本文在全面总结国际创业投资家评价早期创业投资机会所采用的准则的实证研究成果的基础上,将评价指标分为新创企业家及其团队、技术和产品、市场、财务四大类,构建了使用最广泛的“前十位评价指标”体系,即:创业者素质、创业团队的知识和经验的完备性、产品的竞争力、产品的特有权保护、目标市场的成长性、目标市场规模、市场进入壁垒、技术创造需求的能力、盈利能力、投资退出机会。运用综合评价法,分析了各指标的权重,建立了各指标的评分函数和新创企业投资价值的综合评价模型。我们希望这套评价体系能解决新创企业投资价值这一创业投资人最关心的核心问题。
A summary of previous empirical research on criteria used by international venture capitalists in valuating early stage venture investment opportunity is provided, based on which valuation criteria are grouped into four broad categories, namely, entrepreneur and his team, technology and product, market, and finance. The top ten indicators system is developed, they are (1) entrepreneur' s qualities., (2) completeness of the team' s knowledge and experiences, (3) product' s competitiveness, (4) protection for product peculiar right, (5) growth of the target market, (6) size of the target market, (7) market entry barrier, (8) probability to create new demand, (9) profitability, (10) opportunities for investment exit. Employing synthetic assessment, their weights are analyzed, and a scoring function and the synthetic valuation model for intrinsic value of a venture are developed. This valuation system is intended to solve the core problem concerned most by venture capitalists i. e. , how much a venture finn's intrinsic value is.