網際網路新創公司的價值評估與脫手策略

Abstract

This thesis work examines possible exit strategies for new technology and Internet firms in its start-up phase, and how new technology and firms in the Internet industry will be valued at the prospect of an exit. The outline of the report is to analyze value potential and exit strategies linked to the value relevance of firm’s with no earnings, no history, and no comparables. Six exit strategies are identified, all will different significance for start-ups, and two main paradigms in valuing Internet start-ups are identified and discussed. The report is made together with the Department of the Management of Technology at National Chiao Tung University, Taiwan, and the Department of Management and Economics of Innovation (MEI), and Chalmers School of Entrepreneurship (CSE), both at Chalmers University of Technology, Sweden.

The work is aimed to give answer to three main questions:

1.“What can a start-up firm do in order to become valuable, in terms of attractive investment object?” and “What operations are value related from the approach of an investing or purchasing firm?”

2.In which way, and how, will MindValue, the specific new technology firm, be valued

3.Which companies are potential buyers for MindValue, the specific new technology firm (who are the players)?

The work has been accomplished through literature studies, market data analysis, and specialist interviews. The study found two paradigms in valuing Internet firms that differentiates from each other, a traditional view in valuing firms, and a view based on non-financial data. The study identified a number of value drivers for Internet firms that are used for both valuation paradigms, and finally the report identified the most likely exit for an Internet start-up.

This thesis work examines possible exit strategies for new technology and Internet firms in its start-up phase, and how new technology and firms in the Internet industry will be valued at the prospect of an exit. The outline of the report is to analyze value potential and exit strategies linked to the value relevance of firm’s with no earnings, no history, and no comparables. Six exit strategies are identified, all will different significance for start-ups, and two main paradigms in valuing Internet start-ups are identified and discussed. The report is made together with the Department of the Management of Technology at National Chiao Tung University, Taiwan, and the Department of Management and Economics of Innovation (MEI), and Chalmers School of Entrepreneurship (CSE), both at Chalmers University of Technology, Sweden.

The work is aimed to give answer to three main questions:

1.“What can a start-up firm do in order to become valuable, in terms of attractive investment object?” and “What operations are value related from the approach of an investing or purchasing firm?”

2.In which way, and how, will MindValue, the specific new technology firm, be valued

3.Which companies are potential buyers for MindValue, the specific new technology firm (who are the players)?

The work has been accomplished through literature studies, market data analysis, and specialist interviews. The study found two paradigms in valuing Internet firms that differentiates from each other, a traditional view in valuing firms, and a view based on non-financial data. The study identified a number of value drivers for Internet firms that are used for both valuation paradigms, and finally the report identified the most likely exit for an Internet start-up.