPO) , acquisitions(M&A), retrospection and liquidation are the forms of successful exits for venture capital .IPO occupies 30% and M&A is 32%,they are the normal eixt channels. Retrospection is 6% and liquidation is 30%.In the basis of the academic analysis ,the performance of IPO and M&A is appraised by the return rate and liquidity. Though the excess return can be achieved in the stock market ,its expenses is big and the liquidity is weak comparatively. So we must synthesize the inner and external circumstance ,realize the most increment in the favorable circumstance and reduce the risk in the adverse condition.Using the successful experience in USA for reference, combine the situation ofa country and academic analysis, and then discover the problems existing in the current exit channels .In the end, the author make suggestions about the perfect exit channels: filter the items, choose the perfect time^ set up the second market > come into being the multiplayer capital market, more channels cooperate reciprocally.