交易后估值-详解.docx

? ? ? ? ? 交易后估值-详解 ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? 本条目包含过多不是中文的内容，欢迎协助翻译。 若已有相当内容译为中文，可迳自去除本模板。 交易后估值（Post-Money Valuation） 目录 1 什么是交易后估值 2 Post-Money Valuation 3 交易后估值的计算公式 4 Post-Money Valuation’s example 5 交易前估值和交易后估值的区别 6 相关条目 什么是交易后估值 　　投资后估值是将外部融资额加入资产负债表后计算而得到的公司价值，简单地说就是公司在投资后所创造的价值。这个价值等于融资前估值和新投资的金额的总和。比如一个风险资本家或者天使投资人会使用一个交易前的估值价格来考虑他们注入资本的人或者公司在启动后能够得到的回报。 Post-Money Valuation 　　Post-money valuation is the value of the company after the investment has been made. This value is equal to the sum of the pre-money valuation and the amount of new equity. 　　External investors, such as venture capitalists and angel investors, will use a pre-money valuation to determine how much equity to demand in return for their cash injection to an entrepreneur and his/her startup company. The implied post-money valuation is calculated as the dollar amount of investment divided by the equity stake gained in an investment. 交易后估值的计算公式 　　Post-money Valuation = Pre-money Valuation + Investment 　　投资后企业价值（post-money valuation） = 投资前企业价值 + 投资额 Post-Money Valuation’s example 　　Example 1 　　If a company is worth $100 million (pre-money) and an investor makes an investment of $25 million, the new, post-money valuation of the company will be $125 million. The investor will now own 20% of the company. 　　This basic example illustrates the general concept. However, in actual, real-life scenarios, the calculation of post-money valuation can be more complicated—because the capital structure of companies often includes convertible loans, warrants, and option-based management incentive schemes. 　　Strictly speaking, the calculation is the price paid per share multiplied by the total number of shares existing after the investment—i.e., it takes into account the number of shares arising from the conversion of loans, exercise of in-the-money warrants, and any in-the-money options. Thus it is important to confirm that the number is a fully diluted and fully converted post-money valuation. 　　In t