本文關鍵詞：關于風險投資項目價值評估問題的案例分析　出處：《河南大學》2014年碩士論文　論文類型：學位論文

  更多相關文章： 風險投資 價值評估 市盈率法

【摘要】：隨著我國資本市場的多層次建設越來越完善，企業(yè)尋求資金來源的渠道也越來越廣，尤其對于中小企業(yè)，創(chuàng)新型企業(yè)而言，在其發(fā)展過程中，越來越多的開始尋求創(chuàng)投機構的加入，不僅能得到長久的資金支持，而且還可以獲得很多的增值服務。因此，創(chuàng)投機構在企業(yè)發(fā)展過程中所起到的作用已在逐漸加強。 本文通過分析一個傳統(tǒng)企業(yè)在其發(fā)展過程中引入創(chuàng)業(yè)投資機構的案例，運用所學知識，結合具體案例，進行分析。首先，在可行性分析方面，從業(yè)務、產(chǎn)品和技術；產(chǎn)能、生產(chǎn)和銷售；行業(yè)與市場；以及財務等六個方面對該公司進行可行性分析。由于自身知識面的局限性和所收集材料的局限性，以及個別信息的保密性，在很多方面無法深入透徹的分析。比如管理層管理能力方面，其實對于投資一家公司來說是至關重要的，一個管理團隊決定著一家企業(yè)的發(fā)展。所謂投資企業(yè)其實也就是投資人，在VC的“發(fā)源地”美國就尤其的注重管理層的考察。但由于企業(yè)部分信息是隱私的，本案例在可行性分析方面著重從財務角度進行深入分析，其他方面的分析略顯簡略。其次，通過估值方法的比較和分析，最終采用市盈率法對案例的投資收益進行估計。最后，對該投資的潛在風險進行逐個分析。通過該案例的分析，我們知道對于創(chuàng)投企業(yè)來說收益是很高的。因此，在2008年以后也迎來了眾多的VC或者PE如雨后春筍般涌現(xiàn)的過程。創(chuàng)投行業(yè)起源于美國，后引入我國以后，對我國中小企業(yè)的發(fā)展起到了很大的促進作用，改善了股權結構，為企業(yè)的舊系統(tǒng)注入了新鮮的血液，為我國中小創(chuàng)新型企業(yè)的發(fā)展注入了力量，在此衷心的希望創(chuàng)投業(yè)在我國的發(fā)展會越來越好。 具體來說本文共分為七個部分，第一部分是引言，主要說明問題提出的背景，基于目前風險投資在企業(yè)發(fā)展過程中起到的作用越來越重要，企業(yè)融資的新途徑——“風投”就變得越來越受到關注。除此之外，，包括案例分析的目的和意義，分析方法和本文的邏輯結構。第二部分是關于選擇合理的價值評估方法。對典型的幾種價值評估方法進行分析，包括相對估值法中的市盈率法，絕對估值法中選擇的是自由現(xiàn)金流貼現(xiàn)法，以及資產(chǎn)評估法和期權估值法。分析它們的優(yōu)缺點及其適用性從而在后面的案例分析中，針對T公司的具體情況選擇對其適用的估值方法，本文選用的是市盈率法。事實上，由于其它估值方法的局限性和不可操作性，實踐中風險投資公司使用最多的估值方法基本也都 是市盈率法。第三部分是案例概述，該部分主要是對案例的整體架構做一個簡要的介紹，使讀者在心中有個大體的框架，后面會針對每一部分詳細的進行介紹。第四部分是項目可行性分析，分別從T公司的基本情況、業(yè)務產(chǎn)品和技術、產(chǎn)能生產(chǎn)和銷售、行業(yè)和市場、財務等六個方面進行詳細分析；第五部分是投資方案設計，在對T公司各個方面進行分析以后，根據(jù)T企業(yè)的融資計劃，制定具體的投資方案，對投資收益情況進行估計。第六部分是風險的揭示，主要介紹在此次投資可能存在的潛在風險，主要是經(jīng)營風險、行業(yè)風險和上市風險。第七部分是結論及投資建議，通過以上的分析，得出投資結論和建議。 本文的亮點或創(chuàng)新之處不是體現(xiàn)在理論方面，而是體現(xiàn)在案例分析的全面性和完整性方面，真實的還原了風險投資公司在進行投資項目分析時所進行的整個分析過程。而在現(xiàn)有的文獻當中，多是只從案例的一個側面進行分析。在所查閱到的現(xiàn)有風險投資案例分析當中，要么是簡單的把很多案例放在一起，每個案例僅作簡要的介紹，要么只分析案例的一個方面如財務方面，要么只做投資收益的分析，但未從財務角度進行詳細的可行性分析。而財務上的分析對做出是否進行投資的決策是至關重要的，甚至超過其它方面的分析，這樣也是無法得出準確的投資結論的。
[Abstract]:With the development of China's capital market multi-level construction more perfect, enterprises seek funding channels is more and more widely, especially for small and medium-sized enterprises, innovative enterprises, in the process of its development, more and more began to seek venture capital institutions to join, not only can get long financial support, but also can get a lot of the value-added services. Therefore, venture capital institutions play a role in the process of enterprise development has been gradually strengthened.
In this paper, through the analysis of a traditional enterprise into the venture investment institutions in the development process of the case, the use of the knowledge, with specific cases were analyzed. Firstly, in the feasibility analysis, from the business, product and technology; production capacity, production and sales; industry and market; and on the six aspects of the financial the company to conduct a feasibility analysis. Because of their knowledge of the limitations and collected material limitations, and the confidentiality of individual information and analysis in many aspects can not be thorough. For example, management ability, it is crucial to investment in a company, a management team determines the development of an enterprise the so-called investment enterprise is investors in VC's "birthplace" the United States is especially focus on the management of enterprises. But because the information is part of privacy, the case where feasible Analysis of the paper from the perspective of financial analysis, other aspects of the analysis somewhat sketchy. Secondly, through the comparison and analysis of valuation methods, the investment income on the case of the price earnings ratio is estimated. Finally, the potential risk of