Study On The Evaluation And Decision-making Of High Technology Venture Capital

Venture Capital is an investment behavior with high risk and has been paid more attention from allover the world. How to establish a system of venture capital evaluation, investment decision-making, and dynamic monitoring in China has an important role on improving the quality of venture capital and reducing investment risk. Combining theories and practices, this paper has a study on the venture capital's evaluation, staged investment decision-making and the dynamic post-investment monitoring by venture capitalist.Firstly, Based on the venture capital's practices in China, five important factors which influence venture capital project are analyzed in this paper: environment, management, market, technology and finance, and an evaluation system of venture capital and it's flow chart for practice are set up. Secondly, this paper brings forward a staged investment decision model by introducing the Real Option method, in which the feathers of "staged" are considered. Then, this paper has a study on the venture capital's dynamic monitoring and points out that target supervising, management assistant, adversity recognization,adversity diagnosis and crisis management are included in this post-investment monitoring system. A staged dynamic monitoring frame used for evaluating the venture-backed project is designed. Finally a case is analyzed by using the theories and methods mentioned in this paper, and in the last section some conclusions are drawn.