Study On The Policy About Perfect Exiting Mechanism Of Venture Capital In China

As an innovative financial tool, venture capital (VC) plays an important role in promoting the high-tech industry. The exiting mechanism of venture capital (EMVC) plays an important role in VC. The imperfect of EMVC is a serious problem for VC in chinaThis paper studies the policy on perfecting EMVC. The first part briefs basic theory on the EMVC analyses the relationship between VC and government. The second part analyzes the present situation of EMVC and the main obstacles in china. Then it makes summary and analysis of the policy about VC .In the following part, the paper makes comparison of the EMVC in several foreign countries, which offer different model for China. Then, from main body and capital market, the paper has a detailed account of the innovative Institution Obstacles in EMVC and analyzes the reason for its. At last, some innovative policys roposed to perfect china's EMVC.The main conclusion includes as follows:1. There are some obstacles in EMVC. The reason caused obstacles include: the scarcity of discriminatory and mobility capital market, the shortage of normative and high quantity media system, unreasonable property, some of current law and so on..2.The premise of restructure EMVC is explicit VC property relationship; the core is an integrated capital market; the necessary is the function of government. So the goal of perfect China's EMVC should be to perfect capital market system gradually; to encourage venture firm to have IPO in foreign second board, to cultivate marketable venture capital operating mechanism in order to protect main body benefit; to provide service by government.3. The policy innovation includes: to construct construct some kinds of existing style, to cultivate the media system and relevant market body, to build a perfect service VC system by government and so on.