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A Study on the Enterprise Value Evaluation in Private Equity Investment

Author: ZhangWenBo
Tutor: JiangZuo
School: Dongbei University of Finance
Course: Financial Management
Keywords: Private equity investments Assessment methods Value-added servicesand management Valuation risk
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Type: Master's thesis
Year: 2013
Downloads: 8
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Abstract


Private equity is the third financing channels, in addition to securities financing and bank loans financing channels away. In recent years, private equity has developed rapidly in our country. Annual amount of private fund-raising and private equity investments in the number of projects have maintained a high growth rate. In China, Small and Medium Enterprises face serious financing problems. Many scholars and practitioners have begun to concern private equity investments can effectively alleviate the financing difficulties of SMEs. At the same time, it can promote technological progress and improve our corporate financing system. In the private equity investment activities, target enterprise business valuation is the core part of the activities of investment operations, which decided whether private equity investment cooperation can be acceptable both to the investment and financing, which determines whether the private equity investment activities can achieve capital appreciation goals. Therefore, further study of corporate private equity valuation of private equity investments can promote the further development of the industry, which has important theoretical and practical significance.The article is based on different valuation target to study the problem in the enterprise valuation of private equity investment activities. As private institutions have different purposes for the valuation of the target enterprise, this research is based on objectives into investment shares based on a valuation analysis as well as the efficiency of investment targets based on a valuation analysis. This paper mainly discusses the valuation of different valuation target content, enterprise value factors, assessment of technical application features. On the one hand, this article makes private institution reasonably assess the value of the target enterprise; the other hand, this article makes private institutions through reasonable valuation concepts and applications to implement monitor and improve the operation of private equity investment purposes.First, the article discusses the significance of the topic and background from both theoretical and practical level. This article describes the domestic and foreign scholars’research results on private equity and business valuation, as well as a brief introduction of the domestic scholars in the valuation of private equity investment research ideas and issues different perspectives.Secondly, the theoretical basis of section explains the valuation of private equity investment and related concepts, including content on private equity and venture capital, Post-investment risk management, value-added services and monitoring, enterprise valuation value types and business valuation methods, which focuses on private equity investments in operational processes, risk capital investment and management of value-added services. Risk capital investment and management of value-added services is an important theoretical basis of this study. This theory makes value-added services and management of private institutions and the underlying value of the business can be combined. According to the valuation of investment efficiency targets launched valuation analysis of the underlying business, it laid the theoretical foundation.Again, the article Chapters Ⅲ and Ⅳ are the core of this chapter. They further expand the analysis of these two different valuation objectives, each of which has what kind of meaning, their characteristics and other valuation techniques. The third part analyzes the private equity investment activities and enterprise valuation relations in detail. This relationship is the value assessment ideas in private equity activities. The third section presents the meaning and content of a dynamic valuation system, and analyze four different assessment techniques and their applicability. The fourth part discusses the subject of the target based on two valuation business valuation and corporate value factors, and mainly analyzes the investment shares based on valuation and investment efficiency goals connotation and technology features.Finally, by the previous analysis, this paper defines the valuation risk in private equity investments, and summed up the sources of valuation risk, mainly in three aspects as follows:the underlying business risk, application of risk assessment techniques, project exit risk. Propose concrete and effective measures to manage the risks of valuation, the risk control of Investment management stage, consummate the target enterprise assessment methods systems, risk management of project exit. Since the level of individual research and the limitations of the data source, there are many flaws in the theory and application of the analysis.

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