Comments on: BASICS: valuation 公司估价 http://shaoblog.com/2007/04/07/basics-valuation-%e5%85%ac%e5%8f%b8%e4%bc%b0%e4%bb%b7/ 邵亦波的blog：创业与创投之间 Thu, 02 Sep 2010 23:53:32 +0000 http://wordpress.org/?v=2.1.2 By: xiaozhao_100 http://shaoblog.com/2007/04/07/basics-valuation-%e5%85%ac%e5%8f%b8%e4%bc%b0%e4%bb%b7/#comment-205 xiaozhao_100 Sat, 07 Apr 2007 10:59:50 +0000 http://shaoblog.com/2007/04/07/basics-valuation-%e5%85%ac%e5%8f%b8%e4%bc%b0%e4%bb%b7/#comment-205 荣幸, 抢沙发坐~ 荣幸, 抢沙发坐~

]]> By: huaidan http://shaoblog.com/2007/04/07/basics-valuation-%e5%85%ac%e5%8f%b8%e4%bc%b0%e4%bb%b7/#comment-212 huaidan Sat, 07 Apr 2007 12:45:14 +0000 http://shaoblog.com/2007/04/07/basics-valuation-%e5%85%ac%e5%8f%b8%e4%bc%b0%e4%bb%b7/#comment-212 用数学语言的规则简化人与人之间复杂的利益关系 我喜欢：） 用数学语言的规则简化人与人之间复杂的利益关系
我喜欢：）

]]> By: Allen shi http://shaoblog.com/2007/04/07/basics-valuation-%e5%85%ac%e5%8f%b8%e4%bc%b0%e4%bb%b7/#comment-213 Allen shi Sat, 07 Apr 2007 14:17:10 +0000 http://shaoblog.com/2007/04/07/basics-valuation-%e5%85%ac%e5%8f%b8%e4%bc%b0%e4%bb%b7/#comment-213 感谢BO的分享，接下来的几个post，应该能学到更多有用的东西，密切关注。。。。 感谢BO的分享，接下来的几个post，应该能学到更多有用的东西，密切关注。。。。

]]> By: mmw http://shaoblog.com/2007/04/07/basics-valuation-%e5%85%ac%e5%8f%b8%e4%bc%b0%e4%bb%b7/#comment-216 mmw Sun, 08 Apr 2007 01:27:14 +0000 http://shaoblog.com/2007/04/07/basics-valuation-%e5%85%ac%e5%8f%b8%e4%bc%b0%e4%bb%b7/#comment-216 谢谢分享！ 谢谢分享！

]]> By: lylezhao http://shaoblog.com/2007/04/07/basics-valuation-%e5%85%ac%e5%8f%b8%e4%bc%b0%e4%bb%b7/#comment-220 lylezhao Sun, 08 Apr 2007 03:40:38 +0000 http://shaoblog.com/2007/04/07/basics-valuation-%e5%85%ac%e5%8f%b8%e4%bc%b0%e4%bb%b7/#comment-220 您的计算中，每一轮发给新投资者的股份都是从founder的份额中拿出来的，而不是从公司总的盘子分出来，原有投资者的股份没有稀释？ 您的计算中，每一轮发给新投资者的股份都是从founder的份额中拿出来的，而不是从公司总的盘子分出来，原有投资者的股份没有稀释？

]]> By: Bo http://shaoblog.com/2007/04/07/basics-valuation-%e5%85%ac%e5%8f%b8%e4%bc%b0%e4%bb%b7/#comment-221 Bo Sun, 08 Apr 2007 07:30:43 +0000 http://shaoblog.com/2007/04/07/basics-valuation-%e5%85%ac%e5%8f%b8%e4%bc%b0%e4%bb%b7/#comment-221 回lylezhao：founder和原有投资者在后几轮同样稀释。我只显示了founder的股份而已。 比如Angel的股份在Series A后是：0.2/1.7 * ( 6/9) 回lylezhao：founder和原有投资者在后几轮同样稀释。我只显示了founder的股份而已。

