A Research On Performance Evaluation System Of China’s VC Company

In China, venture capitalraze from the mid-1980s, originally used to support the development of the scientific enterprise, and introduced and studied from abroad as an imported goods. Venture Capital since its birth, has been a great concern of the Chinese government and the community, and also achieved fruitful results.Today, venture capital has developed into an important pillar of China’s high-tech industry. Specifically, the issuance of Interim Measures for the Administration of Venture Capital Enterprises in2005, as well as the launch of the GEM market in2009, pushes the development of the venture to the climax. Associated with the transformation of the mode of economic development as well as the development of strategic emerging industries, the role of venture capital investment will be. more prominent, and more broad space for development.As the microscopic carrier of the venturecapitaldevelopment, venture capital firms operating conditions is a direct manifestation of the development of the venture capital industry.The course of development of the venture capital firms is very tortuous and full of thorns, and there were prosperity as well as recession.The overseas listed blocked, the domestic capital market in the doldrums, the context of the primary market and the secondary market upside down, in such situation, the development of venture capital firms once again at a crossroads.Generally speaking, the problem of China venture capital company mainly excessive government intervention and lack of post-investment management, homogeneous competition severe, venture capital firms operating conditions of the non-public, again to cover up these problems, the venture capital industry in the blind in the front row. Clearly, the performance and efficiency of the venture capital firms covered up, not conducive to the healthy development of the industry. Based disease where, by building a comprehensive performance evaluation system of venture capital firms operating conditions fore, to guide the development of the industry, it is an effective way to solve the current problems of China venture capital company.The performance evaluation of the venture capital company is a complicated systematic project involving capital raising, investment decision-making, post-investment management, capital exit and other links. This article elaboratesventure capital performance evaluation theory and its application. On this basis,the article deeply analyses the history, current situation and problems of the development of venture capital firms, and introduces the performance evaluation system. Based on China’s national conditions, the article promotes the ideas and strategies to build the China venture capital company performance evaluation system,and tries to design a performance evaluation system which can meet the practical and operational needs of the China venture capital company. In order to better promote the research,this paper, having seven chapters, is divided into three levels, in accordance with the logic of ideas--theoretical analysis-the problem with the analysis of the problem-to solve the problem.The first two chapters is the theoretical analysis section. This section mainly discusses the issues on the significance of the research background, research status, theoretical basis, and thus laies the theoretical foundation for this study. The first chapter stars from a development background, expounds the significance of the study of China venture capital company performance evaluation system, and reviews relevant research literature on domestic and foreign venture capital investment through induction, and classification.This chapter also discusses the logical framework of the thesis, research methods, innovation, and insufficient points.Chapter II from two perspectives--economics and management-deeply analyses the performance evaluation basic theoryincluding asymmetric information theory, principal-agent theory,systems management theory, contingency management theory as well as stakeholder theory. Based on these theories, Chapter Ⅱbriefly introduces the specific application of these theories in the venture capital company performance evaluation.Chapter III is the "raising problems and analyzing problems" section. This chapter comprehensive introduces the development history and current situation of China venture capital company. Based on this, this chapter deeply analysis many problems which needs solving. The article believes that the China venture capital company has many problems, such as lack of awareness of the market, the inefficient internal governance, external system lags behind other issues. And the root of the problem is that the China venture capital company divorces from the monitor. One of the solutions is to build performance evaluation system and put the venture capital company into the monitoring range.Thus, the article will transit to the introduction and buildingof China venture capital company performance evaluation system.Chapter IV to chapter VII is the "solving the problem" section. This part discusses the method ideas, index design, system construction, and evaluation implementation of the China venture capital company performance evaluation. Chapter IV, from a methodological point of view, provides the general idea of China venture capital company performance evaluation, and discusses the quantitative evaluation and qualitative evaluation forbuilding the performance evaluation index system of venture capital firms. Based on the discussion of Chapter IV, Chapter V focuses on venture investment capital cycle processes, and designs a performance evaluation of venture capital firms, including5-level evaluation,15two evaluation indicators and39third Evaluation.Needless to say, all the evaluation index does not exist in isolation, but are linked and influence each other, and constitute an organic whole article research, which requires the integration of transition from the design of the evaluation to the evaluation.Chapter VI builds an evaluation index system of venture capital firms, namely the index integration, including the index weight assignment,the indicators evaluation interval setting, benchmark index calculation and evaluation criteria setting, performance reporting and disclosure.It should be said, Chapter VI realizes a systematic and systematic China Venture Capital Company performance evaluation, which pushes the performance evaluation from a purely theoretical level to the operational level. So, chapter IV is the core and essence of the entire article. Chapter VII discusses supporting policies to promote the role of performance evaluation system, thus protects and supports the formation of the performance evaluation system.