如何对创新型企业估值?  

Evaluating Innovative Enterprises

作　　者：肖欣荣[1] 王艺蓉 

机构地区：[1]对外经济贸易大学金融学院 [2]南开大学金融学院

出　　处：《金融市场研究》2020年第5期106-112,共7页Financial Market Research

基　　金：对外经济贸易大学中央高校基本科研业务费专项资金资助(19YB14)。

摘　　要：科创板是实施国家创新驱动发展战略的重要内容,如何对创新型企业定价和估值是科创板发展的核心问题之一。本文回顾了估值理论及方法的发展和面临的挑战,在梳理学界和业界自"网络股泡沫"以来的研究和实践进展的基础上,提出了对创新型企业估值的逻辑和方法。本文认为,技术革命推动了企业发展,进而对估值理论提出挑战;估值理论的核心是对企业发展的认识和理解;创新型企业估值体系是合理性、谨慎性、一致性、灵活性原则的平衡。The Shanghai Stock Exchange STAR Market plays an important role in what is called a national innovation-driven development strategy.How to price and evaluate innovative enterprises is one of the core issues of this strategy.This article reviews the development and challenges of valuation theories and methods.It proposes a new method for the valuation of innovative enterprises based on academic research and actual experience.It maintains that the technological revolution has promoted enterprise development and this in turn has challenged traditional valuation theory.The key to valuation is understanding the development of enterprises.The new valuation system is a balance of rationality,prudence,consistency and flexibility.

关 键 词：创新型企业 不确定性 估值 

分 类 号：F832.51[经济管理—金融学] F275