创业型企业动态估值与内生股权配置——一种合作博弈方法

Dynamic Pricing and Endogenous Ownership Allocation for Start-up:A Cooperative Game Method

创业型企业估值面临特殊困难。由于其核心价值决定于创新与企业家精神,目前还不存在可靠的方法对这些价值要素进行准确评估。基于财务数据的传统估值方法不仅难以实现准确估值,其逻辑还会导致有关各方股权比例与价值贡献不相匹配,激化内部利益冲突,降低企业价值。与传统方法先估值、后配股的逻辑顺序相反,本文从企业家精神的实质出发,在投资者与创业者之间合作创造剩余的基础上,利用合作博弈的均衡配置内生出合理的股权比例,再基于创业资金需求获得创业型企业的估值。该方法将企业家置于创业活动的中心,并考虑到其他利益相关者的边际贡献。通过纳入分阶段融资具有的信息发现功能,该模型还可以实现不确定性下的动态估值和股权配置。

It is particularly difficult to price start-up.Since its core value depends on innovation and entrepreneurship,there is no credible method to accurately evaluate these value elements currently.The traditional valuation method based on company financial data is not only incapable of determining the value of new venture,but also results in mismatch between ownership ratio and contribution of stakeholders which may intensifies internal interest conflict and reduces the value of enterprise.In contrast with the logic order of traditional method:valuing first,allocating ownership later,this paper proposes a new method to price start-up and allocate ownership based on cooperative game theory.Specifically,we start from the nature of entrepreneurship and focus on the surplus cooperatively created by both investors and entrepreneur.Using the equilibrium allocation of cooperative game to get the reasonable equity ratio,we can determine the value of start-up based on the capital demand necessary for future operation.This method puts entrepreneur at the center of entrepreneurial activity as well as takes other stakeholders’contribution into consideration.Through introducing information discovering function of staged financing,our model can also realize dynamic pricing and ownership allocation under uncertainty.