Venture Capital Project Evaluation System

The objective of the thesis is designing a relatively comprehensive evaluation system of venture capital projects by using the relevant foreign research results for reference, considering the development of venture capital in our country, grasping the essence of venture capital, following the right investment thought, using the appropriate methods, and choosing the feasible evaluation standards.The thesis begins with the general situation of the high-tech industry, venture capital, and research of the evaluation of venture capital projects at home and abroad. Then the basic characteristics and relevant factors of venture capital are analyzed. The selection procedure of the projects is expatiated. The evaluation standards and methods are discussed.Based on these the comprehensive appraisal system is created that is composed of three subsystems-investment risk, opportunity, and environment. Each subsystem includes four evaluation indexes and the total subindex number is 36. The comprehensive index evaluation method, AHP (the Analytic Hierarchy Process) method, and fuzzy comprehensive evaluation method are used respectively in designing the comprehensive index system, determining each index's weight coefficient and measuring the evaluation indexes. The comprehensive pricing system is created that uses both the NPV (Net Present Value) method and Option Pricing Model. They are used in calculating NPV and the stock option value respectively. The three-step evaluation model is created which is composed of investment risk & investment opportunity evaluation, investment projects & investment environment evaluation, and qualitative evaluation & quantitative pricing by means of theory analysis and example verification. In the model proper innovation and modification are made in designing the evaluation model and appraisal indexes, and in the stock value evaluation. The comprehensive evaluation system of projects is created that is composed of the comprehensive appraisal and pricing system. And it is verified that the evaluation system meets the evaluation requirement of detecting investment opportunity, determining stock option value, and comparing different projects.