| At the beginning of the 21st century our world is being in a newstage------knowledge; economy age. In this age, the core of economy development ishigh &new technology industry. As the high-tech industry's incubator, venture capital (VC) becomes day by day the hot point that recognized by more and more people. Countries all over the world have being developing VC in order to promote economy growth and country wealth. The operating procedure of VC generally include the following stages: project obtaining, project examination and filtration, project evaluation and decision, reaching an agreement and participating in management, VC exiting and re-investment. The evaluation of the investment projects plays a very important role in the operation of VC. It is one of the key factors that may determine success or failure of a VC investment. So VC corporation should evaluate venture enterprise efficiently in order to improve profit and decrease risk. The dissertation and aims to answer the following questions: What procedure can be used and how to evaluate? What index system should be established? How to evaluate the project's value?The dissertation consists of the following researches: First, the thesis makes a detail outline of VC intension definition, characters, life cycle, the relation between VC andhigh-tech industry so that we can form a macroscopic frame of VC. Second, the article describes the operating procedure of VC and makes clear that evaluation is the key of VC operation. Third, according to the expert in this field, the index for evaluating the VC can be grouped into for categories, namely business management factor, market factor, product factor, technique factor, and financial factor. Through the method of research documents analysis and the principles of appraisal criterion, the paper founded an index system that consists of 5 subsystem and 33 factors. The paper applied AHP (Analytical Hierarchy Process) to determine the weight of each appraisal index and established Multilevel Grey Evaluation Model. Forth, thedissertation made a study on evaluation of VC by questionnaire survey of VC industry on expansion period. The experts were invited to fill in the tables. According to the experts' opinion we calculate the weight of index and analysis the result in accordance of Chinese matter of fact. At the same time, the dissertation gave an example of Hangzhou miaxis biometrics Co., Ltd to demonstrate the multilevel grey evaluation model. |
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