Researching On The Model Of Program For Chinese Venture Capital

Nothing just happens, it's all part of society and economy. With the continuous support of technical achievement, the society, economy, technology make rapid progress. To cater for this, venture capital appears. Venture capital combines innovation of technology and finance. As a prosperous industry, venture capital plays an important role for promoting and boosting society, economy, technology of the country.Because of the beginning state of venture capital in our country, the theory of venture capital which is suitable for our country is not completed and systemic, especially evaluation on venturing projects and programs. To improve and enrich theories of the venture capital, I choose the topic of evaluation on venture investing.Usually, evaluation of venture capital includes tow aspects, one is qualitative evaluating, another is quantitative evaluating. The dissertation is about evaluation of venture capital. On the aspect of qualitative evaluation, through the researching and comparing the theories and experiences of developed countries and our country on venture capital industry, especially according to our country's special condition, I set up a completed and suitable evaluating system on venture capital for our country. In this system, it has 17 kinds of indexes, and 61 sub-indexes. With these, evaluator and decision maker could estimate the venture and the profit of applying programs and projectsOn the aspect of quantitative evaluation, the dissertation mainly introduced two models, which are more used and more important, the model of Tyebjee and Bruno and the model of AHP (Analytical Hierarchy Process) . In the paper, I give more writing on their origin, using, advantages and disadvantages.To revise the model of AHP and prove the right and rationality of the modifying is of importance part of my essay. On taking advantages of the model of AHP and its perfect and logical method of planning and calculation, I point out disadvantages of the AHP in the theory and practical fields. To avoid the systemic error and difference of its usage, I modify the model of AHP, not only on its basic using, but also its setting up of the structure for valuing projects. After that, though real examples, the modified model of AHP is proved correctly to use on estimating in venture capital industry.On researching of the process of evaluation on venture capital, I think the process of evaluation on venture capital should be divided into three parts. And on each part of the process, factors for influencing the evaluation are quite different, even the same factor. In order to across-the-aboard analyze ingredients which can impact the evaluating, I remark all factors from two sides, the subjective and the objective. In the paper, I introduce evaluating indexes and usages of different models in different evaluating process stages in detail.