the investment analysis one by one. Through the analysis of this case, we know that for venture capital companies for income is very high. Therefore, in 2008 also ushered in a number of VC or PE such as bamboo shoots after a spring rain as the emerging process. The venture capital industry originated in the United States, later introduced into China, to promote to our country small and medium-sized enterprise development, improve the ownership structure, fresh the blood for the old system of enterprise, into force for the development of China's small and medium-sized enterprises, in the sincere hope that the venture capital industry in the development of our country will become better and better.
This paper is divided into seven parts, the first part is the introduction, mainly explains the background of the issues, and based on current risk investment in the enterprise development process plays a more important, new ways of financing, venture capital becomes more and more attention. In addition, including the purpose and significance of the case analysis, logic analysis method and structure of this paper. The second part is about the evaluation methods for the rational choice of several evaluation methods of typical analysis, including the relative valuation method in the PE method, choose the absolute valuation method is the discounted cash flow method and asset evaluation method and option valuation method. Analysis of their advantages and disadvantages and applicability to the back of the case analysis, according to the actual situation of T company to choose the applicable valuation method, the choice of the PE method. A matter of fact Because of the limitations and maneuverability of other valuation methods, the most commonly used valuation methods used by Vc firm are also in practice.
Is the price earnings ratio. The third part is the summary of the case, is the main part of the overall structure of the case to do a brief introduction, so that readers have a general framework in mind, behind for each part in detail. The fourth part is the project feasibility analysis, respectively, from the basic situation of T company, business products and technology, production and sales, industry and market, the six aspects of financial analysis; the fifth part is the investment project design, after analyzing all aspects of T company, according to T enterprise financing plan, the investment plan with the body, on investment income is estimated. The sixth part is the risk reveal, mainly introduces the potential risks in the investment, mainly operating risk, industry risk and market risk. The seventh part is the conclusion and suggestions for investment, through the analysis above, some conclusions of investment Conclusions and suggestions.
This paper highlights the innovation or not reflected in theory, but also a comprehensive and complete in case analysis, the real reduction of the whole analysis process of the Vc firm in the investment analysis of the project. While in the existing literature, is only analyzed from one side of the case in the analysis. The existing risk investment case refer to, or simply put together a lot of cases, each case only briefly, or only a case analysis such as financial analysis, or only the investment income, but not from the perspective of financial analysis and financial analysis. Detailed feasibility. Is essential to make the decision whether to invest, even more than other aspects of the analysis, it is unable to draw the conclusion that the accuracy of the investment.

【學位授予單位】：河南大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F275

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