关于风险投资项目价值评估问题的案例分析

发布时间：2018-01-04 23:01

本文关键词：关于风险投资项目价值评估问题的案例分析　出处：《河南大学》2014年硕士论文　论文类型：学位论文

【摘要】：随着我国资本市场的多层次建设越来越完善，企业寻求资金来源的渠道也越来越广，尤其对于中小企业，创新型企业而言，在其发展过程中，越来越多的开始寻求创投机构的加入，不仅能得到长久的资金支持，而且还可以获得很多的增值服务。因此，创投机构在企业发展过程中所起到的作用已在逐渐加强。本文通过分析一个传统企业在其发展过程中引入创业投资机构的案例，运用所学知识，结合具体案例，进行分析。首先，在可行性分析方面，从业务、产品和技术；产能、生产和销售；行业与市场；以及财务等六个方面对该公司进行可行性分析。由于自身知识面的局限性和所收集材料的局限性，以及个别信息的保密性，在很多方面无法深入透彻的分析。比如管理层管理能力方面，其实对于投资一家公司来说是至关重要的，一个管理团队决定着一家企业的发展。所谓投资企业其实也就是投资人，在VC的“发源地”美国就尤其的注重管理层的考察。但由于企业部分信息是隐私的，本案例在可行性分析方面着重从财务角度进行深入分析，其他方面的分析略显简略。其次，通过估值方法的比较和分析，最终采用市盈率法对案例的投资收益进行估计。最后，对该投资的潜在风险进行逐个分析。通过该案例的分析，我们知道对于创投企业来说收益是很高的。因此，在2008年以后也迎来了众多的VC或者PE如雨后春笋般涌现的过程。创投行业起源于美国，后引入我国以后，对我国中小企业的发展起到了很大的促进作用，改善了股权结构，为企业的旧系统注入了新鲜的血液，为我国中小创新型企业的发展注入了力量，在此衷心的希望创投业在我国的发展会越来越好。具体来说本文共分为七个部分，第一部分是引言，主要说明问题提出的背景，基于目前风险投资在企业发展过程中起到的作用越来越重要，企业融资的新途径——“风投”就变得越来越受到关注。除此之外，，包括案例分析的目的和意义，分析方法和本文的逻辑结构。第二部分是关于选择合理的价值评估方法。对典型的几种价值评估方法进行分析，包括相对估值法中的市盈率法，绝对估值法中选择的是自由现金流贴现法，以及资产评估法和期权估值法。分析它们的优缺点及其适用性从而在后面的案例分析中，针对T公司的具体情况选择对其适用的估值方法，本文选用的是市盈率法。事实上，由于其它估值方法的局限性和不可操作性，实践中风险投资公司使用最多的估值方法基本也都是市盈率法。第三部分是案例概述，该部分主要是对案例的整体架构做一个简要的介绍，使读者在心中有个大体的框架，后面会针对每一部分详细的进行介绍。第四部分是项目可行性分析，分别从T公司的基本情况、业务产品和技术、产能生产和销售、行业和市场、财务等六个方面进行详细分析；第五部分是投资方案设计，在对T公司各个方面进行分析以后，根据T企业的融资计划，制定具体的投资方案，对投资收益情况进行估计。第六部分是风险的揭示，主要介绍在此次投资可能存在的潜在风险，主要是经营风险、行业风险和上市风险。第七部分是结论及投资建议，通过以上的分析，得出投资结论和建议。本文的亮点或创新之处不是体现在理论方面，而是体现在案例分析的全面性和完整性方面，真实的还原了风险投资公司在进行投资项目分析时所进行的整个分析过程。而在现有的文献当中，多是只从案例的一个侧面进行分析。在所查阅到的现有风险投资案例分析当中，要么是简单的把很多案例放在一起，每个案例仅作简要的介绍，要么只分析案例的一个方面如财务方面，要么只做投资收益的分析，但未从财务角度进行详细的可行性分析。而财务上的分析对做出是否进行投资的决策是至关重要的，甚至超过其它方面的分析，这样也是无法得出准确的投资结论的。
[Abstract]:With the development of China's capital market multi-level construction more perfect, enterprises seek funding channels is more and more widely, especially for small and medium-sized enterprises, innovative enterprises, in the process of its development, more and more began to seek venture capital institutions to join, not only can get long financial support, but also can get a lot of the value-added services. Therefore, venture capital institutions play a role in the process of enterprise development has been gradually strengthened.
In this paper, through the analysis of a traditional enterprise into the venture investment institutions in the development process of the case, the use of the knowledge, with specific cases were analyzed. Firstly, in the feasibility analysis, from the business, product and technology; production capacity, production and sales; industry and market; and on the six aspects of the financial the company to conduct a feasibility analysis. Because of their knowledge of the limitations and collected material limitations, and the confidentiality of individual information and analysis in many aspects can not be thorough. For example, management ability, it is crucial to investment in a company, a management team determines the development of an enterprise the so-called investment enterprise is investors in VC's "birthplace" the United States is especially focus on the management of enterprises. But because the information is part of privacy, the case where feasible Analysis of the paper from the perspective of financial analysis, other aspects of the analysis somewhat sketchy. Secondly, through the comparison and analysis of valuation methods, the investment income on the case of the price earnings ratio is estimated. Finally, the potential risk of the investment analysis one by one. Through the analysis of this case, we know that for venture capital companies for income