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新闻及活动

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泛伟《硅谷风险资本调查》显示企业估值在‭ ‬2014‭ ‬年第‭ ‬1‭ ‬季度出现强势增长 (Fenwick & West’s Silicon Valley Venture Capital Survey Reveals Substantial Valuation Increases in First Quarter of 2014)

    2014‭ ‬年‭ ‬5‭ ‬月28日(加州山景城)——为高科技及生命科学公司提供综合性法律服务的美国顶尖律所之一泛伟律师事务所‭ (‬Fenwick‭ & ‬West LLP‭)‬于今日发布了‭ ‬2014‭ ‬年第‭ ‬1‭ ‬季度的《硅谷风险资本调查》。

    调查分析了总部在硅谷、并于‭ ‬2014‭ ‬年第‭ ‬1‭ ‬季度进行融资的‭ ‬156‭ ‬家科技及生命科学公司的融资的估值及条款。

    “2014‭ ‬年第‭ ‬1‭ ‬季度,溢价融资超过折价融资,其中溢价融资占‭ ‬76%,折价融资占‭ ‬8%,平价融资占‭ ‬16%。这与2013年第‭ ‬4‭ ‬季度相比呈现增长,当时溢价融资超过折价融资,所占比例分别为‭ ‬71%‭ ‬和‭ ‬16%,平价融资占‭ ‬13%。本季度也是‭ ‬2007‭ ‬年第‭ ‬2‭ ‬季度以来,溢价融资与折价融资之间差距最大(68‭ ‬个百分点)的一个季度,”Barry Kramer(泛伟公司业务部合伙人、调查联合作者)说。

    在公司的一轮融资中,若股价高于上一轮融资,则将该轮融资称为溢价融资。相反,在公司的一轮融资中,若股价低于上一轮融资,则将该轮融资称为折价融资。

    泛伟Fenwick‭ & ‬West Venture Capital Barometer™ ‬衡量的是公司某一季度融资时与上一轮融资相比股价变动的百分比;该数据显示本季度股价平均上涨‭ ‬85%,‭ ‬明显高于‭ ‬2013‭ ‬年第‭ ‬4‭ ‬季度报告的‭ ‬57%。另外,融资价格增幅中位数为‭ ‬52%,同样明显高于第‭ ‬4‭ ‬季度‭ ‬27%‭ ‬的增幅记录,是泛伟自‭ ‬2004‭ ‬年开始计算中位数以来的最大增幅。

    “从估值角度来看,本季度表现最佳的行业是互联网‭/‬数字媒体和软件业,价格增幅中位数分别为‭ ‬78%‭ ‬和‭ ‬72%,其‭ ‬2013‭ ‬年第‭ ‬4‭ ‬季度的相应数据则分别为‭ ‬50%‭ ‬和‭ ‬36%;另外,硬件、生命科学、清洁技术行业第‭ ‬1‭ ‬季度的增幅中位数分别为‭ ‬23%、23%、28%,”另一位泛伟公司业务部合伙人、调查的联合作者Michael Patrick补充道。

    “综合看来,本季度风险资本的大环境非常强劲,风险投资、IPO、风投资金募集均达到数年来的最高水平,”Patrick进一步补充。“然而,上市科技公司最近则遭遇困境,这一趋势是否会持续下去仍有待观察。若持续下去则会影响风险资本的环境。”

    调查的完整内容及相关讨论发布于泛伟官网:www.fenwick.com/vcsurvey/chinese

    调查介绍
    泛伟的季度风险资本调查由律所合伙人Barry J‭. ‬KramerMichael J‭. ‬Patrick联合编撰,已发布超过11年。该调查通过对风险资本估值及条款各项变化的分析,为硅谷的风险资本市场提供了独特的观察视角。泛伟的调查专注于风险融资及估值的趋势,为道琼斯VentureSource、普华永道的MoneyTree™ ‬报告和基于汤森路透(Thomson Reuters)数据的国家风险资本协会的经济数据提供了补充。

    关于泛伟律师事务所
    泛伟律师事务所成立于1972年,是风险资本、公开募股、其它公司财务、合资公司、并购与战略关系、知识产权、诉讼和争议解决、税收、反垄断、劳动法等领域的美国顶尖律所之一。

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