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This paper explores the method for evaluating the risks of venture capital projects. Based on analyzing the fac- tors affecting the risks of venture capital projects, I establish an index system for evaluating the risks. I present a model for evaluating the risk level of single venture capital project by applying the uncertain type analysis of hierarchy process and the extended weighted arithmetic averaging operator. Based on the uncertain multiple attribute decision making method, I establish a model for evaluating the rank of the risks of multiple venture capital projects. I give two examples about practical application to show the reasonableness and effectiveness of the models. The venture capital refers to an investment behaviour, which mainly provides the equity capital to the high technol- ogy and high growth venture enterprises (risk project), par- ticipates the management of enterprise or project that is in- vested in some ways, provides the business management and consulting services and expects to obtain the mid-term and long-term capital gains through equity transfer after the in- vested enterprise (risk project) is developed maturely (1). The nature of venture capital determines the main investment object is highly-uncertain and high-tech enterprises or pro- jects. The venture capital is characterized in high gain and high risk (2). The core of venture capital operation is a risk investment institute that is an organization engaging in the venture capital and a financial medium linking between the risk investors and venture entrepreneur. Generally, the ven- ture capitalist (institutional investors and individual inves- tors) found the venture capital institutions (fund) collectively in investment way, entrust the venture capitalist in the ven- ture capital to be responsible for the daily operation and management of the venture capital. The venture capitalists, prior to investment, must make use of their long-term accu- mulative experience, knowledge and information network to analyze and evaluate the risk components and size of the preferred venture capital projects. The risk evaluation result of risk projects is not only the important basis for the venture capitalist to select the risk project, but also directly affects the distribution of control right and cash flow right of the risk project during operation, further affects the development of venture capital contract. Therefore, the risk evaluation of venture capital project is a precondition for the venture capi- talist to control and manage the risks, directly associates to the success of the venture capital (3). To research the risk evaluation issue of the venture capital project is realistic and significant.

The Model for Evaluating Risks of Venture Capital Projects