交易後估值

出自 MBA智库百科(https://wiki.mbalib.com/)

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交易後估值（Post-Money Valuation）

　　投資後估值是將外部融資額加入資產負債表後計算而得到的公司價值，簡單地說就是公司在投資後所創造的價值。這個價值等於融資前估值和新投資的金額的總和。比如一個風險資本家或者天使投資人會使用一個交易前的估值價格來考慮他們註入資本的人或者公司在啟動後能夠得到的回報。

　　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

　　投資後企業價值（post-money valuation） = 投資前企業價值 + 投資額

　　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. 　　

　　如果一個公司原本價值100000000美元，投資者對該公司進行25000000美元的投資，那麼，該公司在獲得投資後的估值即為125000000美元。

　　在實際生活中估值的計算可能會更為複雜，因為公司資本結構通常包括可轉換貸款、認股權證、期權等其他管理機制。

　　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).

　　交易投資前估值和交易投資後估值都是用於私人股本和風險資本的術語。交易前估值是指在資產投資或融資之前運用某種方法評估的企業投資前價值;交易後估值是指交易前估值加上股權投資後的總價值。

　　這兩個術語的意義在於交易的雙方，即企業和投資者都能以相同的方式看待估值。交易後價值決定了投資者能夠獲得多少股權，投資者的所有權比例等於投資額除以交易後估值。 例如交易前估值是1 200萬美元，那麼投資了300萬美元的投資人將會得到20%的股權（300萬美元除以1200萬美元的交易前估值與300萬美元投資之和）。

　　相同地，如果投資者將1200萬美元看作交易後估值，而企業方認為是交易前估值，那麼矛盾便產生了。若1 200萬美元是交易後估值，那麼交易前估值則為900萬美元。投資者的300萬美元投資將占總股權的25%。

　　所以，雙方概念一致很有必要。

　　需要說明的一點是，上一輪融資的交易後估值通常是下一輪融資的交易前價值，除非交易雙方一致同意價值變動。如在前例中，第一輪融資“Series A"，以交易後估值1500萬美元作為結束。因此下一輪融資“Series B”的交易前估值就是1500萬美元，如果新投資者投人300萬美元，新的交易後估值為1 800萬美元。"Series B”的投資者將得到16.67%的股權。Series A的投資者，曾經以300萬美元得到20%的公司股權，將得到公司價值83%(Series B完成後的股東權益結餘)中的20%，即公司價值的16.6%。（附註：私募股權行業中一條經驗法則是:Series B融資時估值永遠不能超過Series A融資時估值的2倍。）

• 交易前估值