| Private equity project evaluation refers to the comprehensive evaluation of the proposed investment project by private equity institutions after private equity funds obtain project information.Current domestic private equity investment is in the accelerated development stage,the theoretical circle of private equity project evaluation index system of research stay in the top design,build and rarely to the practice in the private equity institutions to the proposed investment project evaluation are analyzed.So this article in view of private equity institutions,the private equity project evaluation of X company as the breakthrough point,through the analysis of the private equity project evaluation,sum up experience,find the defects of the evaluation process,in order to improve the small and medium-sized enterprise private equity investment project evaluation methods and process.This research work is beneficial for private equity institutions to improve the standardization and rationality of project evaluation,improve the investment rate of private equity funds,and promote their sustainable development.Based on the evaluation of investment projects of X company as the research object,firstly introduces processes from private equity investment,private equity investment project evaluation criteria,the private equity project evaluation content three aspects introduced the basic principle of private equity investment,and the basic situation of X company was simple introduced.Then from the company's industry,the company fundamentals,the company's financial situation,company valuations four aspects in-depth analyses on X company project evaluation process,discovered the problems existing in the assessment process,and puts forward some Suggestions of perfecting private equity project evaluation.The main conclusions of this paper and the results are as follows:(1)through the industry situation of X company subordinate company fundamentals,the company's financial situation,company valuations four aspects carries on the project evaluation,established the preliminary investment intentions of the X company.In terms of the industry,the pig breeding industry has a great development prospect in the future,which is conducive to the large-scale expansion of X company and provides an opportunity to further expand its market share.Company fundamentals,X company in hunan province the first echelon in pig farming enterprises,and actively deploying,fujian association of foreign languages and the construction of pig farms,is expected to become within three years pig-breeding absolute leading enterprises of hunan province;Company financial aspect,X company assets and liabilities structure is reasonable,long-term liabilities index asset liability ratio,short-term debt index current ratio and quick ratio is normal,operation situation,the company due to high than pig accounted for 2016 affected by fluctuations in the price of live pigs,operating income and net profit have a certain degree of decline,in general,the growth of the X company,the future financial situation is expected to be improved;In terms of the company's valuation,the cash flow discount method was used to confirm the equity value of the company is 451 million yuan,with a value of 15.04 yuan per share.Based on the above assessment,the investment intention of X company was preliminarily established,and it was suggested that X company should be further investigated to make effective investment decisions.(2)there are also some problems in the project evaluation of X company:information asymmetry may exist due to the lack of authentic investigation in the fundamental and financial analysis of the company;There may be errors in the valuation of X company.The management and financial risks of X company were ignored.(3)in order to improve the evaluation of private equity projects,private equity institutions need to improve information collection channels,choose·valuation methods scientifically,and improve risk awareness. |
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