The Research On The Exit Mechanism And Achievement Of Venture Capital In High-tech SMEs

High-tech Small and Medium Enterprises(SMEs) which are often defined as those which control certain high-tech intellectual property rights and have strong potential development energy. Differing from general enterprises, they are characterized as high risk, high investment and high profit. Those characters are in contradiction to the principal of steady operation of banks. For this reason, it is hard for them to receive fund support from banks. As we know, venture capital also has the same characters, which can meet the financing desire of Hi-tech SMEs, and decentralize risks and share profits. In a word, they can be the main object of venture capital.Venture capital is a course of capital circulation. Its financing support to High-tech SMEs is because of their high repayment. But in the other aspect, it must assume their high risk. So a safe exit mechanism is in need. As the last chain point of venture investment, such safe exit mechanism is the key factor to its development. But unfortunately this mechanism hasn't totally established in our country. There still exist lots of problems, especially the limited exit channels. Such situation boardly block the development of venture capital industry and the growing of High-tech SMEs, so it has been an urgent problem.For that reason, the exit mechanism of venture capital become the focus of this thesis. This thesis analyses the exit mechanism entirely for seven parts.The first part is the preface, it tells about the significance of this paper topic and relative research background and the general research ideas and methods.From the exit mechanism of venture capital, the second part introduce the relationship about venture capital between High-tech SMEs, and the exit mechanism of venture capital at first, then reveal the important role of the exit mechanism in the whole operation course of venture capital.The third part introduce exit timing and exit ways of High-tech SMEs, and calculate best exit way of mathematical analysis in theory.From the case of "Qinghua lihe quited from Qinghua shenxun". The fourth part analyses the main exit ways of High-tech SMEs, and then evaluate the main exit ways. Focus on the comparison of IPO and M&A, these two exit approaches, the author gives her preliminary advice on how to choose the right timing and the right way to exit.In the fifth part, the author analyses the exit barriers from government support, legal support, intermediary service institutions and capital markets.According to the problems existing in the main exit ways, the author make a strategic analysis on how to build a new venture capital exit mechanism of high-tech SMEs. And for the specific circumstances of the opening of Growth Enterprise Market, the author take her advice on how to choose the right exit way.The last part is the conclusion, it tells abut the features and innovative ideas of this thesis, and points out the shortcomings of this paper and the further study needed to this topic.we can see two innovated points from this theses. For one thing, the author use mathematical analysis to calculate max rate of yield of all kinds of exit ways, and choose the best exit way in theory. Then from a case by comparing, the author expatiates the maneuverability of different exit channels. For another, in the background of the implementation of new corporation law and security law and the joint-stock reform of SMEs, the author discusses the effect of ongoing GEM oriented to High-tech SMEs on consummating the quit mechanism of venture capital.