The structure of a novel ring-shaped top-DBR etched microstructure VCSEL with a proton implantation high resistance region was designed. A ring column structure was formed from the upper electrode to the active region， which directly generated a hollow laser beam output. The optical field distribution of the etched microstructure VCSEL was calculated by FDTD software， and the obtained ring-shaped patterns maintained the hollow beam characteristics under the different mode numbers. We fabricated the etched microstructure VCSEL with a lasing wavelength of 848 nm at room temperature and investigated its performance. The threshold current was 0.27 A and the peak power was up to 170 mW. The near-field patterns of different currents clearly displayed hollow ring-shaped spots. The distribution curves of far-field light intensity matched the characteristics of a hollow beam as well. This novel VCSEL provides a new approach for the development of hollow beams and even array devices.