摘要
风险投资是高新技术公司筹资的一条重要渠道,进行创业公司的价值评估是考核风险投资效果的重要手段。本文针对创业公司价值增值的特点,将其价值构成区分为净资产价值、资产溢价和期权溢价三部分,利用创业公司未来现金流贴现的方法建立了相应的度量模型,并利用创业公司的实际资料进行了应用分析,为风险投资决策及风险资金的退出定价提供了一种定量分析方法。
Valuation of risk enterprises is a fatal aspect,to some extent,in decision making of risk investment,especially relating to the quit of risk capital from risk enterprises.Based on the characters of value added of risk enterprises,it could be divided into three parts,that is,net assets,assets spread and option spread accordingly.Then some corresponding models were set up with the method of discounted cash flow,which also were used in the applied case analyzing in the final part of the paper.
出处
《价值工程》
2010年第32期38-39,共2页
Value Engineering
基金
教育部人文社会科学基金(07JA630039)的部分研究成果
关键词
风险投资
创业公司
公司价值
价值度量
risk investment
risk enterprises
enterprise value
valuation
