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1、桂曙光创业企业融资时的估值探讨（GuiShuguangDiscussiononvaluationofventureenterprisefinancing）Manyentrepreneursknowhowmuchtheircompanywillearnandhowmuchtheywillearneachyear,butthereareseveralentrepreneurswhoknowwhattheircompanywillbeworthinthecapitalmarketItshouldn'tbetoomuc
2、h!Inthecompany'soperation,thisisnotreallyabigproblem,butinthefaceofthecapitalmarket,theproblemwillbeconfusedentrepreneurs.Eachcompanyhasitsownvalue,andvaluation(Valuation)isthejudgmentofthecapitalmarketparticipantonthevalueofacompanyataparticularstage.Theval
3、uationofnon-listedcompany,especiallystart-ups,isauniqueandchallengingjob,anditsprocessesandmethodsareusuallyacombinationofscienceandflexibility.Companiesintheequityfinancing(EquityFinancing)ormergersandacquisitions(Merger&Acquisition,M&A)andothercapitalopera
4、tion,investmentontheonehandtobeinterestedinthebusinessofthecompany,thescalefactors,developmenttrend,financialcondition,ontheotherhand,alsorecognizedthecompanytotransfertoequityvaluation.Thisisthesameaswhatwebuyinthemarket.Wearesatisfiedwiththequalityandfunct
5、ionoftheproductandaccepttheprice.CorporatevaluationmethodologyTherearesomequantitativemethodsforvaluation,butsomequalitativefactorsshouldbetakenintoconsiderationduringtheoperation.Thetraditionalfinancialanalysisprovidesonlythevaluationreferenceandthepossible
6、rangeofthevaluationofthecompany.Accordingtothemarketandthecompany'ssituation,arewidelyusedinthefollowingvaluationmethods:1.comparablecompanylawFirst,tochoosethesameindustryandnon-listedcompanycomparableorreferencetothelistedcompany,withthepriceofsimilarcompa
7、niesandfinancialdata,calculatethemainfinancialratios,andthenusetheseratiosasthemarketpricemultipliertoinferthevalueoftheTargetCorp,suchasP/E(priceearningsratio,price/earnings),P/S(price/sales).Atpresent,theP/Emethodisacommonmethodofvaluationinthedomesticvent
8、urecapital(VC)market.Generallyspeaking,therearetwokindsofearningsinlistedcompanies:Historicalpriceearningsratio(TrailingP/E)-thecurrentmarketvalue/earningsofthepreviousfinancialyear(ortheprofits
