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The rise of Venture capital industry originated in the United States after World War II, but by the 1990s, after 40 years in this industry is just beginning to flourish, research on the venture capital industry is also from this period up more gradually. Development of the venture capital industry has been chasing the pace of scientific and technological innovation as the third technological revolution, especially the development and improvement of capital markets in emerging industries to the venture capital industry has brought great opportunities for development, capital and technology collide a spark, to the development of human civilization has brought new opportunities. Chinese people also follow the trend of history, at the beginning of reform and opening up to pilot the introduction of venture capital by government departments, but early emerging industry started late because the domestic capital market imperfections to the development of the venture capital industry has brought some obstacles, the venture capital industry has not been well developed. In recent years, as China’s share reform is completed and opens the GEM, the venture capital industry in China ushered in the boom before the development. China’s venture capital industry has one of the most obvious feature compared to other countries, that is, the central and local governments dominate the venture capital industry, under this model makes the state-owned venture capital has become the main force of China’s venture capital industry. Development of venture investment in its existing force to support the development of China’s emerging industries also Forced traditional corporate self-revolution, self-transformation, it is China’s economic restructuring, industrial upgrading, a microcosm of the consumption structure transformation. With the release of China’s rapid accumulation of household wealth and national policies, more and more private capital began to enter into the venture capital industry venture capital has brought to market more dynamic. State-owned venture capital faced more challenges from the market, but also to strengthen risk management in order to better prepare to meet the challenges of the market. Venture capital investment in science and technology of combining this plays an important role, they are like an angel to inventors, entrepreneurs brought the seeds of hope. Of course, some people say they are the devil, the founder of the expelled after they established businesses or companies listed on the capital market crazy cash. The business community is rational person seeks profit, but it was supported by the market’s invisible hand to give us guidance direction, venture capital through its unique way to contribute to society.State-owned venture -AH is typical of the author through a venture capital model to analyze the case as a state-owned venture capital firm in risk management problems why should implement a comprehensive risk management and how to implement a comprehensive risk management in the company. Article according to ask questions, analyze and solve problems of general logic thinking, first from the stage of venture capital financing, investment stage, exit stage capital to begin to analyze operational processes AH basic operations of venture capital, venture capital and discussed the AH the status of risk management, second from the perspective of the five elements of internal control based on the control environment, risk assessment, risk business control activities, information and communication, monitoring system analyzes the AH five venture capital in risk management problems continued last from the perspective of the five elements of internal control measures on the AH venture proposals to implement a comprehensive risk management, the proposed measures are in accordance with the previous chapter questions to propose solutions.AH venture behind the profound traditional culture of state-owned enterprises, is currently in the enterprise has not yet established a comprehensive risk management system, the company in the field of risk management and control is very weak, there is in the organizational structure, human resources, and other aspects of the decision-making process huge risk vulnerabilities. In addition, because of its state-owned venture capital in the early days with a certain political task required in earnings also assume assume the corresponding social responsibilities, which makes the state -owned venture capital is often unclear responsibility, to bring the company’s efficiency some difficulties, but also to bring some pressure risk management. AH Ventures urgent need to establish a comprehensive risk management system, with a comprehensive risk management system to transform the company on business processes, allowing all employees to participate in the risk management, risk management and establish a good sense of the penetration into the enterprise risk management go various activities to various projects aimed at limiting the risk of venture capital companies within the risk capacity, and in the process provide effective consulting services for enterprises to enhance their value. And standardized methods have a system of comprehensive risk management system, in order to identify all the risks that may occur, the management of all risk to provide reasonable assurance.Theme of this paper has been some change and innovation on the basis of previous studies. First, the focal point of research on the venture capital firm venture capital firm with Chinese characteristics under the background of state owned enterprises have their own features and drawbacks of these risk factors in the performance of venture capital companies who will be more amplification technology. Secondly, from the perspective of the management of innovation and risk-placed in the five elements of internal control perspective rather than the perspective of traditional operation is under process, this analysis is more conducive to uncover vulnerabilities and risks of venture capital companies company level Again, this article is no ink on the most important investment decisions on risk analysis, but more like from the corporate environment, organizational structure, risk and other aspects of the system to explore the company’s overall risk.