The Research On Venture Capital Itemized Appraisal

The venture capital is playing the pivotal role in the modern economic develop, it has the vital role in the support of innovation undertaking, the promotion of transformation from science to productivity, promoting innovation ability, impetus of high technology industrial production. One of venture capital's substantive characteristics is high risk. It will exert great influence on evaluation of the potential investment projects, and will determine the probability of success of venture capital. The purpose of this paper is establishing an itemized appraisal system for venture capital, which takes financial appraisal as the foundation with qualitative and quantitative analysis at the same time, and takes all corresponded factors into consideration.First of all, the paper introduces theories on capital appraisal both domestic and aboard. It expounds implication, characteristic and the operation process of venture capital. It analysis the present situation of international and domestic venture capital industry, especially highlights those in Chongqing. It points out that Chongqing and even the domestic venture capital's development is so backward that the efficiency of venture capital is not optimistic, where the important reason is on short of a synthetic evaluation system for venture capital projects, which is not only scientific and practical but suiting for China's background. Then, unifying the author's experience in the venture capital, this paper analyzes the connotation of appraisal of venture capital projects by the mean of using abilities on finance, accounting, management and so on. It establishes a set of synthetic evaluation system for venture capital project, which is composed by 20 evaluating indicators and more than 130 appraisal spots, using fundamental analysis, financial analysis, risk factor analysis and the value assessment. At the same time, taking Chongqing LM Pharmaceutical industry Company's venture capital as an example, it also carries on a detailed explanation of the practical application of appraising system.