摘要：风险投资是推动我国科研成果商品化、高新技术产业化以及科技企业成长发展的重要力量。同时，风险投资作为一种创新的金融工具，是现代创新体系的重要组成部分，对于整个经济系统的重要性也与日俱增。风险投资的最终目的是取得高额的投资收益，在合适的条件下退出所投资的风险企业是其最终选择。完善的风险投资退出机制能有力地推动风险投资的发展，从而进一步推动高新技术产业的发展。
本文采用理论和实际相结合的研究方法，学习和借鉴国内外相关的文献，结合我国风险投资及其退出现状，研究我国风险投资退出机制存在的问题，并提出相关的完善措施。首先从风险投资的概念入手，介绍了风险投资的特点、运作过程以及风险投资退出的重要性。然后对风险投资退出的一般方式进行了全面的介绍，在全面、深刻地分析了我国风险投资退出机制发展现状的基础上，论述了我国风险投资退出机制存在的主要问题：IPO退出渠道不畅通；产权交易效率低；破产清算制度不健全且缺乏完善的中介服务环境。
最后通过本论文的研究，提出了如何完善我国风险投资的退出机制的措施。首先应该继续推进新股发行体制改革，拓宽风险投资渠道；继续完善我国的创业板市场和场外交易市场；其次，健全风险企业破产清算机制；最后，还应继续推进我国风险投资人才的培养。
关键词： 风险投资 退出机制 存在问题 改善措施
Abstract: Venture Capital has been the engine of the commercialization of scientific research, the industrialization of high and new technology , as well as the growth of high-tech companies. In addition, venture capital plays a siginificant role in the morden financial innovation system and the entire economic system. Effective exit mechanism is also crucial for venture capitalists, as they are in high pursuit of obtaining considerable profits.
This paper uses the researching methods by the combination of theories and realities, learnt and drew lessons from the domestic and foreign relevant documents. First comes with the concept and the characteristic of venture capital, the process of operation and the importance of the exit mechanism. Next is the analysis of the four ways to eixt in details. Concrete studies on the present situation of exit mechanism in China and the USA was elaborated and came to the conclusions that some problems impeded the development of Venture Capital, for example, the IPO exit way is not effective, the matket of property rights is not fully developed, the efficiency of the transactions of property rights is low and so on.
Through the analyzing of this thesis, it prosposed three main suggestions to improve the existing exit mechanism in China. Firstly, relaxing the qualifications of IPO is of great importance. Secondly, improving and perfecting the capital market will works well. Last but not least, promoting the training of professionals is needed.
Key words：Venture Capital, exit mechanism, existing problems, countermeasures
