Study On The Exit Mechanism Of Venture Capital In China

In 2001,after China's entry into the WTO organization,the market economy in China increased and the capital market was gradually improved.Therefore,venture capital has developed rapidly in the financial field.For the growth of enterprises and financial development,the research of venture investment is of certain value.In the process of venture capital,the exit of venture capital is an important link.The appreciation of investment needs to be realized through the way of venture capital exiting,so as to realize the capital operation of next cycle.So relative to investors,to choose a proper way of exit and exit income directly affect timing of investors or the Vc firm,in 2008 during the global financial crisis,not only affects the risk of investors,also produced some obstacles to the development of the venture capital.At the present stage of China's venture capital exit research in the exploration stage,yet there is no mature theoretical system,which is part of the investment project can not be normal to opt out,increase the risk of investment,therefore,has a realistic economic significance of venture capital exit.This paper consists of five parts,the first part mainly introduces the research background and significance research situation at home and abroad;the second part will introduce the meaning of risk investment and venture capital exit types;the third part is the comparison of foreign developed countries risk investment and the development of venture capital in China reference;the fourth part puts forward the existing domestic venture capital exit way in existing problems;the fifth part mainly put forward some constructive suggestions for the fourth part of the analysis of the problems,so as to come to the conclusion.Through this research,finally draws the following achievements: one is the withdrawal ways of venture capital,risk investment institutions to withdraw from the public,the return will be maximum benefits;exit through mergers and acquisitions or corporate buybacks for return of liquidation of enterprises;risk,investment income will be difficult to guarantee.Two,the main problems of venture capital in China are concentrated on the lack of multi-level capital market system,imperfect legal system of venture capital,lack of professional third party services and lack of professional venture investment team.Therefore,domestic venture capital urgently needs to build multi-level system of venture capital exit mechanism,perfect property right trading system,perfect law and policy system and train high-quality talents in China.