基于風險投資的科技型中小企業(yè)價值評估方法的研究
發(fā)布時間：2018-09-08 14:27
【摘要】：科技型企業(yè)在國民經(jīng)濟發(fā)展中發(fā)揮著非常重要的作用,風險投資是科技型企業(yè)初創(chuàng)期所需資金的主要來源之一�？萍夹椭行∑髽I(yè)融資難的關鍵,一是其創(chuàng)業(yè)成長過程中的高風險,二是科技型中小企業(yè)價值評估沒有現(xiàn)成的理論、方法和模式。一般而言,風險投資的退出方式主要包括IPO、兼并收購、回購和清算等方式,絕大多數(shù)企業(yè)是以并購、回購和清算方式退出。我國多層次資本市場的建立健全逐漸豐富了風險投資的退出渠道。而不管通過何種方式退出,科技型中小企業(yè)的價值評估是核心問題。只有為企業(yè)確定合理的價值,才能使創(chuàng)業(yè)企業(yè)順利引入資本和管理,保證企業(yè)順利成長；才能使投資方充分認識投資所包含的風險和潛在的收益,將資本順利注入科技中小企業(yè)并使及時退出成為可能。如何確定科技型中小企業(yè)的價值,傳統(tǒng)的價值評估理論是否適用于此類企業(yè),是一個值得探討的資產(chǎn)定價方面的創(chuàng)新性的問題。因此,本文主要回答兩個問題：(1)傳統(tǒng)的價值評估方法是否適用于基于風險投資的科技型中小企業(yè)?其局限性在哪里?(2)怎樣對價值評估模型進行適當?shù)母倪M,創(chuàng)新出更貼近科技型中小企業(yè)的定價方法。針對第一個問題,本文首先分析了資產(chǎn)定價理論的思想基礎和體系構成,闡明價值評估方法和模型的理論基礎：其次分析了科技型中小企業(yè)的技術經(jīng)濟過程,提出非系統(tǒng)性風險是影響企業(yè)價值的關鍵因素；同時分析風險投資運作機制和對中小企業(yè)具有的特殊價值貢獻,比較風險投資行為與產(chǎn)業(yè)投資、證券投資的區(qū)別,進而指出傳統(tǒng)價值評估方法應用于風險投資的局限性。針對第二個問題,在第一個問題的基礎上,考查國際國內風險投資在實務中的主要操作經(jīng)驗,從中汲取定價的經(jīng)驗,采取回溯推算的方法預測未來現(xiàn)金流、將非系統(tǒng)性風險納入折現(xiàn)率的估計等方法,從而對現(xiàn)金流貼現(xiàn)模型進行改進,并將管理柔性和風險投資的階段性投資行為納入企業(yè)價值評估,提出了創(chuàng)新模型。最后,考慮到時間和理論水平的限制,提出了本文的不足之處和今后待研究的方向。
[Abstract]:Science and technology enterprises play a very important role in the development of national economy, and venture capital is one of the main sources of funds needed by science and technology enterprises in the initial period. The key to the difficulty of financing is the high risk in the process of enterprise growth, and the lack of theory, method and model in the evaluation of the value of science and technology SMEs. Generally speaking, the exit mode of venture capital mainly includes IPO, merger and acquisition, repurchase and liquidation, etc. Most enterprises exit by M & A, buy-back and liquidation. The establishment and perfection of our country's multi-level capital market has gradually enriched the exit channels of venture capital. Regardless of how to withdraw, the value evaluation of small and medium-sized technological enterprises is the core issue. Only by determining the reasonable value for the enterprise, can the venture enterprise smoothly introduce capital and management, ensure the smooth growth of the enterprise, and enable the investor to fully understand the risks and potential benefits involved in the investment, The capital will inject technology small and medium-sized enterprises smoothly and make it possible to withdraw in time. How to determine the value of small and medium-sized technological enterprises and whether the traditional valuation theory is applicable to such enterprises is an innovative problem in asset pricing. Therefore, this paper mainly answers two questions: (1) is the traditional valuation method applicable to the venture capital-based SMEs? Where is its limitation? (2) how to improve the value evaluation model and innovate the pricing method which is closer to the small and medium-sized technological enterprises. In view of the first problem, this paper first analyzes the ideological basis and system structure of asset pricing theory, and clarifies the theoretical basis of valuation methods and models. Secondly, it analyzes the technological and economic process of science and technology small and medium-sized enterprises. The paper points out that non-systemic risk is the key factor affecting the enterprise value, analyzes the operation mechanism of venture capital and its special value contribution to small and medium-sized enterprises, and compares the difference between venture capital behavior and industrial investment and securities investment. Then points out the limitation of the traditional valuation method applied to venture capital. In view of the second question, on the basis of the first question, this paper examines the main operational experience of international and domestic venture capital in practice, draws from the experience of pricing, and predicts the future cash flow by using the method of backdating. In order to improve the discounted cash flow model, the non-systemic risk is incorporated into the discount rate estimation method, and the management flexibility and the phased investment behavior of venture capital are incorporated into the enterprise value evaluation, and the innovative model is put forward. Finally, considering the limitation of time and theoretical level, the deficiency of this paper and the research direction in the future are put forward.
