Research on Exit Ways of Venture Capital Based on the Theory of Information Asymmetry

Information asymmetry in the exit process influence the way of venture capital exit,and the success exit has the important meaning for the venture capital's benign development.The result indicates that for the venture capital,the efficient exit way is the IPO,but it cannot solve the serious information asymmetry problem which exists between the internal and external investors;the exit way of merger and acquisition is another important channel which can solve the information asymmetry problem;the venture capitalists choose the part or all exit ways in order to ensure maximize the return of venture capital investment according to the development of venture enterprise and capital market.