| The venture capital industry originated in the United States in the World War II. The American Research and Development (ARD) which set up in the Boston in 1946, has already engaged in the venture capital business. After 30 years of development exploration, China’s venture capital has made some development. Due to various reasons, the venture capital started relatively late in China, the speed of development is still slow.Venture Capital Exit is the most important core steps to maintain the normal operation of the entire venture capital market. Only the successful exit of venture capital can start of a new investment circulation, thereby stimulating the development of the venture capital market. The current exit channels for venture capital in China is not very smooth, there are also many problems in venture capital investments. This is partly because market saturation is so high that the marginal benefits decline dramatically, on the other hand, government intervention in the venture capital exit strategy also caused some impact, which is the main background of this article.The article summarizes the current research of the venture capital. The paper focuses on the most common exit way in venture capital, and compared the advantages and disadvantages of different ways. The essay use a lot of data supporting detail to show the status quo of China’s venture capital investment and financing from the scale, industry distribution, exit returns, etc., which identify the impact of the IPO exit strategy in venture capital industry. By studying the exit mechanism of the America, Germany and Hong Kong comparatively, describes the inspiration for. the development of venture investment in China. Finally provides some solutions relate to the current law, national policy and financial systems from the macro’ and micro view, giving the suggestions to improve the exit mechanism of risk investment, noting the importance of improving the delamination of capital market in China. |
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