基于企业价值评估的移动互联网企业风险投资实证研究

发布时间：2018-07-28 16:59

【摘要】：随着4G时代的到来,移动互联网一词不断见诸报端,作为一种新兴的互联网商业模式,移动互联网领域的发展逐渐成为财经界和科技界炙手可热的关注焦点。毫不夸张地说,在整个互联网大行业里,移动互联网是目前最为吸引风投者目光的一个新兴的细分领域。在风投界,一个成熟的风投者往往会在同期投资数个甚至数十个不同领域、不相关联的初创企业。在这些企业中,会有一部分经营失败导致血本无归,也相应的会有一部分大获全胜,从而使得投资者获得大幅盈利。因此,同时投资多个企业的目的就在于分散风险,同一个投资者,在一个成功的企业里所获得的盈利通常足以抹平多次因投资失败而导致的损失。本文以移动互联网作为切入点,首先阐述了移动互联网领域的发展情况及价值分析,以表明这一细分领域非常值得风险投资者们关注,因此也急需建立适合于该领域特点的企业价值评估体系来帮助风投者们选择合适的目标企业。其后,本文对传统的企业价值评估理论体系进行了简要分析,并总结了几种传统方法的优劣之处。接下来,本文还介绍了几种近年来经济学家们所提出的互联网企业估值方法,并简要说明了其适用及非适用之处。在论文的实证部分,本文以Pinterest公司为例,首先简要介绍了Pinterest的融资情况,其后运用风险资本投资进入决策模型及DEVA模型作为参考分析了Pinterest公司B轮融资的估值情况,得出结论当对移动互联网领域的企业进行价值评估时,单一的传统评估方式不能准确的反应此类企业的价值,最保险的方式就是运用多种模型及方法从定性和定量的不同角度进行评估和分析。这一结论可为风险投资者们提供借鉴和参考。在本文的最后,结合模型的使用结论,分别给移动互联网创业者和风险投资者们提供了一些建议,帮助双方更好的加强了解,择优补短,实现双赢的局面。
[Abstract]:With the arrival of 4G era, the word "mobile Internet" has been published in newspapers. As a new business model of Internet, the development of mobile Internet has gradually become a hot focus in finance and technology. It is no exaggeration to say that the mobile Internet is the most attractive emerging niche for venture capitalists in the Internet industry as a whole. In the venture capital world, a mature venture capitalist tends to invest in several or even dozens of separate start-ups in the same period. Some of these businesses will lose their money and, accordingly, some will win, allowing investors to make big profits. Therefore, the purpose of investing in multiple enterprises at the same time is to spread the risk. The profit in a successful enterprise is usually enough to equalize the losses caused by multiple investment failures. In this paper, the mobile Internet as a breakthrough point, first of all, the development of mobile Internet and value analysis, in order to show that this subdivision is very worthy of the attention of venture investors. Therefore, there is an urgent need to establish an enterprise value evaluation system suitable for the characteristics of this field to help venture capitalists select suitable target enterprises. Then, this paper briefly analyzes the traditional theory system of enterprise value evaluation, and summarizes the advantages and disadvantages of several traditional methods. Then, this paper introduces several Internet enterprise valuation methods proposed by economists in recent years, and briefly explains their applicability and non-applicability. In the empirical part of the paper, taking Pinterest Company as an example, this paper first briefly introduces the financing situation of Pinterest, and then uses the venture capital investment decision model and DEVA model as the reference to analyze the valuation of Pinterest Company B round financing. The conclusion is that when evaluating the value of enterprises in the field of mobile Internet, a single traditional evaluation method can not accurately reflect the value of such enterprises. The safest way is to use a variety of models and methods to evaluate and analyze qualitatively and quantitatively. This conclusion can provide reference and reference for venture capitalists. At the end of this paper, combined with the conclusion of the model, some suggestions are provided to the mobile Internet entrepreneurs and venture capitalists to help them better understand, choose the best and make up the short, and realize the win-win situation.
【学位授予单位】：哈尔滨工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275

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