A Study On The Exit Routes Of Venture Capital In China

Venture capital is the combination of finance and technology, it is a new type of equity investment tool that can effectively promote the development of high-tech industry. Venture capital has the characteristics of high risk and high profit, the realization of its profit relay on exit of the investment, different way of exit determines the final return, so venture capital exit is the most important stage of the whole operation process of venture capital. The decision-making of venture capital exit way is affected by many factors, the development of the venture enterprise, the operation of the capital market and the performance of the macro economy will be the factors that affect the exit decision. Especially, in our country, the history of the investment capital is short, the system of exit and mechanism of exit is not perfect. Also, the development of the capital market system is not perfect, so in the special market environment of our country, research of how to make the decision of venture capital exit is very meaningful and significance.This paper use the case analysis method, through the analysis of the case that Tsinghua Science Park Capital make the venture capital exit from Beijing Eben Information Technology Company, make the study that the impact of venture capital exit decision and how the venture capital institutions choose optimal way of venture capital exit. Through the comparison of the literature research and case analysis, the paper have the final conclusion that the IPO exit way has the highest returns, but we should consider the risk enterprise development planning and the market environment when exit, if the external environment is not suitable for the IPO, even if the risk enterprises meet the requirements of IPO, should not take the way of IPO exit, they should consider the way of enterprise merger and acquisition(M & A) exit to realize the highest return, and make the optimal exit decision.