本文選題：私募股權(quán)　切入點：投資估值　出處：《山東大學》2014年碩士論文　論文類型：學位論文

【摘要】：我國私募股權(quán)投資行業(yè)已有近十年的發(fā)展歷程,自2004年開始至今,該行業(yè)從無到有、從只有數(shù)家私募機構(gòu)到今天上千家大小不一的私募機構(gòu)。國內(nèi)私募行業(yè)的迅猛發(fā)展帶動了實體產(chǎn)業(yè)的飛速擴張,從而表現(xiàn)了股票市值大幅增長。通過股權(quán)融資與企業(yè)投資項目相結(jié)合,不僅解決了企業(yè)當前資金困難、發(fā)展瓶頸的問題,更能夠?qū)崿F(xiàn)產(chǎn)業(yè)升級、結(jié)構(gòu)優(yōu)化。 經(jīng)歷多次私募股權(quán)投資并結(jié)合近十年來我國私募股權(quán)投資案例發(fā)現(xiàn),私募股權(quán)投資項目中一些問題尤其是估值問題不能得到很好的解決,嚴重阻礙了私募股權(quán)的發(fā)展。傳統(tǒng)的估值理論假設被投資企業(yè)所在的產(chǎn)業(yè)結(jié)構(gòu)穩(wěn)態(tài)均衡與當前國內(nèi)許多行業(yè)面臨結(jié)構(gòu)升級以及產(chǎn)業(yè)轉(zhuǎn)型的這一實際嚴重背離。同時國內(nèi)很多投資機構(gòu)研究人員在對企業(yè)進行估值評價時,更多的是運用經(jīng)驗判斷,由此造成了企業(yè)價值評估與真實價值偏離。本研究課題以作者親歷某項目為例,分析了私募股權(quán)投資從項目論證到投資一系列運作流程,討論了在當前發(fā)展中行業(yè)的估值問題。研究的結(jié)論表明,全面的估值過程有利于公正客觀的得到企業(yè)價值,另外,私募股權(quán)投資有益改進公司治理結(jié)構(gòu)和管理方式,增強企業(yè)競爭力。論文目的是希望通過對深海海帶養(yǎng)殖、加工企業(yè)項目股權(quán)投資的理論研究與實證分析,對實際工作起到一定的指導作用。 從私募股權(quán)投資行業(yè)的健康發(fā)展角度看,通過深入分析私募股權(quán)行業(yè)中的重要問題,如特定條件下的項目估值問題,有助于解決私募股權(quán)投資碰到的一些類似問題,并促進理論研究,從而更有效的指導我們在實踐中的工作；為更好地把握今后的投資機會,我們需要帶著理性的投資思維研究標的行業(yè)的一些問題,促使投資富于邏輯性。因此論文秉承著投資的邏輯性與理性思維,結(jié)合多年經(jīng)驗總結(jié)出的估值思路及方法,詳細介紹了當前私募股權(quán)投資中的一些估值理論與方法,引出了新興的估值方法與思路,進一步豐富企業(yè)估值理論,給后來的研究者提供理論和實踐上的幫助。文章通過以第三章的常見企業(yè)估值理論及近幾年新興的估值理論為依據(jù),結(jié)合股權(quán)投資的特點運作,結(jié)合第四章、第五章的實際案例研究展開估值分析。通過新興的投資理論對標的企業(yè)從定性與定量的角度詳盡進行了投資判斷；而后運用博弈論等多種估值理論展開討論。盡管目標企業(yè)最終估值為某一定值,但通過對企業(yè)不同時期、不同發(fā)展策略的展開分析,對企業(yè)估值也不盡相同。 文章通過以項目投資具體事例為例,對公司的非財務指標進行一系列分析,著重運用定性分析方法,比較公司行業(yè)優(yōu)勢、稀缺資源等,判斷是否進行投資；通過運用傳統(tǒng)估值方法以及反傳統(tǒng)估值方法對同一標的A公司估值比較后,我們從不同角度分析企業(yè)價值差異的原因,為項目標的的投資博弈打下理論基礎。通過總結(jié)多年來在PE行業(yè)上的實踐經(jīng)驗,在實際操作層面對PE投資作研究探討,討論多種企業(yè)估值方法,有利于為今后國內(nèi)相關企業(yè)估值操作提供參考,從而促進國內(nèi)PE市場健康發(fā)展。
[Abstract]:China's private equity investment industry for nearly ten years of development, since 2004, the industry from scratch, from only a few private institutions to private institutions today thousands of different sizes. The rapid development of domestic private equity industry led to the rapid expansion of the real estate, to the performance of a stock market with substantial growth. Through equity financing and investment projects, not only solve the current financial difficulties of enterprises, the development bottleneck problem, to achieve industrial upgrading and structural optimization.
After many private equity investment and combined with nearly ten years of China's private equity investment case that private equity investment projects in some of the problems especially the valuation problem can not be resolved, seriously hindered the development of private equity. The traditional valuation theory hypothesis is the structure of investment industry enterprise is steady equilibrium and many domestic industries facing the transformation and industrial structure upgrading of the actual serious deviation. At the same time, many domestic investment institutions researchers in value evaluation of enterprises, more is the use of experience, resulting in business valuation and real value deviation. This paper takes a project experience as an example, analysis of the private equity investment from the project to demonstrate a series of investment operation process, discusses the problems in the current valuation industry development. Research shows that comprehensive valuation too The process is conducive to a fair and objective enterprise value, in addition, private equity investment is beneficial to improve the corporate governance structure and management, enhance the competitiveness of enterprises. The purpose is to hope that through deep sea kelp, a theoretical and Empirical Study on the equity investment projects of processing enterprises, give some guidance to the actual work.
From the perspective of the healthy development of the private equity industry, through in-depth analysis of important issues of private equity in the industry, such as the specific conditions of the project valuation problems, help to solve some of the private equity investment encountered similar problems, and promote the theoretical research, so as to more effectively guide our practice in order to better work; grasp the future investment opportunities, we need to study some problems with investment rational thinking target industry, promote investment and logical. Therefore the paper adhering to logical and rational thinking of investment valuation, ideas and methods combined with years of experience, introduces the current private equity investment in some valuation theory and methods and thinking leads to the new valuation method, further enrich the enterprise valuation theory, for later researchers to provide the theory and practice of this chapter through to help. On the basis of the third chapter of the enterprise valuation theory of common and emerging in recent years, valuation theory, combined with the operating characteristics of equity investment, combined with the fourth chapter, analyze the actual case valuation study in the fifth chapter. Through the theory of investment benchmarking emerging enterprises from qualitative and quantitative aspects of detailed investment judgment; then using game theory etc. a variety of valuation theory is discussed. Although the final valuation of target enterprise to a certain value, but the enterprise in different periods, analyzes different development strategies, to the valuation of enterprises are not the same.
This article through to the project investment case as an example, a series of analysis of non-financial indicators of the company, mainly by using the method of qualitative analysis, comparative advantage of industries, such as scarcity of resources, determine whether to invest; through the use of traditional valuation methods and anti traditional valuation methods on the same underlying A valuation of the company after the comparison, we analyze the reason of enterprise value differences from different angles, lay the theoretical foundation for the investment game goal. Through summarizing many years in the PE industry experience, in the actual operation level of PE investment research, discuss a variety of corporate valuation methods, to provide reference for future domestic enterprises valuation operation, so as to promote the the healthy development of the domestic PE market.

【學位授予單位】：山東大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F832.51

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本文編號：1642790