GuanghuaSchoolofManagement，PekingUniversity，WangDong主講人：王東北京大學光華管理學院431室電話/傳真:（86-10）6275-4817電郵：[創業投資

]

ENTREPRENEURIALFINANCE?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong2Chapter1

IntroductiontoEntrepreneurialFinance創業投資概論?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong3DefiningEntrepreneurialFinanceEntrepreneurship:

“Therelentlesspursuitofopportunitywithoutregardtotheresourcescurrentlycontrolled”Finance:

“Thestudyoftheallocationofcashandriskwiththegoalofcreatingvaluefortheenterprise”EntrepreneurialFinance:

“Thestudyabouthowtomanagecashandrisktocreatevalueintherelentlesspursuitofopportunity”

Chapter1Source:HowardStevenson,HBS

?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong4Whoistheentrepreneur?CreativityAndInnovation

Chapter1Reference:JeffryTimmons“NewVentureCreation”LowHighHighGeneralmanagementskills,businessknow-how,andnetworks

Inventor

Entrepreneur

Promoter

Manager/Administrator?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong5Chapter1?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong6Chapter2

EntrepreneurshipandInnovation

創業與創新?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong7TheObjectiveoftheTeamChapter1MaximumValuefortheEntrepreneur?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong8CashFutureCashChapter6TheFirmFirmasaCashAmplifier?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong9Chapter6TheCashFlowofaBusinessVentureFixedAssetsCapital(equityanddebt)InfusionsCashExpendituresEmployeesMaterialsProductionInventory/ServiceEndingCashEquityReturnsDebtServiceTaxesCashsalesAccountsReceivableCreditSalesCollectionsReinvestment(toretainedearnings)?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong10Terminationsasapercentofstart-upsTerminationswithlosstocreditorsasapercentofstart-upsSource:Case,J.,"TheDarkSide"Inc.Magazine,1997,,basedonTheStateofSmallBusiness:AReportofthePresident,1994,U.S.GovernmentPrintingOffice,Washington,D.C.,1995.NewBusinessFormations&Terminations?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong11Chapter3

EntrepreneurRiskManagement?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong12DevelopmentStageStart-upEarlyGrowthRapidGrowthExitStagesofNewVentureDevelopment

Chapter2?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong13TimeDollarsRevenueNeteCashFlow00DevelopmentStart-upEarlyGrowthRapidGrowthExitFigure1-2StagesofNewVentureDevelopment

Chapter2?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong14戰略風險財務風險市場風險運營風險信用風險法律風險等創業企業風險Chapter1?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong15Chapter7NewVentureGrowthManagement創業企業成長管理

?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDongFigure4-1Rapidgrowthrequiresalargerorganization.Economies-of-scopeimplymoreproductlines.FinancialStrategyProductMarketStrategyOrganizationalStrategyThemoreverticalandhorizontalintegration,thegreaterthefinancialneeds.Outsideinvestmentismorelikelythelargerthefirm.Rapidgrowthreducesfinancialflexibilityandrequiressacrificingcontroltoattractoutsidefinancing.

Outsidev.entrepreneurDebtv.equityLoancovenantsOptionsStagingTypeoffinancingFinancialcontracts

PriceMarginQualityDifferentiationProductTargetedsalesgrowth

ScaleandscopeVerticalboundariesHorizontalboundariesChapter4InteractiveFinancialStrategy?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDongFigure4-2Chapter4FinancialImplicationsofProduct-MarketandOrganizationalStrategicChoices?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong18Chapter4TheFrameworkof

NewVentureValuation創業企業價值評估?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong19ValuationChapter8

內部與外部價值評估

（萬元）

創業者客觀預測投資者相信創業者投資者不相信創業者10050?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong20ValuationChapter8

內部與外部價值評估

（萬元）

創業者客觀預測創業者夸大預測投資者相信創業者投資者不相信創業者1001505075?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong21HurdleRatesForVentureCapitalChapter8?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong2214%-92firmsin‘60sand‘70s.23%-beforefees,100firmsinthe‘60s16%-publicfundstockreturnsfrom1959to1985.27%-11firmsfrom1974to1979.13.5%-from1974to1989.20.7%-from1987to1996.Howarethehurdleratesreconciledwithrealizedrates?VentureCapitalRealizedRatesofReturn(basedonvariousstudies)EntrepreneurialFinance,SmithandKiholmSmithChapter8?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong23ValuationMethodsValue=PresentvalueoffuturecashflowsValueTwoconceptuallyequivalentapproachesThechoiceofmethoddependsoninformationavailability.