比如Angel的股份在Series A后是：0.2/1.7 * ( 6/9)

]]> By: Bo’s Blog 邵博客 » BASICS: dilution 稀释 http://shaoblog.com/2007/04/07/basics-valuation-%e5%85%ac%e5%8f%b8%e4%bc%b0%e4%bb%b7/#comment-222 Bo’s Blog 邵博客 » BASICS: dilution 稀释 Sun, 08 Apr 2007 09:30:03 +0000 http://shaoblog.com/2007/04/07/basics-valuation-%e5%85%ac%e5%8f%b8%e4%bc%b0%e4%bb%b7/#comment-222 [...] 前一个post用百分比，%，显示了创业者股份的稀释。这次用更实际的股份数来表示。 [...] […] 前一个post用百分比，%，显示了创业者股份的稀释。这次用更实际的股份数来表示。 […]

]]> By: Tangos http://shaoblog.com/2007/04/07/basics-valuation-%e5%85%ac%e5%8f%b8%e4%bc%b0%e4%bb%b7/#comment-224 Tangos Sun, 08 Apr 2007 10:33:17 +0000 http://shaoblog.com/2007/04/07/basics-valuation-%e5%85%ac%e5%8f%b8%e4%bc%b0%e4%bb%b7/#comment-224 改了之后还是有个小笔误，应该是66.7% - 20% = 46.7%，不是66.7% = 20% :) 另外一个小疑问，在几轮的融资过程中，收购现有股东股份的情况是否常见，还是基本上都是new issue？ 改了之后还是有个小笔误，应该是66.7% - 20% = 46.7%，不是66.7% = 20% :)

另外一个小疑问，在几轮的融资过程中，收购现有股东股份的情况是否常见，还是基本上都是new issue？

]]> By: Bo http://shaoblog.com/2007/04/07/basics-valuation-%e5%85%ac%e5%8f%b8%e4%bc%b0%e4%bb%b7/#comment-225 Bo Sun, 08 Apr 2007 12:28:16 +0000 http://shaoblog.com/2007/04/07/basics-valuation-%e5%85%ac%e5%8f%b8%e4%bc%b0%e4%bb%b7/#comment-225 To Tangos: 谢谢指出typo。 基本上都是new issue。如果老股东出售股票，新股东会问：你是不是不看好公司了？当然老股东可能有其他原因；比如在公司已经投资很久，需要套现，别的地方需要钱（VC比较少见，但corporate investor比较多这种情况的发生），等等。 比如，Yahoo和阿里巴巴的交易绝大多数的钱买了secondary shares。 To Tangos:
谢谢指出typo。

基本上都是new issue。如果老股东出售股票，新股东会问：你是不是不看好公司了？当然老股东可能有其他原因；比如在公司已经投资很久，需要套现，别的地方需要钱（VC比较少见，但corporate investor比较多这种情况的发生），等等。

比如，Yahoo和阿里巴巴的交易绝大多数的钱买了secondary shares。

]]> By: Evans http://shaoblog.com/2007/04/07/basics-valuation-%e5%85%ac%e5%8f%b8%e4%bc%b0%e4%bb%b7/#comment-230 Evans Mon, 09 Apr 2007 04:21:55 +0000 http://shaoblog.com/2007/04/07/basics-valuation-%e5%85%ac%e5%8f%b8%e4%bc%b0%e4%bb%b7/#comment-230 通常Option Pool都是由现有股东的股份稀释的吗？一般这个Pool会放多大比较合适？ 通常Option Pool都是由现有股东的股份稀释的吗？一般这个Pool会放多大比较合适？

]]> By: flutter http://shaoblog.com/2007/04/07/basics-valuation-%e5%85%ac%e5%8f%b8%e4%bc%b0%e4%bb%b7/#comment-231 flutter Mon, 09 Apr 2007 07:28:15 +0000 http://shaoblog.com/2007/04/07/basics-valuation-%e5%85%ac%e5%8f%b8%e4%bc%b0%e4%bb%b7/#comment-231 虽然看不太懂这些东西，但很喜欢看，很想了解． 也感谢博主的分享． 虽然看不太懂这些东西，但很喜欢看，很想了解．
也感谢博主的分享．

