| In recent years,Private Equity investment(PE)has shown a booming trend in China.The capital raising scale,the number of investment cases and the amount of investment have repeatedly reached new highs.At present,China's PE market has become one of the most active Equity investment markets in the world.As a favorable channel for financial services to the real economy,PE is not only an important source of funds to solve the problem of industrial restructuring in the traditional economic field,but also a powerful driving force for the sustained growth of new economic entities such as small and medium-sized enterprises.In the current context of deepening supply-side reform in China and shifting from element-driven to innovation-driven economic growth,PE will play an increasingly important role.At the same time,with the implementation of science and innovation board and registration system,the exit channels of PE are more diversified,which promotes the PE market to develop and grow continuously.In the face of a new period of development opportunities,PE also has some constraints on its stable and long-term key issues,one of which is the valuation of PE.PE secondary market,as an important place to provide liquidity for the primary market,is a strong support for PE to maintain capital liquidity and promote the sustainable and healthy development of PE.However,the secondary market of PE has been developing more slowly than the primary market for many years.The reason lies in the difficulty in the valuation of PE.At the same time,the reasonable valuation of PE is not only an important reference for investors to make investment decisions,but also a key indicator for investors to evaluate PE managers,which has a direct impact on the private equity capital raising.Therefore,the valuation of PE is related to its raising,investment,management,retreat of it's before and after the two ends.At the stage when PE is playing an important role in the economic development of China,it is necessary to study the valuation of PE,which is of practical significance to maintain the sustainable and healthy development of PE.After reviewing the research status of PE at home and abroad,this paper finds that the academic circle pays more attention to the valuation of enterprises invested by PE,and less attention is paid to the valuation of PE itself.Based on this,this paper takes private equity investment enterprise-jiuding investment-as an example to try to study the valuation of the PE industry.Firstly,this paper elaborates on PE from the perspectives of concept,operation mode and operationprocess,and summarizes the development status of PE in China.Secondly,in order to comprehensively measure the applicability of different valuation methods to PE valuation,this paper introduces the relative valuation method,absolute valuation method,option pricing method,asset valuation method and adaptability of various methods in traditional enterprise valuation theory.Finally,Jiuding Investment is used as a practice target for private equity valuation,using the relative valuation method and absolute valuation method to evaluate Jiuding Investment,analyzing and comparing the valuation results under various methods?Then,based on the private equity industry market and the situation and PE characteristics,we analyze the shortcomings of the traditional valuation method.Further,Jiuding Investment is taken as an example to propose a new valuation framework suitable for the private equity industry.This paper aims to study the valuation problems in the development process of PE.By combing the theories of enterprise valuation and combining with specific cases,it examines the possibility of using the traditional valuation method for PE valuation and discusses the new PE valuation framework,so as to make a beneficial contribution to the sustainable development of private equity. |
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