Abstract: Exit is the most important link in the whole operation process of venture capital. The quality of exit can directly decide the success or failure of the investment and the degree of appreciation of the venture capital. There exists a series of issues in China’s venture capital, which are restricting the healthy development of the venture investment industry, such as single exit channel, imperfect related laws, unestablished multi-level capital markets, etc.. The venture investment industry in Germany has experienced similar stages like China in its development process; both German law and Chinese law have the possibility of law transplantation because both belong to the civil law system. Therefore, researches on the exit mechanism of German venture capital are of great significance, for they can provide reference for China to establish and perfect a healthy and efficient capital market.

Key words: venture capital; exit mechanism; German law