風險資本下科技企業估值之個案研究

Abstract

本文著眼於風險投資下的科技企業估值的研究與探索，試圖通過傳統的估值方法與改良後實物期權估值模型並輔以個案來重新審視處於早期的科技企業的估值。 本文從介紹風險投資的起源、發展與現狀開始。通過對科技企業的特點與行業進行分析與討論，揭示兩者的緊密內在聯繫。然後，本文通過對傳統企業估值方法的簡述與分析，辨識出其應用於初創與成長期科技企業估值的局限性所在。因此，本文對傳統實物期權理論模型進行改良以更好地符合風險資本下科技企業估值特點。此外，本文從定量層面與定性層面構建風險投資估值模型來完善風險投資下科技企業估值研究，在模型中將風險投資機構與風險投資家的專精與專業判斷納入考量。最後，本文通過案例分析來具體將風險投資估值模型應用於企業價值評估中。 最後本文指出模型的限制及其與使用模型的“人”的界限和互補性，模型無法取代在風險投資過程中機構與風險投資家個人的能力與經驗。

This thesis focuses on the research and exploration on valuation with regard to venture-backed technology firms and intends to apply traditional valuation methods and modified real option valuation model to re-examine valuation on technology firms with assistance of a case. In the beginning, this thesis describes the origin, development and current status of venture capital. By the analysis on characteristics of the technology firms and industry, this thesis reveals the close interlinkages between technology firms and venture capital. Then, this thesis discusses the traditional valuation methods and identifies limitations when these methods are applied to the valuation of technology firms in startup or growth stage. Therefore, this thesis revises traditional real option valuation approach for the purpose of better meeting valuation characteristics of venture-backed technology firms. In addition, this thesis establishes a venture capital valuation model in terms of quantitative and qualitative aspects in order to further complete the research. The model takes the level of investment expertise and professional judgment into account. Thereafter, the thesis discusses a case to illustrate the valuation model into concrete venture capital circumstances. Finally, the thesis points out limitations of model and complementarity effect of the model user-‘human’ boundaries and in the venture capital model cannot replace expertise of venture capital institutes and venture capitalists’ capacity and experience.