Evaluation System Of Venture Capital Based On Internet Industry

The high risk and high anticipated-income of online companies make the development of the internet industry in China come along with the venture capital. As the most important financing channel for the internet industry in China, venture capital is driving the innovation of the internet business simulation, as well as the process of popularization of internet application. In the actual practice of venture capital, evaluating is the key step for success. The paper built the evaluation system of venture capital based on the internet industry in the point of view of the venture capital institute.The paper consists of the following researches: First, the thesis makes an outline of correlative online company and the correlative theory of venture capital. Secondly, the paper concludes the current research on the research to appraisal system of venture capital both abroad and domestic, also the research on evaluation of the investment value into the online company. Secondly, according to the current results and the practices in the internet industry and the venture capital in China, the paper built the evaluation system of venture capital based on the internet industry. The evaluation system is based on the content of the project evaluation in venture capital: the anticipated risk and the anticipated income for the venture capital. Therefore, fist, because the current evaluation system can not reflect totally the risk in internet industry, the paper built the risk evaluation index system, including environment risk, entrepreneur and core team risk, market risk, technology risk, business simulation risk, and exist risk. The index system innovate the business simulation risk index, and the internet policy risk, market priory risk. And then, the paper uses the Analytic Hierarchy Process to confirm weight coefficient and fuzzy quality synthetic evaluation to appraise risk. Second, because the current evaluation system can not evaluate the investment opportunity in internet industry, the paper evaluates the growth of the venture company, using the real option evaluation to build investment value the verified model. Finally, the dissertation gave an example to demonstrate the appraisal system.The paper provides the scientific basis to evaluate the risk and the anticipated income for the venture capital institute when choosing the online company, and supports the venture capital to make more scientific decision.