Venture Capital Retreat System Of Developed Countries And Regions And Its Enlightenment To China

In the era of knowledge economy, high-tech development and industrialization plays an important role in the economic growth, while venture capital takes an important lever in the part of promoting high-tech industrialization, developing science and technology start-ups, fostering new economic growth point and speeding up the restructuring of the industry. The economy of the developed countries has proven the importance of venture capital in the economic development, the new economy in the United States is the best example. And in the whole of venture capital activity, the retreat of venture capital is the most important aspect. If there is no smooth retreat channel, venture capital will not be able to achieve a virtuous circle of investment and value-added, and investors can not be attracted to the field. Venture capital retreat is an essential condition to the existence and development of venture capital.Now China's capital market is not perfect, there is no real sense of the Growth Enterprise Market and the National Unity of over-the-counter trading market, coupled with the venture capital industry for the development of laws and regulations is far from perfect, which makes treat channels for venture capital in China poor, in our country to a large extent affected the venture capital industry.By relating Foreign advance experiences with our actual situation, this thesis makes a deeply study of venture capital's retreat system. Combined with the actual situation in our country, it aims to propose suggests for our country to build a multi-level capital market system, establish venture capital retreat markets, improve the legal system of venture capital.The full text is divided into five parts.Section 1 is about the concept of venture capital, and makes an overall introduction the operation of venture capital.An overview of venture capital's retreat system is given in section 2. There is an analysis of the importance of venture capital's retreat. By the comparing of Initial Public Offering, Mergers and Acquisitions, Sale, Repurchase, Liquidation Bankruptcy five means of retreat, it considers the venture capital market is a good way to the retreat, our country should set up a multi-level capital market.In the third part, it analyses the Growth Enterprise Market in the developed countries and regions, it in-depth studies the U.S. Nasdaq market, its issuing and listing standards, trading system, information disclosure system, the system of monitoring and delisting. It introduces the UK Alternative Investment Market, the European EASDAQ market, Singapore Second Board market, Hong Kong GEM market.In the Part four it focuses on an overview of the OTC markets. First of all, it defines the OTC market, analyses the characteristics of its market, and then it introduces the United States OTCBB market, from the OTCBB market characteristics, market operation, market supervision. Finally it studies the OTC market in Taiwan.In the fifth part, it makes recommendations on how to set up multi-level capital market system, establish the Growth Enterprise Market and China's OTC market, at the same time it should improve our country legal systems at different retreat channels.