Study On Exit Decision Of Venture Capital In China

The exit of Venture Capital occupies an important position in the whole system of Venture Capital. The exit determines the final success or failure of Venture Capital, and decides the equity realization of the Venture Capital agencies in some degree. Normally, the country whose Venture Capital industry is more advanced and it exit channels are more diversified; its exit mechanism is more effective, and then resulting in well development of Venture Capital. In the whole process, maximization income of investment is largely influenced by Venture Capital exit decisions, which include the choice of exit time and exit way, exit control and exit degree, and various preparations for exiting successfully of venture capital.Venture Capital exit decision is studied from the whole process of the design process, which includes financing process, conducting and exiting. The research only for choosing appropriate exit time and exit way, from which the Venture Capital agencies could obtain rich return on investment. Related Venture Capital exit decision theories and analysis of method for Venture Capital exit decision model are firstly introduced in this paper. Next, the influence factors that affecting Venture Capital exit decision are also studied. Based on the exit decision for Venture Capital, the design of three stages of exit decision of Venture Capital is put forward. Finally two programming models are built for Venture Capital exit decision and the best exit decision is solved out when exit utility is the biggest for Venture Capital agencies.The mathematical analysis method is used in this paper to study the Venture Capital exit decision. And two programming models are built for exit decision: exit decision criterion programming model for Venture Capital and exit way and time selection planning model, then the two models are solved and the optimal exit decision for Venture Capital is got when the exit utility is biggest, which has significant guiding meaning for further study on exit decision of Venture Capital.