| The 21st century is the knowledge economy times; the high-tech industry is playing an important role day by day in the knowledge economy times. Developing the high-tech industry have become our country's the urgent matter. Looked from the high-tech enterprise's intrinsic characteristic that, it is a kind of risk enterprise. Transforming the high-tech product research into the product, needs to invest massive funds, also full of risk. these special characteristics doom that it is very difficult to obtain the investment from common investor and obtain the loan from the bank or other general financial organization, so, many high-tech enterprises which have happy future face the difficult problem of financing. But the venture capital has made up this gap, which shouldered the mission of impelled the high-tech industrial production, became the connection of science & technology achievement and the market. Now, the venture capital have became the focus of more and more theorists and economists.The worldwide venture capital origined in the 50's 20th century in US, there have been several dozens years history until now, also there have been many researches about the venture capital. There are tripartite participates in the venture capital, the venture capital company as a media department play the key role in the entire process. Therefore on the venture capital company, the venture capital research may be divided into three stages: Financing stage, investment stage, withdrawal stage. This article based on in our country venture capital company's standpoint and combined our country's national condition to analyses venture capital's three stages– the financing, the investment, the withdrawal stage by the correlation contract theory. In the venture capital company's financing stage , risk investors Choose the appropriate risk bond investor through the prestige mechanism, and gets the Conclusion that limited partnership is the best solution to the risk bond investor's drive and the surveillance question through the analysis of prestige mechanism -made model, but the risk bond investor also should choose the appropriate capital source, it is benefit to the venture capital company independent development, and the opinion that our country should develop the multiplex financing channel; In the venture capital company's investment stage, the venture capital company should use exchangeable preference shares to invest in the venture enterprise, like this we can nimble grasp the domination shift question; In venture enterprise's withdrawal stage, the choice of the withdrawal way is relates to the benefit of tripartite participation, the article admire the IPO is the best withdrawal way... |
