Study On Project Evaluation And Decision Of Venture Capital In Hi-tech Industries Based On The Binary Semantic

Today, in the context of the global financial crisis, the development of China’s economicis harder and hareder. The economic of China has to transform from made in China intocreated to China, and high-tech is the most important factor. The obvious Characteristics ofhigh-tech enterprises are high risk and high investment. So most high-tech enterprises needventure capital to help them grows. Without venture capital, high-tech enterprises can’tdevelopment as soon as possible. On the other hand, the Characteristics of high-growth inhigh-tech enterprises has also attracted a large number of venture capital, especially after thethe China Nasdaq said GEM successfully started. According to statistics, More than80%venture capital invests in high-tech enterprises in2012in China.So how to evaluate high-tech enterprise risk investment projects has become an urgentproblem in the field of venture capital research in China today. Therefore, this paper try toanalyze the characteristics of the high-tech venture capital projects and use one of thedecision-making model to evaluate the high-tech venture capital projects. Because there areonly a few research about the high-tech venture capital projects, this paper can help high-techventure capital in China in the research and the investment case.This paper writes on the basis of a large number of the high-tech venture capital researchin China and abroad. In order to build different stages of development index systems, writeralso analyzed deeply the characteristics of the high-tech venture capital projects and theventure capital project investment decision-making process. So we build seed stage andstart-up stage high-tech venture capital project index systems and growth stage and expansionstage high-tech venture capital project index systems. In order to optimize the evaluationindex system, writer issued questionnaire to venture capitalists and used mathematicalstatistics method and the binary semantic to optimize evaluation index system.In this paper, writer use the binary semantic to evaluate the high-tech enterprise riskinvestment project evaluation system and make a decision whether to investe the high-techenterprise. Writer used the binary semantic on the basis of the binary semantic weightedaverage operator and the binary semantics T-OWA operator, as well as the binary semantic and gray combination of theory. And writer proposed a priori weight and weight of aposteriori information on the weight of the decision-makers. It is innovative in the venturecapital research peiod.Finally, this paper tests the index system and evaluation model with high-tech enterpriserisk investment cases. The test shows that the index system and evaluation model reflected thestrengths and weaknesses in the high-tech venture capital investments well.