This paper analyzes the micro-factors influencing venture capital project exit timing and exit approaches as well as their essential conditions deeply, draws a conclusion that the determination of venture capital project exit timing and approach is with the characteristics of dynamic and integral manner and follows the general principle of maximizing the appreciation of venture capital as well.

On the basis of drawing and analyzing the general principles of venture capital project exit timing,this paper has built up a dynamic quantitative analysis model of venture capital project exit timing by giving out two parameters(holding-period cost γ_0 and target return rate TR_0),using the internal return rate(IRR) and net present value(NPV).

So this paper study how to select the right exit timing to realize the returns maximum when the reputation-based mechanism is considered.

So this article elaborates how to control risk of the venture capital exit from four aspects: the selection of venture capital project, management after venture capital inject into enterprise, exit time and exit way.