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Research on Valuation of the Venture Investment in High-tech Enterprise Based on Asset Option

Author: ZhaoHongRui
Tutor: LiEnPing
School: Taiyuan University of Technology
Course: Technology Economics and Management
Keywords: High-tech enterprises Venture Capital Valuation Real Options
CLC: F832.48
Type: Master's thesis
Year: 2011
Downloads: 189
Quote: 0
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Abstract


In recent years, high-tech enterprises in the development of the national economy plays an increasingly important role, is gradually becoming the main driving force of economic development. The high-tech enterprises need to invest a lot of money at the same time in the development process, but also faces enormous risks, such traditional credit simply unable to meet the demand for capital. Venture capital as a new investment and financing tools, successfully resolved the problem. The most obvious feature of the high-tech enterprises is high investment, high-risk, high-yield, formed a certain scale risk capital through the aggregation of social idle funds to invest in technology innovation, technology and entrepreneurship to in the future through the listing, merger or other equity The transfer of the withdrawal of investment, to realize their own capital appreciation. Risk investment since the introduction of China, has made considerable progress, China's annual investment case is very much risk, and cooperation in a venture capital and high-tech enterprises, and go through the process of negotiation and decision-making. In this process, the venture capital institutions must solve a real problem, that is, whether the high-tech enterprises with investment value. Visible, the venture capital valuation problem is the core issue facing the venture capital operation process. Firstly, starting from the basic concept of the value of high-tech enterprises, domestic and international risk investment valuation theory, method and index system, valuation of venture capital investment in the high-tech enterprises in-depth research, pointed out that China's venture capital the main problems in the research and the need for research. Secondly, the analysis of the characteristics of the venture capital investment target high-tech enterprises, reveals the high-tech enterprises in the growth and development of the process of facing great uncertainty, but future investment opportunities and growth potential is relatively large. After this article traditional valuation methods, derived using traditional valuation methods alone has been difficult to fully assess the value of the assessed value of a lot of deficiencies, unable to meet the risk of investment valuation requirements will underestimate the value of the business. Shortly thereafter, the introduction of the real options theory venture capital valuation elaborate on the method of valuation of real options, combined with the characteristics of high-risk and multi-stage venture capital investment of high-tech enterprises, the venture capital project investment timing divided into stages, respectively, for each stage of the assessment, to build a multi-stage, dynamic risk investment option pricing model to determine the overall value of the venture capital. Finally, select the Case verify, using traditional valuation methods and real options method to get a different value of the project. The results show that the entrepreneurial venture capital for high-tech enterprises with a high degree of uncertainty analysis, real options approach is able to obtain a more objective valuation results. Hope that the evaluation model will help the actual operation of venture capital in China.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Investment
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