The exit of venture capital is the key link to obtain investment returns and achieve investment goals. Taking IPO companies on SME Board and GEM in Shenzhen from 2009 to 2016 as research samples, this paper analyzes the impact of venture capital background heterogeneity on the exit timing, and further tests the regulatory role of trust between venture capital institutions and venture enterprises.The results show that the heterogeneity of venture capital background has a significant impact on its exit. Compared with independent venture capital, corporate venture capital exits later after the IPO. Regardless of reputation trust or institutional trust, mutual trust between venture capital and venture enterprise will prompt corporate venture capital to exit later.Compared with independent venture capital, the corporate venture capital will exit from the business later in order to pursue strategic returns. The research shows that venture enterprises can maintain their investment management by enhancing the trust of venture capital, while venture capital institutions can deepen the cooperative relationship of mutual benefit and mutual trust by enhancing the trust of venture capital.