The Research On Enterprise Value Assessment Based On Venture Capital

Capital is one of the important factors restricting the development of enterprises,and venture capital is an important financing method for startups.The emergence of venture capital has broken the limits of traditional financing methods.Venture capital is of great significance to the promotion of enterprise innovation.And venture capital institutions are different from traditional financial institutions.They not only provide capital for enterprises,but also acquire shares and participate in the operation and management of enterprises as shareholders.Normally,enterprises need to go through several rounds of venture capital before they are qualified for the public offering.Each round of investment needs to be fully understood by the invested enterprise to make the next decision about whether or not to continue the investment.Value assessment is an essential part of the process.The results of evaluation will affect the investment decisions of venture capital institutions to a large degree.At the same time,due to different life cycle of different enterprises,the value structure,risk of enterprises and other factors are different,thus different value evaluation models need to be adopted.This article plans to analyze several main evaluation models of venture capital in the market to find suitable models for each of venture capital and form an evaluation system of different stages of venture capital,with the purpose of improving the value assessment process of venture capital and the decision-making efficiency of venture capital enterprises.At the same time,some existing value evaluation models will be optimized and improved to improve the accuracy and objectivity of the valuation results.This paper mainly studies the enterprise value evaluation model based on the quantitative analysis.The main structure is as follows:Firstly,the paper analyzes the characteristics of venture capital in its different stages.Then introduces theory of cash flow discount model,economic value added model,replacement cost method,market comparison approach and real option model,followed by comparisons of the advantages,disadvantages and applicability of each value evaluation model through comprehensive analysis to select suitable value evaluation model for each stage.Secondly is the optimization research of enterprise value evaluation model.The beta coefficient of the discounted cash flow model in the valuation of unlisted companies is revised on the basis of the Financial leverage,operating leverage,growth and scale of comparable companies.In addition,combined with the current situations of dividend payment and researches on price volatility of historical stock in comparable companies,a Black-Scholes model based on the GARCH-EWMA method was established.At the same time,based on this method,the binomial option pricing model can also be optimized theoretically.The next process is to use the value evaluation model of venture capital to analyze actual case,and the optimized model of discounted cash flow and Black-Scholes model has also been applied,and finally,there are some suggestions according to the research,followed by the summary the shortcomings of this paper and the further research directions.