Study On Evaluation System Of Venture Capital Project

With the development of high-new technology industries and the coming of information economy, venture capital emerges as the times requires and has been rapidly fashionable all over the world. Today, in the fast development of information economy, venture capital plays an important part in accelerating innovation of science and technology, improving productivity, adjusting industry structure, advancing the integrated national power and international contest ability. In venture capital practice activities, evaluating the projects correctly is an essential link to make the venture capital operate successfully. Aiming at the problems of our venture capital appraisal system in existence, this paper makes some research on it.First, after elaborating the implication, characteristics and process of venture capital, this paper expounds the essence of venture capital appraisal and its significance in venture capital and materially distinguishes between the venture capital appraisal and traditional project appraisal. Then, with reference of the results of existing study, using the two factors "income" and "risk" which most influencing venture capital as its start points, we build an appraisal target system which contains seven core targets including entrepreneur, management, product and technology, marketing, finance, society effects and withdrawal of venture capital, and which consists of forty-seven concrete targets.Then we appraise a specific venture capital in three steps: Firstly, set forth the quantification judgment standard of concrete targets which will influence income and risk. Secondly, with experts' estimation, use the Analytic Hierarchy Process to confirm the target weight coefficient; thirdly, after appraising income and risk utilizing with fuzzy quality synthetic evaluation, analyze the appraisal results. Finally, the application of appraisal target system built in this paper to some cases shows that the appraisal results conformed to the project investors judgments, which confirms the scientificity and practicability of this research results. This paper has certain value and reference function to project appraisal of Venture capital.