风险投资对企业估值问题的研究.doc

PAGE PAGE 23 风险投资对企业估值问题的研究 摘要：风险投资机构在选择投资项目时会经过一系列的程序。主要包括筛选、调查、估值、谈判、条款设计等，其中对于风险投资者而言，对目标投资项目进行准确合理的估值，既能保证投资盈利，更能够控制投资风险，对企业的估值就显得格外重要。现行的估值方法主要包括市盈率法、市净率法、现金流折现法、剩余收益法等等。本文选取A公司作为案例，分别使用了市盈率法和现金流折现法进行估值，并进行了比较分析。最后得出结论，风险投资者在进行估值时，应该根据目标企业的实际情况来选取最适合的估值方法，或者采用不同的方法分别计算出企业的价值，对比分析来提高估值的准确性。除了运用财务报表中的数据进行计算以外，还应考虑领导者的素质、市场规模、期权池、企业竞争对手等非量化的因素对企业价值的影响，只有这样才能做出更加合理的估值。 关键词：风险投资企业估值现金流折现法 Research Of Corporation Valuation By VC Abstract: VC in selecting investment project will be a series of procedures. Mainly includes selection, survey design, valuation, negotiation, terms, etc., the risk for investors, the valuation of investment projects accurately, is not only the guarantee investment profit, but also the key to control the investment risk, valuation is especially important for business. The current valuation methods mainly include the P/E ratio method, P/B ratio method, DCF method, the residual income method and so on. This article selects A company as an example, using the P/E valuation method and DCF method, and has carried on the comparative analysis. Finally concluded that the risk of investors in the valuation, should according to the actual situation of the target enterprise to select the most appropriate valuation method, or adopt different methods respectively to calculate the enterprise value, comparison and analysis to improve the accuracy of the valuations. In addition to the use of the data in the financial statements to calculate, also should consider the quality, the size of the market leaders, option pool, enterprise competition and non-quantitative factors influence on corporate value, only in this way can make reasonable valuations. Keywords: VC Corporation Valuation DCF 一、 绪论 （一）研究背景 风险投资起源于19世纪末期的美国，是一种针对高新技术企业的以高风险换取高回报的投资方式。当时的美国之所以能够走在世界的科技前列，引领科技革命，就是因为它最早产生了针对高新技术产业的风险投资，并且不断地完善投资制度，缔造了像微软、苹果、英特尔这样的公司。风险投资在美国兴起以后，英国、法国、德国等资本主义国家的风险投资产业也迅速发展。而我国的风险投资是在80年代才开始起步，那时中国经济的飞速发展，吸引了很多海归回国创业。这些从国外回来的创业者们，他们拥有的是创意，新技术，团队，但是缺乏启动资金。像百度、搜狐、新浪、携程