The Study On Venture Capital Withdrawal System

Venture Capital is the accelerator of modern hi-tech industry and does great effect to modern economy.In the past more than half a century,Venture Capital has greatly promoted the economic development and the upgrading of the industrial structure in American-European countries.Practice had proved that Venture Capital played a great role in the industrialization of scientific and technological achievements?the development of high-tech industry and the industrial restructuring.The exit of Venture Capital occupies an important position in the whole system of Venture Capital.The exit determines the final success or failure of Venture Capital,and decides the equity realization of the Venture Capital agencies in some degree.Normally,the country whose Venture Capital industry is more advanced and it exit channels are more diversified;its exit mechanism is more effective,and then resulting in well development of Venture Capital.In the whole process,maximization income of investment is largely influenced by Venture Capital exit decisions.The concept of Venture Capital,was raised in 1985 for the first time in our country.And China's Venture Capital industry makes significant progress through the over two decades.However,"impeded exit approaches" remains one of the main obstacles to the development of the venture capital industry in China.So,whether the Venture Capital industry could make better exit decision or not also influences the further development of the Venture Capital industry in China,especially at the time when opportunity coexists with challenge.In order to analyze the Venture Capital exit decision-making situation in China,the paper make a relatively full study of the status quo of Venture Capital exit in China from the perspective of exit ways and timing.Based on previous research,the paper structures an analysis framework of influencing factors of exit decision-making in China,which takes into account the macro-environment factors,the start-ups factors and the Venture Capital organization factors as well as the interactions among the three factors.Therefore,the paper propose a decision-making process of Venture Capital exit.It points out that the judgment of exit timing should be the starting point for decision-making.That is,judge whether the current time point is a feasible exit timing through both qualitative and quantitative factors step-by-step.The mathematical analysis method is used in this paper to study the Venture Capital exit decision.And two programming models are built for exit decision:exit decision criterion programming model for Venture Capital and exit way and time selection planning model,then the two models are solved and the optimal exit decision for Venture Capital is got when the exit utility is biggest,which has significant guiding meaning for further study on exit decision of Venture Capital.