Study On Venture Capital Project Financial Appraisal

Because its tremendous contribution, the venture capital industry once by the reputation as "the innovation, starts an undertaking with the creation miracle" and " a diamond mounts in the American economy ", but at present in the field of venture capital project financial appraisal, our country still used the traditional financial analysis tools mostly, could not adapt venture capital project character risks accurately, thus could not computation real economic value of the project accurately. In this kind of situation, it is urgent needs to establish a scientific integrity and the financial appraisal system to carry on the reasonable appraisal to the venture capital project. This article through to the research of venture capital project's own characteristic, and unifies the analysis of each kind of project finance value appraisal tools of project and the targets, chose the tools which are suitable, has established a set of practical venture capital project finance value appraisal method system. And through to a venture capital project real diagnosis research, has confirmed this system accuracy and usability.The second part of article firstly introduced the venture capital project development brief situation and the venture capital project some own characteristics, and have carried on the analysis measure to the risk of venture capital project, has introduced in this foundation to the project finance appraisal foundation introduction, makes the preparation for the next step of establishment venture capital project financial appraisal system. The third part of article has carried on the introduction to the forecast of cash which flowed to the venture capital project, in has carried on the exhaustive elaboration and in the analysis foundation to the quantitative analysis method and the qualitative analysis method, proposed the method that analysis cash flow should use qualitative analysis method mostly but can not with out the use of the quantitative analysis .The forth part of introduction venture capital project finance appraisal concrete tool and the target, analyzed the traditional NPV law not to be able completely to adapt the venture capital project "characteristic, and proposed the RADR law, the CE law, the sensitive analysis as well as the policy-making tree law to the traditional NPV law supplement and the development, obtained the conclusion that these methods adopt to venture capital project finance value appraisals, included it in the venture capital project finance appraisal system. The fifth part introduced in real option approach to the venture capital project finance value appraisal significance. The last part, under value a venture capital project by the system, has confirmed the financial appraisal system that this article proposed.