The Comparison And Selection Of The Retreat Manners Of Venture Capital Of Our Country

Having summaried and appraised the definition of venture capital made by the organizations and scholars of both foreign and domestic in the article, the author has advanced his own narration stating that venture capital is a stock right investment behavior aiming at high rate profits on the venture capital, and has systematically set forth the characteristic and the connotation of venture capital, provided an embedded analysis on the constitution of the structure of venture capital and its running mechanism. Venture capital can affect signiffcantly the cycle of high-tech venture capital whether the venture capital can or can't successfully retreat from the project. A refined retreat mechanism can have the dual functions of dynamic mechanism and safeguarding mechanism in the capital venture system of a country.The venture capital operates with the optimal implementation of the strategy of double standards on a high rate of return and high liquidity, and achieving the maximum effectiveness of withdrawal in the corresponding match withdrawal from the market on different ways . Based on the risks related to the withdrawal of investment on the basis of theoretical analysis and comparing initial public offerings with corporate mergers we have been explanded the content of the effectiveness of the withdrawal of the venture capital, the evaluation criteria, the evaluation system and so on, and initially created a risk assessment model from the utility in the article .On the analysising the six indicators for example ,the exit prices, the exit costs and the market capacity, we find the overall effectiveness of corporate mergers is higher than initial public offerings. In the same time, based on the analysis of two retreat manners , the author has put forward the realistic choice of the retreat mechanism of venture capital of our country, and emphasized the necessity and urgency of the construction of the second board market in our country. Referring to the experience of the construction of the second board market of foreign country, the author has expatiated the basic frame for the construction of the retreat market of venture capital of our country.