]]> By: haichuna http://shaoblog.com/2007/04/07/basics-valuation-%e5%85%ac%e5%8f%b8%e4%bc%b0%e4%bb%b7/#comment-242 haichuna Thu, 12 Apr 2007 04:59:52 +0000 http://shaoblog.com/2007/04/07/basics-valuation-%e5%85%ac%e5%8f%b8%e4%bc%b0%e4%bb%b7/#comment-242 有收获 有收获

]]> By: Samd http://shaoblog.com/2007/04/07/basics-valuation-%e5%85%ac%e5%8f%b8%e4%bc%b0%e4%bb%b7/#comment-248 Samd Thu, 12 Apr 2007 09:32:39 +0000 http://shaoblog.com/2007/04/07/basics-valuation-%e5%85%ac%e5%8f%b8%e4%bc%b0%e4%bb%b7/#comment-248 看不懂 我在您这里是一个看热闹的 努力看懂ing 看不懂
我在您这里是一个看热闹的
努力看懂ing

]]> By: Bo http://shaoblog.com/2007/04/07/basics-valuation-%e5%85%ac%e5%8f%b8%e4%bc%b0%e4%bb%b7/#comment-250 Bo Thu, 12 Apr 2007 15:56:11 +0000 http://shaoblog.com/2007/04/07/basics-valuation-%e5%85%ac%e5%8f%b8%e4%bc%b0%e4%bb%b7/#comment-250 To Evans: yes option pool is usually included in the pre-money valuation. though i have seen a few cases where it is not - which effectively increases the pre-money valuation quite significantly. typical size is 15 to 25%, depending on the maturity of the company and completeness of the team. To Evans: yes option pool is usually included in the pre-money valuation. though i have seen a few cases where it is not - which effectively increases the pre-money valuation quite significantly.

typical size is 15 to 25%, depending on the maturity of the company and completeness of the team.

]]> By: » links for 2007-04-29>>左岸部落 http://shaoblog.com/2007/04/07/basics-valuation-%e5%85%ac%e5%8f%b8%e4%bc%b0%e4%bb%b7/#comment-356 » links for 2007-04-29>>左岸部落 Sun, 29 Apr 2007 01:26:10 +0000 http://shaoblog.com/2007/04/07/basics-valuation-%e5%85%ac%e5%8f%b8%e4%bc%b0%e4%bb%b7/#comment-356 [...] Bo’s Blog 邵博客 » BASICS: valuation 公司估价 (tags: 创业 公司 估价) [...] […] Bo’s Blog 邵博客 » BASICS: valuation 公司估价 (tags: 创业 公司 估价) […]

]]> By: 学习材料：创业企业融资指南 | Liumiao.com商业评论 http://shaoblog.com/2007/04/07/basics-valuation-%e5%85%ac%e5%8f%b8%e4%bc%b0%e4%bb%b7/#comment-704 学习材料：创业企业融资指南 | Liumiao.com商业评论 Thu, 05 Jul 2007 13:59:35 +0000 http://shaoblog.com/2007/04/07/basics-valuation-%e5%85%ac%e5%8f%b8%e4%bc%b0%e4%bb%b7/#comment-704 [...] 对于这个问题，邵亦波举了一个详尽的例子： [...] […] 对于这个问题，邵亦波举了一个详尽的例子： […]

]]> By: Eric http://shaoblog.com/2007/04/07/basics-valuation-%e5%85%ac%e5%8f%b8%e4%bc%b0%e4%bb%b7/#comment-713 Eric Sat, 07 Jul 2007 13:56:16 +0000 http://shaoblog.com/2007/04/07/basics-valuation-%e5%85%ac%e5%8f%b8%e4%bc%b0%e4%bb%b7/#comment-713 有问题请教： 每次的Pre-money valuation是如何计算出来的？ 有问题请教：

