首页 > 资料专栏 > 论文 > 经营论文 > 公司治理论文 > 私募股权投资公司对初创企业的估值研究-以A私募股权投资公司的实践为例_硕士论文

私募股权投资公司对初创企业的估值研究-以A私募股权投资公司的实践为例_硕士论文

人生如是
V 实名认证
内容提供者
资料大小:1027KB(压缩后)
文档格式:DOC
资料语言:中文版/英文版/日文版
解压密码:m448
更新时间:2021/2/13(发布于江苏)

类型:金牌资料
积分:--
推荐:升级会员

   点此下载 ==>> 点击下载文档


文本描述
I 摘要 “初创企业”往往缺乏足够的资金和资源,可能仍处于亏损或利润微薄阶段, 且面临核心员工匮乏、业务开拓困难等问题。因此,初创企业引入投资者是其发 展的重要组成部分,这不仅可以给初创企业带来财务方面的帮助,很多还可以给 初创企业带来业务拓展、人脉积累等社会资源方面的支持。 但是在针对初创企业的投资实操中,由于投融资双方积累不够、经验不足以 及缺乏理论基础,对于初创企业的经营测算以及公允估值尚未形成科学合理的判 断或定量分析。现阶段在初创企业引入外部投资者时,资金方和项目方仍根据自 己的过往经验进行估值,这样一来,在双方谈判中就极易产生分歧,带来一系列 的风险和不确定性因素。 本论文仅从 A 私募股权投资公司的角度出发,借鉴国内外已有的估值方法、 投资历程、行业数据和公开案例,讨论 A 私募股权投资公司所实地研究过的初创 企业投资的估值案例。在大量信息材料的基础上,通过体系化的方法论证、案例 剖析、数据分析等方式,以实用性与合理性为最终目标,总结并提出了在合理的 风控体系下,私募股权投资公司针对初创企业的公允估值方法。 笔者从 A 私募股权投资公司评估初创企业的角度出发,对成本法、市场法、 收益法等常用的估值方法进行了深度探讨。针对成本法,本文再现了当时投融资 双方的博弈过程;针对市场法,本文将重点放在了市盈率倍数法、市净率倍数法 以及市销率倍数法,用 A 私募股权投资公司的实际案例,系统分析了以上几种常 见估值方法;针对收益法,本文着重论述了收益法的关键所在,即折现率的考量, 并针对初创企业就该方法的适用性做了有效论证。 本文的主要贡献是,文中提出的创新估值体系有助于私募股权投资公司在着 手投资初创企业时,可以参考文中论点对初创企业进行科学合理的估值,提高投 融资双方的工作效率,构建私募股权投资公司的投资组合与内部风控体系,降低 投融资双方就估值问题的沟通成本,促进投资活动的顺利实施。摘要 II 关键词:初创企业、估值、私募股权基金、风险控制Abstract Abstract Start-up enterprise often lack of sufficient capital and resources, may still suffer from losses or meager profits, and are faced with problems such as lack of core staff and difficulties in business development. Therefore, the introduction of investors is an important part of the development of start-ups. Investors can not only bring financial support to start-ups, but also many social resources such as business development and network accumulation. However, in the actual investment operation for start-ups, due to insufficient accumulation, lack of experience and lack of theoretical basis, scientific and reasonable judgment or quantitative analysis has not been formed on the operation calculation and fair valuation of start-ups. At the present stage, when start-ups introduce external investors, the capital side and the project side still judge the valuation according to their own experience accumulation, so that differences will easily occur in the negotiations between the two sides, bringing a series of risk and uncertainty factors. Starting from the perspective of a private equity investment company, this paper USES the existing valuation methods, investment history, industry data and public cases at home and abroad for reference to discuss the valuation cases of start-up investment studied by A private equity investment company. On the basis of a large amount of information materials, through systematic method demonstration, case analysis, data analysis and other ways, with practicality and rationality as the ultimate goal, this paper summarizes and proposes the fair valuation method of private equity investment companies for start-ups under the reasonable risk control system. From the perspective of private equity investment company's evaluation of start-ups, the author makes an in-depth discussion on the commonly used valuation methods such as cost method, market method and income method. Aiming at the cost method, this paper reproduces the game process of both parties involved in investment and financing at that time. For the market method, this paper focuses on the multiple method of price-to-earnings ratio, multiple method of price-to-book ratioAbstract and multiple method of price-to-sales ratio, and systematically analyzes the above several common valuation methods with the case of a private equity investment company. In view of the income method, this article emphatically elaborated the income method key place, namely the discount rate consideration. In conclusion, the effectiveness of mainstream methods that can be applied to start-ups has been basically verified. The main contribution of this paper is to put forward the innovation valuation system helps to private-equity firms, when beginning to start-up investment reference for enterprise valuation, facilitate the reasonable scientific valuation, enhances the working efficiency of the investment and financing of both sides, to facilitate the construction of a private equity firm portfolio with the internal risk control system, reduce the cost of investment and financing of communication on valuation issues, promote the smooth implementation of investment activity. Keywords: Start-up, Valuation, Private Equity Fund,Risk Control目录 1 目录 摘要............................................................................................................................ I Abstract..................................................................................................................... III 目录........................................................................................................................... 1 第一章 绪论.............................................................................................................. 4 第一节 研究背景、目的和意义............................................................................... 