RADR-Risk-AdjustedDiscountRate

CEQ-CertaintyEquivalentCashFlowChapter8RealOption?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDongAnIntroductiontoOptionsOption-ArighttomakeadecisioninthefutureElementsofanoptionAnunderlyingassetExerciseprice(strikeprice)ExpirationdateEuropeanorAmericanformRiskfreerateBasicoptionsCalloptionPutoptionFinancialoptionsRealoptionsComplexoptionsContingencies-OptioncreatedbysomeearlieractionInterdependencies-OptionswithinterdependentvaluesChapter4?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong25OptionsAcall

isanoptionto BUY

acertainasset

byacertaindate

foracertainpriceAput

isanoptionto SELL

a certainasset

bya certaindate

fora certainprice1973年股票期權交易?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong26Forwards

vsOptionsAforwardcontract

givestheholder

theOBLIGATION

tobuyorsell atacertainpriceAnoption

givestheholder

theRIGHT

tobuyorsellatacertainprice?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong27Options

合約中的價格——

執行價格

exercisepriceorstrikeprice合約中的日期——

到期日，執行日，期滿日expirationdata,exercisedate,maturity美式期權

Americanoptions

可以在期權有效期內任何時候執行。歐式期權

Europeanoptions

只能在到期日執行交易中多數是美式期權?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong28Long

Call

onIBMProfitfrombuying100IBMEuropeancall

option:optionprice=$5,strikeprice=$100,spotprice=$98,T=2month

Figure1.2

3020100-5708090100110120130Profit($)Terminalstockprice($)?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong29Long

Put

onExxonProfitfrombuying

anExxonEuropeanput

option:optionprice=$7,strikeprice=$70Figure1.3

3020100-7706050408090100Profit($)Terminalstockprice($)?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong30Short

Call

onIBMFigure1.4(p.9)

Profitfromwriting

anIBMEuropeancall

option:optionprice=$5,strikeprice=$100-30-20-1005708090100110120130Profit($)Terminalstockprice($)?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong31Short

Put

onExxonFigure1.5(p.9)

Profitfromwriting

anExxonEuropeanput

option:optionprice=$7,strikeprice=$70-30-20-1070706050408090100Profit($)Terminalstockprice($)?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong32PayoffsfromOptionsFigure1.6(p.8),

X-Strikeprice,ST

-Priceofassetamaturity

longcall(看漲期權多頭)shortcall(看漲期權空頭）

longput(看跌期權多頭）shortput(看跌期權空頭）PayoffPayoffSTSTXXPayoffPayoffSTSTXX?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong33Put-CallParityOptionPricingModelsbasedonno-arbitrageStock+Put=Call+PV(ExercisePrice)RoleofcompletemarketsFinancialOptionsCompletemarketspletemarketsRealOptionsCompletemarketspletemarketsComplexRealOptions(RainbowOptions)DiscretescenariosSimulationChapter4ValuingOptions?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDongChapter4ExtendingbrandnamestonewproductsormarketingthroughexistingdistributionchannelsDeferExpandorcontractAbandonSwitchinputsoroutputsGrowTowaitbeforetakinganactionuntilmoreisknownortimingisexpectedtobemorefavorableToincreaseordecreasethescaleofaoperationinresponsetodemandTodiscontinueanoperationandliquidatetheassetsTocommitinvestmentinstagesgivingrisetoaseriesofvaluationsandabandonmentoptionsToalterthemixofinputsoroutputsofaproductionprocessinresponsetomarketpricesStageinvestmentToexpandthescopeofactivitiestocapitalizeonnewperceivedopportunitiesExamplesDescriptionOptionAddingorsubtractingtothedailyflightsonanairlinerouteoraddingmemorytoacomputerWhentoharvestastandoftrees,introduceanewproduct,orreplaceanexistingpieceofequipmentDiscontinuingaresearchproject,closingastore,orresigningfromcurrentemploymentStagingofresearchanddevelopmentprojectsorfinancialcommitmentstoanewventureTheoutputmixofrefinedcrudeoilproductsorsubstitutingcoalfornaturalgastoproduceelectricityExamplesofRealOptions?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong35Chapter5

NewVentureFinancing

創業企業融資

?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong36TimeDollarsRevenueNeteCashFlow00DevelopmentStart-upEarlyGrowthRapidGrowthExitFigure1-2StagesofNewVentureDevelopment

Chapter2?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong37BootstrappingSeedFinancingR&DFinancingStart-upFinancingFirst-stageFinancingSecond-stageFinancingThird-stageFinancingMezzanineFinancingBridgeFinancingLBO,MBO,IPOSequenceofNewVentureFinancing

