Study Of Venture Capital Performance Of IPO Exit

With the rapid development of socio-economic, the development of high technology has become the driving force of social process, and has become a catalyst for economic development in the world, in this view, venture capitalists continue to invest venture capital into high-tech enterprises in order to get high returns. However, the successful exit of venture capital is the premise that the risk capital get high returns, and it is the guarantee that make risk capital circulate in timing and space.Since the 80s of the 20th century, along with the innovation of finance and the development of financial liberalization, there are more and more kinds exist model of venture capital, and there are more and more people who worked in venture capital industry and academic in the world are focus on the exist model of venture capital.Overall, there are four major exits of venture capital in our country now, such as IPO, mergers and acquisitions, share repurchase and liquidation. However, IPO and M&A has become two major exit ways of venture capital allover the world.In this paper, I have analysis the advantages and disadvantages of the exits way of venture capital by using the analysis of theory with practice based on the review of correlative theory of venture capital, and have analysis the macro and micro factors that affect the exit of venture capital by using efficiency indicators and efficiency indicators, and I have constructed the performance of venture capital model of IPO exit combined with the withdrawal of venture capital on the GEM market. In the end, I have made a conclusion that IPO is the best exit way of venture capital not only to the venture capitalists but also to the high-tech companies.