运用复合实物期权方法研究初创企业的估值

发布时间：2018-01-16 18:22

本文关键词：运用复合实物期权方法研究初创企业的估值　出处：《投资研究》2017年04期 　论文类型：期刊论文

【摘要】：本文通过B创投投资A企业的案例分析,对初创企业整体价值进行了系统研究。论文将复合实物期权理论引入初创企业价值研究之中,推导出n期复合实物期权定价的理论模型,构画出生命周期不同阶段,企业价值、NPV与实物期权三个变量之间的互动变化曲线。论文通过搭建模型与计算分析,完善传统估值方法,修正NPV分析不足,验证A企业价值提升的整个过程,揭示实物期权在初创企业价值评估中起着决定性的作用。论文设计两种计算方法,便于研究结果得到相互验证,并应用敏感性方法分析不确定性影响因素,确保结论稳定可靠。
[Abstract]:This paper makes a systematic study on the whole value of start-up enterprise through the case study of venture capital investment A. The paper introduces the theory of compound real option into the value research of start-up enterprise. This paper deduces the theoretical model of compound real option pricing in n-period, and constructs the different stages of life cycle, enterprise value. NPV and real options between the three variables of the interactive curve. Through the establishment of models and calculation analysis, improve the traditional valuation method, correct the lack of NPV analysis, verify the whole process of value enhancement in A enterprise. It is revealed that real option plays a decisive role in the evaluation of start-up value. Two calculation methods are designed to facilitate the mutual validation of the research results and the sensitivity method is used to analyze the uncertain factors. Make sure the conclusion is stable and reliable.
【作者单位】：清华大学经济管理学院;
【分类号】：F224;F426.7;F832.48
【正文快照】： 一、引言企业集团一般通过开办子公司和合资公司形式进行项目投资,其资金配置充裕、管理经验成熟、投资风险相对可控。与之不同,初创企业是由自然投资人创建,通常具有轻资产、盈利滞后、高成长性等特质,其融资渠道狭窄,不确定风险较大。初创企业价值来源于企业未来的增长潜力,

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