创业资本是一种适应高新技术创新对资金需求的新制度安排 ,它通过推动高新技术产业的发展进而带动了整个经济的增长。退出机制是创业资本成功的关键环节 ,可行的退出机制才使创业资本成为一种有效的制度安排。创业资本的退出方式主要有公开发行股票、企业并购及清理公司。公开发行股票是最佳退出方式 ,而股票第二板市场是创业资本的最佳退出场所。 Entrepreneurial capital is a new institutional arrangement to meet the capital needs of high-tech innovation, which in turn drives the growth of the entire economy by promoting the development of high-tech industries. Exit mechanism is the key to the success of venture capital. A viable exit mechanism makes venture capital an effective institutional arrangement. Venture capital exit methods are the public offering of stocks, mergers and acquisitions and liquidation companies. Public offering of shares is the best way to exit, and the second board of stock market is the best place to exit venture capital.