The Research Of Exit Mechanism Of High-tech Enterprise Of Venture Capital

With the coming of era of knowledge economy, technological progress will become the fundamental driving force of economic development, as the carrier of technological progress, high-tech enterprises are becoming the backbones to promote the most innovative advantage a country's economic and social development. As high-risk, high-yield characteristics, their sources of funding are some limitations, but there are some investors who dare to risk trial, which is venture capital. Investment in a high-tech enterprises is a high-risk investment, specifically for the characteristics of high-tech enterprises to provide services, its main purpose is through equity investment, expected capital gain on exit high capital appreciation, and "investment-income-again investment "of capital circulation. Therefore, the whole operation of venture capital, the key to gain high yields is to achieve successful exits of venture capital, the withdrawal mechanism direct impact on returns to investors, and related to the enthusiasm of investors. With the rapid development of high-tech enterprises in China to study the exit mechanism for venture capital will be conducive to the development of venture investmentThe research on exit mechanism for circles throughout the entire process, and focus on venture capital exit and exit timing channels. This paper studies exit mechanism of venture investment in high-tech enterprise, in the analysis of high-tech enterprises and venture capital exit function of motivation on the basis of the different exit channels for venture investment:IPO and non-IPO mode. IPO is the ideal venture capital exit option, but the place has become a problem of IPO, Main board markets in general are higher, so most of the venture through the second board listing, in order to achieve the withdrawal of venture capital, which means that venture capital can at least obtain benefits to some extent, albeit to varying degrees; rather than IPO, venture capital may be achieved for the realization of the transfer of liquidity, it may be because the results of venture risk capital into force as expected had to be abandoned. Either way, the purpose of the withdrawal of venture capital is to maximize gains or losses realized to minimize the circulation of funds.By compared with the United States, Japan, Israel etc. venture capital firms exit mechanism, and the IPO, equity transfer, mergers and acquisitions, corporate buybacks and fictitious transaction and bankruptcy liquidation of the investment in venture capital to exit the main form of business enterprise, and Shenzhen TongZhou Electronics Co., Ltd. and Shenzhen DaZu JiGuang Technology Co., Ltd. Venture Capital Exit of the empirical analysis that out of venture capital mainly through public offerings, corporate acquisitions, corporate repurchase, liquidation. Meanwhile, the paper further proposed high-tech enterprises in China exit mechanism for venture capital major problems, such as:venture firms do not coincide with the listed conditions, off-property rights trading market imperfections, lack of intermediary institutions and relevant laws and regulations, lack of support. And put forward countermeasures for this:the establishment of a multi-level capital market, high-tech enterprises in China to clear the exit channels for venture capital is to improve the exit mechanism of the key tasks, standardization and development of risk investment of high-tech enterprises is an effective protection agencies to build a good high-tech enterprise risk investment exit policy environment is the basic premise of the three complement each other, are indispensable.