Матрица выбора метода оценки стоимости портфельной компании на венчурных стадиях развития
Аннотация
Предмет. Оценка стоимости компаний-реципиентов венчурных инвестиций является неотъемлемой частью процесса получения финансирования. Корректное определение стоимости портфельной компании позволяет рассчитать долю в собственном капитале компании, которая будет получена венчурным фондом в обмен на инвестиции. В данной статье будут исследованы наиболее релевантные методы оценки стоимости компаний-реципиентов на венчурных стадиях развития.
Цель статьи заключается в разработке матрицы выбора метода оценки стоимости портфельной компании на венчурных стадиях развития с учетом национальной специфики.
Метод. Для достижения поставленной цели применялась следующая совокупность научных методов и приемов: классификация, индукция и дедукция, критический и логический анализ, обобщение, структуризация.
Результаты. Систематизированы и описаны операционные результаты, которые достигают компании-реципиенты венчурных инвестиций на инвестиционных стадиях развития, обобщены финансовые детерминанты. На основании обобщения финансовых и операционных результатов компаний-реципиентов венчурных инвестиций определены финансовые детерминанты, на которых основываются методы оценки стоимости портфельной компании. Было установлено, что нет идеального метода оценки недавно созданных инновационных компаний, разрабатывающих уникальную продукцию или услуги, для которых не сформирован рынок. В результате проведенного исследования разработана матрица выбора метода оценки стоимости портфельной компании. В отличии от существующих способов предложенная матрица представляет системный подход, который позволяет выбрать методы оценки в зависимости от инвестиционной стадии развития, на которой находится компания-реципиент инвестиций.
Metrics
Литература
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