Research On Selection Of Venture Capital Exit Manner In Our Country

Venture capital, as an innovative financial instrument, the background of its emergence and development is the rise of hi-tech industry. As an important modern innovation system, its importance for the whole economy has become increasingly obvious. Investment income is the ultimate goal of Venture capital investment. Exit from the venture firm in suitable condition is their ultimate option. The key to the exit of the venture capital depends on how to choose the way of withdrawal. There are several ways of capital withdrawal style, each style has its own characteristics, and that will bring different impacts. Therefore, select suitable withdrawal style according to actual situation in China will give a hand to venture capital withdrawal, so as to promote healthy development of venture capital in China. That's the research point of this paper. The research purpose of this paper lies on founding the selection model of the way of venture capital withdrawal and the model of exit performance measurement by using the fuzzy evaluation theory.This paper used the researching methods by the combination of the theories and realities, and learnt and drew lessons from the domestic and foreign relevant documents, and also, it researched the selection of exit ways of the venture capital in our country by combining the present situation of venture capital and the its withdrawal of our country. This paper started from several main exit ways of the venture capital, it explained these exit ways, and gave a deep comparative analysis on their advantages and disadvantages, meanwhile, it systematically analyzed the present development situation and exit situation of venture capital in our country, and based on which, it deeply analyzed the barriers and problem existing in the venture capital withdrawal in our country. There are many factors influence the selection of exit ways of venture capital, this paper made a comprehensive analysis on the relevant both inner and external influence factors.At last, it took fuzzy comprehensive evaluation method as the theory guide, considered the important inner and external factors that influence the decision of the venture capital withdrawal, and it set the relevant indices of evaluating the venture capital performance as the selective preference factors in policy decision of the exit ways of venture capital, and formed the selection model of withdrawal ways of the venture capital which is decided according to the exit performance. This model excluded the invalid withdrawal ways, and compared the effective ones and then made a decision. Meanwhile, the paper pointed out the imperfections existing in the model and some problem may occur when apply the model. The conclusions of this paper are as follows:Among the several main ways of venture capital withdrawal, the IPO is the maximum one both in earnings and risks, while equity transfer is the best one when the capital market is disappointing. The mainstream way for the venture capital withdrawal is not invariable; it keeps its pace with the macro-economy situation. At present, there are still lots of problem existed in the venture capital withdrawal in our country, including imperfections in capital market, low transaction rate in property right, lack of professional talents for venture capital, etc. Fuzzy comprehensive evaluation method can commendably quantify the factors which are difficult to be quantified under the fuzzy environment, and select the best withdrawal way from the multi options.