Research On Evaluation System Of High-Tech Enterprises' Venture Capital Projects In Starting Period In China

With the rapid development of the domestic venture capital, Chinashould strengthen the related research on venture capital for its later starting,so constructing scientific and accurate China characteristic venture capitalproject evaluation system has become an urgent need to solve the problem.This paper mainly research on high-tech enterprise's risk capital projectin start period. Considering the theory of life cycle, this paper has chosen therepresentative venture capital project in start period. Conducting aquestionnaire survey on35venture capital organizations, this article built acomprehensive three levels evaluation index system, including management,technology, market, finance, financial, environmental, exit risk factors andeconomic, social benefits factors, a total of28specific indicators. This paperquantified the three levels evaluation index system by means of the AHP todetermine the weights of various indicators as the first step, then by means ofthe method of fuzzy comprehensive evaluation to get comprehensiveevaluation results as the second step, and according to the evaluation results ofcombination and based on risk preference theory of risk capital project, investors can make the decision to invest or not. After the construction ofsystematic and scientific evaluation system, this paper tested theappropriateness of index system and evaluation methods' selection for theproper through hyaluronic acid project, verifying the constructed evaluationsystem's maneuverability and applicability. Promoting China's risk capitalinstitutions to make correct investment decision.