国际私募股权和风险投资估值指引

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ᴀԄؐᣛᓩ⬅೑䰙谷ࢳ㙵ᴗ੠亢䰽ᡩ䌘Ԅؐ⧚џӮ2ࠊᅮˈᑊ㦋ᕫҹϟ೑䰙 VC/PE 㸠Ϯ㒘㒛 ⱘ䅸ৃ˖
x x x x x x x x x x x x x x x x x x x x x x x x
AFIC - ⊩೑亢䰽ᡩ䌘णӮ AIFI - ᛣ໻߽谷ࢳ㙵ᴗᡩ䌘Ϣ亢䰽ᡩ䌘णӮ AMEXCAP - ๼㽓હ谷ࢳ㙵ᴗᡩ䌘Ϣ亢䰽ᡩ䌘णӮ AMIC - ᨽ⋯હ亢䰽ᡩ䌘णӮ APCRI - 㨵㧘⠭谷ࢳ㙵ᴗᡩ䌘Ϣ亢䰽ᡩ䌘णӮ APEA - 䰓ᢝԃ谷ࢳ㙵ᴗᡩ䌘णӮ ASCRI - 㽓⧁⠭谷ࢳ㙵ᴗᡩ䌘Ϣ亢䰽ᡩ䌘णӮ ATIC - さሐᮃ亢䰽ᡩ䌘णӮ AVCA - 䴲⌆亢䰽ᡩ䌘णӮ AVCAL - ▇໻߽Ѯ谷ࢳ㙵ᴗᡩ䌘Ϣ亢䰽ᡩ䌘णӮ AVCO - ༹ഄ߽谷ࢳ㙵ᴗᡩ䌘Ϣ亢䰽ᡩ䌘ᴎᵘ BVA - ↨߽ᯊ亢䰽ᡩ䌘Ϣ谷ࢳ㙵ᴗᡩ䌘णӮ BVCA - 㣅೑亢䰽ᡩ䌘णӮ BVK - ᖋ೑谷ࢳ㙵ᴗᡩ䌘Ϣ亢䰽ᡩ䌘णӮ CVCA - ࡴᣓ໻亢䰽ᡩ䌘Ϣ谷ࢳ㙵ᴗᡩ䌘णӮ CVCA - Ёढ㙵ᴗᡩ䌘णӮ CVCA - ᥋‫ܟ‬亢䰽ᡩ䌘Ϣ谷ࢳ㙵ᴗᡩ䌘णӮ DVCA - Ѝ呺亢䰽ᡩ䌘णӮ EMPEA - ᮄ݈Ꮦഎ谷ࢳ㙵ᴗᡩ䌘णӮ EVCA - ⃻⌆谷ࢳ㙵ᴗᡩ䌘Ϣ亢䰽ᡩ䌘णӮ FVCA - 㢀݄亢䰽ᡩ䌘णӮ GVCA - ⍋⑒亢䰽ᡩ䌘णӮ HKVCA - 佭␃亢䰽ᡩ䌘णӮ HVCA - ࣜ⠭߽亢䰽ᡩ䌘Ϣ谷ࢳ㙵ᴗᡩ䌘णӮ
‫ޝڳ‬ഒ੿‫ڂ‬௣ۤ‫פ‬ຢ෇ᆇ‫ٹ‬ᄔᄗ࿤
೑䰙谷ࢳ㙵ᴗ੠亢䰽ᡩ䌘Ԅؐ⧚џӮ
2010 ᑈ⠜
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ᴀᣛᓩ⬅Ёढ㙵ᴗᡩ䌘णӮᣝ✻ 2010 ᑈ᳈ᮄ⠜ᴀ㗏䆥ࠊ԰ˈབᙼᇍᴀᣛᓩঞ‫׵‬ᇐЁ೑ VC/PE 㸠ϮԄ᳔ؐ Շᅲ䏉ᮍ䴶᳝ӏԩᓎ䆂Ϣᛣ㾕ˈ䇋Ϣ៥Ӏ㘨㋏Ǆ䆹Ё᭛⠜ᴀҙկখ㗗ˈབ᳝ϡৠ℻Нˈ䇋ҹ㣅᭛⠜Ў‫ޚ‬Ǆ
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AFIC, BVCA ੠ EVCA Ѣ 2005 ᑈ៤ゟ೑䰙谷ࢳ㙵ᴗ੠亢䰽ᡩ䌘Ԅؐ⧚џӮˈ㒘㒛ࠊᅮ೑䰙谷ࢳ㙵ᴗ੠亢䰽ᡩ䌘Ԅؐᣛᓩˈᑊ৥䅸ৃ䆹ᣛᓩⱘ೑䰙 VC/PE 㸠Ϯ㒘㒛∛᡹Ⳍ݇ⱘᎹ԰䖯ሩǄ᳝݇䆹Ԅؐᣛᓩⱘ᳔ᮄࡼ ᗕ䇋ⱏ䰚 http://www.privateequityvaluation.com/
1.3. ᠷ䰸᳈催ㄝ㑻ⱘᡩ䌘Ꮉ‫˄݋‬Deducting Higher Ranking Instruments˅ ................19 1.4. 䖛ḹ㵡䌘˄Bridge Financing˅ ...............................................................................20 1.5. །ሖ䌋ℒ˄Mezzanine Loans˅ ..............................................................................20 1.6. ㌃鳥䌋ℒ߽ᙃ˄Rolled up Loan Interest˅ .............................................................20 1.7. খ㗗ߎӋ˄Indicative Offers˅................................................................................21 1.8. 䞡㒘ⱘᕅડ˄Impacts from Structuring˅ ..............................................................21
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ILPA – ᴎᵘ᳝䰤ড়ӭҎणӮ IVCA - ⠅ᇨ݄亢䰽ᡩ䌘णӮ LAVCA - ᢝϕ㕢⌆亢䰽ᡩ䌘णӮ LPEQ - ϞᏖ谷ࢳ㙵ᴗᡩ䌘 LVCA - ᢝ㜅㓈Ѯ亢䰽ᡩ䌘णӮ NVCA - ᣾࿕亢䰽ᡩ䌘Ϣ谷ࢳ㙵ᴗᡩ䌘णӮ NVP - 㥋݄谷ࢳ㙵ᴗᡩ䌘Ϣ亢䰽ᡩ䌘णӮ NZVCA - ᮄ㽓݄谷ࢳ㙵ᴗᡩ䌘Ϣ亢䰽ᡩ䌘णӮ PPEA -⊶݄谷ࢳ㙵ᴗᡩ䌘णӮ Réseau Capital - 儕࣫‫ܟ‬亢䰽ᡩ䌘Ϣ谷ࢳ㙵ᴗᡩ䌘णӮ RVCA - ֘㔫ᮃ谷ࢳ㙵ᴗᡩ䌘Ϣ亢䰽ᡩຫໍສະໝຸດ BaiduणӮ SAVCA - फ䴲亢䰽ᡩ䌘Ϣ谷ࢳ㙵ᴗᡩ䌘णӮ SECA - ⨲຿谷ࢳ㙵ᴗᡩ䌘Ϣ㵡䌘णӮ SLOVCA - ᮃ⋯Ӥ‫ܟ‬亢䰽ᡩ䌘णӮ SVCA - ᮄࡴവ亢䰽ᡩ䌘Ϣ谷ࢳ㙵ᴗᡩ䌘णӮ SVCA - ⨲‫ࢳ谷݌‬㙵ᴗᡩ䌘Ϣ亢䰽ᡩ䌘णӮ
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ࠡ㿔 ....................................................................................................................................................1 ㅔҟ ....................................................................................................................................................2 ᅮН ....................................................................................................................................................3 ㄀ϔ䚼ߚ˖⹂ᅮ݀‫ܕ‬Ӌؐ.................................................................................................................5 1. ݀‫ܕ‬Ӌؐⱘὖᗉ....................................................................................................................5 2.