文档介绍：THE RESEARCH ON
HIGH-TECH VENTURE VALUATION
ABSTRACT
As venture capital emerged and growing up rapidly in China, high-tech
ventures have e the most popular area of venture capital. Valuation of
those high-tech ventures, which is indispensible in an investment transaction,
not only gives each side of the transaction a better understanding of the
venture’s value drivers, but is also important to the pricing decision for a real
deal. This article mainly focuses on how to deal with high-tech venture
valuation. A conclusion has been reached that a high-tech venture’s value
consists of two parts, one of which is basic value brought in the future by
current assets, and the other is option value created by potential opportunities.
The structure of this article is as below:
The introduction part generalizes the background, question, skeleton and
methods used in the research. Chapter 2 begins from the features and
operation procedures of venture capital, as well as 3 main characteristics of a
high-tech venture. Chapter 3 gives parison of some traditional
valuation methods such as Discounted Cash Flow method and their
limitations for high-tech venture. In chapter 4 the article introduces Real
Option methods, including its core thoughts and 2 types of pricing model,
following which a general framework of high-tech venture valuation model
has been established. The framework is finally practiced and verified in a
case study of a Chinese high-tech venture in Chapter 5 and 6.
KEY WORDS: venture capital, high-panies, valuation, real option
目录
第 1 章绪论……………………………………………………………………………………………1
研究的背景………………………………………………………………………………………1
问题的提出………………………………………………………………………………………2
本文研究的思路与方法…………………………………………………………………………3
第 2 章风险投资与高科技企业概述…………………………………………………………………4
风险投资概述……………………………………………………………………………………4
风险投资的概念和特性………………………………………………………………………4
风险投资的过程………………………………………………………………………………5