기업가와 투자자 간의 기업가치에 대한 deal 이론

소개글

기업가와 투자자 사이에서 벌어지는 기업가치(특히 벤쳐 중심)에 대한 Deal에 대한 이론을 정리한 PPT입니다.
New Venture Creation(ninth edition)의 15 chapter의 내용을 중심으로 발표용으로 정리하였습니다.

목차

1. The Art and Craft of Valuation
2. What Is a Company Worth?
3. The Theory of Company Pricing
4. The Reality
5. Valuation Methods
6. The Pits Facing Entrepreneurs
7. Structuring the Deal
8. Sand Traps
9. Summary

본문내용

1) Determinants of Value
√ Private company’s value → Determined by its risk in relationship to the potential return
√ Risk factors
√ Revenue
√ Expense
√ Earnings performance
√ Cash flow
√ Amount of capital on the balance sheet
√ Quality of customers
√ Revenue growth rate
√ etc.

2) Theoretical Perspective
- Establishing Boundaries and Ranges Rather than Calculating Numbers
• Most important valuation : The price at which investors are willing to invest
• Approximations can be made by publicly traded equivalents by industry.

참고 자료

New Venture Creation (ninth edition), Stephen Spinelli,Jr & Robert Adams,