Abstract: Based on analyzing the essential characteristics of venture capital investment activities,a multistage venture capital investment timing model is proposed regarding with the features of every stage. The transfer of control is studied quantitatively resulting in the range of control transfer from EN to VC at every investing stage. Then,the main variables which impact the range of control transfer and the directions of impact are found. Some empirical study results support the foundations in this essay strongly. The range of control transfer obtained in this paper may help the venture capital investment operating in both theory and reference.

Key words: venture capital, rights of control, range of control transfer