A Study On The Exit Problems Of Venture Capital In High-tech SMEs

As a new-style investment means, venture capital is called as the high-tech industry"hatcher"for its positive role on impelling the high-tech small and medium-sized enterprises (SMEs) in the vigorous development. But, looked from the overall effect, our country's venture capital operation is not successful and has not achieved the anticipated effect. The multitudinous research indicated that, the successful or not of venture capital depends on whether the withdrawal channel is unimpeded. The reason the successful case of our country's venture capital to be scarce is that there has not an unimpeded withdrawal channel. Many research pauses in researching the macroscopic aspect influence factors of venture capital: For example the legal laws and regulations not perfect, lack effectively board market, the property right transaction mechanism not perfect and so on. At present, there lack of special research on the withdrawal choices of the venture capitalists. Besides, very few studies investigate the venture capital withdrawal question from the angle of asymmetry information. Therefore, it needs from a new angle of view: the angle of asymmetry information of Venture capitalists and venture capital buyer to research venture capital withdrawal question.This dissertation based on the venture capital withdrawal's correlation theories'foundation, first through the analysis of venture capital withdrawal influence factors, obtains that the asymmetry information between the venture capital withdrawal activities affects the choice of the entire venture capital withdrawal system. Then, using gambling thought, effectiveness optimization principle, through establishing related models, the dissertation has separately analyzed the venture capitalists'and the venture capital buyers'behaviors under two kinds of conditions: from the complete information and the asymmetry information. The analysis obtains that under the complete information the venture capital withdrawal activities'withdrawal way choices are influenced by whether the venture capitalist and the venture capital enterprise signs buy-back contract; Under the asymmetry information, through the quantitative analysis model in the capital market, it obtains that the risk capital buyer's purchasing demand to the risk capital is connected to her gains of the risk capital real returns ratio information quality, simultaneously in the information market, the revelation risk capital real returns ratio information quality which the venture capitalists reveals is connected with the...