Research On Withdrawal Mechanism Of Venture Capital In China

Venture capital is the accelerator of modern hi-tech industry and does great effect to modern economy. The withdrawal of venture capital is the prerequisite to its success because it is such a kind of investment full of high risk and high return. Therefore, the withdrawal of venture capital is essential to the existing and developing of it. Smooth way of capital withdrawal ensures that high return will be attained and determines whether venture capital will succeed or not.At present, our capital market is imperfect, real secondary board marker is not exist and the regulation and policy system relating to venture capital is lacked. All of these limit our venture capital withdrawal and influence the development of our venture capital to very great degree. So I think the research on the withdrawal mechanism of venture capital in China will do well to the development of our venture capital and also our economy.This thesis begins with the reason, main function and practical significance of venture capital withdrawal. Through the comparation and evaluation of the major withdrawal channels such as IPO, mergers and acquisitions, buy-back and write-off and the study of venture capital withdrawal experiences and lessons of America, Japanese and India, the thesis pays more attention to feasibility and countermeasure of various withdrawal channels and the obstacles of withdrawal in China as well, and put forward the suggestions about the construction of multilayer capital market in order to make the venture capital withdrawal in China perfect.