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所在平台: Coursera |
课程主页: https://www.coursera.org/learn/valuation-for-startups-project
课程评论：没有评论
课程名称：创业公司估值与财务分析顶点项目 概述：本课程为同行评审课程。在顶点项目中，您将应用之前课程中学到的知识，最终结果是对某家公司的估值。您可以选择一家上市公司或初创公司，具体取决于可用的信息。如果您有自己的初创公司，可以以其为项目基础；如果没有，则可以选择一家上市公司。首先，您需要选择一个感兴趣的实际公司，接下来进行研究并描述该公司的行业和业务。基于您的研究，您将估算公司的增长、现金流和收益。为此，您需要应用财务报表分析中学到的知识。一旦找到公司的现金流和收益，您可以使用贴现现金流法和倍数法来确定公司的价值。此外，您还会获得一个假设项目，并需决定如果有机会，是否接受该项目。通过完成这项顶点项目，您将全面理解初创公司的估值和财务分析。 课程大纲： 1. **第一部分：顶点项目介绍** - 描述项目，允许选择一家自己感兴趣的初创公司，详细描述公司的行业、竞争对手及其服务或产品。 2. **第二部分：顶点项目 I** - 调查您选择的初创公司的历史表现，收集至少三年的财务报表，并根据合理假设编制初创公司的数据。 3. **第三部分：顶点项目 II** - 计算初创公司的自由现金流。为估算自由现金流，需要编制初创公司的预测报表，并估算所需的外部融资。同时，计算内部增长率和可持续增长率。 4. **第四部分：顶点项目 III** - 使用倍数法和贴现现金流法找到初创公司的价值。具体来说，应用倍数法和 DCF 方法找到初创公司的终值。在找到初创公司价值后，考虑外部融资需要的情况，是否接受来自风险投资者的新投资。 5. **第五部分：顶点项目 IV** - 思考您选择的初创公司在不久的将来可能面临的投资机会，并使用资本预算技术决定是否接受该投资。在估算项目的年度现金流后，应用三个主要的资本预算技术：净现值法(NPV)、内部收益率(IRR)和回收期，来判断是否应该接受该项目。
Part: 1
Title:Introduction to Capstone Project
Description:For Capstone Project, you are allowed to select a startup of your own choice. Then describe the company in detail such as business industry, competitors (or company) and service or product.
Part: 2
Title:Capstone Project I
Description:For Capstone Project I, you will investigate historical performance of the startup that you select. You need to collect financial statements at least 3 years and need to make up numbers for the startup with reasonable assumptions.
Part: 3
Title:Capstone Project II
Description:For Capstone Project II, you will calculate free cash flow of the startup. In order to estimate free cash flows, you need to make pro forma statements of the startup and estimate external financing needed. Also, calculate internal growth rate and sustainable growth rate.
Part: 4
Title:Capstone Project III
Description:For Capstone Project III, you will find value of the startup using Multiple approach and Discount Cash Flow approach. In specific, you will apply multiple and DCF approach to find terminal value of the startup. After finding the value of a startup, consider the situation where startup finances external financing needed using new investment from venture capitalists.
Part: 5
Title:Capstone Project IV
Description:For Capstone Project IV, you will think of an investment opportunity that your startup is likely to face in the near future and determine whether you would accept the investment using capital budgeting techniques. After estimating yearly cash flows of the project, apply three major capital budgeting techniques, NPV, IRR, and payback period, to determine whether you should accept the project.
This is a peer review course. In the capstone project, you are going to apply what you have learned in the previous courses. The final output from this project is an estimation of a firm. You can choose either a public company or a startup depending on the availability of information on the firm. If you have your own startup, then you can do this capstone project on the startup. If not, then you can do this project of a public company. Therefore, the first step is selecting an actual company that you are interested in. Next, you have to do the research on and describe the firm’s industry and business. Based on your research, you make an estimate of firm’s growth, cash flows and earnings. In order to do this, you need to apply what you have learned in financial statement analysis. Once you find firm’s cash flows and earnings, you can apply what you have learned in discounted cash flow method and multiple methods to find the value of the company. In addition to the valuation, you will be given a hypothetical project and have to decide whether to take the project if the opportunity is given to the company of your choice. Be doing this Capstone project, you will complete your understanding of valuation and financial analysis of startups.
