Answer: D

From the perspective of exit efficiency, if you choose to go public, it usually takes two years or more to complete the initial public offering of shares and go public from the date when the brokers enter the market to determine the benchmark date of share reform, and there is usually a limited sales period after the successful listing, which takes a long time to realize the final exit; Generally, the registration system is implemented for listing on OTC stock exchange market, which takes a relatively short time; For the agreement transfer, after the buyer and the acquired party negotiate the transaction price and conditions, the delivery can be made, and there is no problem of limited sales period after the transaction, and the equity investment fund can recover the cash more quickly and withdraw quickly through the agreement transfer. The time required for liquidation exit is affected by creditor's rights announcement, asset disposal and other links, and the time spent by different enterprises in liquidation is quite different. So choose D.