关于科创企业估值难点的思考  

Thinking on Valuation Difficulties for High-tech Start-ups

作　　者：张陆洋[1] 钱瑞梅[1,2] ZHANG Lu-yang;QIAN Rui-mei(School of Economics,Fudan University,Shanghai 200433,China;School of Economics and Management,Anhui Normal University,Wuhu Anhui 241003,China)

机构地区：[1]复旦大学经济学院,上海200433 [2]安徽师范大学经济管理学院,安徽芜湖241003

出　　处：《安徽师范大学学报（社会科学版）》2019年第4期104-110,共7页Journal of Anhui Normal University(Hum.&Soc.Sci.)

摘　　要：本文从科创企业创新创业的四个维度、四个阶段、行业领域及其耦合关系,论证了其估值的复杂性;从私募投资的视角,分析了现有估值方法的局限性;从科创企业创新创业创造经济价值的三大机制的角度,阐述了其估值需要依据其创造经济价值的机制的重要性。因此,从投资的视角进行估值,不论科创企业创新创业的复杂性如何,必须以成本回收为投资基础,以创造经济收益的时间长短为投资周期,控制不确定性风险为投资底线原则,以创造更大的预期收益为投资最终目标,同时还要实现一定的投资速度。通过专家组研究、数据平台构建和深入学习与实践等方面的建议,希望能够有效突破科创企业估值难问题。The four dimensions, four phases, industry sectors and their coupling relationships of high-tech start-ups are analyzed, which shows the limitations of existing valuation methods from the private equity perspective. The importance of depending on the mechanism of generating economic value for the valuations is elaborated with view of the main three mechanisms of high-tech start-ups’ innovation and enterpreneurship. Therefore, from the investment point of view, how complex the innovation and enterpreneurship are, recovery cost is the foundation;time period is the horizon of creating economic gains;controlling risk of uncertainty is the bottom principle and gaining more expected return is the ultimate goal;and meanwhile, the investment speed should be realized. In addition, some suggestions are given to shed lights on valuation difficulties such as professional researches, data platform and further study and practices. It is hoped that these suggestions can be used to effectively break through valuation difficulties for the high-tech start-ups.

关 键 词：科创企业 创新创业 估值 估值难点 

分 类 号：F830.59[经济管理—金融学]