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. |
关键词: 创业企业 价值评估 证券设计 期权 |
DOI: |
分类号:F273.4 |
基金项目:广东省博士启动基金 |
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Research on Valuing Start-up Venture and Securities Design |
TIAN Zeng-rui SI Chun-lin
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1. School of Management, Donghua University, Shanghai 200051, China; 2. School of Management, Fudan University, Shanghai 200433, China
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Abstract: |
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 |
Key words: early-stage venture value evaluation securities design option |