由于没有通畅的退出机制,创业资本在实现资本增值过程中处处受到制约,极大地影响了创业投资的积极性。所以,从制度供给上克服中国资本市场存在的结构性缺陷,建立有利于创业资本市场退出的完善多层次资本市场体系,就成为当前推进创业资本发展的题中应有之义,具有重要的现实意义和深远的战略意义。 In the absence of an unobstructed exit mechanism, venture capital is constrained everywhere in the process of capital appreciation, which greatly affects the enthusiasm of venture capital. Therefore, to overcome the structural defects in China’s capital market from the perspective of institutional supply and to establish a perfect multi-level capital market system that is conducive to the exit of the venture capital market have become the proper meaning of the current development of venture capital and have an important reality Meaning and far-reaching strategic significance.