Research On The Legal Issues Of China's Venture Capital Exit

Venture capital has entered China since the 1980 s.After nearly 40 years of development,it has begun to take shape,which has played a positive role in promoting China's rapid economic development.However,in the process of venture capital development,there have also been many legal problems.The legal issue of venture capital withdrawal is one of the important issues,mainly manifested in the applicability and applicability of listing conditions during initial public offering,and information disclosure.The relevant rules are not rigorous and the sponsor system is imperfect;when the merger is quit,it is easy to damage the interests of creditors;the specific legal regulation in the repurchase exit is imperfect,and the legal rights and interests of small and medium shareholders are lacking;the clearing entity and the liquidation procedures are not perfect.The interest protection mechanism is incomplete.The existence of these legal issues directly affects the investment enthusiasm of venture capitalists.This should be improved from the following aspects: the initial public offering should appropriately reduce the listing criteria of the start up on the GEM,increase the proportion of intellectual property in the start up,establish a multilevel information disclosure system,and focus on the GEM.The disclosure of the company's growth information,attach importance to the disclosure of risks,improve the market makersystem,improve the qualification requirements of sponsors,and ensure the obligations of sponsors;when exiting mergers and acquisitions,it should establish the protection procedures for the interests of corporate creditors and improve the relevant responsible persons.Responsibility investigation system,perfecting the internal and external autonomy system of the company's M&A creditors;when repurchasing and withdrawing,it should relax the reasons and conditions of share repurchase,the rights of the right to repurchase the share repurchase claim,and the scope of application for expanding the repurchase claim of the dissenting shareholder The restrictions on the source and quantity of the company's share repurchase funds,and the legal liability for illegal share repurchase;the liquidation of the liquidator system,the establishment of a professional liquidator system,the clear time limit for dissolution and liquidation,and the specific steps for dissolution and liquidation,Establish special liquidation procedures and improve dissolution public system,improve the credit reporting system,the establishment of the company books keeping system.