基于风险投资的科技型中小企业价值评估方法的研究
发布时间：2018-09-08 14:27
【摘要】：科技型企业在国民经济发展中发挥着非常重要的作用,风险投资是科技型企业初创期所需资金的主要来源之一。科技型中小企业融资难的关键,一是其创业成长过程中的高风险,二是科技型中小企业价值评估没有现成的理论、方法和模式。一般而言,风险投资的退出方式主要包括IPO、兼并收购、回购和清算等方式,绝大多数企业是以并购、回购和清算方式退出。我国多层次资本市场的建立健全逐渐丰富了风险投资的退出渠道。而不管通过何种方式退出,科技型中小企业的价值评估是核心问题。只有为企业确定合理的价值,才能使创业企业顺利引入资本和管理,保证企业顺利成长；才能使投资方充分认识投资所包含的风险和潜在的收益,将资本顺利注入科技中小企业并使及时退出成为可能。如何确定科技型中小企业的价值,传统的价值评估理论是否适用于此类企业,是一个值得探讨的资产定价方面的创新性的问题。因此,本文主要回答两个问题：(1)传统的价值评估方法是否适用于基于风险投资的科技型中小企业?其局限性在哪里?(2)怎样对价值评估模型进行适当的改进,创新出更贴近科技型中小企业的定价方法。针对第一个问题,本文首先分析了资产定价理论的思想基础和体系构成,阐明价值评估方法和模型的理论基础：其次分析了科技型中小企业的技术经济过程,提出非系统性风险是影响企业价值的关键因素；同时分析风险投资运作机制和对中小企业具有的特殊价值贡献,比较风险投资行为与产业投资、证券投资的区别,进而指出传统价值评估方法应用于风险投资的局限性。针对第二个问题,在第一个问题的基础上,考查国际国内风险投资在实务中的主要操作经验,从中汲取定价的经验,采取回溯推算的方法预测未来现金流、将非系统性风险纳入折现率的估计等方法,从而对现金流贴现模型进行改进,并将管理柔性和风险投资的阶段性投资行为纳入企业价值评估,提出了创新模型。最后,考虑到时间和理论水平的限制,提出了本文的不足之处和今后待研究的方向。
[Abstract]:Science and technology enterprises play a very important role in the development of national economy, and venture capital is one of the main sources of funds needed by science and technology enterprises in the initial period. The key to the difficulty of financing is the high risk in the process of enterprise growth, and the lack of theory, method and model in the evaluation of the value of science and technology SMEs. Generally speaking, the exit mode of venture capital mainly includes IPO, merger and acquisition, repurchase and liquidation, etc. Most enterprises exit by M & A, buy-back and liquidation. The establishment and perfection of our country's multi-level capital market has gradually enriched the exit channels of venture capital. Regardless of how to withdraw, the value evaluation of small and medium-sized technological enterprises is the core issue. Only by determining the reasonable value for the enterprise, can the venture enterprise smoothly introduce capital and management, ensure the smooth growth of the enterprise, and enable the investor to fully understand the risks and potential benefits involved in the investment, The capital will inject technology small and medium-sized enterprises smoothly and make it possible to withdraw in time. How to determine the value of small and medium-sized technological enterprises and whether the traditional valuation theory is applicable to such enterprises is an innovative problem in asset pricing. Therefore, this paper mainly answers two questions: (1) is the traditional valuation method applicable to the venture capital-based SMEs? Where is its limitation? (2) how to improve the value evaluation model and innovate the pricing method which is closer to the small and medium-sized technological enterprises. In view of the first problem, this paper first analyzes the ideological basis and system structure of asset pricing theory, and clarifies the theoretical basis of valuation methods and models. Secondly, it analyzes the technological and economic process of science and technology small and medium-sized enterprises. The paper points out that non-systemic risk is the key factor affecting the enterprise value, analyzes the operation mechanism of venture capital and its special value contribution to small and medium-sized enterprises, and compares the difference between venture capital behavior and industrial investment and securities investment. Then points out the limitation of the traditional valuation method applied to venture capital. In view of the second question, on the basis of the first question, this paper examines the main operational experience of international and domestic venture capital in practice, draws from the experience of pricing, and predicts the future cash flow by using the method of backdating. In order to improve the discounted cash flow model, the non-systemic risk is incorporated into the discount rate estimation method, and the management flexibility and the phased investment behavior of venture capital are incorporated into the enterprise value evaluation, and the innovative model is put forward. Finally, considering the limitation of time and theoretical level, the deficiency of this paper and the research direction in the future are put forward.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F276.44;F275;F832.51
本文编号：2230793
[Abstract]:Science and technology enterprises play a very important role in the development of national economy, and venture capital is one of the main sources of funds needed by science and technology enterprises in the initial period. The key to the difficulty of financing is the high risk in the process of enterprise growth, and the lack of theory, method and model in the evaluation of the value of science and technology SMEs. Generally speaking, the exit mode of venture capital mainly includes IPO, merger and acquisition, repurchase and liquidation, etc. Most enterprises exit by M & A, buy-back and liquidation. The establishment and perfection of our country's multi-level capital market has gradually enriched the exit channels of venture capital. Regardless of how to withdraw, the value evaluation of small and medium-sized technological enterprises is the core issue. Only by determining the reasonable value for the enterprise, can the venture enterprise smoothly introduce capital and management, ensure the smooth growth of the enterprise, and enable the investor to fully understand the risks and potential benefits involved in the investment, The capital will inject technology small and medium-sized enterprises smoothly and make it possible to withdraw in time. How to determine the value of small and medium-sized technological enterprises and whether the traditional valuation theory is applicable to such enterprises is an innovative problem in asset pricing. Therefore, this paper mainly answers two questions: (1) is the traditional valuation method applicable to the venture capital-based SMEs? Where is its limitation? (2) how to improve the value evaluation model and innovate the pricing method which is closer to the small and medium-sized technological enterprises. In view of the first problem, this paper first analyzes the ideological basis and system structure of asset pricing theory, and clarifies the theoretical basis of valuation methods and models. Secondly, it analyzes the technological and economic process of science and technology small and medium-sized enterprises. The paper points out that non-systemic risk is the key factor affecting the enterprise value, analyzes the operation mechanism of venture capital and its special value contribution to small and medium-sized enterprises, and compares the difference between venture capital behavior and industrial investment and securities investment. Then points out the limitation of the traditional valuation method applied to venture capital. In view of the second question, on the basis of the first question, this paper examines the main operational experience of international and domestic venture capital in practice, draws from the experience of pricing, and predicts the future cash flow by using the method of backdating. In order to improve the discounted cash flow model, the non-systemic risk is incorporated into the discount rate estimation method, and the management flexibility and the phased investment behavior of venture capital are incorporated into the enterprise value evaluation, and the innovative model is put forward. Finally, considering the limitation of time and theoretical level, the deficiency of this paper and the research direction in the future are put forward.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F276.44;F275;F832.51
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