独角兽企业培育体系与估值模型探析——基于国家电投氢能科技的案例分析

The Research of Unicorn Enterprises Cultivation System and Valuation Model:Case Analysis based on SPIC Hydrogen Energy Technology

独角兽企业作为新兴产业的代表,以其独特的创新能力和快速的市场扩张能力,成为中国资本市场和产业界关注的焦点。独角兽企业如何估值,一直是财务理论研究与创新管理的热点。本文在分析独角兽企业的估值特点、传统估值方法应用于独角兽企业估值局限性的基础上,对国家电投建立的独角兽企业培育体系和估值模型进行介绍,详细阐述了价值管理指数VM模型如何运用到案例企业氢能科技公司的具体估值过程。文章最后提出了适用于中国特色的独角兽企业培育估值建议。

Unicorn enterprises,as representatives of emerging industries,have attracted attention of the capital market and practitioners due to their unique innovation capabilities and rapid market expansion capabilities.The valuation of unicorn enterprises has always been a prominent issue in financial management and innovation management.On the basis of analyzing the valuation characteristics and the limitations of traditional valuation methods in unicorn enterprise valuation,this paper provides a detailed case study on the unicorn enterprise cultivation system and valuation model established by State Power Investment Corporation Limited(SPIC),and shows how the Value Management Index(VM)model is applied to SPIC hydrogen Energy Technology.Finally,this paper concludes with recommendations for the valuation of unicorn enterprises with Chinese characteristics.