權(quán)不本身不產(chǎn)生價值、不創(chuàng)造價值，它只是代表財富的媒介。取權(quán)的這種媒介作用與財富的增值又是密不可分的，以至于在很多情況下，大家認(rèn)為股權(quán)就是財富。
Power itself does not generate value or create value, it is only a medium representing wealth. The intermediary role of power acquisition is closely related to the appreciation of wealth, to the extent that in many cases, equity is considered wealth.
Jinan Partnership Design Company reminds that from a sequential perspective, the wealth creation effect of equity is gradually realized in the following ways:
階段:股東進(jìn)行原始出資
Phase 1: Shareholders make original capital contributions
投資者用《公司法》允許的方式，如貨幣或者實物、知識產(chǎn)權(quán)等作價出資，按照每1元出資對應(yīng)1元注冊資本的標(biāo)準(zhǔn)，取得初創(chuàng)公司的股權(quán)。此時公司尚未開始運營，也未發(fā)生各種費用，股權(quán)的價值與原始出資等值。
Investors use methods permitted by the Company Law, such as currency or physical assets, intellectual property rights, etc., to make capital contributions, and obtain equity in the startup company based on the standard of 1 yuan of registered capital corresponding to each yuan of capital contribution. At this time, the company has not yet started operating and has not incurred any expenses. The value of equity is equivalent to the original investment.
第二階段:股權(quán)價值開始發(fā)生波動
Phase 2: The equity value begins to fluctuate
公司成立后在運營過程中，會有各種費用支出，同時也產(chǎn)生業(yè)務(wù)收入，在按照會計準(zhǔn)則進(jìn)行核算后，會得到公司的凈資產(chǎn)、凈利潤等重要數(shù)據(jù)。多數(shù)情況下，股權(quán)價值此時與凈資產(chǎn)是對應(yīng)的，可能高于原始出資，也可能低于原始出資，但是對一些前景看好、成長性高的公司而言，低于原始出資甚至公司凈資產(chǎn)出現(xiàn)負(fù)值的情況下，不一定代表股權(quán)價值下降。但是，此時的股權(quán)價值只是一個賬面價值，還沒有得到第三方認(rèn)可。
After the establishment of the company, various expenses will be incurred during the operation process, and business income will also be generated. After accounting in accordance with accounting standards, important data such as the company's net assets and net profit will be obtained. In most cases, the equity value corresponds to net assets at this time, which may be higher than or lower than the original contribution. However, for some companies with promising prospects and high growth potential, a decrease in equity value below the original contribution or even a negative net asset does not necessarily mean a decrease in equity value. However, the equity value at this time is only a book value and has not yet been recognized by third parties.
第三階段:公司對外融資時股權(quán)價值開始得到第三方認(rèn)可創(chuàng)業(yè)公司從成立到首發(fā)上市，中間往往要進(jìn)行若干輪融資，一來解決公司的資金需求；二來可以提升公司的估值，優(yōu)化股權(quán)結(jié)構(gòu)，利于后期上市時公司股票的估值。在融資時，很少有用公司凈資產(chǎn)作為作價標(biāo)準(zhǔn)進(jìn)行融資的，一般都是高于凈資產(chǎn)進(jìn)行溢價融資，也有的按照凈利潤乘以可比市盈率作為估值標(biāo)準(zhǔn)。總的趨勢是，從A輪融資開始，估值越來越高，到公司Pre一IPO輪的融資，估值達(dá)到上市前的高點，并且得到了投資者的認(rèn)可。
The third stage: When the company raises funds externally, the equity value begins to be recognized by third parties. Starting from its establishment to its initial public offering, there are often several rounds of financing to meet the company's financial needs; Secondly, it can enhance the company's valuation, optimize the equity structure, and facilitate the valuation of the company's stocks during the later stage of listing. When financing, it is rare to use the net assets of a company as the valuation standard. Generally, premium financing is carried out above the net assets, and some use net profit multiplied by comparable P/E ratio as the valuation standard. The overall trend is that starting from the A-round financing, the valuation is getting higher and higher, and reaching the pre IPO high point of the company's pre IPO financing, which has been recognized by investors.
第四階段:公司上市公司成功上市后，股權(quán)價格會進(jìn)一步上漲，達(dá)到自公司成立以來的高峰。
Stage 4: After the company successfully goes public, the equity price will further increase, reaching its peak since the company was established.
此時，股權(quán)價格也有了明確的計算標(biāo)準(zhǔn)，即公司每股收益乘以市盈率得出每股價格。每股收益是相對固定的，市盈率則代表著市場上投資者對公司的認(rèn)可，公司前景越好，預(yù)期收益越高，市盈率就會相應(yīng)升高。這時，決定股權(quán)價格的上面兩個因素，一個是公司可控的，另一個是公司不可控的，股權(quán)價格充滿了各種可能。對同家公司來說，人股時間越早，持股時間越長，股權(quán)增值的倍數(shù)可能就會越高。
At this point, there is also a clear calculation standard for the equity price, which is to multiply the company's earnings per share by the price to earnings ratio to obtain the price per share. Earnings per share are relatively fixed, while the P/E ratio represents investors' recognition of a company in the market. The better the company's prospects, the higher the expected earnings, and the corresponding increase in the P/E ratio. At this point, the two factors that determine the equity price are controllable by the company and uncontrollable by the company, and the equity price is full of various possibilities. For the same company, the earlier the person shares and the longer the holding time, the higher the multiple of equity appreciation may be.
對大多數(shù)公司來說，股權(quán)價值的變化總體上就是沿著上述時間階段不斷增長的。實踐中，有關(guān)股權(quán)的資本運作形式其實是非常豐富的，在時間順序上可能也有跳躍性。
For most companies, the overall change in equity value continues to grow along the aforementioned time period. In practice, the forms of capital operation related to equity are actually very diverse, and there may also be jumps in time order.
如有的公司從設(shè)立到上市周期很短，未經(jīng)歷過復(fù)雜的多輪觸資:有的是通過借克方式間接上市，可能未經(jīng)歷過融資，他們的股權(quán)價值同樣在運動中成長。
If some companies have a short period from establishment to listing and have not experienced complex multiple rounds of capital touching: some have indirectly listed through borrowing, and may not have experienced financing, their equity value is also growing in motion.
盡管公司股權(quán)價值的變化有不同路徑，但股權(quán)作為財富的表現(xiàn)形式，始終是各方博弈的焦點。認(rèn)清了服權(quán)作為財富工具的創(chuàng)富效應(yīng)，才能更加理性地使用股權(quán)和駕馭股權(quán)。有疑惑有需求就來我們網(wǎng)站
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Although the changes in the value of company equity have different paths, equity, as a form of wealth, has always been the focus of the game among all parties. Only by recognizing the wealth creation effect of server rights as a wealth tool can we use and control equity more rationally. If you have any doubts or needs, come to our website http://zhenzhush.com consulting service
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