【摘要】：隨著4G時代的到來,移動互聯(lián)網(wǎng)一詞不斷見諸報端,作為一種新興的互聯(lián)網(wǎng)商業(yè)模式,移動互聯(lián)網(wǎng)領域的發(fā)展逐漸成為財經(jīng)界和科技界炙手可熱的關注焦點。毫不夸張地說,在整個互聯(lián)網(wǎng)大行業(yè)里,移動互聯(lián)網(wǎng)是目前最為吸引風投者目光的一個新興的細分領域。在風投界,一個成熟的風投者往往會在同期投資數(shù)個甚至數(shù)十個不同領域、不相關聯(lián)的初創(chuàng)企業(yè)。在這些企業(yè)中,會有一部分經(jīng)營失敗導致血本無歸,也相應的會有一部分大獲全勝,從而使得投資者獲得大幅盈利。因此,同時投資多個企業(yè)的目的就在于分散風險,同一個投資者,在一個成功的企業(yè)里所獲得的盈利通常足以抹平多次因投資失敗而導致的損失。本文以移動互聯(lián)網(wǎng)作為切入點,首先闡述了移動互聯(lián)網(wǎng)領域的發(fā)展情況及價值分析,以表明這一細分領域非常值得風險投資者們關注,因此也急需建立適合于該領域特點的企業(yè)價值評估體系來幫助風投者們選擇合適的目標企業(yè)。其后,本文對傳統(tǒng)的企業(yè)價值評估理論體系進行了簡要分析,并總結(jié)了幾種傳統(tǒng)方法的優(yōu)劣之處。接下來,本文還介紹了幾種近年來經(jīng)濟學家們所提出的互聯(lián)網(wǎng)企業(yè)估值方法,并簡要說明了其適用及非適用之處。在論文的實證部分,本文以Pinterest公司為例,首先簡要介紹了Pinterest的融資情況,其后運用風險資本投資進入決策模型及DEVA模型作為參考分析了Pinterest公司B輪融資的估值情況,得出結(jié)論當對移動互聯(lián)網(wǎng)領域的企業(yè)進行價值評估時,單一的傳統(tǒng)評估方式不能準確的反應此類企業(yè)的價值,最保險的方式就是運用多種模型及方法從定性和定量的不同角度進行評估和分析。這一結(jié)論可為風險投資者們提供借鑒和參考。在本文的最后,結(jié)合模型的使用結(jié)論,分別給移動互聯(lián)網(wǎng)創(chuàng)業(yè)者和風險投資者們提供了一些建議,幫助雙方更好的加強了解,擇優(yōu)補短,實現(xiàn)雙贏的局面。
[Abstract]:With the arrival of 4G era, the word "mobile Internet" has been published in newspapers. As a new business model of Internet, the development of mobile Internet has gradually become a hot focus in finance and technology. It is no exaggeration to say that the mobile Internet is the most attractive emerging niche for venture capitalists in the Internet industry as a whole. In the venture capital world, a mature venture capitalist tends to invest in several or even dozens of separate start-ups in the same period. Some of these businesses will lose their money and, accordingly, some will win, allowing investors to make big profits. Therefore, the purpose of investing in multiple enterprises at the same time is to spread the risk. The profit in a successful enterprise is usually enough to equalize the losses caused by multiple investment failures. In this paper, the mobile Internet as a breakthrough point, first of all, the development of mobile Internet and value analysis, in order to show that this subdivision is very worthy of the attention of venture investors. Therefore, there is an urgent need to establish an enterprise value evaluation system suitable for the characteristics of this field to help venture capitalists select suitable target enterprises. Then, this paper briefly analyzes the traditional theory system of enterprise value evaluation, and summarizes the advantages and disadvantages of several traditional methods. Then, this paper introduces several Internet enterprise valuation methods proposed by economists in recent years, and briefly explains their applicability and non-applicability. In the empirical part of the paper, taking Pinterest Company as an example, this paper first briefly introduces the financing situation of Pinterest, and then uses the venture capital investment decision model and DEVA model as the reference to analyze the valuation of Pinterest Company B round financing. The conclusion is that when evaluating the value of enterprises in the field of mobile Internet, a single traditional evaluation method can not accurately reflect the value of such enterprises. The safest way is to use a variety of models and methods to evaluate and analyze qualitatively and quantitatively. This conclusion can provide reference and reference for venture capitalists. At the end of this paper, combined with the conclusion of the model, some suggestions are provided to the mobile Internet entrepreneurs and venture capitalists to help them better understand, choose the best and make up the short, and realize the win-win situation.
【學位授予單位】：哈爾濱工業(yè)大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F275

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