The Research On Exit Mechanism Of China Venture Capital

Venture capital is a kind of equity capital which is invested into the venture-backed companies of high-tech in order to gain super profit. When the venture-backed companies grow some period, venture capitalists will consider the exit of venture capital so as to carry on a new investment. Therefore venture capital exit is a prerequisite to the existence and development of it. Smooth way of capital exit ensures that high return will be attained and it determines whether venture capital will succeed or not. To establish an efficient and perfect suit of exit mechanism of venture investment is an indispensable and important segment of venture investment activities. It also has a far-reaching realistic significance to the development of venture investment industry and economic construction of China at present.This thesis attempts to analyze the theories and practice of venture capital exit by theoretical analysis and chart analysis method. It compares and evaluates the major withdrawal channels such as IPO, Merger and Acquisition, and liquidation. Through comparing the exit mechanism of venture capital in United States and Japan, the thesis focus on the analysis of imperfect reasons of the current venture capital exit mechanism based on our country's condition. At last, the thesis puts up some policy suggestion to widening the exiting channels and perfecting the environment of exitAccording to the train of thought of "putting forward the question , analyzing the question and solving the problem", this article is divided into five major parts.The first part: preamble, The introduction sets forth the background of the thesis and the study intention. Also it sums up some research findings about the exiting ways, venture capital self-operation in the process of venture capital exit.The second part: the mechanism analysis on venture capital exit. At first the thesis explores the theoretical knowledge of venture capital and analyzes the reasons and functions of venture capital exit. Then through analyzing the characteristics of different exit mechanism this article expands the old model considering the exit cost. Therefore the model is helpful to the practice.The third part: the status quo and problems of vc exit system in China.The thesis points out the intractable problems in current exit system, such as legal restriction, faultiness in capital market, inefficiency in transaction of property rights and absence of...