Risk Assessment And Empirical Research Of High-tech Project Investment

With the development of technology, the High-tech has gradually become the main driving force to promote social development in 21th century. High-tech development and application of China has also had considerable progress. The state gives great importance and full support in terms of policy. Many research institutions, state-owned enterprises and private enterprises are entering the procession of high-tech research and development one after another.Facing the new situation, the High-tech research and development which own high risk and high yield require substantial fund and they have big difficulties and long cycle. There are many uncertainties during the operation of project which will produce unexpected effects. At present, after they were invested, high-tech projects of many enterprises often fail to achieve the economic effects of expectation, and the failing cases often occur. The comprehensive assessment of high-tech project investment risk is one effective way to solve this problem which avoids investment risks and improves investment decision-making accuracy of enterprises to a certain extent. Therefore, during the project decision-making, the selection of appropriate assessment tools and methods are necessary for identification of project risks and its comprehensive assessment.The paper draws the research results of investment risk assessment of domestic and foreign high-tech project, and analyses the existent problems of risk assessment based on its summary and analysis with the investment status quo of high-tech enterprise in China. The investment risks of high-tech project are defined. From the project's future development potential and economic effects, combined with the world economy, domestic macroeconomic policies, industry development standards and enterprise own scientific and technological capacity, human resources, material resources and financial situation etc., the paper gives the risk factors impacting achievement of project objectives and analyses the causes of risk, then screens out investment risk factors which should be paid attention while the investment is carrying out. The index system of risk assessment is established,and the systemic risk and non-systemic risk are as two kinds of sub-factors. Systemic risks include three second-rate sub-factors and nine third-rate sub-factors and non-systemic risks include five second-rate sub-factors and sixteen third-rate sub-factors. The fuzzy comprehensive evaluation model of a high-tech project investment risk is established. How to use the expert scoring method and analytical methods of arrangement is introduced to define multi-level matrix and attached vector weight. Based on the built system of risk indicators and evaluation model, the actual cases are used to interpret how to synthetically evaluate complex risk factors with qualitative and quantitative way. Finally, research conclusions and prospects of assessment of high-tech project investment risk are put forward in it.