On The Exit Path Of The China Venture Capital Research

Venture capital is a kind of equity capital that is put into rising company with providing management for vast return. Its operation includes collecting founds, investing and withdrawing. Withdrawing is the most important factor, because it is the course of making real. Venture capital has been developed more than ten years, but still having some defect. Incomplete withdrawing mechanism is one of the defects. The thesis proposed to develop our withdrawing mechanism on the basis of benefiting from foreign countries.The withdrawing ways of venture capital include IPO, sale, clearing. IPO and sale are the main point of the thesis. According to present withdrawing ways of venture capital in our country and experience of the foreign countries, I proposed to set up our own second board, making use of foreign and Hongkong's second board and our M&B market, to form comprehensive venture capital withdrawing mechanism. Firstly, it is necessary to set up the second board in our country. We should pay attention to issuing system, assuring system, publishing system and monitoring system. Secondly, some domestic company can come into the market in NASDAQ or GEM. Thirdly, we should make use of property right market. It is important to form a complete property right market and energized intermediary organs. Finally, we should speed up relative mechanism, including government monitor system, law system, human capital system etc.There are two characteristics in the thesis. One is innovation that I analysis venture capital withdrawing ways from two points, the second board and M&B. Another is practice that I listed some relative examples about the thesis.