Abstract: Based on full-sample data of Zhongguancun Haidian Science Park, this paper explores exit mechanism of high-tech enterprises in China in recent years utilizing Stratified Cox Proportional Hazards model, and comparative analysis is carried out across enterprises of different ownerships and industries. The study reveals that: Zhongguancun high-tech enterprises are constantly facing high exit risk, and the trend is intensifying. The exit rates for enterprises of different ownerships have remarkable difference, the exit risk of state-owned enterprises is significantly lower than that of non-state-owned enterprises, which means administrative forces has generated some barrier effect. Internal factors such as operation efficiency, scale, liability and R&D level have significant impact on exit risk of enterprises. For high-tech enterprises of different ownerships and industries, the marginal effect of each variable is distinct; Government interventions also have some effect, tax incentives help to improve the survival probability of enterprises and the impact is greater for non-state-owned enterprises, while the impact of financial subsidies is insignificant for enterprises of all types. The conclusions provide some policy implications in terms of improving competitiveness environment of high-tech industry and increasing market efficiency.