每次的Pre-money valuation是如何计算出来的？

]]> By: 安利 http://shaoblog.com/2007/04/07/basics-valuation-%e5%85%ac%e5%8f%b8%e4%bc%b0%e4%bb%b7/#comment-830 安利 Fri, 27 Jul 2007 01:35:22 +0000 http://shaoblog.com/2007/04/07/basics-valuation-%e5%85%ac%e5%8f%b8%e4%bc%b0%e4%bb%b7/#comment-830 博客作的顶强,以后要经常来学习下! 博客作的顶强,以后要经常来学习下!

]]> By: jameszhang http://shaoblog.com/2007/04/07/basics-valuation-%e5%85%ac%e5%8f%b8%e4%bc%b0%e4%bb%b7/#comment-879 jameszhang Wed, 08 Aug 2007 09:25:48 +0000 http://shaoblog.com/2007/04/07/basics-valuation-%e5%85%ac%e5%8f%b8%e4%bc%b0%e4%bb%b7/#comment-879 我看过的最浅显异懂的融资估值文章，对要融资的朋友很有帮助。 我看过的最浅显异懂的融资估值文章，对要融资的朋友很有帮助。

]]> By: BASICS: dilution 稀释 | 精文斋 http://shaoblog.com/2007/04/07/basics-valuation-%e5%85%ac%e5%8f%b8%e4%bc%b0%e4%bb%b7/#comment-950 BASICS: dilution 稀释 | 精文斋 Fri, 31 Aug 2007 03:37:56 +0000 http://shaoblog.com/2007/04/07/basics-valuation-%e5%85%ac%e5%8f%b8%e4%bc%b0%e4%bb%b7/#comment-950 [...] 前一个post用百分比，%，显示了创业者股份的稀释。这次用更实际的股份数来表示。 [...] […] 前一个post用百分比，%，显示了创业者股份的稀释。这次用更实际的股份数来表示。 […]

]]> By: foxangel http://shaoblog.com/2007/04/07/basics-valuation-%e5%85%ac%e5%8f%b8%e4%bc%b0%e4%bb%b7/#comment-2173 foxangel Wed, 09 Jan 2008 04:22:08 +0000 http://shaoblog.com/2007/04/07/basics-valuation-%e5%85%ac%e5%8f%b8%e4%bc%b0%e4%bb%b7/#comment-2173 我也想问： 每次的Pre-money valuation是如何计算出来的？ 融资后经过一段时间的发展，顺利的话，公司的价值会水涨船高，但由于此时并没有上市，这时公司的价值是如何计算出来的？按照 盈利额×常用市盈率 ？不太明白，望请教。 我也想问：

每次的Pre-money valuation是如何计算出来的？

融资后经过一段时间的发展，顺利的话，公司的价值会水涨船高，但由于此时并没有上市，这时公司的价值是如何计算出来的？按照 盈利额×常用市盈率 ？不太明白，望请教。

]]> By: 小丫头 http://shaoblog.com/2007/04/07/basics-valuation-%e5%85%ac%e5%8f%b8%e4%bc%b0%e4%bb%b7/#comment-2804 小丫头 Tue, 22 Jul 2008 02:06:42 +0000 http://shaoblog.com/2007/04/07/basics-valuation-%e5%85%ac%e5%8f%b8%e4%bc%b0%e4%bb%b7/#comment-2804 我也很想知道，每次的Pre-money valuation是如何计算出来的？ 我也很想知道，每次的Pre-money valuation是如何计算出来的？

]]> By: everydaypop http://shaoblog.com/2007/04/07/basics-valuation-%e5%85%ac%e5%8f%b8%e4%bc%b0%e4%bb%b7/#comment-3263 everydaypop Tue, 04 Nov 2008 06:18:10 +0000 http://shaoblog.com/2007/04/07/basics-valuation-%e5%85%ac%e5%8f%b8%e4%bc%b0%e4%bb%b7/#comment-3263 觉得很有道理，但有点看不懂。。。 觉得很有道理，但有点看不懂。。。

