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	<title>创业投资与创业融资 &#187; PE RATIO</title>
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	<description>VC, 创业, 风险投资 -- 文章汇总</description>
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		<title>怎样获得VC的投资 5 —— 给自己的企业作价</title>
		<link>http://www.vc-investment.net/blog/%e6%80%8e%e6%a0%b7%e8%8e%b7%e5%be%97vc%e7%9a%84%e6%8a%95%e8%b5%84-5-%e2%80%94%e2%80%94-%e7%bb%99%e8%87%aa%e5%b7%b1%e7%9a%84%e4%bc%81%e4%b8%9a%e4%bd%9c%e4%bb%b7/</link>
		<comments>http://www.vc-investment.net/blog/%e6%80%8e%e6%a0%b7%e8%8e%b7%e5%be%97vc%e7%9a%84%e6%8a%95%e8%b5%84-5-%e2%80%94%e2%80%94-%e7%bb%99%e8%87%aa%e5%b7%b1%e7%9a%84%e4%bc%81%e4%b8%9a%e4%bd%9c%e4%bb%b7/#comments</comments>
		<pubDate>Sat, 26 Dec 2009 07:37:13 +0000</pubDate>
		<dc:creator>tutubishop</dc:creator>
				<category><![CDATA[创业融资]]></category>
		<category><![CDATA[ASSET]]></category>
		<category><![CDATA[p/e]]></category>
		<category><![CDATA[PE RATIO]]></category>
		<category><![CDATA[VALUATION]]></category>
		<category><![CDATA[VALUE]]></category>
		<category><![CDATA[价值]]></category>
		<category><![CDATA[估价]]></category>
		<category><![CDATA[资产]]></category>

		<guid isPermaLink="false">http://www.vc-investment.net/blog/?p=30</guid>
		<description><![CDATA[创业融资的关键一步就是对创业企业进行价值评估，即为融投资的双方提供讨价还价的依据。 什么是企业的价值 对于投资者来说，企业的价值在于企业能为投资者带来的投资回报。这种回报可能是企业的现金分红，可能是企业股权的转售价值，也可能是该企业为投资者拥有的其他企业带来的协同效应。 企业的价值有好几种意义： * 企业的内在价值是未来净现金流量的净现值； * 企业的市场价值是内在价值加上购买者愿意支付的溢价； * 成交价是双方愿买愿卖的价格； * 协同价值是由交易（或协议）带来的成本节省、销售额增加和效率的提高。 从资产评估的角度来看，企业的价值包括以下几个方面： * 有形资产的收益价值 * 可确指无形资产价值 * 商誉的价值 * 有形资产的清偿变现价值 * 有形资产的重置成本价值 * 企业有形资产的残值 融资过程中的无形资产作价 企业的资产可以分为有形资产和无形资产，其中无形资产包括知识产权、权力和影响力、员工经验的积累、商标和商誉等可以实现经济收益的资产。无形资产可能会随法定所有期的过期、社会技术进步、经济和政策环境变化等因素而贬值。由于无形资产往往是依附于有形资产的，通常不能把无形资产单独拿出来进行交易（专利权和商标使用权是例外），所以在创业融资作价时一般并不单独计算无形资产的价值，而是在考虑企业获利能力时一并计算。 企业作价的依据 很多融资企业都盲目地认定自己的企业（技术）值很多钱，对此你必须能够讲出作价的依据来。企业作价的依据是企业的历史业绩、预期盈利能力和其它一些因素。 * 企业历史业绩 企业价值计算需要参考企业的历史业绩（历史数据的年数越多越好）： * 资产负债表 * 损益表 * 现金流量表 * 类似产权交易的参考数字 * 将来的盈利能力 在创业融资中投融资双方更看重的是创业企业将来的盈利能力，为此要预测企业的销售额和盈利情况，并进行一些财务敏感性分析。 * 影响作价的其他因素 公司价值与成交价格并不是一回事，成交价格的达成往往受双方谈判筹码等其他许多因素的影响。除了历史业绩和盈利预测，影响股权作价的其他因素还可能有： * 双方各自的筹码，如创业企业对资金的需求量和需求迫切程度； * 该项目是否符合投资者的总体战略部署； * 企业所处的行业的热门程度； * 管理层的能力和企业的当前经营状态； * [...]<table class="wumii-related-items" cellspacing="0" cellpadding="2" border="0" width="100%" style="clear: both;">
    
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