The Influencing Factors Analysis Of Venture Capital Exit Timing Choice

Venture capital plays an irreplaceable role in promoting the development of start-up technology enterprises and promoting national scientific and technological innovation.The high return of venture capital must be achieved through a successful exit.Therefore,choosing the right time to withdraw from the ventured enterprises invested has important practical significance for the venture capital institutions to obtain investment income and promote the sustainable development of China's venture capital industry.And when to exit,the theoretical circle has not yet formed a unified decision.On the point of view.Based on this,in order to improve the theory of venture capital exit timing,reduce the risk of venture capital institutions and improve their returns,this paper uses literature analysis,factor analysis,empirical analysis to study the timing of venture capital exit.Specifically,taking GEM listed companies as an example,this paper firstly analyzes the influencing factors of venture capital exit timing from both macro and micro aspects,then combines the research object and data characteristics of this paper,chooses Cox proportional hazard rate model in survival analysis model for empirical analysis,and before the empirical analysis.In order to eliminate multiple collinearity among variables,factor analysis is also carried out in this paper.Through the research,this paper finds that the exit timing of venture capital is a complicated process,which is influenced by macroeconomic factors such as macro-policy,market activity,business cycle,surrounding business culture,and micro-factors such as the invested industry,invested enterprises,VC institutions.In order to quantify these factors,this paper subdivides these macro-and micro-factors again,and finally obtains 21 three-level indicators,such as the restriction of macro-policy,the perfection of macro-policy,the diversity of capital market,the quotation of capital market,macro-economic cycle,capital market cycle and the investment concept of the region.On this basis,the factor analysis results show that the perfection of macro policy,VC institutional preference,investment management experience,capital market quotations,financial performance level,capital market cycle and other six factors are the key factors affecting the exit of venture capital.The empirical results of Cox proportional hazard model show that the better the investment management experience,capital market quotation and financial performance,the less the VC institutions will choose to quit.In addition,in order to ensure the smooth development of VC exit opportunity,this paper also puts forward some relevant suggestions from the aspects of government,VC institutions,and the invested enterprises.