]]> By: Jason Lai http://shaoblog.com/2007/04/07/basics-valuation-%e5%85%ac%e5%8f%b8%e4%bc%b0%e4%bb%b7/#comment-3313 Jason Lai Fri, 21 Nov 2008 08:27:15 +0000 http://shaoblog.com/2007/04/07/basics-valuation-%e5%85%ac%e5%8f%b8%e4%bc%b0%e4%bb%b7/#comment-3313 非常感谢 Bo 把自己多年实际经验做了详细的分享，这些知识和 lessons learned 对于创业者是一笔宝贵的财富。 不过关于 valuation 这个词本身，这篇 post 中貌似没怎么做过解释。和楼上的  foxangel 和小丫头两位一样，对于这个计算方式我也比较感兴趣。在我之前参与创业的一家北美公司中，老大告诉过我，pre-money valuation 有一个比较常用的计算方法：即如果开始盈利的公司，估价为公司年收入 x 5。也就是说一家年收入 US$ 5M 的公司，pre-money valuation 时应当值 US$ 25M。而由于金融危机的影响，这个值现在有所变更，不知道是否如此？ 另外一个问题就是，如果还没有营收的公司，valuation 应该如何做呢？望不吝拨冗赐教。 非常感谢 Bo 把自己多年实际经验做了详细的分享，这些知识和 lessons learned 对于创业者是一笔宝贵的财富。

不过关于 valuation 这个词本身，这篇 post 中貌似没怎么做过解释。和楼上的  foxangel 和小丫头两位一样，对于这个计算方式我也比较感兴趣。在我之前参与创业的一家北美公司中，老大告诉过我，pre-money valuation 有一个比较常用的计算方法：即如果开始盈利的公司，估价为公司年收入 x 5。也就是说一家年收入 US$ 5M 的公司，pre-money valuation 时应当值 US$ 25M。而由于金融危机的影响，这个值现在有所变更，不知道是否如此？

另外一个问题就是，如果还没有营收的公司，valuation 应该如何做呢？望不吝拨冗赐教。

]]> By: visit http://shaoblog.com/2007/04/07/basics-valuation-%e5%85%ac%e5%8f%b8%e4%bc%b0%e4%bb%b7/#comment-3479 visit Sun, 14 Dec 2008 22:57:51 +0000 http://shaoblog.com/2007/04/07/basics-valuation-%e5%85%ac%e5%8f%b8%e4%bc%b0%e4%bb%b7/#comment-3479 Thanks for your site! Thanks for your site!

]]> By: Angela http://shaoblog.com/2007/04/07/basics-valuation-%e5%85%ac%e5%8f%b8%e4%bc%b0%e4%bb%b7/#comment-3671 Angela Sun, 21 Dec 2008 10:08:40 +0000 http://shaoblog.com/2007/04/07/basics-valuation-%e5%85%ac%e5%8f%b8%e4%bc%b0%e4%bb%b7/#comment-3671 If someone who's really interested in VC, any chance for me to get a job in this industry? What criteria needed? If someone who’s really interested in VC, any chance for me to get a job in this industry? What criteria needed?

]]> By: EeBee Gan http://shaoblog.com/2007/04/07/basics-valuation-%e5%85%ac%e5%8f%b8%e4%bc%b0%e4%bb%b7/#comment-8437 EeBee Gan Mon, 10 Aug 2009 05:25:56 +0000 http://shaoblog.com/2007/04/07/basics-valuation-%e5%85%ac%e5%8f%b8%e4%bc%b0%e4%bb%b7/#comment-8437 This is a good learning platform for sharing. Can I submit my business plan directly to matrixpartners? Or should I go through pre-qualifying assessment? This is a good learning platform for sharing. Can I submit my business plan directly to matrixpartners? Or should I go through pre-qualifying assessment?

]]>