风险投资中企业估值实证研究.doc

风险投资中企业估值实证研究摘要风险投资中企业价值评估是企业进行风险资本运作的基础企业价值评估已经成为市场经济中不可或缺的一项资产评估业务。企业的资产评估只是对企业所拥有的资产进行静态的评估而企业的价值评估则是对企业的综合实力进行的整体性、动态的评估。财务报表中显示的利润以及资产的价值只是一个起点它需要加入一些无形的因素如企业的潜在发展能力、智力成本等才能体现公司的综合价值。如何确定企业的价值评估方法是核心它将直接影响到企业价值评估的结果及市场交易的实施。价值评估是金融研究领域的核心问题之一本文就企业估值的概念及意义做了详尽的描述并对几种常用的企业估值方法做了详细论述。然后对目标公司的价值评价模型及风险投资行业的特点风险投资中对做了详细论述。最后列举了一个关于风险投资的实际案并对目标公司运用文中介绍的有关企业估值方法对其进行了估值最后将这几种估值方法做了分析和比较。提出了在选择方法时要根据产品差异发展阶段差异、规模差异等进行适当的调整。[关键词]估值；风险投资；预测；价值评估AbstractTheriskofinvestmentinenterprisevalueassessmentisthefoundationofventurecapitaloperationtheenterprisevalueevaluationhasbecomemarketeconomyanindispensableassetassessmentofthebusiness.Assessmentofenterpriseassetsjusttotheenterpriseassetsarestaticassessmentandtoassessthevalueofthebusinessisthatofthecomprehensivestrengthoftheenterpriseareintegrateddynamicassessment.Financialstatementsshowingprofitsandassetsvalueisonlyastartingpointitneedstoaddsomeintangiblefactorssuchasenterprise'spotentialdevelopmentabilityintelligencecostcanreflectthecompany'scomprehensivevalue.Howtodeterminetheenterprisevalueevaluationmethodisthecoreitwilldirectlyaffecttheenterprisevalueassessmentresultsandmarkettradingexecutive.Valueassessmentisthecoreresearchareaoffinancethispaperdescribestheconceptandsignificanceofenterprisevaluationanddiscussesindetailseveralcommonenterprisevaluationmethod.Aftertheintroductionoftheriskinvestmentindustryandthebasicconceptoftheinvestmentprocessdiscussestheriskinvestmentindustryandthecharacteristicsofriskinvestmentinthetargetcompany'svalueevaluationmodel.Finallyinanactualriskinvestmentcasethispaperintroducestheapplicationofbusinessvaluationmethodsoftargetcompanyisestimatedandtheseveralvaluationmethodswerecomparedandanalyzed.[Keywords]valuation;riskinvestment;prediction;valueassessment目录摘要1Abstract21.绪论4