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Abstract A large number of studies have confirmed that the trust of venture capitalists on entrepreneurs is the key factor for the success of entrepreneurial cooperation. However, the researches on the factors of venture capitalists' trust on entrepreneurs are relatively lacking and the dynamics of the consideration factors is paied less attention in existing researches. Therefore, the stage of investment is firstly divided to establish the model of venture capitalists' trust in entrepreneurs in different stage combining with the entrepreneurial situation. Secondly, trust evaluated model of dynamic factors based on WarshallANP is established, which the relationships between the various factors and indexes are determined by Warshall algorithm and ANP is used to the calculate weights of each factor and index in different stage of investment. Finally, the empirical analysis is carried out in Linghang incubator in Province of Heilongjiang as an example and the application of the method is discussed. The results show that, the key factors of venture capitalists' trust in entrepreneurs are relational factors in the search phase; venture capitalists mainly based on cognitive factors to generate trust on entrepreneurs in the stage of selection and decisionmaking, while relational factors adjust the trust perception of venture capitalists.
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