The Study Of The Withdrawal Of China's Venture Capital

Venture capital is a kind of equity capital which is invested into the venture-backed companies of high-tech in order to gain super profit. When holding a period of the stock, venture capitalists will consider the exit of venture capital so as to carry on a new investment plan. So a perfect exit mechanism of venture capital becomes the key that investment return can be got successfully. As our high-tech industry progressing, I think the research of Chinese exit mechanism can hope to develop Chinese venture capital investment.The exit mechanism of venture capital involves two respects, the ways of exit and the markets of exit. The thesis compares the ways of exit, and evaluates the situation of exit mechanism of venture capital in China. At last it comes to the conclusion that China must use the experiences of U.S. and Germany for reference to form a maturity exit mechanism by opening up the exiting ways and perfect the environment of exit. The main contents of the thesis are as follows:The first chapter summarizes the theories of exit mechanism. It compares four ways, and comes to conclusion that each way of exit has advantages and disadvantages.The second chapter summarizes the actuality of our venture capital investment and points out the intractable problems in our current exit system, which is legal restriction, faultiness in capital market, short of special person and absence of an efficient service environment.The third chapter introduces the exit mechanism in U.S. and German. And it brings forward the viewpoint that the exit of venture capital is affected with the development of capital market, policy of venture capital and other factors, so come to the reference that we can use.The last chapter puts forward some advices to solve the problems of our exit mechanism, such as developing Chinese property right market and counter market, creating conditions for building second board markets. Otherwise, our government must create a favorable policy circumstance for venture capital to quit, pursue the healthiness of service system and bring up experts in finance.