Research On The Investment Risks And Investment Value Of Venture Enterprises

Under the direct drive of the government and the abroad participation of the total society, China's Venture Capital acquires great advancement, which also contributes to the development of many high-tech enterprises, such as Kindee, Sina, etc, and Venture Capital becomes the roll booster of the development of China's high-tech enterprises. But comparing with developed country, China's Venture Capital still exits lots of problems which need to solve.Through analyzing the characteristic of evaluation of venture enterprises, this paper adopts the way of combination of qualitative analysis and quantitative analysis, the combination of normal analysis and positive analysis, contrast analysis and model analysis, and establishes a full set of way of evaluation, index system and fuzzy comprehensive evaluation model. This paper introduces the technique route of explicating layer upon layer and spread separately, including the relative definition of venture capital, the evaluation for investment risks and investment value of venture enterprise and positive analysis.Based on reference research results and successful cases inside and outside China, this paper focuses on the research of two aspects which are laid great importance by venture capitalist when making investment: investment risks and investment value of venture enterprises.Firstly, this paper analyzes the risk factors and their proportion, and makes fuzzy comprehensive evaluation to know its risk level. Secondly, this paper introduces four kinds of evaluation methods: assets evaluation, market comparing, evaluation of cash flow and real option, and then also tells their virtue and shortcomings and we can select the best evaluation methods. Thirdly, this paper discusses the value adjustment means based on risks level, thus can reflect its value accurately. At last, this paper makes positive analysis on HB Company, thus can provide the evaluation process in an idiographic way.The research results of this paper will provide theoretical guidance and reference methods, and contribute to enriching and perfecting the theoretic and application research of venture capital. Therefore, this paper's research possesses great innovation and pertinence, and has significant theoretical meaning and practical value.