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论文编号：	5970
作者编号：	2120112347
上传时间：	2013/12/9 10:56:49
中文题目：	私募股权投资中的企业价值评估——以A公司为例
英文题目：	The Valuation Study Of Private Equity Investment
指导老师：	陈国欣
中文关键字：	私募股权投资，企业价值评估方法，实物期权法，自由现金流量法
英文关键字：	private equity investment, enterprise value assessment method, real option techniques, frees cash flow method
中文摘要：	私募股权投资在发达国家的金融市场已经是一种很较为成熟的投资方式，但是进入我国的时间还不长。在如今我国的经济环境下，很多只发展了短短几年的小企业很难通过银行贷款的方式为自己融资，不能融资意味着很难使企业规模扩大，而私募股权投资在我国的出现很好的解决了这一问题。正是在这样的背景下，我国的私募股权基金行业得到了蓬勃发展。私募在提供资金的同时还会协助企业进行企业管理，在这样的双重帮助下，一批中国的企业迅速成长为国内外知名的优秀企业。 企业价值评估在私募股权投资中占据核心地位，但是，私募股权投资作为一种进入我国时间不长的投资方式，不管是在价值评估理论方面还是实际评估操作方面都存在着种种问题。在我国资本市场不完善的前提下，一些私募股权基金在评估时仍然完全照搬国外的评估方法，导致了企业价值评估结果的不准确。如何解决我国在私募股权投资中的企业价值评估理论研究上的缺失，已经成为学者们关注的焦点。 为了解决这个问题，本文整理了一些国内外学者的理论，分析了现在世界上普遍流行的估值方法，并进行比较各种方法的优劣之处，最终选择了适合文中案例的方法进行估值。 本文首先对公司进行基本面分析，然后对公司不同类型的资产分别运用不同的方法进行评估，最后又运用了修正的市盈率法对前面的评估结果予以验证。本文用完整的案例阐述了私募股权投资中企业价值评估的具体方法，希望可以在PE实际投资操作中有些许帮助。
英文摘要：	Private equity investment is a relatively mature investment form in the financial market of developed countries, while it was brought into China only for a short time. Under the existing economic environment of China, many enterprises with only a few years’ development cannot finance through the way of bank loan. If an enterprise cannot finance, it means it’s difficult for the enterprise to enlarge its scale. The emergence of private equity investment in China handled this problem well. Under this condition, the private equity investment was well developed in China. At the same time with proving funds, private equity can help enterprises with their management. Under the double benefits, a batch of enterprises in China has grown into excellent enterprises famous in both home and abroad. Enterprise value assessment takes up the core place in private equity investment. However, as an investment form brought into China for a short time, private equity investment was faced with many problems both in the aspect of value assessment theories and actual assessment operations. In the unperfected capital market of China, some foreign evaluation methods were completely used for some private equity funds, which resulted in incorrect enterprise value assessments. How to solve the deficiencies in the enterprise value assessment theories in private equity investment has become the concern of scholars. Therefore, the existing popular assessment methods were analyzed and compared in this paper based on the consultant in lot of domestic literature to choose suitable methods for the cases in the paper to assess the values. First, fundamental analysis for the enterprise was carried out. Then, different assessment methods were used to assess different assets of the enterprise. Finally, revised price-earnings ratio method was used to verify the results of the former assessments. Complete cases were used in this paper to explain the detailed methods for enterprise value assessment in private equity investment, with the hope to help the practical PE operations.
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