Research On Venture Capital Withdrawal Mechanism In China

Venture Capital has been introduced to China, since the mid-eighty last century. It has 25 years development history. In China, however, the theory development in venture capital operation and the risk investment business, is not very well, especially the multi-level capital market system in the development of our country is unsound, to a certain extent, hampered venture capital successfully completed. In late October,2009, China formally set sail GEM, providing further development for venture investment in the cause of offering benign operation environment. Venture capital, from its preparation, to investment, to final exit process, every link is to prepare the next segment, and the withdraw of venture capital in the link, is usually considered the most important part of risk capital operation process, only when the core part could be exit smoothly, venture capital can effectively move to the next item operation process, so the study of withdrawal in venture capital mechanism, is of far-reaching significance.This article from the marxist political economics theory and combined with contemporary western economics, do the research of venture capital theory and China's venture capital withdrawal mechanism. Mainly divided into the following several parts:The first part, from the marxist political economics theory and combined with western economics theory, elaboration and summarizes the domestic and foreign venture capital concept, and points out what is venture capital concept in this paper. By summarizing the contemporary venture capital exit mechanism for the related theory, the paper provides the economics theory support. The second part, expounds the international venture capital withdraw from the main ways, and carries on the comparative analysis. Hope the research can be used to find out China's venture capital exit process, and also can be used for reference.The next part, concerning the current in our country exit way of venture capital, point the problems in the course of exit.Conclusion, because our GEM market has just started, the domestic about influence of GEM market in venture capital exit has been discussed, most of them stay in only theoretical supposition level, this paper tries to collect the latest information about the GEM market, at the same time in contrast to the venture capital market development in western countries, that is illustrating how to develop our perfect capital market based on the experience.