创业企业的价值评估与证券设计研究  

Research on Valuing Start-up Venture and Securities Design

作　　者：田增瑞[1] 司春林[2] 

机构地区：[1]东华大学管理学院,上海200051 [2]复旦大学管理学院,上海200433

出　　处：《研究与发展管理》2006年第1期59-65,共7页R&D Management

基　　金：高等学校博士学科点专项科研基金项目(20020246033)

摘　　要：提出创业企业价值评估与证券设计之间存在一种耦合关系,必须同时考虑价值评估与证券设计.发展了一种先用修正风险折现率的折现现金流方法进行价值评估,再用期权化的衍生证券设计加以弥补的方法.所提出的修正风险折现率的折现现金流方法的核心是在期权思维下确定折现率,而期权化的衍生证券设计将对风险折现率提出修正,并协调创业投资家与创业者双方的股权比例,以实现创业企业的价值.It points out the coincidence relation between valuing start-up venture and securities design. It is necessary to consider valuing start-up venture and securities design at the same time. It develops the way in which the start-up venture is firstly valued with discount cash flow of the adjusted discount rate with option thought, and then an offset is made with derivative securities design of option. The core of the proposed method of discount cash flow of the adjusted risk discount rate is to determine the discount rate with option thought; the derivative securities design will adjust the risk discount rate, arid modulate the stock proportion between venture capitalist and entrepreneur to achieve start-up venture value.

关 键 词：创业企业 价值评估 证券设计 期权 

分 类 号：F273.4[经济管理—企业管理]