基于VC视角的小微企业估值研究

Based on the VC Small Micro Enterprise Valuation Research Perspective

风险投资与企业估值不管是在学术界还是在资本市场,都是一个十分重要的话题。文章以中国证监会2012年分类标准下的A股类计算机、信息行业上市公司为拟选可比企业,从风险投资的角度系统地考察了小微企业估值的影响因素。结果发现:供应链紧密度与风险投资额成负相关,与企业估值无关,且在企业估值函数曲线与投资风险额函数曲线零界点右侧亏损;市场竞争力与风险投资额成正相关,与企业估值无关,且在企业估值函数曲线与投资风险额函数曲线零界点右侧亏损;盈利能力、成长能力与风险投资额成正相关,与企业估值成正相关,且在企业估值函数曲线与投资风险额函数曲线零界点右侧盈利。

Venture capital and corporate valuation, whether in academia or in the capital market, is a very important topic. In this paper, the A stock computer and the listed companies of intbnnation industry arc selected as comparable enterprises under the 2012 classification standard of China Securities Regulatory Commission. From the perspective of venture capital, the factors af- fecting the valuation of small and micro enterprises are systematically investigated. Findings： the supply chain tightness degree and risk investment is negatively ~lated, and has nothing to do with the business valuation, and the valuation flmction and the amount of investment risk funetion curve of zero point loss right; market competitiveness and risk investment are positively related, and has nothing to do with the business valuation, and the valuation function and the amount of investment risk function curve of zero point loss right; profitahility, growth capacity and risk investment are positively related to positive correlation with enterprise valuation, and the valuation function and the amount of investment risk function curve of zero point on the right side of profit.