is very high. Therefore, in 2008 also ushered in a number of VC or PE such as bamboo shoots after a spring rain as the emerging process. The venture capital industry originated in the United States, later introduced into China, to promote to our country small and medium-sized enterprise development, improve the ownership structure, fresh the blood for the old system of enterprise, into force for the development of China's small and medium-sized enterprises, in the sincere hope that the venture capital industry in the development of our country will become better and better.
This paper is divided into seven parts, the first part is the introduction, mainly explains the background of the issues, and based on current risk investment in the enterprise development process plays a more important, new ways of financing, venture capital becomes more and more attention. In addition, including the purpose and significance of the case analysis, logic analysis method and structure of this paper. The second part is about the evaluation methods for the rational choice of several evaluation methods of typical analysis, including the relative valuation method in the PE method, choose the absolute valuation method is the discounted cash flow method and asset evaluation method and option valuation method. Analysis of their advantages and disadvantages and applicability to the back of the case analysis, according to the actual situation of T company to choose the applicable valuation method, the choice of the PE method. A matter of fact Because of the limitations and maneuverability of other valuation methods, the most commonly used valuation methods used by Vc firm are also in practice.
Is the price earnings ratio. The third part is the summary of the case, is the main part of the overall structure of the case to do a brief introduction, so that readers have a general framework in mind, behind for each part in detail. The fourth part is the project feasibility analysis, respectively, from the basic situation of T company, business products and technology, production and sales, industry and market, the six aspects of financial analysis; the fifth part is the investment project design, after analyzing all aspects of T company, according to T enterprise financing plan, the investment plan with the body, on investment income is estimated. The sixth part is the risk reveal, mainly introduces the potential risks in the investment, mainly operating risk, industry risk and market risk. The seventh part is the conclusion and suggestions for investment, through the analysis above, some conclusions of investment Conclusions and suggestions.
This paper highlights the innovation or not reflected in theory, but also a comprehensive and complete in case analysis, the real reduction of the whole analysis process of the Vc firm in the investment analysis of the project. While in the existing literature, is only analyzed from one side of the case in the analysis. The existing risk investment case refer to, or simply put together a lot of cases, each case only briefly, or only a case analysis such as financial analysis, or only the investment income, but not from the perspective of financial analysis and financial analysis. Detailed feasibility. Is essential to make the decision whether to invest, even more than other aspects of the analysis, it is unable to draw the conclusion that the accuracy of the investment.

【学位授予单位】：河南大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275

【参考文献】