Analysis Of Venture Capital Exit Decision-making In China

Venture capital is the accelerator of modern hi-tech industry and does great effect to modern economy.The exit 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 exit of venture capital is essential to the existing and developing of it.Smooth way of capital exit ensures that high return will be attained and determines whether venture capital will succeed or not.The concept of "Venture Capital" was raised in 1985 for the first time in our country.And China's venture capital industry makes significant progress through the over two decades.However,"impeded exit approaches" remains one of the main obstacles to the development of the venture capital industry in China.So,whether the venture capital industry could make better exit decision or not also influences the further development of the venture capital industry in China,especially at the time when opportunity coexists with challenge.In order to analyze the venture capital exit decision-making situation in China, the paper makes a relatively full study of the status quo of venture capital exit in China from the perspective of exit ways and timing.Based on previous research,the paper structures an analysis framework of influencing factors of exit decision-making in China,which takes into account the macro-environment factors,the start-ups factors and the venture capital organization Factors as well as the interactions among the three factors.Therefore,the paper proposes a decision-making process of venture capital exit.It points out that the judgment of exit timing should be the starting point for decision-making.That is,judge whether the current time point is a feasible exit timing through both qualitative and quantitative factors step-by-step.Then,unsuitable exit ways are excluded by filter criteria.And fuzzy comprehensive evaluation is used to prioritize the feasible exit ways with the evaluation indexes system.So,the optimal exit could be determined.The paper is hoped to provide a reference for the venture capital organizations.