随着中国市场经济体制的不断推进，国民经济的不断增长，国内资本市场上的资本形成机制也发生着从间接融资向直接融资的转变。在最新的《金融业发展和改革“十二五”规则》中着重强调了直接融资占社会融资规模比重显著提高的要求。这为以股权投资为方向的私募基金的发展提供了又一次契机。虽然PE在欧美国家已有近百年的历史，但国内相关领域的发展却只能往前追溯十来年的时间。相对于国外，我国无论是在理论上还是在实务上对PE市场的研究都显得相对不足，更多的还是处于摸着石头过河，在借鉴中探索的状态。本文正是在这样的背景之下，结合笔者多年的实务经验，着重研究私募股权投资者对于目标企业进行估值判断的问题。在实务中，价格是投融资双方最为关切、也是最为重要的因素之一。一个合适的报价既要使融资方融得足够的资金用以实业经营，又能使投资方在未来得到合理的回报。因此，对于企业价值的评估就显得尤为关键，这将直接影响到对于投资价格的判断。基于相关领域的现有研究成果，以及笔者自身的从业经验，本文将从财务因素和非财务因素两个方面着手，对私募股权投资中的企业估值进行系统的分析。财务因素方面将着重探讨相对估值法和绝对估值法的运用。相对估值法具有简单、快速的特点，但由于一、二级市场间存在巨大的价差，往往会影响合理估值的判断。绝对估值法更具针对性，但对现金流、增长率、贴现率等的判断要求非常高。如何综合运用是本文的研究重点。非财务因素方面将着重探讨国家产业政策以及企业生命周期理论对估值的影响。作为一个正在向市场经济过渡的新兴经济体，中央政府的产业政策以及产业扶持力度对实体经济中的相关企业影响甚为重大，同时也影响着投资者的投资取向。最后，笔者将对XX股份有限公司进行具体的分析。企业估值千变万化，可以说是一门充满艺术性的科学。本文所举的案例不求囊括估值的全貌，只是基于本文探讨的领域，给予实证上的检验。

With the continuous progress of China's market economy system, the continuous growth of the national economy, capital formation mechanisms on the domestic capital market has also undergone a transition from indirect financing to direct financing. In the latest rules of financial sector development and reform, it emphasis on direct financing of total social financing scale significantly increased the proportion of the requirements. This provides yet another opportunity for the direction of private equity investment fund.Although PE in the United States and Europe has existed for nearly a hundred years, the development of related fields can only be backdated about ten years in China. Compare with other countries, our country either in theory or in practice PE market is relatively insufficient, still in trial and error, in the stage of exploration.Under this background, this context that combined with the many years practical experience from author, focused on the problem of private equity investors determine the target enterprise valuation.In practice, the price is one of the most important factors for the investment and financing. A suitable offer both to make the financing parties sufficient funds for financial business management, and investors can get a reasonable return in the future. Therefore, for the assessment of the enterprise value is particularly critical, which will directly affect the judgment of the investment price.Based on existing research in related fields, as well as the author's own experience, this article would focus on the two aspects include financial factors and non-financial factors, a systematic analysis of the valuation of private equity investment enterprise.Financial factors will focus on the how to use the relative valuation method and absolute valuation method. The relative valuation method is simple, fast, but because there is a huge price difference between the primary and secondary markets, they tend to influence the judgment of a reasonable valuation. Absolute valuation method is more targeted, but the judgment of the cash flow growth rate, the discount rate is very high. How to make comprehensive using them is the most important point in this study.Non-financial factors that will focus on the impact on the valuation of the national industrial policy as well as the corporate life cycle theory. Emerging economies as a transition to a market economy, the central government's industrial policy and industrial support related businesses in the real economy are very significant, but also affect the investor's investment orientation.Finally, I will specifically analyze XX Limited Company. The enterprise valuation of the ever-changing, it can be said that a full artistic science. The cases cited in this article does not seek include the valuation of the whole picture, just give empirical inspection areas to explore in this article.