| The exit of venture capital shows the critical functions in venture capital cycle. The establishment of a small and medium-sized enterprise (SME) board will attract venture capital to exit by IPO (initial public offering). This paper summarizes the research findings about exit decision of venture capital at home and aboard, and analyses the background and reasons of the establishment of SME board, and its influence to exit decision of venture capital, builds up venture capital exit decision model according to SME board, at last puts forward some suggestions to perfect venture capital exit mechanism in china. This paper includes five chapters. Chapter one explains the research's background, significance, present findings at china and aboard. Then it introduces the research's aims and innovative points. Chapter two mainly explains the definitions of venture capital exit and exit decision, and discusses the importance of venture capital exit, and compares the meanings and characteristics of three classic exit channels, that is, IPO, trade sales, liquidation or write-off. Then on the basic of research about the present development of venture capital exit's Mechanism in China, this chapter introduces the central problems of the exit's Mechanism. Chapter three analyses the backgrounds and reasons of the establishment of SME board in detail, and its theoretical influence to exit decision of venture capital. Chapter four builds up venture capital exit decision model according to SME board. This model includes tow parts, that is occasion chose model and channels chose modes, which provides a thought of venture capital exit decision according to SME board. And it analyses the model's practical application with example and indicates the model's limitation at last. Chapter five concludes the research achievements and prospects the development of SME board, and gives suggestions as to build up and perfect Chinese venture capital exit mechanism. |
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