创业投资基金份额估值研究——基于国有持股基金份额转让的案例

Research on Valuation of Venture Capital Fund Shares:A Case Study Based on the Transfer of State-owned Fund Shares

创业投资基金是金融业的重要组成部分,作为实体经济与金融市场的纽带,能够促进产业结构升级,提升国家创新竞争力,助力经济体制改革。随着创业投资基金不断发展,基金份额转让的需求越来越多,亟需更加成熟的市场化定价机制。本文选择A银行拟转让G基金份额的估值案例,对资产基础法在创业投资基金份额估值中的估值思路与估值流程进行详细介绍,并从创业投资基金份额估值难点、估值方法的选择和注意事项以及非上市股权估值方法的选择与运用三方面对案例进行扩展分析,为创业投资基金份额估值的实务发展和体系完善提供参考和借鉴。

Venture capital fund is an important part of the financial industry,and as a link between the real economy and the financial market,it can promote the upgrading of the industrial structure,enhance the competitiveness of national innovation,and contribute to the reform of the economic system.With the continuous development of venture capital funds,there is an increasing demand for fund share transfers,and a more mature market-based pricing mechanism is urgently needed.This paper selects the valuation case of Bank A's proposed transfer of G fund share to provide a detailed introduction to the reasoning behind valuation and valuation process of the asset-based method in the valuation of venture capital fund share.We also extends the analysis of the case from the three aspects:the diffculties in valuation of venture capital fund share,the selection and precautions of valuation methods,and the selection and application of valuation methods of unlisted equity shares.This paper can contribute to the practical development and systematic improvement of the valuation of venture capital fund shares.