The Venture Valuation Method And Case Study Based On The Value Driven Factors

The thesis studies how the asset structure of new business venture effects its valuecreation process at first, and then indicates that the intellectual assets which consistsof the human capitals and intellectual properties are the principal value driven factors. Based on the assest portfolio study, the thesis indicates that the venture valuationmethods have relation to the assets maturity and cooperation characters, andintroduces the main valuation methods' application process, model selection andparameter adjustment. The discussion focus on two parts: the parameter selection and adjustment in thecash flow method, and the Black-Scholes model in the real option method. Specially,the investment opportulity option, patent option and employee option are discussed indetail. The case study on Ctrip.com, a leading travelling e-commercial business venture inChina, analyses its assets portfolio's effection on the value creation, and compares thevaluation results with the market value within the grow-up period. All the worksvalidate the relation of the value driven factors with the valuation methods.