摘要
随着我国风险投资(VC)、私募股权投资(PE)及创业投资的迅速发展,据统计,创业板上
市的347家企业中,有200多家有风险投资机构或私募股权投资机构背景,创业投资推动着高科技
产业迅速发展,继而从全国出现了以政府为主导的地方引导基金,主要目的是推动当地高科技产
业的发展。在此背景下,2008年底银川市政府批准成立银川铸龙投资有限公司,作为银川市政府
扶持中心企业的投资平台,作为宁夏风险投资领域的先行者,铸龙公司对本地的塞尚乳业、嘉农
环保及舟舰钣焊等企业实施了股权投资业务,并与国内著名的投资机构合作成立了两支总规模6
亿元的投资基金。股权投资作为铸龙公司的核心业务,对公司的意义重大,前期由于公司接触该
项业务较短,未建立有效的公司估值模型,导致错失投资机会。对投资机构来说,企业整体被视
为一件商品,而公司估值解决的是正确认识该商品价值的问题,对包括的各种资产以及公司作为
整体创造的价值做出恰如其分的估价,不高估也不低估其价值。而目前的估值管理现状对公司未
来发展极为不利,建立公司估值模型是公司目前的当务之急,本文拟通过借鉴资本资产定价模型、
自由现金流贴现法、比较价值法及重置成本法等估值理论、方法思想帮助公司建立系统性的估值
模型。通过帮助公司建立公司系统性的估值模型,在公司对目标企业实施股权投资的过程中,对
目标企业进行合理的估值,有助子公司降低投资风险,增加公司的投资收益,同时也使目标企业
了解自身企业的价值,使双方合作更加公允,更有效的利用股权融资,促进目标企业的迅速发展,
促进目标企业向上市方向努力,也使祷龙公司快速提高影响力,实现公司的跨越式发展。

关键词:投资,估值,模型,研究
摘要
Abstract
Along with our country the rapid development of the VC,PE,according to statistics, 347
companies listed on the GEM,there are more than 200 have a background risk investment institutions
or private equity investment institutions. Venture capital promotes the rapid development of high-tech
industries, which appeared from the national government as the leading local guide fund, the main
purpose is to promote the development of local high-tech industry. Under this background, the end of
2008 yinchuan municipal government approved the establishment of ZLVC,as the yinchuan
government support center enterprise investment platform As a pioneer in the field of venture capital in
ningxia, ZLVC invest many local enterprises, such as SAISHANG MILK, JIANONG EP,ZHOUJIAN
and so on.Then ZLVC joint domestic well-known venture capital institutions to set up two funds, totals
600 million yuan. Equity investment as the core business of ZLVC, is great significance to the company,
Because of contacting the business earlier time is short, the company did not establish an effective
corporate valuation-model,this state leads to missed opportunities. For investment institutions,
enterprises is regarded as a commodity, and the company value solve a problem that how to understand
the value correctly, including all kinds of assets and the value of the company as a whole to create to
make appropriate valuation.In this process,don&39;t overestimate and don&39;t underestimate their value. And
the current situation is not useful for The development of the company, so the establishment of valuation
model is the top priority. This paper will help company to set up a new systematic valuation model by
the ideas of the CAPM,FCFF, comparative method and replacement cost value method. In the
invest-process, it will judge the valuation of target enterprise correctly,help the company reduce the
investment-risk, increase the company&39;s investment income, at the meantime making them understand
their enterprise value, make the cooperation more fair, use equity financing more efficiently,and
promote the rapid development , promote it to list on the market.The cooperation is also rapidly
improve the ZLVC influence and realized leapfrog development of the company.
Key words: Investment,Valuation, Model, Research