The Research On Evaluating System For The Whole Process Of Venture Capital

Based on the analysis of venture capital investing operation process, the main-line of this paper is what can be demonstrated as following: evaluation of screening ventures—ventures value digging—pricing ventures—evaluation of fostering ventures—evaluation of exiting ventures. The paper mostly includes six parts.1. The theoretical base of evaluating system for the whole process of venture capital. Based on summing up existing researches, the phrase "venture capital" is defined, its characteristics and investing phase are analyzed. And grounded on describing venture capital investing process, the evaluating system for the whole process of venture capital is established, which consists of the content and effects of evaluating system, rationales and methods of evaluating system, the relationships between each evaluating process.2. Evaluation of screening ventures. The foundation and evaluation process of screening, and influence of deal flowing on screening evaluation are discussed. Based on analysis of preparatory screening criterions and general screening criterions, the evaluation model is established. Furthermore, demonstration analysis is introduced.3. Ventures value digging. Firstly, characteristics and principle of ventures value digging are probed. Secondly, the evaluation index system is designed according to factors affecting potential benefit and expectation risk. Thirdly, the methods of ventures value digging is discussed. Fourthly, value digging satisfaction index model is set up based on multi-goal fuzzy decision-making technique. Lastly, demonstration analysis is introduced.4. Pricing ventures. Traditional pricing methods and its localization are summed up. An multi-stage compound real option model is established to price ventures based on discussing real option characteristics of venture capital investing. And game theory is introduced to expanding real option pricing model.5. Evaluation of fostering ventures. Based on analyzing growing-up mechanism of ventures and discussing fostering management, the integrated evaluation system of fostering ventures is set up, which includes fostering target evaluation and growing up trait evaluation. And demonstration analysis is introduced.6. Evaluation of exiting ventures. Based on the discussion of venture capital exiting mechanism, the real option model of evaluating exiting ventures is set up, which is in terms of the influence of exiting cost, exiting benefit, exiting conditions and cooperation of venture entrepreneur on exiting decision-making.