宏观经济视域下风险投资绩效评价指标体系研究

从宏观经济视域出发,建立一种全指标覆盖的风险投资绩效评价体系,并基于问卷调查和专家评估法选定宏观经济波动、风险资本供需、企业的成长性、技术创新能力、内部控制能力和企业财务状况等6个影响因素中的27个二级指标,初步建立风险绩效评价指标体系。通过移除干扰项评价指标后,建立更为全面、科学、合理的风险投资绩效评价指标体系,再基于AHP层次分析法确定每一个评价指标的重要性程度权重比例。结果显示,提出的风险投资绩效评价体系的评估结果相对于传统评估体系更为准确,也更趋近于真实的投资活动风险值。

Research on Performance Evaluation Index System of Venture Capital from the Perspective of Macroeconomics

From the macroeconomic perspective, this paper establishes a performance evaluation system of venture capital covered by all indicators. Based on questionnaire survey and expert evaluation method, 27 secondary indicators of six influencing factors, namely macroeconomic fluctuation, supply and demand of venture capital, growth of enterprises, technological innovation ability, internal control ability and financial status of enterprises, are selected, and a preliminary risk performance evaluation index system is established. After removing the interference evaluation index, a more comprehensive, scientific and reasonable performance evaluation index system of venture capital is established, and then the weight proportion of each evaluation index's importance degree is determined based on AHP. The results show that the evaluation results of the proposed performance evaluation system of venture capital are more accurate than those of the traditional evaluation system, and tend to the real value of risk of investment activities.