Research On Appraisal System Of Venture Capital Investing Project Based On High-tech Outcome Transformation

At present, high-tech industry has come into being tremendous impetus for economic growth in a large number of countries. It is essential focus for the developing of high-tech industry that providing capacious applied foreground and additional valuable product so as to improve successful rate of outcome. The scarcity of investing fund of high-tech outcome's transformation has delayed the rapid development of high technology industrialization. With a view to figure out the scarcity of investing fund of technological outcome's transformation, it is urgent affairs that break through financial bottle-neck of high-tech development. At present, rapid development of venture capital effectively accelerates the procedure of high-tech outcome industrialization in china. Nevertheless, there is a large gap between venture capital which is invested in high-tech industry and massive requisite fund of technological outcome's transformation. The bottle-neck arises from limited scale of venture capital, especially caused by the scarcity of scientific, practical evaluation system of venture capital investing project.Under this background, on the basis of high-tech outcome's transformation, venture capital and project evaluation theories, this article introduces venture capital into high-tech area, advances conjugated double driving principle between venture capital and high-tech industry and constructs evaluation system of venture capital investing project based on high-tech outcome's transformation. The research of whole article is expanded as following several aspects.Firstly, this article makes comments on researchful status and development, expounds high-tech outcome's transformation, venture capital and project evaluation correlative theories. These researches lay a foundation of composition basis for this article. This article analyzes financing characteristics of high-tech industry and function of venture capital. In virtue of conjugated concept in natural science, this article elucidates economic connotation and evaluation principle, validates conjugated relation between high-tech industry and venture capital. Through deeply analyzing inner, outer essential relation and operational mechanism between venture capital and high-tech industry, conjugated double driving principle is advanced.Secondly, according to statistic data, this article makes comments on developing status and existent primary difficult problems of venture capital in china. According to evaluation characteristics of venture capital investing project based on high-teeh outcome's transformation, this article expounds holistic principle of constructing evaluation system. From systemic view, this article constructs holistic framework of evaluation system including four evaluation subsystems such as operational performance of risky enterprises, operational ability of venture capital managing group, technology economic feasibility of venture capital project and comprehensive risk of venture capital project analysis. After deeply analyzing the comprehensive evaluating system, this article acquires such research results as follows: (1) From input-output view, this article works over relative validity of implementary enterprise's operational performance, constructs evaluation indexes system and establishes evaluation model based on mixed DEA method and carry out empirical analysis. Implemental carders can be filtered in priority through acquiring judging coefficient of risky enterprise's operational performance. (2) According to scientific and practical principle, this article attaches importance to managing group diathesis of venture capital investing project, introduces rough set information entropy theory and constructs evaluation model on operational ability of managing group based on weighting entropy method. Through acquiring reactive information from questionnaire, this article confirms evaluation indexes and indexes weight, collects empirical data and demonstrates idiographic operational procedure.(3) According to characteristics of venture capital investing project based on technological outcome's transformation, aiming at assessing four aspects such as the level of technological outcome, inner resource of project, sustaining circumstance of project and commercial foreground, this article constructs evaluation system and applies BP neural network method to evaluate technology economic feasibility of venture capital investing project. (4) From seven views such as outcome's risk, environment risk, financing risk, technological risk, marketable risk, management risk and cooperative risk to analyze, this article applies factor analysis method to select critical indexes and complex index system can be abstracted into several comprehensive variables with practical economic meaning and the empirical analysis is carried out through factor analysis method.Lastly, given attention to four aspects such as operational performance of implemental carriers analysis, operational ability of implemental group, technology economic feasibility evaluation of venture project and comprehensive risk analysis of venture project, this article applies grey clustering analysis model to empirical analysis and evaluates holistic investing value of venture project based on technological outcome's transformation by the numbers. With the assistance of the application of brief cobweb model, this article analyzes improving orientation and optimizing method so as to provide necessary referenced suggestions for decision-makers.