Researches On The Appraisal And Decision Of Venture Capital Project By Technical Economic

Venture capital is a form of investment that a special investment institution raises venture capital from various agencies and individuals through a certain way, and then invests the raised capital with the form of the stock equity in enterprises or projects with a high degree of uncertainty, and participates in the management of the enterprises or projects in order to achieve high growth rates of the project and ultimately achieve high capital benefits by the stock equity on sale. Because it accelerates the transformation of scientific and technological achievements and plays a special role in promoting the development of high-tech industries, it pays increasingly attention. In the 21st century of knowledge economy and economic globalization, intensive study on the theoretical and practical problem of China's venture capital has greatly practical significance and importantly theoretical value for raising the international competitiveness of China's economy and achieving the overall revitalization of Chinese nation in the 21st century.In recent years, venture capital is a hot topic in economic and financial theory in China and the research results are fruitful. The thesis introduces the related venture capital theory firstly, and treatises the vital position of project appraisal in the operational procedure. On the basis, the traditional project appraisal approach by comparative analysis ignores managing flexible value and strategic value in venture project and neglects the choice of venture opportunity, which is a relatively static and rigid appraisal approach. Therefore, it cannot appraise the venture capital project objectively and truly and it is easy to cause the error decisions in many cases. But in the venture capital practice, it is the crucial link to evaluate the project correctly in the successful operation. The thesis mirrors the predecessors on the venture capital project appraisal, analyzes the project appraisal indicator system which its predecessor proposed, puts forward a new venture capital project appraisal system, and makes certain innovations by combining with the actual situation of China's venture capital: the superintendent moral hazard factor has an influence on project appraisal in the indicator system. The thesis selects the relatively simple operation in the comprehensive appraisal and solves the approach of the uncertain problem that is the combination of analytic hierarchy process and fuzzy comprehensive evaluation. First, the thesis establishes the hierarchical chart and determines every evaluating indicator weight by the analytic hierarchy process. On this basis, the thesis calculates comprehensive evaluation value by fuzzy comprehensive evaluation. Third, the thesis analyzes and interprets the appraisal value and obtains the final appraisal results. Finally, the thesis verifies the feasibility of the appraisal approach by the case study.The indicator system's design in this thesis considers the assessment of the different experts for different factors, is able to adjust flexibly the weights and deal with them separately, simultaneously adopts an evaluation method, that is a combination of analytic hierarchy process and fuzzy comprehensive evaluation, which is simple, practical, clear and convenient.