According to the theory of R.J. Gilson and B. Black, the importance of exit can be explained from two perspectives . The relationship between a VC fund and its portfolio companies, and the relationship between the fund and its capital providers.
　　1. Exit from the venture capital fund - portfolio company relationship
　　Venture capitalists not only provide funds to their portfolio companies. They also provide management assistance, intensive monitoring of performance, and reputational capital -- the venture capitalist''s ability to give the portfolio company credibility with third parties.
　　Management assistance: Venture capitalists are experienced at developing startup companies and have market knowledge based on other investments in the similar companies. They can assist a management-thin early-stage company in locating and recruiting the management and technical personnel it needs as its business grows, and can help the company through the predictable problems that high-technology firms often face. Venture capitalists?industry knowledge and experience with prior startup firms helps them locate managers for new startups.
　　Intensive monitoring and control:　VC funds have both strong incentives to monitor entrepreneurs'' performance, deriving from equity ownership and strong control levers, disproportionate to the size of their equity investment. One control lever results from the staged timing of venture capital investment. The initial investment is typically too small to allow the portfolio company to carry out its business plan. The venture capitalist will decide later whether to provide the additional funding that the portfolio company needs. The contract between a VC and a portfolio company can often enable the venture capitalists have　greater board representation -- often an absolute majority of the board -- than if board representation were proportional to voting power, which lets them replace the entrepreneur as chief executive officer if necessary.

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