The Research Of Venture Capital Project Evaluation Theories And Its Application

The effective approach to gain investment returns and to lower risks is what VC institutions need. On the basis of the analysis of the research development of the international venture capital project evaluation theories and its index systems, this thesis makes innovation in the light of the conditions of our country.In full understanding of the two creeds of" no understanding, no investment " and "investment is just to choose most appropriate person", which are believed by risk capitalists, this paper first additionally builds two new appraisal indexes to the existing appraisal index system ,that is, "how the risk capitalists know the profession which is planned to be invested in" and "cooperation difficulty" . The first new appraisal index is used for reflecting whether the investment organization could carry on some professional investment (also reflecting the investment organization's management ability), and the second new appraisal index is used for reflecting the cooperation efficiency between risk capitalists and entrepreneurs. Secondly, considering that the VC institutions are faced with serious problems of introducing talents in their growing and mature periods, as well as that introducing talents in fact becomes the key step to the success of many high-tech VC institutions, the author of the present thesis adds the index of the possibility of introducing talents which reflects the demand of talents. Meanwhile, the index of the possibility of introducing talents is divided specifically into two middle-level ones: attractiveness to talents and short supply of talents, reflecting respectively entrepreneurs' present attractiveness to needed talents in the talents market and the limitation that entrepreneurs are faced with due to the short supply of talents. Attractiveness to talents can be further divided into "entrepreneurs' fame", "cultural attractiveness" and "attractiveness of location", describing specifically the causes and effects of the problem of introducing controllable talents; the index of short supply of talents can be further divided into " domestic short supply of talents", "short supply of talents abroad", "international short supply of talents", describing specifically the conditions of limitation of short of talents both home and abroad, and estimating the potential competitive degree.Finally, considering the difficulty and little practicality of constructing the universal appraisal model, this thesis adopts a new method, which improves the existing appraisal model from the angle of service flow . This thesis gives up the attempts of constructing the universal model in traditional research literature and uses the programming analysis method, and constructs sub-models of VC evaluation in different periods in the light of the practical flow logic in order to guide practice. The combination of VC project evaluation theory and evaluation criteria from a new angle makes a bold try of guiding practice.