The Research About Performance Of Venture Capital's Withdrawal Ways

Venture capital's withdrawal is a key point of the venture capital's entire process, whether realizing its successful withdrawal is the "thrilling caper" for realizing venture capital. Venture capital's success must rely on the choice of good withdrawal mechanism. Good withdrawal mechanism is the basic premise of venture capital's appreciation, and the guarantee of venture capital's continuous circulation in temporal and spatial.Since the 1980s, along with the wave of financial liberalization and innovation, the venture capital's withdrawal way also unceasingly to increase, the problem of venture capital's withdrawal has gradually receives the academic circle and professional's widespread attention.Venture capital is an equity capital invested in high-growth venture businesses , its fundamental purpose is to obtain maximum return on investment.At present, the venture capital realizing its successful withdrawal is only a very small part, however, the venture capital which does not realize withdrawal can't be able to achieve its smooth circulation, not to mention high income .Therefore, the core to develop our country's venture capital is to provide the feasible market withdrawal way for the venture capital.With the vigorous development of China's high-tech industries, I believe the research and analysis about the withdrawal ways performance of venture capital will contribute to a better development of China's venture capital industry.Overall ,all countris in the word,the venture capital's main withdrawal ways are the five:main board listing, second board (or GEM) listing,M&A, stock buy-back and bankruptcy, the first two of which are out from stock market transactions, rather the latter three are from the property market. But looking from present development conditions of various countries' venture capital, we know that IPO and M&A have already became the two most main and commonly used withdrawal ways of venture capital.In this paper, through using the method of theoretical analysis and empirical research,onthe basis of reviewing the related theory of venture capital, I analyse the connotation of venture capital's withdrawal performance and the evaluation index system of measuring the venture capital's withdrawal performance,use efficiency indicators and performance indicators, and have a comparative analysis of performances of IPO and M&A according to the principle of high returns and high mobility. Also have empirical analysis by using cases of the company Dongjiang Environmental's IPO in Hong Kong and Chinadotcom Corporation acquire Newpalm, the results are consistent with the former theoretical conclusions,that is, comparing the performances of the two ways, the performance of M&A is generally higher than that of IPO.