股权投资不同阶段的互联网企业估值分析

发布时间：2018-03-01 06:36

本文关键词： 股权投资不同阶段互联网企业估值方法　出处：《浙江大学》2017年硕士论文　论文类型：学位论文

【摘要】：我国股权投资市场历经20余年的稳步发展,存量与增量资产都不断在达到新的高峰。同时,股权投资作为当前及未来重要的资产配置方式之一,在我国的资本市场中扮演着愈发重要的地位。新常态下,"互联网+ "被写入政府工作报告,市场闻风而动,相关创业活动如雨后春笋。在此背景下,互联网企业逐渐成为我国股权投资市场中的热点,在资本寒冬的大环境下依然能够突出重围获得投资者的追捧。如何对不同股权投资阶段中的互联网企业进行合理的估值,既是完善互联网企业估值体系的理论需要,也是投资者的现实需求。本文从介绍互联网企业成为我国股权投资市场的热点出发,指出探究合理的互联网企业估值方法的重要性。通过回顾相关国内外文献,指出了互联网企业估值研究中所存在的缺陷,并结合股权投资不同阶段的特殊背景,对互联网企业的发展、新特征、价值来源、价值影响因素等进行了较为全面分析,并在此基础上总结对比分析了传统的企业估值方法体系与创新的互联网企业估值方法理论模型及其缺陷。接着,探讨了股权投资不同阶段下的互联网企业的估值,力求找到直观易行的参考方法,最后对估值方法的选择做了合理性的论证,提出了方法应用的难点与存在的问题并指出了改进措施。
[Abstract]:After more than 20 years' steady development, the stock and incremental assets in our country have reached a new peak. At the same time, equity investment is one of the most important asset allocation methods in the present and future. It plays an increasingly important role in the capital market of our country. Under the new normal, "Internet" is written into the government work report, the market is stirred by the wind, and the related entrepreneurial activities are springing up. Internet enterprises have gradually become a hot spot in the equity investment market of our country, and they are still able to win the popularity of investors under the big environment of capital winter. How to make a reasonable valuation of Internet enterprises in different stages of equity investment, It is not only the theoretical need to perfect the valuation system of Internet enterprises, but also the realistic demand of investors. This paper points out the importance of exploring reasonable valuation methods for Internet enterprises. By reviewing the relevant literature at home and abroad, this paper points out the defects in the research of Internet enterprise valuation, and combines with the special background of different stages of equity investment. The development, new characteristics, value source, value influencing factors of Internet enterprises are analyzed comprehensively. On this basis, the paper summarizes and compares the traditional enterprise valuation method system and the innovative theoretical model of Internet enterprise valuation method and its defects. Then, the paper discusses the valuation of Internet enterprises in different stages of equity investment. This paper tries to find a reference method which is intuitive and easy to carry out. Finally, it demonstrates the rationality of the selection of valuation method, puts forward the difficulties and problems in the application of the method, and points out the improvement measures.
【学位授予单位】：浙江大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51;F49

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