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, such
as Google, Intel and Baidu and so on, since it was born. The VC came to our country in
1980’s, it has through initial, explosion already and now in a period of adjustment, which will
be long time. In today's high-speed economic development, the industry of VC is faced with
funding limitations, lacking investment strategy and the difficult of valuing the
Entrepreneurial Enterprise; in the other hand, the state encourages youth and graduates to
establish a business. So there are more and more VC projects, how investment organization or
investor to select from them is a big crisis. Thus the evaluation research of venture capital
project will be of significant importance.
As the internet is one of the greatest inventions of 20th century, now it is coming into our
life and changing our life style. After the shock of internet, entrepreneurs are aim at this
market. According to the data of second quarter in 2013, the 29 investments are internet
projects, among the 89 cases, it has accounted for 23%. For the internet project more and
more attracted the attention of VC, combining internet project and VC to study the evaluation
could 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, but
the research results was lack of specific in that the research was not subdividing into the
specific industries. The contents of this research mainly include three aspects: First, through
the combination of the characters of the internet industry, the evaluation index of internet
venture capital project is designed by logical analysis method and factor analysis method.
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