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研究生： 強喬治
論文名稱： Business valuation of LinkedIn Corporation
對企業 LinkedIn 的評估
指導教授： 冼芻蕘
SIN, Chor-Yiu
口試委員: 林哲群
Lin, Che-Chun
楊屯山
Yang, Twan-Shan
學位類別： 碩士
Master
系所名稱： 科技管理學院 - 國際專業管理碩士班
International Master of Business Administration(IMBA)
論文出版年： 2013
畢業學年度： 101
語文別： 英文
論文頁數： 59
中文關鍵詞： 商業評估 、現金流貼現法 、財務分析
外文關鍵詞： Business valuation, Discounted cash flow, Financial analysis
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    • The aim of my diploma thesis is to estimate the value of LinkedIn Corporation as a part of studies at International MBA of National Tsing Hua University. I have used discounted cash flow method (DCF) and relative valuation for the analysis of the company. The work is divided into two parts, theoretical and practical. The theoretical part describes the calculation procedure according to the methods chosen; the practical part applies this approach to business valuation. The practical part is the financial analysis, forecast of growth and valuation based on DCF and multiples.

    Table of Contents Introduction 6 1.0 Definition of business 6 1.2 Why Business Valuation 7 1.3 Methods of Business Valuation 8 1.3.1 Income methods 9 1.3.2 Equity Method 12 1.3.3 market valuation methods 12 1.3.3.1 valued using market capitalization 13 1.3.3.2 Valuation based on comparable companies 13 1.3.3.3 valuation on the basis of Initial Public Offerings (IPO) 15 1.3.3.5 Method of business sector multiple 16 1.4 Selection of comparable companies 16 1.5 Multiples 18 2.0 Factors influencing the company value in the market comparison method 20 2.1.1 risk 20 2.1.2 Capital Structure 21 2.2.1 Company Size 25 2.2.2 Quantification of multiple based on business size 26 2.3.1 Profit growth 27 2.3.2 Adjustment of the multiples based on revenue growth 29 2.3.2.1 adjusted based on PEG 29 2.3.2.2 Formula based multiple adjustments 30 3.0 Conclusion of the theoretical part 33 4.1 Analytical part – Introduction 34 4.2 LinkedIn Corporation – Financial statement and facts 35 4.2 DCF valuation of LinkedIn 38 4.2.1 Input data fro FCFF valuation 39 4.2.2 Value drivers 40 4.2.3 The discount rate 43 4.2.4 Corporate tax rate 44 4.2.5 DCF calculation 44 4.4 Firm size 46 4.4.1 Firm size based on market capitalisation 46 4.4.2 Internet industry firm size based sales revenues 49 4.4.3 PEG ratio analysis 51 5.0 Conclusion of the analytical part 53 References used 54 List of figures and tables 56 Appendix: 57

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