Study On Investment Evaluation Of Venture Capital

This article uses the means of the combining Positive Analysis and Normative Analysis, according to the practice of venture capital, analyzing the concept of Venture Capital and the importance of the investment evaluation, bring forward the three composing parts of the investment evaluation research , discussing the investment evaluation based on the Real Option, the selection research based on the factor analysis, the creating means and usage of portfolio configuration ,which provide the positive evidence for the investment evaluation of the VC's institutions.The research object is mostly focusing on the venture project after seed stage; this article is composed of the investment evaluation based on the Real Option, the selection research based on the factor analysis and the creating means and usage of portfolio configuration, and developing research deeply and systemically.In the research of the investment evaluation based on the Real Option, this article assumes that the value and cash flow of venture enterprises is stochastic process and the venture capitalist could postpone the investment without day, introduces the Real Option into the venture, according to the growth sequence of the venture enterprise, so the variety of the enterprise value accords with Geometry Brownian Motion, the Real Option could be used to evaluate the venture enterprise value, which can be proved by the investment case.At the same time, this article supposed that the venture capital institutions had a few projects every year or every phase, but those projects couldn't invest entirely because of the limit of capital amount and time arranged, which requested the venture institutions to make some choices in order to maximize the profit.In the research of the selection research based on the factor analysis, this article brings forward the selection of the potential ability gaining the profit based on Econometric Models. The method can approximately get the distance from the forecasting number to factual number according to the big and small of the Least Square. The mechanism isn't comprehensive because of the abnormity number, so the research could educe a relative comprehensive value method combining the Least Square with the factor analysis, through the integration analysis and important factors, the method could offer an objective and clear portfolio.For the sake of research, the author got the 157 financing enterprises associating with the Small-medium Enterprise Department of the Economic & Trade Commission of Jiangsu Province and Jiangsu Development & Reform Commission, and made some settlement satisfy the requirement of research.In the research of the portfolio collocation, this article put forward the investment weighty collocation plan based on the variance covariance method of Markowitz. Because of the selecting anticipation, the Venture Capital institutions could obtain the portfolio satisfying for the anticipation by the portfolio theory of Markowitz, which is important that to direct and actualize venture capital; In addition, the Markowitz theory is joined to the risk control closely, consistent with the risk control, which could minimize the risk based on the range anticipation and realize the unification of the decision-making of investment and risk control.