Research On The Change Of Venture Capital's Exits In China

The exit is a crucial part in the entire operation process of Venture Capital(VC). As the VC started relatively late in China, the exit mechanism of VC is not perfect. According to the research on the change of VC's exits in China, the article provides the concept of improving the exit mechanism of VC and strives to improve the exit mechanism of VC in China providing more channels for VC's exits.The article obtains the factors of impacting VC's exits and proposes to relax the control of foreign IPO. It points out the issues that impact the IPO in domestic capital markets and proposes to accelerate the construction of the Growth Enterprise Market(GEM) and gives some advises on the GEM. We should take a great deal of effort into the construction of the Tianjin OTC and proposes the concept of the Tianjin OTC operation mode according to the Taiwan OTC and the American OTCBB.The article takes comparative methods studying the exit mechanism of America, Germany and Israel, and provides ideas for analyzing and improving the exit mechanism of VC in China. It analyzes the change of VC's exits combining empirical evidence and cases and gives some suggestions about improving the exit mechanism of VC in China. The innovation of this paper is the concept of operating the Tianjin OTC market and the construction of the Tianjin OTC to be the national market as soon as possible perfecting multi-level capital market of China.The article includes five chapters. Chapter one is the introduction. Chapter two studies the exit mechanism of the America, Germany and Israel comparatively.Chapter three is about the IPO of two high-tech enterprises, aims to provide ideas about studying the change of VC's exits and improving the exit mechanism of VC in China. Chapter four analyzes the change of VC's exits deeply and points out the issues that impact the IPO in domestic capital markets. Chapter five provides the concept of improving the exit mechanism of VC, points out the construction of GEM as soon as possible and to construct Tianjin OTC to be a national market.