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论文编号：	1944
作者编号：	2001010
上传时间：	2010/5/18 14:53:09
中文题目：	创业企业EVA价值评估体系应用研究
英文题目：	venture capital, venture capital corporation, economic value added, evaluation,
指导老师：	刘 建
中文关键字：	创业投资，创业企业，经济增价值（EVA），价值评估
英文关键字：	venture capital, venture capital corporation, economic value added, evaluation,
中文摘要：	创业企业的价值评估结果是创业投资家进行投资决策的重要依据。但是，如何对创业企业进行价值评估在我国还是一个比较新的研究领域，目前还没有形成一套适合我国创业投资操作特征的价值评估体系。由于创业企业具有与传统企业不同的发展模式和企业特征，因此，用传统的企业价值评估方法很难准确界定创业企业的真实价值。 本文结合创业企业的特征，首先对目前主流的企业价值评估方法进行了系统分析，指出传统评估方法在评估创业企业价值时的缺陷。然后，又回顾了经济增价值（EVA）法的理论基础、发展历程、研究现状及评估特征，在此基础上提出应用EVA法评估创业企业价值的设想，并在理论上论述了其适宜性。根据这一想法，本文建立了完整的创业企业EVA价值评估体系，包括评估指标、计算方法、会计科目调整等。 为了验证所建立的创业企业EVA价值评估体系的有效性，本文选择了4个创业投资案例进行了分析。分析结果表明，EVA方法在评估创业企业价值时，不仅能够反映目标企业的总体价值，而且能够反映企业每一年度创造价值的情况、企业发展速度与趋势，能够全面地反映创业企业价值，有利于为创业投资家做出正确的投资决策。在反映企业价值的准确性方面，由于考虑了股权资本成本，EVA方法能够发现传统经济评价方法所不能发现的问题，其价值评估结果更贴近企业价值的实际情况。 研究还发现，由于更注重企业的长期发展，EVA方法通过对研发费用、品牌商誉等智力因素的资本化处理，使企业的经营成果与其投入成本更加匹配，价值评估结果更符合企业经营的实际情况。这种处理方法对于以高新技术为主要特征的创业企业非常合适，能够体现创业企业的发展特点。 总之，对于创业投资来说，EVA方法是一种计算简便、结果清晰、反映问题全面、评估结果准确的创业企业价值评估方法。建立创业企业EVA价值评估体系对于推动EVA理论在我国的应用，促进我国创业投资实践的进步具有积极意义。
英文摘要：	The result of corporation evaluation of Venture Capital Corporation is the basis of investment for venture capitalists. But how to evaluate the performance of a venture capital corporation is a new area in China. We do not have an evaluation system which that adapts to the feature of domestic venture capital corporations. Because of the difference between traditional and venture capital corporations, it is not easy to evaluate the performance of a venture capital corporation by using traditional method. The analysis of this article is based on the characteristics of Venture Capital Corporation. We first analyze the method of evaluation, and point out the limitations of this evaluation method. Then we review the theoretical basis, process of development, currently status of development. And put forward the idea that applying EVA to venture capital corporation evaluation according to this work. And we also discuss the availability of this idea. This article bases a complete system of evaluation method of EVA according to this idea. It includes evaluating index, mathematical method, accounting adjustments and so on. We select four venture capital cases for research in order to validate EVA system established previously. The result indicates that it is not only able to reflect the gross valuation, but also can reflect the value created every year and the trend of development. It is able to reflect the value of Venture Capital Corporation in practice. We also find that the cost will match to management result as a result of using EVA method. This is due to research fee and other factors can be capitalized. It is able to embody the feature of Venture Capital Corporation better. In a word, EVA is a good evaluation method for venture capital investment, which is simple, clear, complete and exact. It is very useful for domestic venture capital investment to establish this evaluation system.
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