SP公司投资价值分析

发布时间：2018-03-23 15:21

本文选题：私募股权投资　切入点：投资价值评估　出处：《电子科技大学》2014年硕士论文

【摘要】：可穿戴设备是指综合运用各类识别、传感、连接和云服务等交互及储存技术,以代替手持设备或其他器械,实现用户互动交互、生活娱乐、人体监测等功能的新型日常穿戴设备(眼镜、手表、腕带等)。其中可穿戴医疗健康设备更是成为了市场的新一轮热点,得到了大量市场关注。我国作为新兴的消费大国,国内众多高科技企业与投资机构都对此市场关注已久。然而传统的融资方式并不合适于高科技公司,也不能完全满足新兴市场的众多初创型公司。因此高科技行业公司急需寻找新的融资方式。中国目前已成为全球最为活跃的新型经济体,也是私募股权投资最为重要的投资市场。越来越多的资金进入到私募股权投资基金(PE)领域,作为投资于初创型高新科技企业的风险投资资金更是得到了极大的发展。私募股权投资基金近年来在中国进入快速发展期,随着资金总量大幅度增加,投资范围也随之增大。私募股权投资基金的投资对象也从传统的大中型国有企业向民营企业特别是高科技行业倾斜。对于处于无抵押能力阶段的企业来说,私募股权投资融资比其他融资方式自由度高,因而对其具有更大的吸引力。本文选取了SP公司作为可穿戴行业的初创型公司典型案例,希望通过对SP公司投资价值分析,给私募股权投资基金对此类企业,特别是可穿戴设备初创型公司做投资分析提供一种思路和方法。本文采用绝对估值法(DCF)和相对估值法(市盈率)对SP公司进行研究,判断SP公司是否具有投资价值。并通过以SP公司为案例分析,对于今后对可穿戴行业的初创型高科技公司投资价值分析具有参考价值。
[Abstract]:Wearable devices refer to the comprehensive use of all kinds of identification, sensing, connection and cloud services and other interactive and storage technologies to replace handheld devices or other devices, to achieve interactive user interaction, life and entertainment, A new type of daily wear equipment (glasses, watches, wristbands, etc.) with functions such as human body monitoring. Among them, wearable medical and health equipment has become a new hot spot in the market and has gained a lot of market attention. Many high-tech enterprises and investment institutions in China have been paying close attention to this market for a long time. However, traditional financing methods are not suitable for high-tech companies. Nor can they fully satisfy the many start-ups in emerging markets. So high-tech companies urgently need to find new ways to raise money. China has become the most active emerging economy in the world. It is also the most important investment market for private equity investment. More and more money goes into the private equity investment fund (PEE). As a venture capital invested in start-up high-tech enterprises, private equity investment funds have entered a period of rapid development in China in recent years, with the increase of the total amount of funds by a large margin. The scope of investment has also increased. The investment target of private equity investment funds has also shifted from the traditional large and medium-sized state-owned enterprises to private enterprises, especially high-tech industries. For enterprises in the stage of unsecured ability, Private equity investment financing has more freedom than other financing methods, so it has more attraction to it. This paper selects SP company as a typical case of wearable start-up company, hoping to analyze the investment value of SP company. This paper provides a way for private equity funds to analyze the investment of such enterprises, especially wearable start-up companies. In this paper, the absolute valuation method and the relative valuation method (P / E ratio) are used to study SP Company. Judging whether SP company has investment value or not, and taking SP company as a case study, it has reference value to the investment value analysis of wearable industry start-up high-tech company in the future.
【学位授予单位】：电子科技大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F426.6;F406.7

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