私募股权投资的估值问题研究

发布时间：2018-03-21 07:08

本文选题：私募股权　切入点：投资估值　出处：《山东大学》2014年硕士论文　论文类型：学位论文

【摘要】：我国私募股权投资行业已有近十年的发展历程,自2004年开始至今,该行业从无到有、从只有数家私募机构到今天上千家大小不一的私募机构。国内私募行业的迅猛发展带动了实体产业的飞速扩张,从而表现了股票市值大幅增长。通过股权融资与企业投资项目相结合,不仅解决了企业当前资金困难、发展瓶颈的问题,更能够实现产业升级、结构优化。经历多次私募股权投资并结合近十年来我国私募股权投资案例发现,私募股权投资项目中一些问题尤其是估值问题不能得到很好的解决,严重阻碍了私募股权的发展。传统的估值理论假设被投资企业所在的产业结构稳态均衡与当前国内许多行业面临结构升级以及产业转型的这一实际严重背离。同时国内很多投资机构研究人员在对企业进行估值评价时,更多的是运用经验判断,由此造成了企业价值评估与真实价值偏离。本研究课题以作者亲历某项目为例,分析了私募股权投资从项目论证到投资一系列运作流程,讨论了在当前发展中行业的估值问题。研究的结论表明,全面的估值过程有利于公正客观的得到企业价值,另外,私募股权投资有益改进公司治理结构和管理方式,增强企业竞争力。论文目的是希望通过对深海海带养殖、加工企业项目股权投资的理论研究与实证分析,对实际工作起到一定的指导作用。从私募股权投资行业的健康发展角度看,通过深入分析私募股权行业中的重要问题,如特定条件下的项目估值问题,有助于解决私募股权投资碰到的一些类似问题,并促进理论研究,从而更有效的指导我们在实践中的工作；为更好地把握今后的投资机会,我们需要带着理性的投资思维研究标的行业的一些问题,促使投资富于逻辑性。因此论文秉承着投资的逻辑性与理性思维,结合多年经验总结出的估值思路及方法,详细介绍了当前私募股权投资中的一些估值理论与方法,引出了新兴的估值方法与思路,进一步丰富企业估值理论,给后来的研究者提供理论和实践上的帮助。文章通过以第三章的常见企业估值理论及近几年新兴的估值理论为依据,结合股权投资的特点运作,结合第四章、第五章的实际案例研究展开估值分析。通过新兴的投资理论对标的企业从定性与定量的角度详尽进行了投资判断；而后运用博弈论等多种估值理论展开讨论。尽管目标企业最终估值为某一定值,但通过对企业不同时期、不同发展策略的展开分析,对企业估值也不尽相同。文章通过以项目投资具体事例为例,对公司的非财务指标进行一系列分析,着重运用定性分析方法,比较公司行业优势、稀缺资源等,判断是否进行投资；通过运用传统估值方法以及反传统估值方法对同一标的A公司估值比较后,我们从不同角度分析企业价值差异的原因,为项目标的的投资博弈打下理论基础。通过总结多年来在PE行业上的实践经验,在实际操作层面对PE投资作研究探讨,讨论多种企业估值方法,有利于为今后国内相关企业估值操作提供参考,从而促进国内PE市场健康发展。
[Abstract]:China's private equity investment industry for nearly ten years of development, since 2004, the industry from scratch, from only a few private institutions to private institutions today thousands of different sizes. The rapid development of domestic private equity industry led to the rapid expansion of the real estate, to the performance of a stock market with substantial growth. Through equity financing and investment projects, not only solve the current financial difficulties of enterprises, the development bottleneck problem, to achieve industrial upgrading and structural optimization.
After many private equity investment and combined with nearly ten years of China's private equity investment case that private equity investment projects in some of the problems especially the valuation problem can not be resolved, seriously hindered the development of private equity. The traditional valuation theory hypothesis is the structure of investment industry enterprise is steady equilibrium and many domestic industries facing the transformation and industrial structure upgrading of the actual serious deviation. At the same time, many domestic investment institutions researchers in value evaluation of enterprises, more is the use of experience, resulting in business valuation and real value deviation. This paper takes a project experience as an example, analysis of the private equity investment from the project to demonstrate a series of investment operation process, discusses the problems in the current valuation industry development. Research shows that comprehensive valuation too The process is conducive to a fair and objective enterprise value, in addition, private equity investment is beneficial to improve the corporate governance structure and management, enhance the competitiveness of enterprises. The purpose is to hope that through deep sea kelp, a theoretical and Empirical Study on the equity investment projects of processing enterprises, give some guidance to the actual work.
From the perspective of the healthy development of the private equity industry, through in-depth analysis of important issues of private equity in the industry, such as the specific conditions of the project valuation problems, help to solve some of the private equity investment encountered similar problems, and promote the theoretical research, so as to more effectively guide our practice in order to better work; grasp the future investment opportunities, we need to study some problems with investment rational thinking target industry, promote investment and logical. Therefore the paper adhering to logical and rational thinking of investment valuation, ideas and methods combined with years of experience, introduces the current private equity investment in some valuation theory and methods and thinking leads to the new valuation method, further enrich the enterprise valuation theory, for later researchers to provide the theory and practice of this chapter through to help. On the basis of the third chapter of the enterprise valuation theory of common and emerging in recent years, valuation theory, combined with the operating characteristics of equity investment, combined with the fourth chapter, analyze the actual case valuation study in the fifth chapter. Through the theory of investment benchmarking emerging enterprises from qualitative and quantitative aspects of detailed investment judgment; then using game theory etc. a variety of valuation theory is discussed. Although the final valuation of target enterprise to a certain value, but the enterprise in different periods, analyzes different development strategies, to the valuation of enterprises are not the same.
This article through to the project investment case as an example, a series of analysis of non-financial indicators of the company, mainly by using the method of qualitative analysis, comparative advantage of industries, such as scarcity of resources, determine whether to invest; through the use of traditional valuation methods and anti traditional valuation methods on the same underlying A valuation of the company after the comparison, we analyze the reason of enterprise value differences from different angles, lay the theoretical foundation for the investment game goal. Through summarizing many years in the PE industry experience, in the actual operation level of PE investment research, discuss a variety of corporate valuation methods, to provide reference for future domestic enterprises valuation operation, so as to promote the the healthy development of the domestic PE market.

【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

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