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在企业融资过程中,投资方与融资方需要对企业的股权价值进行确定后,才能确定投资(融资)金额及应获得(出让)的股权数量或比例。企业的价值最终将整体反映在未来赚取现金流和利润的能力中,也就是说对企业价值的判断有赖于其未来的实际业绩体现。但是,未来的市场环境存在相当大的不确定性,无法准确预知;而且由于信息不对称,外部投资方对企业真实情况和赢利能力的了解程度不如企业内部管理层(也就是融资方),所以,企业管
In the process of enterprise financing, investors and financiers need to determine the value of the equity of the enterprise before they can determine the amount of investment (financing) and the amount or proportion of equity that should be obtained (transferred). The value of an enterprise ultimately will be reflected in its overall ability to earn cash flow and profits in the future as a whole, which means that the judgment of the value of an enterprise depends on its actual performance in the future. However, the future market environment has considerable uncertainty and can not be accurately predicted. Moreover, as the information is asymmetric, the external investors’ understanding of the real situation and profitability of the enterprise is not as good as the internal management (that is, the financier) of the enterprise , Business management