Research on Evaluation of Venture Capital Fund Project Based on Data Envelopment Analysis Model

摘要

By using the super efficiency DEA method based on triangle fuzzy number, this paper uses the Lingo program to evaluate the relative efficiency of DMU (Decision Making Unit). It is overestimating or underestimating the value of a project that affects the final revenue of PE funds. Based on this observation, the article proposes there are three areas to be controlled: the risks of project enterprises', the value of project enterprises' and the deviation of project evaluators'; Furthermore, time control is also important due to the reason of fund duration. Therefore, the article evaluates the relative efficiency of a number of project enterprises in the way of super efficiency data envelopment analysis (DEA) model with three input variables which are evaluators' degrees of behavioral biases and bounded rationality, payback period of the projects and comprehensive evaluation value of the projects and one output variable which is return per investment of the projects. The paper proves that the model can get the most optimal DMU (decision making unit, project enterprise here) whose relative efficiency is bigger than any other project enterprise by the numerical validation. Through the calculation can be drawn on the relative efficiency of DMU. Finally, using the fuzzy possibility degree judgment matrix method to sort DMU, the relative efficiency of DMU (or enterprises invested).