Chapter2?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong38Self,Friends,andFamilyBusinessAngelsVentureCapitalInvestorsSmallBusinessInvestmentCompanies(SBICs)TradeCreditandFactoringAsset-basedLendingMezzanineCapitalPrivatePlacementsofEquity(RelationalInvestors)IPOsPublicDebtSourcesofNewVentureFinancing

Chapter2?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong39SourcesofNewVentureFinancing

Chapter2

DevelopmentStart-upEarlyGrowthRapidGrowthExitEntrepreneur

FriendsandFamily

AngelInvestors

StrategicPartner

VentureCapital

Asset-basedLender

EquipmentLessor

SBIC

TradeCredit

Factor

MezzanineLender

PublicDebt

IPO

Acquisition,LBO,MBO

Blueshadingindicatesprimaryfocusofinvestortype.Grayshadingindicatessecondaryfocus,orfocusofasubsetofinvestors.?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong40Chapter5

FinancialForecasting?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong41AdisciplinedmeanstoevaluatethecashneedsofaventureAnaidtodeterminewhetheraproposedventuredeservestheentrepreneur’sinvestmentofcapitalandeffortAmeanstocomparetheexpectedvaluesofstrategicalternativesAwaytodemonstrateprojectmeritstoinvestorsandtouseinnegotiatingownershipAwaytoidentifyappropriatebenchmarksforassessingprojectdevelopmentBenefitsofFinancialForecastingChapter6?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong42KeyDeterminantsofFinancialNeeds1)

Minimumefficientscaleandcapitalintensity2)Profitability3)Cashflow4)SalesgrowthChapter6?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDongFigure6-2QuantityDollarsQQ*Manufacturer’sLongRunAverageCost(LRAC)Chapter6?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong44Chapter6

VentureCapital風險投資?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong45

Chapter2VentureCapitalSource?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong46Source:

Smith,RichardL.;Smith,JanetKiholmEntrepreneurialFinance,JohnWiley,2000.Chapter14OrganizationalStructureofVentureCapitalInvestmentPortfolioCompaniesValuecreation

GeneratedealflowScreenopportunitiesHarvestinvestments

NegotiatedealsMonitorandadviseGeneralPartnersVentureCapitalFund

PensionplanEndowmentsLifeinsurancecompanies

CorporationsIndividualsLimitedPartnersEffortand1%ofcapitalAnnualManagementFee2-3%CarriedInterest20-30%ofGain99%ofInvestmentCapitalCapitalAppreciation70-80%ofGainInvestmentCapitalandEffortFinancialClaims?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong47Chapter14AllocationofVentureCapitalistTimeChapter8

Harvesting?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong49HarvestingAlternativesInitialpublicofferingPrivateplacement/privatesaleRoll-upIPOManagementbuy-outEmployeestockownershipplanChapter8?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong50

Chapter9

TheNewBusiness?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong51Chapter1Learnhowandwhybusinessplansofnewventuresaredifferent.Knowwhattoincludeandwhattoleaveout.Understandtherelationshiptostrategicplanning.Usemilestonesandfinancialprojectionsintheplan.Usetheplantosignalingtheentrepreneur’sbeliefs,commitment,andcapabilities.Understandhowtheplancanfacilitatenegotiationwithoutsideinvestors.LearningObjectives?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong52WhatisaBusinessPlan?AwrittendocumentSummarizesthepurposeandoverridingstrategyoftheventureProvidesdetailsonoperation,financing,marketing,andmanagementAsetofhypothesesaboutanopportunityChapter1?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong53Chapter1Forecastsandprojectionsusuallyarelessprecise.Agreaterinvestmentinplanningmaybewarranted.Deviationsfromplansarelikelytobeduetowrongassumptions.Notveryusefulforevaluatingmanagerperformance.Morelikelytobereliedonexternally.Morelikelytobeusedtoattractinvestmentcapital.Oftenrequiregreaterbreadthofcoverage.Unconstrainedbypreviousdecisions.WhatMakestheBusinessPlansofNewVenturesDifferent??GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong54Investmentandfinancingdecisionsareinterdependent.Diversificationofriskaffectsinvestmentvalue.Outsideinvestorsmaybeactivelyinvolvedinaventure.Thepartieshavedifferentinformation(andbeliefs).Thepartieshavedifferentincentivesfromeachother.Newventuresareportfoliosofrealoptions.Valuetotheentrepreneurisdifferentfromvaluetoshareholders.EntrepreneurialFinancevs.CorporateFinanceChapter1?GuanghuaSchoolofManagement,2006,Entre