Vrednotenje startup podjetij z uporabo realnih opcij

delo diplomskega seminarja

Marina Sirk (Author), Matjaž Črnigoj (Mentor)

Abstract

Namen tega diplomskega dela je predstavitev različnih načinov vrednotenja startup podjetij in problemov, s katerimi se pri tem srečujemo. Takšna podjetja potrebujejo oceno, da lahko pridobijo investitorje, vendar jih je težko oceniti zaradi pomanjkanja podatkov, s katerimi bi si lahko pomagali. Lahko jih ocenimo po klasičnih metodah, vendar lahko te ne dajo prave vrednosti. To se zgodi zaradi visokega tveganja, ki ga je potrebno vključiti v oceno preko posameznih parametrov. Startup podjetja so dandanes v porastu, vendar jih večina ne preživi oziroma ne uspe, zato je tveganje propada visoko. Potem pa so tu še ostali dejavniki, ki otežujejo vrednotenje, kot so: napoved denarnih tokov na podlagi nič oziroma zelo malo preteklih podatkov poslovanja in določitev stroška kapitala. Alternativni pristop ocenjevanja zagonskih podjetij je ocenjevanje s pomočjo realnih opcij. Ključna prednost tega modela je, da vključuje vodstveno prilagodljivost in pomaga izbrati najboljše odločitve. Seveda ima tudi ta metoda nekaj pomanjkljivosti, recimo zapletene matematične strukture, model je preveč teoretičen, težko določimo vrednost osnovnega instrumenta in čas konca investicijske priložnosti. V nalogi je predstavljeno tudi ocenjevanje konkretnega startup podjetja, ki pokaže, da realne opcije res pozitivno vplivajo na vrednost podjetja.

Keywords

finančna matematika;vrednotenje;startup podjetje;realne opcije;model diskontiranih denarnih tokov;strošek kapitala;preostala vrednost;

Data

Language:	Slovenian
Year of publishing:	2018
Typology:	2.11 - Undergraduate Thesis
Organization:	UL EF - Faculty of Economics
Publisher:	[M. Sirk]
UDC:	519.8
COBISS:	18479193
Views:	902
Downloads:	320
Average score:	0 (0 votes)
Metadata:

Other data

Secondary language:	English
Secondary title:	Valuating startup companies using real options
Secondary abstract:	The main purpose of this dissertation is to represent different ways of valuing startup companies and all of the problems that arise. Such companies need to know their value so they can attract investors, but that is not easy to do considering lack of information that could help at valuing. They can be evaluated by classical methods, but they don't always give the true value. This happens due to the high risk that needs to be included in the value through individual parameters. Startup companies are on the rise nowdays, but most of them do not survive, so the risk of a company's downfall is high. In addition, there are some other factors that make it difficult to evaluate, such as: forecast of cash flows based on zero or very little historical data and determining the cost of capital. An alternative approach to evaluating startup companies is a real option method. The key advantage is that it involves managerial flexibility and helps to make the best decisions. Of course, this method also has some disadvantages, such as a complex mathematical structure, the model is too theoretical, it is difficult to determine the value of the underlying asset and the time of the end of the investment opportunity. This thesis also presents the evaluation of a concrete startup company, which shows that real options really do have a positive impact on the value of the company.
Secondary keywords:	valuation;startup company;real options;discounted cash flow model;cost of capital;terminal value;
Type (COBISS):	Final seminar paper
Study programme:	0
Embargo end date (OpenAIRE):	1970-01-01
Thesis comment:	Univ. v Ljubljani, Fak. za matematiko in fiziko, Oddelek za matematiko, Finančna matematika - 1. stopnja
Pages:	27 str.
ID:	10962001