Ԅؐⱘॳ߭ .............................................................................................................................5 3.Ԅؐᮍ⊩ .................................................................................................................................7 3.1. ᘏ߭ ............................................................................................................................7 3.2. 䗝ᢽড়䗖ⱘᮍ⊩.........................................................................................................7 3.3. 䖥ᳳᡩ䌘ӋḐ.............................................................................................................9 3.4. Ь᭄⊩˄Multiples˅ ...............................................................................................11 3.5. ‫ޔ‬䌘ѻ˄Net Assets˅ ..............................................................................................14 3.6. ˄ᷛⱘӕϮⱘ˅⦄䞥⌕៪Ⲝ߽ᡬ⦄˄Discounted Cash Flows or Earnings (of the Underlying Business)˅ ....................................................................................................14 3.7. ˄ᡩ䌘ⱘ˅⦄䞥⌕ᡬ⦄˄Discounted Cash Flows (from the Investment)˅ .........15 3.8. 㸠ϮԄؐ෎‫˄ޚ‬Industry Valuation Benchmarks˅ ................................................15 3.9. ᳝ᬜᏖഎӋḐ˄Available Market Prices˅ ............................................................16 4. ෎䞥ᴗⲞԄؐ......................................................................................................................17 4.1. ᘏ߭ ..........................................................................................................................17 4.2. ᇍ‫ޔ‬䌘ѻؐⱘ䇗ᭈ...................................................................................................17 4.3. Ѡ㑻ᏖഎѸᯧ...........................................................................................................18 ㄀Ѡ䚼ߚ˖ᑨ⫼ᣛᓩ.......................................................................................................................19 ᓩ㿔 ..........................................................................................................................................19 1. ⡍߿㗗㰥 .............................................................................................................................19 1.1. ‫ݙ‬䚼㵡䌘䕂⃵˄Insider Funding Rounds˅ ............................................................19 1.2. 䯂乬Ꮦഎ˄Distressed Market˅..............................................................................19