Venture Capital Project Evaluation Index System Design And Applied Research

Venture capital has impelled the development of science, technology and economy in various aspects by its unique ftinction as one important method which advocates the transformation of technical achievement under the market economy system.In venture capital practice activities,eveluating the projects correctly is a essential link to make the venture captal operate successfully.This paper stands in the angle of venture capital organizations,conducts the research to appraisal system.First,this paper elaborates the implication and characterstics of venture capital, analyzes the decision-making process,views insufficiency of the existing appraisal target systerm,then carries on the appraisal stage of decision-making process as cutting-spot to design the new and suitable ones. Then,this paper draws on the results of study in existence, investigates and interviews some venture capital departments, on the base of which, embarks form eveluating anticipated income and risk,constructs the appraisal target systerm that contains seven core targets,that are entrepreneur, management, product and technology, marketing, finance, society effects and withdrawal of venture capital,and forty-seven concrete targets. After that,this paper conducts the research in the application of this target systerm from three aspects,namely, educing the quantification judgment standard of concrete targes; using the Analytic Hierachy Process to confirm target weight coefficient,and proposing to establish respective target weight according to different projects, different investment stage;utilizating fuzzy quality synthetic evaluation to appraise income and risk,then analyzing the appraisal results.Finally,this paper utilizes this appraisal system to analysis and evaluate material case, confirms the scientific nature and the usability of this research results.