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研究生:陸俊杰
研究生(外文):Jun-Jie Lu
論文名稱:風險資本下科技企業估值之個案研究
論文名稱(外文):A Case Study on Venture-backed Technology Firms Valuation
指導教授:蔡彥卿蔡彥卿引用關係
口試委員:李淑華楊孟萍
口試日期:2015-07-07
學位類別:碩士
校院名稱:國立臺灣大學
系所名稱:會計學研究所
學門:商業及管理學門
學類:會計學類
論文種類:學術論文
論文出版年:2015
畢業學年度:103
語文別:中文
論文頁數:43
中文關鍵詞:風險投資科技企業估值實物期權無形資產
外文關鍵詞:Venture CapitalTechnology firmValuationReal optionIntangible asset
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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.


口試委員會審定書……………………………………………………… i
謝辭……………………………………………………………………… ii
圖目錄…………………………………………………………………… iii
表目錄…………………………………………………………………… iv
中文摘要………………………………………………………………… v
英文摘要………………………………………………………………… vi
第1章 緒論……………………………………………………………… 1
1.1 研究背景…………………………………………………………… 1
1.2 研究問題提出與意義……………………………………………… 3
1.3 研究整體架構……………………………………………………… 4
第2章 風險投資、科技企業與估值意義概述………………………… 5
2.1 風險投資概念與特點……………………………………………… 5
2.2 科技企業的定義與產業特點……………………………………… 8
2.3 風險投資下科技企業估值的意義………………………………… 9
第3章 風險投資下企業估值方法……………………………………… 13
3.1 傳統估值方法與應用局限………………………………………… 13
3.1.1 成本法:歷史視角……………………………………………… 13
3.1.2 市場比較法:當前視角………………………………………… 13
3.1.3 收益法:未來視角……………………………………………… 14
3.1.4 傳統估值方法在新創科技企業的估值局限…………………… 15
3.2 實物期權估值理論方法…………………………………………… 16
3.2.1 實物期權模型…………………………………………………… 16
3.2.2 實物期權估值理論方法改良…………………………………… 17
3.3 科技企業的無形資產估值探索…………………………………… 21
3.3.1 人的估值………………………………………………………… 21
3.3.2 協同價值的估值………………………………………………… 23
3.4 風險投資估值模型建立…………………………………………… 24
第4章 風險資本下科技企業估值個案研究…………………………… 27
4.1 個案背景…………………………………………………………… 27
4.1.1 行業基本概念與背景…………………………………………… 27
4.1.2 企業與風險投資個案背景……………………………………… 28
4.2 3DMF企業估值……………………………………………………… 30
4.2.1 現有業務估值…………………………………………………… 30
4.2.2 增長機會的實物期權估值……………………………………… 31
4.2.3 無形資產的估值探索…………………………………………… 33
4.3 個案估值結果……………………………………………………… 35
第5章 結論與展望……………………………………………………… 36
參考文獻 ………………………………………………………………… 37
附錄 ……………………………………………………………………… 40
附錄1:3DMF現有業務所構成公司的β計算…………………………… 40
附錄2:NASDAQ市場收益率……………………………………………… 40
附錄3:現有業務估值計算……………………………………………… 42
附錄4:V0 計算………………………………………………………… 42
附錄5:實物期權價值計算……………………………………………… 43


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