This paper points out that all of the Technological Property Exchange (TPE)in China has become a major channel that venture capital is invested in enterprises, and the asymmetric information between the transaction of the technological property is an essential characteristic, so the transaction instruments at present are not suited for objective reality. Then on the basis of theoretical analysis, a conclusion is arrived at that the TPE should innovate its transaction instruments, and new transaction instruments, as investment option and preferred stock, should be adopted and the feasibility is analyzed.