Dissertation > Economic > Fiscal, monetary > Finance, banking > Finance, banking theory > Investment

Researches on the Appraisal and Decision of Venture Capital Project by Technical Economic

Author ZhuZiYuan
Tutor SongTingShan
School Shandong Institute of Economics
Course Technology Economics and Management
Keywords Venture Capital Project Evaluation Index system Moral hazard Income
CLC F830.59
Type Master's thesis
Year 2010
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Venture capital specialized investment institutions to raise venture capital by the way to all kinds of institutions and individuals, and raise capital in the form of equity into the business or project has a high degree of uncertainty, and to participate in the investment risk enterprise or project management, in order to achieve a high growth rate of the project, and ultimately achieved through the sale of equity investment in the form of a high capital gains. Due to the acceleration of scientific and technological achievements into special role in promoting the development of high-tech industries, thus increasing attention has been paid. Knowledge economy and economic globalization in the 21st century, in-depth study of the theoretical and practical issues of China's venture capital, and has great practical significance in the overall revitalization of the 21st century, to enhance the international competitiveness of our economy to achieve the Chinese nation, but also important the theoretical value. Venture Capital is a hot issue in our country in recent years, the economic and financial theory and fruitful research. The paper first describes the risks associated with investment theory, discusses the important role in the flow of venture capital operation of project evaluation. On this basis, on comparative analysis of traditional project evaluation methods ignore the value of managerial flexibility and strategic value of the investment projects, ignoring the investment opportunity of choice, is a comparative static and rigid methods of evaluation, in many cases are not objective and realistic evaluation of the value of the venture capital projects, easily lead to mistakes in decision making. Substantive activities of venture capital, the correct evaluation of the project is a key link in venture capital to operate successfully. At the same time to learn from their predecessors of Venture Investment Project Evaluation Method of its predecessors project evaluation system, combined with the actual situation of China's venture capital and new Risk Investment Project Evaluation, and do a certain innovation: managers the moral risk factors of project evaluation index system affect this indicator. This article during the comprehensive evaluation to select the operation is relatively simple, and can better solve the problem of uncertainty - AHP and fuzzy comprehensive evaluation method. First, establish hierarchy, using AHP to determine the weight of each evaluation; fuzzy comprehensive evaluation method based on the comprehensive evaluation value. Third, the evaluation value in the analysis and interpretation, to obtain the final results of evaluation. Finally, through case study, to verify the feasibility of the evaluation method. This paper index system design considerations to assess the role of different experts for different factors, the flexibility to adjust the weights to be treated separately, while using only an evaluation methodology - the analytic hierarchy process and fuzzy comprehensive evaluation method is simple, practical, clear more convenient application.

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