Evaluating the Performance of the Government Venture Capital Guiding Fund Using the Intuitionistic Fuzzy Analytic Hierarchy Process

Abstract

The performance evaluation of the government venture capital guiding fund (GVCGF) has come into focus in the field of venture capital. Most of the existing studies, such as whether the GVCGF has guided social capital to start-up enterprises and has played its due role in the process of enterprise growth and innovation, are all based on relevant work under the framework of econometric analysis. Unlike in these existing studies, we construct the performance analysis model of the GVCGF from four dimensions, including the standardization development of the guidance fund, the risk control ability, and the leverage and the support effects under the framework of a multi-attribute decision-making analysis. Taking a GVCGF project in Ningbo City, China, as an example, we comprehensively evaluate the development performance of the GVCGF using the intuitionistic fuzzy analytic hierarchy process (IFAHP). The results show that the development performance of the GVCGF is at a “relatively high” level. Compared with the traditional analytic hierarchy process (AHP), the IFAHP effectively avoids the false, enlarged influence caused by data subjectivity and evaluation uncertainty. This study provides a feasible analytical framework for the application of the IFAHP in other project performance evaluations.

The Influence of Local Economic Conditions on Start-Ups and Local Open Innovation System

“…The most important determinant of the existence of start-ups-regardless of their locationis the availability of intellectual and financial capital. Given the specificity of start-ups, this is a rational and logical conclusion confirmed by the authors' research and previous publications [53,54,56,58]. In this context, the role of the city is to take care of improving human resources and attracting potential investors [63,68,73,74,76].…”

“…Therefore, one of the biggest obstacles in launching start-ups are financial barriers [49][50][51]. Access to external financing for start-ups in the form of the most popular bank loans is difficult due to the parallel occurrence of the following circumstances: Due to the above circumstances, the most common form of financing start-ups are business angels and venture capital [52][53][54][55][56][57]. However, such forms of financing are lined to the necessity of accepting a significant role of investors in the process of establishing and developing a given enterprise.…”

Research on the Construction of Performance Indicators for the Marketing Alliance of Catering Industry and Credit Card Issuing Banks by Using the Balanced Scorecard and Fuzzy AHP

“…Decision-making in real life is usually carried out in a fuzzy environment. When the decision-making environment becomes increasingly complex and includes much individual subjective judgment, the fuzzy view is much more important [75]. Zadeh [74] introduced the concept of the fuzzy set, which aims to solve uncertainty and fuzziness in the real environment.…”

Can government venture capital guidance funds promote urban innovation? Evidence from China

“…In both developed Western countries and developing countries, governments attach great importance to supporting and guiding venture capital (Jääskeläinen & Maula, 2007). Government guidance funds with similar functions and types exist in the venture capital markets of various countries (Xu et al., 2020).…”