XC创投公司拇指规则法的应用研究

发布时间：2018-04-24 00:30

本文选题：拇指规则法 + 风险投资　；参考：《中南大学》2013年硕士论文

【摘要】：摘要：中小企业融资难是全社会高度关注的问题,创投公司作为中小企业的直接融资渠道,在中小企业的发展中除了提供资金支持,还提供专业的增值服务。目前,XC创投公司与国内其他风险投资公司一样,在投资项目价值评估方法的选择上,一直采用市盈率法和净资产法对项目价值进行评价,这两种方法明显不能满足XC创投公司对投资项目价值评估的要求。拇指规则法(the Rule Of Thumb)是美国风险投资家对投资项目进行价值评估时普遍采用的方法,该方法结合了资本预算和证券评估,既考虑了风险投资家对创业企业前景的乐观估计,又考虑到前期投入资产的稀释,规定了具体的拇指规则参数。本文旨在通过对拇指规则法在XC创投公司的应用研究,为国内创投公司找到合适的投资项目价值评估方法。本文对国内外关于拇指规则法的研究现状进行了梳理和分析,在此基础上分析了拇指规则法形成的理论基础和拇指规则法的一般模型,并对影响拇指规则法中美应用差异的因素进行了分析,得出中国应用拇指规则法需要解决的问题。通过对XC创投公司投资项目价值评估中存在的问题进行分析,结合中美应用拇指规则法的差异分析结论,设计了XC创投公司应用拇指规则法的具体方案,并将设计的应用方案实施在XC创投公司投资KE公司的决策过程中,得出XC创投公司应用拇指规则法的方案优于XC创投公司原有价值评估方案的结论。
[Abstract]:Absrtact: the financing difficulty of SMEs is highly concerned by the whole society. As a direct financing channel for SMEs, VC companies provide not only financial support, but also professional value-added services in the development of SMEs. At present, XC Venture Capital Company, like other domestic venture capital companies, has been using the price-earnings ratio method and the net assets method to evaluate the value of the project. These two methods obviously can not meet the requirements of XC Venture Capital Company to evaluate the value of investment projects. The Rule of the thumb rule method is a common method used by venture capitalists in the United States to evaluate the value of an investment project. It combines capital budgeting and security assessment, and takes into account the venture capitalists' optimistic estimates of the prospects of a startup. In view of the dilution of the pre-investment assets, specified the specific rules of thumb parameters. The purpose of this paper is to find a suitable evaluation method of investment project value for domestic venture capital company by studying the application of thumb rule method in XC Venture Capital Company. In this paper, the research status of thumb rule method at home and abroad is reviewed and analyzed. On this basis, the theoretical basis of thumb rule method and the general model of thumb rule method are analyzed. The factors affecting the differences between China and the United States are analyzed, and the problems that need to be solved in the application of thumb rule in China are obtained. Based on the analysis of the problems existing in the evaluation of the value of the investment project of XC Venture Capital Company, combined with the analysis of the difference between China and the United States in applying the thumb rule method, the concrete scheme of applying the thumb rule method to the XC Venture Investment Company is designed. The designed application scheme is carried out in the decision-making process of XC Venture Investment Company to invest in Ke Company, and the conclusion that XC Venture Investment Company applies thumb rule method is superior to the original value evaluation scheme of XC Venture Investment Company.
【学位授予单位】：中南大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.39;F224

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