摘要
企业估值是股权融资的核心内容,合理的估值有助于减缓投融资双方的矛盾冲突,助推企业实现跨越式发展.基于传统的市净率估值方法,构建了成长型企业采取股权融资进行市场开拓的估值模型,探讨投融资双方博弈下的企业最优估值及其影响因素.文章的估值模型为市净率估值法建立了博弈理论基础,指出企业的＂最低估值＂并非投资者的＂最优估值＂,发现了缓和投融资双方矛盾冲突的合作共赢空间.最优市净率估值能对高成长性、轻资产或高行业市净率的企业管理者形成激励,助推企业快速成长而提高投资者的投资回报.
Firm valuation is the core of equity financing, and a reasonable valuation helps to reduce the conflict between equity investors and entrepreneurs. Based on the traditional P/B method and the game theory, present study constructs a valuation model for the growth enterprises which employs equity financing to explore the market. Our valuation model establishes the foundation of game theory for traditional P/B method, and finds a win-win cooperation space to ease the conflict. Results indicate that the lowest valuation of the enterprise is not always the optimal valuation for the equity investors, and the optimal one is conductive to the market exploration in enterprises with high growth, asset-light or high industry market-to-book ratio,which boosts the rapid growth of enterprises and increases the return of investors.
作者
于辉
王宇
YU Hui;WANG Yu(School of Economics and Business Administration, Chongqing University, Chongqing 40003)
出处
《系统科学与数学》
CSCD
北大核心
2018年第3期318-333,共16页
Journal of Systems Science and Mathematical Sciences
基金
国家自然科学基金(71571024)
教育部人文社会科学研究规划基金(15YJA630058,14YJA630087)资助课题
关键词
股权融资
企业估值
博弈理论
成长型企业
Equity financing, firm valuation, game theory, growth enterprise.
