During judicial practice, there are different understandings and disposals about activities that act as an agent on equity transaction of non-listed joint-stock companies, since it relates circles of society, huge money and exiting laws and regulations have amphibolous regulations about its validity, deal track and warship.

But in reality,due to the path dependence,the government regulation tends to surpass this hedge and becomes over-regulated and as a result aggravates the problem of equity agency of banks.

This article makes the detailed cost - profit analysis of the relating process and try to estab - lish cost - profit analyzing model in order to deternine the price of listed shell corporation from the view of the buyer.

It proposes a number of measure that China should take to promote VC investments such as encourging various forms of VC organizations,strengthening preferential policies towards high-tech industries and VC,improving rules related to VC,establishing withdrawal channels on the multi-level stock options trading market and exercising both direct and indirect supervision on VC.