4 一、研究背景 ..................................................................................................... 4 二、研究目的 ..................................................................................................... 5 三、研究意义 ..................................................................................................... 5 第二节 国内外研究现状及综述............................................................................... 7 一、国外估值研究现状 ....................................................................................... 7 二、国内估值研究现状 ..................................................................................... 10 第三节 研究内容和方法....................................................................................... 11 一、研究内容 ................................................................................................... 11 二、研究方法 ................................................................................................... 12 第二章 企业估值的概述........................................................................................... 13 第一节 企业估值的定义 ..................................................................................... 13目录 2 一、概念引入 ................................................................................................... 13 二、 企业估值的理论定义................................................................................ 14 三、 企业估值的实际运用................................................................................ 15 第二节 国内初创企业估值的发展前景................................................................ 15 第三节 企业常用估值方法的分析 ....................................................................... 16 一、成本法估值................................................................................................ 16 二、收益法估值................................................................................................ 17 三、市场法估值................................................................................................ 18 四、三种估值方法比较 ..................................................................................... 18 五、本文评估方法的选择.................................................................................. 19 第三章 初创企业估值模型创新 .............................................................................. 20 第一节 初创企业估值的创新模型概念................................................................ 20 第二节 初创企业估值创新模型方法假定............................................................. 20 第四章 初创企业估值案例分析 .............................................................................. 23 第一节 成本法估值案例分析.............................................................................. 23 第二节 市场比价法估值案例分析 ....................................................................... 26 第三节 市场比价法下的市净率倍数法估值分析.................................................. 30 第四节 收益法估值案例分析.............................................................................. 32目录 3 第五节 市销率法估值的案例分析 ....................................................................... 35 第五章 研究结论、不足与建议 .............................................................................. 39 第一节 研究结论................................................................................................ 39 一、私募股权投资公司有必要建立针对初创企业的风控体系............................. 39 二、对初创企业估值的内外部博弈.................................................................... 39 三、应建立风险控制架构下的估值体系............................................................. 41 第二节 本文的不足之处 ..................................................................................... 42 一、缺乏国内行业研究数据 .............................................................................. 42 二、投资标的企业的选取样本不足.................................................................... 42 三、仍需时间检验投资组合 .............................................................................. 43 第三节 私募股权基金的投资建议......................................................................... 43 一、私募股权投资领域需要更多的理性与科学.................................................. 43 二、私募股权投资公司应考虑自身配套资源...................................................... 43 三、初创企业估值需服务于风险控制体系......................................................... 44