交易后估值

出自 MBA智库百科(https://wiki.mbalib.com/)

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交易后估值（Post-Money Valuation）

　　投资后估值是将外部融资额加入资产负债表后计算而得到的公司价值，简单地说就是公司在投资后所创造的价值。这个价值等于融资前估值和新投资的金额的总和。比如一个风险资本家或者天使投资人会使用一个交易前的估值价格来考虑他们注入资本的人或者公司在启动后能够得到的回报。

　　Post-money valuation is the value of the company after the investment has been made. This value is equal to the sum of the pre-money valuation and the amount of new equity.

　　External investors, such as venture capitalists and angel investors, will use a pre-money valuation to determine how much equity to demand in return for their cash injection to an entrepreneur and his/her startup company. The implied post-money valuation is calculated as the dollar amount of investment divided by the equity stake gained in an investment.

　　Post-money Valuation = Pre-money Valuation + Investment

　　投资后企业价值（post-money valuation） = 投资前企业价值 + 投资额

　　Example 1

　　If a company is worth $100 million (pre-money) and an investor makes an investment of $25 million, the new, post-money valuation of the company will be $125 million. The investor will now own 20% of the company.

　　This basic example illustrates the general concept. However, in actual, real-life scenarios, the calculation of post-money valuation can be more complicated—because the capital structure of companies often includes convertible loans, warrants, and option-based management incentive schemes.

　　Strictly speaking, the calculation is the price paid per share multiplied by the total number of shares existing after the investment—i.e., it takes into account the number of shares arising from the conversion of loans, exercise of in-the-money warrants, and any in-the-money options. Thus it is important to confirm that the number is a fully diluted and fully converted post-money valuation.

　　In this scenario, the pre-money valuation should be calculated as the post-money valuation minus the total money coming into the company—not only from the purchase of shares, but also from the conversion of loans, the nominal interest, and the money paid to exercise in-the-money options and warrants. 　　

　　如果一个公司原本价值100000000美元，投资者对该公司进行25000000美元的投资，那么，该公司在获得投资后的估值即为125000000美元。

　　在实际生活中估值的计算可能会更为复杂，因为公司资本结构通常包括可转换贷款、认股权证、期权等其他管理机制。

　　Example 2

　　Consider a company with 1,000,000 shares, a convertible loan note for $1,000,000 converting at 75% of the next round price, warrants for 200,000 shares at $10 a share, and a granted ESOP of 200,000 shares at $4 per share. The company receives an offer to invest $8,000,000 at $8 per share.

　　The post-money valuation is equal to $8 times the number of shares existing after the transaction—in this case, 2,366,667 shares. This figure includes the original 1,000,000 shares, plus 1,000,000 shares from new investment, plus 166,667 shares from the loan conversion ($1,000,000 divided by 75% of the next investment round price of $8, or $1,000,000 / (.75 * 8) ), plus 200,000 shares from in-the-money options. The fully converted, fully diluted post-money valuation in this example is $18,933,336.

　　The pre-money valuation would be $9,133,336—calculated by taking the post-money valuation of $18,933,336 and subtracting the $8,000,000 of new investment, as well as $1,000,000 for the loan conversion and $800,000 from the exercise of the rights under the ESOP. Note that the warrants cannot be exercised because they are not in-the-money (i.e. their price, $10 a share, is still higher than the new investment price of $8 a share).

　　交易投资前估值和交易投资后估值都是用于私人股本和风险资本的术语。交易前估值是指在资产投资或融资之前运用某种方法评估的企业投资前价值;交易后估值是指交易前估值加上股权投资后的总价值。

　　这两个术语的意义在于交易的双方，即企业和投资者都能以相同的方式看待估值。交易后价值决定了投资者能够获得多少股权，投资者的所有权比例等于投资额除以交易后估值。 例如交易前估值是1 200万美元，那么投资了300万美元的投资人将会得到20%的股权（300万美元除以1200万美元的交易前估值与300万美元投资之和）。

　　相同地，如果投资者将1200万美元看作交易后估值，而企业方认为是交易前估值，那么矛盾便产生了。若1 200万美元是交易后估值，那么交易前估值则为900万美元。投资者的300万美元投资将占总股权的25%。

　　所以，双方概念一致很有必要。

　　需要说明的一点是，上一轮融资的交易后估值通常是下一轮融资的交易前价值，除非交易双方一致同意价值变动。如在前例中，第一轮融资“Series A"，以交易后估值1500万美元作为结束。因此下一轮融资“Series B”的交易前估值就是1500万美元，如果新投资者投人300万美元，新的交易后估值为1 800万美元。"Series B”的投资者将得到16.67%的股权。Series A的投资者，曾经以300万美元得到20%的公司股权，将得到公司价值83%(Series B完成后的股东权益结余)中的20%，即公司价值的16.6%。（附注：私募股权行业中一条经验法则是:Series B融资时估值永远不能超过Series A融资时估值的2倍。）

• 交易前估值