高新技术企业中对赌协议的估值方法

Valuation Method of VAMin High-tech Enterprises

近几年随着我国经济的迅猛发展,以及对创新力要求的逐步推进,“科技兴国”战略的提出使得高新技术企业大量出现。因为高新技术企业风险高、收益高、产品迭代速度快等特性,易使其存在不确定性,从而给投融资双方带来风险。大多数企业在注资或并购时都会引进对赌协议,从而保障自己的利益。而企业投融资时的估值,是造成失败的一大问题。所以在签署协议的过程中,估值方法的选取尤为重要。使用实物期权方法来评估高新技术企业中对赌协议的价值,不仅能够帮助决策者规避风险,发现利润增长点,还能够帮助企业减轻不确定性,合理评估其价值,同时弥补传统方法的不足,更准确、更符合特点地为决策助力。

In recent years,with the rapid development of China's economy,as well as the gradual advance of the demand for innovation,"science and technology"strategy makes a large number of high-tech enterprises.Because of the characteristics of hightech enterprises such as high risk,high income and fast product iteration speed,it is easy for them to have uncertainty,thus bringing risks to both investment and financing parties.Most companies protect their interests by introducing VAM(valuation adjustment mechanism)when they inject capital or buy.And the valuation of enterprise investment and financing,is a big problem that causes failure.So in the process of signing the agreement,the selection of valuation method is particularly important.The real option method is used to evaluate the value of VAM in high-tech enterprises,which can not only help decision-makers avoid risks and find profit growth points,but also help enterprises reduce uncertainty and reasonably evaluate its value,meanwhile,make up for the shortage of traditional methods,and more accurately and in line with the characteristics of decision making.