【學位授予單位】：復旦大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F276.44;F275;F832.51
本文編號：2230793
[Abstract]:Science and technology enterprises play a very important role in the development of national economy, and venture capital is one of the main sources of funds needed by science and technology enterprises in the initial period. The key to the difficulty of financing is the high risk in the process of enterprise growth, and the lack of theory, method and model in the evaluation of the value of science and technology SMEs. Generally speaking, the exit mode of venture capital mainly includes IPO, merger and acquisition, repurchase and liquidation, etc. Most enterprises exit by M & A, buy-back and liquidation. The establishment and perfection of our country's multi-level capital market has gradually enriched the exit channels of venture capital. Regardless of how to withdraw, the value evaluation of small and medium-sized technological enterprises is the core issue. Only by determining the reasonable value for the enterprise, can the venture enterprise smoothly introduce capital and management, ensure the smooth growth of the enterprise, and enable the investor to fully understand the risks and potential benefits involved in the investment, The capital will inject technology small and medium-sized enterprises smoothly and make it possible to withdraw in time. How to determine the value of small and medium-sized technological enterprises and whether the traditional valuation theory is applicable to such enterprises is an innovative problem in asset pricing. Therefore, this paper mainly answers two questions: (1) is the traditional valuation method applicable to the venture capital-based SMEs? Where is its limitation? (2) how to improve the value evaluation model and innovate the pricing method which is closer to the small and medium-sized technological enterprises. In view of the first problem, this paper first analyzes the ideological basis and system structure of asset pricing theory, and clarifies the theoretical basis of valuation methods and models. Secondly, it analyzes the technological and economic process of science and technology small and medium-sized enterprises. The paper points out that non-systemic risk is the key factor affecting the enterprise value, analyzes the operation mechanism of venture capital and its special value contribution to small and medium-sized enterprises, and compares the difference between venture capital behavior and industrial investment and securities investment. Then points out the limitation of the traditional valuation method applied to venture capital. In view of the second question, on the basis of the first question, this paper examines the main operational experience of international and domestic venture capital in practice, draws from the experience of pricing, and predicts the future cash flow by using the method of backdating. In order to improve the discounted cash flow model, the non-systemic risk is incorporated into the discount rate estimation method, and the management flexibility and the phased investment behavior of venture capital are incorporated into the enterprise value evaluation, and the innovative model is put forward. Finally, considering the limitation of time and theoretical level, the deficiency of this paper and the research direction in the future are put forward.
【學位授予單位】：復旦大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F276.44;F275;F832.51
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