傳統(tǒng)定價方法在科技型創(chuàng)業(yè)企業(yè)價值評估中的局限性分析——基于風險投資的視角.pdf

1、叮772303飯旦大擎碩士學位論文學校代碼學呼傳統(tǒng)定價方法在科技型創(chuàng)業(yè)企業(yè)價值評估中的局限性分析一一基于風險投資的視角院系：經濟學院專業(yè)：姓名：指導教師：完成日期：駕躲萼勃奎文_0錯_f號金融學洪華忠張陸洋教授2005年5月20日10246022015185傳統(tǒng)定價方法在科技型創(chuàng)業(yè)企業(yè)價值評估中的局限性分析=薹蘭墜墮絲壅望塑旦一——ABSTRACTThestudyoftherelationshipbetweencapitalandinn

2、ovationisofgreatimportanceinmodemfinanceOne001TdTlonopinionisthattheorganizationformandthefunctionaleffectivenessofthelinkagebetweenthecapitalmarketandtheinnovativeindustryarethedeterminantsoftheboomoftheinnovativeindust

3、riesTheventuresespeciallythosemajoredinscienceandtechnologyplayagreatroleintheeconomyButthefactisthattheventuresarefacedwithmanyunconquereddilemmassuchastheraisingofcapitalTheirfailuretothetraditionalfinancingisattribute

4、dtothefollowingfactors：uncertainty，asymmetricinformation，thenatureofthecompanyassetsandtheconditionsofthefinancialmarketVenturecapitalisaspecialinvestmentprocess，whichisproactive，participantandcanbecombinedfreelywithther

5、ightsandobligationsComparedtootherinvestmentprocess，venturecapitalemphasizesmoreontheflexibilitythemarketdemandandtheentrepreneurship，whichCanbeseeninthedesignoftheinvestmentinstitutionsInpractice，venturecapitaloftentake

6、stheformofportfolioinvestmentThegreatestroleoftheportfolioinVCisthatitcallhelpnewtechnologyreachdifferentpathsandrolesinthecommercialization，andthusgivesmoremarginsandoptionstothegainingofthevalueThevaluationoftheventure

7、companiesisanecessitytoboththeventurecapitalistsandtheentrepreneursThediscountedcashflowandtherelativepricingaretheprimarymodelsforthevaluationofthematurecompaniesButtherearemanylimitationstotheapplicationofthetwomethods

8、intheventurevaluationSo，basedOiltheriskreturnprofileofthelifecycleinventurecompaniesandtheusualtoolsintheinvestingprocess，thepapergivesmoreattentiontogrowthandrealoptionKeywords：venturecapital，portfolioinvestment，valuati