互联网项目投资评价体系探析

互联网项目投资评价体系探析

摘要

创业投资自诞生以来，促进了Google、Intel、百度等一大批企业的成长。二十世纪80 年代进入中国，创业投资行业历经了初创期、爆发期和调整期三个阶段，目前处于并将长期处于调整期。在经济高速发展的今天，创业投资行业面临着创投资金来源局限、投资策略缺乏、创业企业价值度量难的问题；而另一方面，国家鼓励青年及高校毕业生自主创业。面对雨后春笋般的创业项目，创业投资机构或投资人如何进行选择成为创投行业面临的最大难关。因此，对创业投资评价研究具有重大的现实意义。

互联网是二十世纪最伟大的发明之一，如今的互联网已经进入每个人的生活，改变着我们的生活方式，企业家在这次科技浪潮的冲击下，纷纷瞄准互联网行业。根据中创投市场2013 年第二季度数据，在89 例投资案中，互联网项目投资为21 例，以23%的比例独占鳌头。可见，互联网项目在创业投资行业的分量越来越重。对创业投资中的互联网项目进行投资评价研究，可以提高创投机构投资效率，促进创投行业的健康发展，使得创业投资对经济增长做出的最大贡献。

目前学术界对高科技创业投资研究很多，但是以具体行业为研究对象的少有，使得研究结果缺乏针对性。本研究主要包括以下三个方面：一是从互联网项目的特点出发，采用逻辑分析法与因子分析，设计互联网项目创业投资评价指标；二是对比各评价方法，根据互联网项目创业投资的评价的特点，最终选择人工神经网络评价方法；三是利用案例对文章结论进行验证，同时，对创投行业的各个参与方提出管理建议。

研究得出互联网项目的评价指标包含六项一级指标和十三项二级指标，一级指标分别是企业家因素、产品因素、市场因素、技术因素、商业因素和环境因素；应用人工神经网络构建互联网项目评价体系，并通过三个案例进行验证，证明模型具有准确性；最后，针对创业投资行业的不同参与者提出的管理建议：创业投资机构在评价互联网项目时应重点参考本文的十三项指标；第二，创投机构应完善各个行业的投资评价体系；第三，互联网创业企业则应当根据本文指标建立自查机制。

关键词：互联网项目，创业投资，评价指标，评价方法

ABSTRACT

The venture capital has promoted the development of a large number of companies, suchas Google, Intel and Baidu and so on, since it was born. The VC came to our country in1980's, it has through initial, explosion already and now in a period of adjustment, which willbe long time. In today's high-speed economic development, the industry of VC is faced withfunding limitations, lacking investment strategy and the difficult of valuing theEntrepreneurial Enterprise; in the other hand, the state encourages youth and graduates toestablish a business. So there are more and more VC projects, how investment organization orinvestor to select from them is a big crisis. Thus the evaluation research of venture capitalproject will be of significant importance.

As the internet is one of the greatest inventions of 20th century, now it is coming into ourlife and changing our life style. After the shock of internet, entrepreneurs are aim at thismarket. According to the data of second quarter in 2013, the 29 investments are internetprojects, among the 89 cases, it has accounted for 23%. For the internet project more andmore attracted the attention of VC, combining internet project and VC to study the evaluationcould help VC organization improve the efficiency, promote the development of the industry,and make the contribution to economic growth.

The academia has done lots of research about Hi-tech venture capital in recent years, butthe research results was lack of specific in that the research was not subdividing into thespecific industries. The contents of this research mainly include three aspects: First, throughthe combination of the characters of the internet industry, the evaluation index of internetventure capital project is designed by logical analysis method and factor analysis method.Second, the BP artificial neural networks are built as the evaluation method of internetventure capital project. Third, a case study was given to validate, at the same time, thesuggestions are given to participants in VC industry.

The research shows that there are six first class indicators and 13 second class indicatorsin the evaluation index of internet venture capital project. These