Research On The Grey Comprehensive Evaluation Of Venture Capital Risk Assessment

This paper aims at the characteristic of risk assessment for venture capital, the gray comprehensive evaluation model is introduced into the risk assessment of venture capital. Although this method has been applied in other fields, and has gotten good results, there are very few people using this method in the field of the risk assessment for venture capital. By empirical analysis, this paper proves the feasibility and applicability of the method in risk assessment of venture capital. So there are some new places.This paper summarizes the domestic and foreign study of risk assessment for venture capital, followed an overview of venture capital, defines the concept of venture capital, analyze the characteristics, basic elements, the operation process and other related basic theory of venture capital.Secondly, this paper elaborates the risk of venture capital, analyzes the main risk at its various stages and specific characteristics of venture capital projects compared with the risk of general project, which proves the importance and the necessity of risk assessment for venture capital, and describes several popular risk assessment model for venture capital, analyzes the advantages and disadvantages of each method, and as the risk of venture capital is uncertain and has limited information, a strong grey of the investment risk of venture capital is considered, and thus introduces the gray theory into the risk evaluation decision for venture capital project.In addition, elaborating the theory of gray system, the basic principle of the gray relational analysis and the steps of grey multi-level comprehensive assessment model. A comparative analysis of the advantages and disadvantages of the existing assessment index system of venture capital is given and a set of generally applicable risk assessment system for venture capital in China is built;Finally, adopting Analytic Hierarchy Process (AHP) to determine the weight of each index and apply the grey comprehensive evaluation model in the examples of risk assessment for venture capital. This article makes a empirical analysis of five venture capital projects, gives the sub-item and integrated assessment scores, analyzes the advantages and disadvantages of the whole project and its single part, so as to provide the venture capital organization with the effective basis for risk assessment.