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Risk Indicator Evaluation System of New Energy Venture Capital

Author: WengYuJun
Tutor: ChengYuan
School: Tsinghua University
Course: Business Administration
Keywords: Venture Capital New Energy Evaluation Indicator
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Type: Master's thesis
Year: 2012
Downloads: 26
Quote: 0
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Abstract


Facing the serious problem of energy crisis and environmental damage, utilizingnew energy sources becomes a practical solution. In2007, new energy sector had beenraised to the level of Strategic New Industry by NDRC. Since then, development of thenew energy sector has been rapid, which attracted a lot of venture capital. Due to theshort time of the sector development, there is only little research on the new energysector venture capital. Without theory support, many venture capital institutions blindlyinvested into the new energy sector, which ultimately led to many cases of investmentfailure, lowering their interest of investing into the sector. In order to support healthygrowth of the new energy sector, it is necessary to improve the scientificityofinvestment. This can be accomplished by establishing a venture capital risk indicatorevaluation system, which is the main purpose of this thesis.In this article, we first introduced the economic characteristic of the new energysector and the related venture capital evaluation system research. Based on theestablished research base and the investment experiences, we built a venture capital riskevaluation system based on new energy sector, with6first-level risk indicatorsincluding policy environment risk, entrepreneur and core team risk, market risk, productand technology risk and exit risk, as well as14second-level risk indicators. Comparedto other general risk indicator system, this indicator system emphasized the importanceof policy risk. By collecting questionnaire from venture capital experts, we determinedthe weight of each first-level and second-level risk indicator using Analytic HierarchyProcess, and ultimately carried out comprehensive risk evaluation using FuzzyComprehensive Evaluation. Finally, we picked a real new energy company, andexamined the scientificity and rationality of the risk indicator evaluation system throughempirical analysis.In summary, this article extended the policy environment risk to theventure capital risk evaluation system based on the economic characteristic of newenergy sector. Through empirical analysis on the new energy company, we proved theapplication value of the system. The systemwill provide venture capital institutionsa mean to scientifically determine the risk of new energy venture companies during project selection process, thus support the healthy development of the new energy sectoras well as decision making of venture capital institutions.

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