This paper analyzes the separated equilibrium and mixed equilibrium of venture capital pricing game and their equilibrium prices in the process of enterprises’ mergers using information signalling model. The results show that venture capitalists’ expected return and information signalling cost, and other investors’ estimation on true value and its posterior probability, are main factors affecting equilibrium prices of these games. Therefore information disclosure system should be highlighted to solve adverse selection in the process of venture capital exiting through enterprises mergers. Meanwhile two typical chinese cases studies are consistent with our theoretical conclusion.