风险资本作为资本市场中重要的融资中介,主要为初创的中小型企业提供融资。一个典型的风险投资周期包括风险资本的募集、投资以及风险资本的退出机制等三个阶段。本文以美国风险资本运作过程的三个阶段为研究对象,对相关的实证研究结果进行综述,同时结合目前国内的研究现状,展望了未来的研究前景。 As an important financing intermediary in the capital market, venture capital mainly provides financing for start-up small and medium-sized enterprises. A typical cycle of venture capital includes venture capital raising, investment and venture capital exit mechanism in three stages. This article takes the three stages of the venture capital operation in the United States as the research object, summarizes the relevant empirical research results, and at the same time, combined with the current domestic research status, prospects the future research prospects.