The Research On The Performance Evaluation Of The Venture Capital In Small And Medium-sized Hi-tech Venture Enterprise

China appeared a number of high growth technology-based venture enterprises in recent years, playing an increasingly important role in national economy. Small and medium-sized hi-tech venture enterprise is hard to get enough money from traditional financing channels. The high-risk high-yield characteristics of Small and medium-sized hi-tech venture enterprise coincide with the investment demand of venture capital. Venture capital can not only provide funding for start-ups, but also provide capital appreciation service for it. So the importance of Venture capital attracted more and more people’s attention. But the Venture capital has high risk characteristic:the possibility of failure is very large. To reduce the risk, make the investors gain maximum profits, and promote the development of risk investment, we need to use a scientific method to evaluate investment projects. Due to the development of venture capital in China relatively late, there is still a large gap compared with the developed countries. At present, the research focused on the evaluation of the venture capital project before venture capital investment, and the study of investment performance just uses empirical method to research the effect of venture capital on venture enterprise, ignoring the evaluation on investment continues. Therefore, this paper studies on the investment stage of venture investment performance evaluation.The article describes the background, purpose and meaning, relevant research status at home and abroad as well as related concepts and theories laid the foundation for this study. By researching the relationship between venture capital and the small and medium-sized hi-tech venture enterprise, the paper provide a theoretical basis for the evaluation system construction of venture capital performance. And define the content of the performance evaluation of venture capital, analysis the current problems existing in the evaluation, points out the necessity of the evaluation of venture capital in the small and medium-sized hi-tech venture enterprise. Through theoretical analysising and drawing lessons from the relevant research, after screening, we get an evaluation index system of venture capital performance in small and medium-sized hi-tech venture enterprise, and then the paper use the gray system theory to establish an evaluation model. Finally selected A company to carry out the application of the model, in order to make the evaluation more efficient, the author put forward some related suggestions.This article’s innovation mainly includes the following aspect:evaluate the performance of investment projects during the investment process, providing a basis for investors to strengthen the supervision of the venture enterprise; From the perspective of investors, construct an evaluation index system including both financial factors and non-financial factors. Then use the order relation analysis method and gray system theory to establish the performance evaluation model of the venture capital in small and medium-sized hi-tech venture enterprise.