网络安全企业的估值模型初探  

Preliminary Study on the Valuation Model of Cybersecurity Companies

作　　者：夏帅伟 XIA Shuai-wei(Guosen Securities,Shanghai201203,China)

机构地区：[1]国融证券股份有限公司,上海201203

出　　处：《信息安全与通信保密》2019年第2期34-43,共10页Information Security and Communications Privacy

摘　　要：近年来,全球网络安全态势日趋严峻,威胁全面泛化,网络安全日渐重要,网络安全产业发展迅速。2017年全球网络安全企业融资数量增长到548起,总金额达到76亿美元,是2016年的两倍,成为网络安全企业风险资本融资创纪录的一年。但采用传统的企业估值方法存在一定问题,本研究在传统企业估值方法的基础上,根据网络安全企业的特点和发展趋势,基于不同的企业生命周期,提出了不同发展阶段的网络安全企业的估值方法,希冀为网络安全企业、投资机构进行投融资决策时提供切实的帮助。In recent years, the global network security situation has become increasingly severe,the threat has been generalized, network security has become increasingly important, and the Cybersecurity Company has developed rapidly.In 2017,the number of global cybersecurity companiesfinancing increased to 548, the total amount of which reached 7.6 billion US dollars, twice as much as in 2016.It has become a record year for network securityenterprise venture capital financing.However, there are some problems in adopting traditional enterprise valuation methods.Based on the characteristics and development trend of network security enterprise, this study is based on enterprise students. With different life cycles, the valuation methods of network security enterprises in different stages of development are put forward in order to provide practical help for investment and financing decisions of cybersecurity companies and investment institutions.

关 键 词：网络安全企业估值模型 修正现金流贴现法 P/CCI估值模型 复合实物期权定价 

分 类 号：TP393.08[自动化与计算机技术—计算机应用技术] F49[自动化与计算机技术—计算机科学与技术]