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论文编号：	4507
作者编号：	2120102479
上传时间：	2012/6/12 21:53:31
中文题目：	风险投资中的IT企业价值评估研究
英文题目：	Research on Value Assessment of IT Company
指导老师：	齐岳
中文关键字：	风险投资，价值评估，IT企业，指标体系
英文关键字：	Venture capital, Value assessment, IT enterprises, Index system
中文摘要：	随着全球信息技术（IT）产业的迅猛发展，IT产业的投资、收购、IPO、破产、清算等活动频繁，尤其在风险投资领域，IT企业也一直是众多机构追逐的对象，企业价值和企业价值评估是这些活动决策合理性的基础。风险投资(Venture Capital)是一种向处于创建或重建过程中的成长性企业提供资本支持和管理服务，主要通过股权转让获得资本增值收益的投资方式。风险投资的投融资活动过程，通常是先募集资金设立基金，筛选目标企业寻找投资机会，然后风险投资机构对目标企业进行尽职调查来决定是否投资，并就投资的价格和条款进行充分的谈判，然后将资本以股权的形式注入目标企业，同时为目标企业提供增值服务。所以判断企业的投资价值，对项目进行价值评估是风险投资业务最核心、最精髓的部分，贯穿于整个投资活动的全过程。。具体到IT企业的价值评估方法，我国在该方面的研究还处于起步阶段。实际上，无论是学者还是实务界，无论是国内还是国外，都对企业价值评估方法做了大量的研究，并形成了较为成熟的方法体系。但是，由于IT行业有其自身的特点，人们对该类企业的估值以及对传统估值方法的应用仍存在一定的误区。所以，对IT企业的价值评估方法进行研究，无论对于风险投资机构的决策，还是对于IT企业的发展都有重大的意义。首先，本论文从风险投资的实际业务出发，对中国风险投资的现状和IT企业所面临的机遇与挑战进行了分析，并提出了企业价值评估和风险投资决策需要解决的实际问题。然后，本文对传统的企业价值评估方法和风险投资中价值评估的特点进行了回顾和比较，在此基础上，从生命周期和业务模式角度对IT企业进行了分类，探讨了现有方法在IT企业中的局限性，并对各类型企业的关键价值要素和所适用的估值方法进行了分析。此外，本文从风险投资项目决策的角度摸索建立比较实用的价值评估指标模型，最后，通过IT企业的实际资料为案例，结合传统的价值评估方法和风险投资评价指标模型，对IT企业的估值方法进行了验证。关键词：风险投资，价值评估，IT企业，指标体系
英文摘要：	With the rapid development of global information technology industry, activities such as investment, acquisition, IPO, bankruptcy and liquidation frequent in IT industry. IT companies have been the target of numerous agencies especially in the fields of venture capital. Enterprise values and enterprise value assessment are the basis of the rationality of decision-making in these activities. Venture capital is such an investment method as to provide capital support and management services for growing enterprises that are in the process of establishing or rebuilding and primarily acquires capital appreciation income through shares transfer. Judging enterprise value and accessing the value of the project is the most core and essential part of venture capital business and throughout the whole process of an investment activity. When it comes to value assessment of IT companies, scholars of China have conducted many researches in this area and formed a mature method system. Due to the characteristics of IT industry, value assessment and application of traditional method system for these enterprises exist some error zones. Therefore, the study of value assessment method of IT companies is of great significance both for the decision-making of venture capital organizations and for the development of the IT companies. Starting from the practice of venture capital business, firstly this research analyses the status quo of China's venture capital and the opportunities and challenges that the IT companies are facing. At the same time, it puts forward the problems in enterprises value assessment and in the decision-making of venture capital. Then the research reviews and compares the traditional enterprises value assessment method and characteristics of value assessment in venture capital. On this basis we classify IT enterprises from the perspective of enterprises lifecycle and business models and explore the limitations of existing method system in IT enterprises. We also analyze the key value elements and applicable value assessment method for various kinds of enterprises. In addition, from the perspective of decision-making in venture capital project we explore the practical value assessment index model. Finally, take the IT enterprises practice as an example and combined with the traditional value assessment methods and evaluation index model of the venture capital, we verified the value assessment methods of IT companies. Key Words: Venture capital, Value assessment, IT enterprises, Index system
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