CL科技公司的股权价值评估

发布时间：2018-05-24 22:13

本文选题：科技公司估值 + 实物期权　；参考：《华南理工大学》2014年硕士论文

【摘要】：CL科技公司是一家准备寻求进一步发展的科技公司，它一方面需要优化公司的治理结构，另一方面需要提升公司技术实力和资本积累。它的现有股东和管理者将引入战略投资者作为推进公司进一步发展的重要途径。要引入战略投资者，首当其冲的问题就是对CL科技公司的股权价值进行评估。本文针对CL科技公司面临的估值问题展开研究，希望本文的研究成果能够为公司股东和管理层引入战略投资者时提供相应的价值参考。本文首先查阅了国内外学者对价值评估的相关文献著作，对国内外学者在企业价值评估理论方面的研究进行了综述。然后，对本文评估需要使用到的自由现金流量折现估值模型和实物期权估值模型进行理论的应用分析。接下来，对CL科技价值评估公司进行经营与财务分析，评价其盈利的稳健性，为其现金流量的预测奠定基础，并根据CL科技公司的业务特点和价值评估方法的使用条件，构建起CL科技公司股权价值的评估框架。根据该框架，将CL科技公司的业务进行拆分，利用DCF法评估铁路运行监控设备项目价值和利用实物期权法来评估煤矿安防监控设备项目价值，这两部分的价值构成了CL科技公司的主营业务价值。接着，将CL科技公司的主营业务价值和非经营性资产的价值汇总，得到CL科技公司的整体价值，再扣除掉金融性债务价值，得到CL科技公司的股权价值。最后，对CL科技公司的股权价值进行敏感性因素分析，考虑估值假设的参数发生变化时，CL科技公司股权价值的变动范围。本文评估出CL科技公司的股权价值为126,358.65万元，由于不存在金融性债务，公司的股权价值与整体价值相同。其中，铁路设备项目的价值为119,806.57万元，，煤矿设备项目的价值为4,634.94万元，非经营性资产价值603.15万元。按照股东和管理层的融资需求，预计出售公司10%的股权，融资金额在12,635.87万元。本次在进行价值评估研究时，使用了将DCF模型与实物期权模型相结合的办法，对具有大量不确定性因素的煤矿设备项目的价值进行评估。希望本文的评估过程与方法能够给类似科技公司的价值评估提供一定的参考和借鉴。
[Abstract]:CL Technology Company is a technology company which is ready to seek further development. On the one hand, it needs to optimize the corporate governance structure, on the other hand, it needs to enhance the technological strength and capital accumulation of the company. Its existing shareholders and managers will introduce strategic investors as an important way to promote the further development of the company. To introduce strategic investors, the first problem is to assess the equity value of CL Technologies. In this paper, we study the valuation problem faced by CL Technology Company, and hope that the research results of this paper can provide the corresponding value reference for the shareholders and management of the company when introducing strategic investors. In this paper, we first refer to domestic and foreign scholars' literature on value assessment, and summarize the research on enterprise value evaluation theory. Then, the free cash flow discounted valuation model and the real option valuation model which need to be used in this paper are analyzed theoretically. Then, the operating and financial analysis of CL Technology value Evaluation Company is carried out to evaluate its profit soundness, so as to lay the foundation for its cash flow forecast, and according to the business characteristics of CL Science and Technology Company and the usage conditions of the value evaluation method, Construction of CL technology company equity value evaluation framework. According to this framework, the business of CL Science and Technology Company is divided, and the project value of railway operation monitoring equipment is evaluated by DCF method and the project value of coal mine security monitoring equipment is evaluated by real option method. The value of these two parts constitutes the main business value of CL Technology Company. Then, the main business value of CL technology company and the value of non-operating assets are summarized, the overall value of CL technology company is obtained, and the value of financial debt is deducted, and the equity value of CL technology company is obtained. Finally, the sensitivity factors of the equity value of CL technology company are analyzed, and the range of change of equity value of CL technology company is considered when the parameters of valuation hypothesis change. In this paper, the equity value of CL Technology Company is estimated to be 1.2635865 billion yuan. Because there is no financial debt, the equity value of CL Technology Company is the same as that of the whole company. Among them, the value of railway equipment project is 1.1980657 billion yuan, the value of coal mine equipment project is 46.3494 million yuan, and the value of non-operating assets is 6.0315 million yuan. According to the financing needs of shareholders and management, is expected to sell 10 percent of the company's equity, the amount of financing at 126.3587 million yuan. In this study, the DCF model and the real option model are combined to evaluate the value of coal mine equipment projects with a large number of uncertain factors. It is hoped that the evaluation process and methods in this paper can provide some reference for the valuation of similar technology companies.
【学位授予单位】：华南理工大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F276.44

【共引文献】