KR教育公司是一家处于高速增长期的教育培训机构，主要业务为在线职业教育和 少儿STEAM教育两大板块。在国家贯彻产业升级和应试教育体制改革背景下，具有持 续的增长能力。由于公司业务发展的需要，计划调整公司战略，在扩大职业教育的市 场同时，逐步拓展少儿STEAM教育市常根据公司发展战略的调整，需要融资5000万 元，相应地，KR公司需要确认融资金额所占股份比例。本文选取合适的企业价值评估 方法对KR公司的内在价值进行评估，以此来确认融资金额所占股份比例，为融资交易 价格的谈判提供依据和参考。 结合KR公司所在行业特点以及自身业务模式，本文比较了在实践中常见的几种估 值方法，选择自由现金流折现模型对KR公司进行估值。为了有效的对KR公司的估值 参数进行预测，要对影响KR公司的内外部环境要素进行分析；然后运用两阶段自由现 金流折现模型对公司进行估值。 通过对影响KR公司的内外部环境分析，得出KR公司两大主营业务都处于行业蓝 海中，发展潜力较大。基于从产品、机制、渠道、产业链等方面提炼出KR公司的核心 竞争力，确定KR公司未来三年将保持高速的增长。在分析历史财务数据的基础上，本 文预测出KR公司增资后的财务比率:（1）高速增长期2019年至2021年期间，增资后 公司营业收入的增长率分别是75%、50%、25%，2022年之后将以4%的永续增长率保持 稳定增长。（2）增资后毛利率维持在45%、营业费用率保持在17%、管理费用率为9%、 营运资本占收入比例为23.66%。计算出KR公司股权价值为47,352万元，增资5000万 需要占公司股权的比例为10.56%。 通过单因素敏感性分析发现影响KR公司内在价值敏感因素为毛利率、营业费用率、 贝塔值。通过多因素敏感性分析得出KR公司的价值在23,988万元与49,153万元之间。 由于公司无金融负债，股权价值也在23,988万元与49,153万元之间，因此增资所占 股份比例的范围为10.17%-20.84%。 本文的研究能够估算出对KR教育公司增资后的内在价值，为KR教育公司融资谈 判工作提供参考依据。 关键词：教育公司；公司估值；现金流折现模型 II Abstract KR Education Company is a fast-growing education and training institution, mainly engaged in online vocational education and children's STEAM education. Under the state's policy of industrial upgrading and the reform of the state's education system, it has sustained capacity and room for growth. Due to the needs of the company's business development, adjust the company's strategy, while expanding the market for Vocational education, gradually expand the children's STEAM education market. As the adjustment of strategy needs to raise 50 million yuan, KR company needs to confirm the proportion of shares in the amount of financing. This paper chooses a suitable method of enterprise value evaluation to evaluate the intrinsic value of KR company, in order to confirm the proportion of shares in financing amount, and provide basis and reference for negotiation of financing transaction price. Combining the characteristics of KR company and its business model, this paper expounds the necessity of choosing the discounted free cash flow model through several common valuation methods in practice. On this basis, the two stage model is applied to give specific application steps to company value assessment. In order to predict the valuation parameters of KR company effectively, the internal and external environment that affects KR company will be analyzed. Through the analysis of the internal and external environment of KR online education company, it is concluded that the two main businesses of KR are in the blue ocean of the industry and have great development potential. Based on the core competitiveness of KR from the aspects of products, mechanisms, channels and industrial chains, it is determined that KR will maintain rapid growth in the next three years. Based on the analysis of historical financial data, this paper predicts the financial ratio of KR's capital increase:(1) High-speed growth period During the period from 2019 to 2021, the growth rate of the company's operating income after capital increase is 75%, 50%, 25%, and will continue to grow steadily with a sustained growth rate of 4% after 2022. (2) After the capital increase, the gross profit margin will remain at 45%, the operating expense ratio will remain at 17%, the management expense ratio will be 9%, and the working capital will account for 23.66%. It is calculated that the equity value of KR company is 473.52 million yuan, and the proportion of capital increase of 50 million needs to be 10.56%. Through single factor sensitivity analysis, it is found that gross interest rate, operating expense rate and beta value are the sensitive factors affecting the intrinsic value of KR company. Through multi-factor sensitivity analysis, the value of KR company is between III 239.88 million yuan and 491.53 million yuan. As the company has no financial liabilities, the equity value is between 239.88 million yuan and 491.53 million yuan. The proportion of shares increased by capital is 10.17%-20.84%. This study can estimate the intrinsic value of KR education company after capital increase, and provide reference for financing negotiation of KR education company. Key words: education company; company valuation; cash flow discount model IV 目 录 摘要 ........................................................................................................................................... I Abstract .................................................................................................................................... II 图清单 ...................................................................................................................................... VI 表清单 .................................................................................................................................... VII 第一章 绪 论 .............................................................................................................................. 1 1.1 研究背景和意义 .............................................................................................................. 1 1.2文献综述 ........................................................................................................................... 2 1.2.1 在线职业教育现状 .................................................................................................... 2 1.2.2 STEAM教育现状...................................................................................................... 4 1.2.3 企业内在价值评估 .................................................................................................... 5 1.3 研究方法和内容 .............................................................................................................. 7 第二章 估值方法选择 ............................................................................................................... 9 2.1 KR教育公司的特点及业务分析 .................................................................................... 9 2.1.1 教育培训行业特点 .................................................................................................... 9 2.1.2 KR教育公司特点.................................................................................................... 11 2.1.3 KR教育公司业务分析............................................................................................ 12 2.2 增资对公司股权评估的影响 ........................................................................................ 15 2.3 增资中股权价值评估的步骤 ........................................................................................ 15 2.4 KR公司价值评估模型的选择 ...................................................................................... 16 2.4.1 估值方法的比较分析 .............................................................................................. 16 2.4.2 自由现金流量模型估值步骤 .................................................................................. 18 2.5 本章小结 ........................................................................................................................ 20 第三章 KR教育公司的环境分析和财务分析 ...................................................................... 21 3.1 KR教育公司外部环境分析 ...............................................................