The Startup Valuation and Financial Analysis Specialization teaches two of the most often used methods to find the value of a startup. You’ll learn how to find the value of founder’s ownership before and after additional funding, how to read financial statements and make pro-forma statements, and how to determine the financial health and status of a startup and estimate future earnings and value. You’ll then use various investment criteria, such as Net Present Value (NPV) and Individual Rate of Return (IRR), to make a decision about whether and where to invest your money.

# Valuation and Financial Analysis For Startups 专项课程

Master Practical Startup Valuation Methods . Estimate startup value, understand financial statements, and make sound investment decisions.

**3,015**人已注册！

## 关于此 专项课程

### 您将获得的技能

#### 100% 在线课程

#### 灵活的计划

#### 初级

#### 完成时间大约为2 个月

#### 英语（English）

### 专项课程的运作方式

### 加入课程

Coursera 专项课程是帮助您掌握一门技能的一系列课程。若要开始学习，请直接注册专项课程，或预览专项课程并选择您要首先开始学习的课程。当您订阅专项课程的部分课程时，您将自动订阅整个专项课程。您可以只完成一门课程，您可以随时暂停学习或结束订阅。访问您的学生面板，跟踪您的课程注册情况和进度。

### 实践项目

每个专项课程都包括实践项目。您需要成功完成这个（些）项目才能完成专项课程并获得证书。如果专项课程中包括单独的实践项目课程，则需要在开始之前完成其他所有课程。

### 获得证书

在结束每门课程并完成实践项目之后，您会获得一个证书，您可以向您的潜在雇主展示该证书并在您的职业社交网络中分享。

### 此专项课程包含 5 门课程

### Valuation for Startups Using Discounted Cash Flows Approach

Discounted cash flow method means that we can find firm value by discounting future cash flows of a firm. That is, firm value is present value of cash flows a firm generates in the future. In order to understand the meaning of present value, we are going to discuss time value of money, first. That is, the value of $100 today is different from the value of $100 a year later. Then, what should be the present value of $100 that you are going to receive in 1 year? How about the value of $100 dollars that you are going to receive every year for next 10 years? How about forever? After taking this course, you are going to be able to find the present value of these types of cash flows in the future. Unlike most of finance courses, in this course, you are going to learn how to use excel to find present value of future cash flows. In addition to the present value, you are also going to learn how to find future value given investment; interest rate given investment and future cash flows, payments given interest rates, number of periods to wait given investment and interest rate, and so on. After learning the concept and how to find the time value of money, you are going to apply this to real world examples and company valuation. After taking this course, you will be ready to make an estimate of firm value by discounting its cash flows in the future.

### Valuation for Startups Using Multiple Approach

In addition to discounted cash flow method, multiple method is one of the most popular methods of firm valuation. PER is often used among financial professionals to make a quick-and-dirty estimate of a firm value. In this course, you are going to learn the concept and usage of PER, PBR and PSR. In addition to these basic multiple ratios, you are going to learn how to make an estimate of enterprise value and founder’s ownership before and after additional funding. Startups require a number of financings before IPO. After taking this course, you are going to be able to answer questions such as What the price per share should be given the startup’s estimate of earnings in the future; How many shares the founder should give up to raise additional capital; and so on? In the discounted cash flow method and multiple method, you are always given earnings or cash flows to make estimate of firm value. In this course, you are also going to learn how to generate cash flows or earnings from the financial statements. After taking this course, you will be able to understand the meaning of financial statements such as balance sheet, income statement and cash flow calculation.

### Financial Analysis for Startups

In the previous two courses, you have learned how to value startups using the discounted cash flow method and multiple methods. However, you have not learned how to estimate cash flows or earnings of startups. In this course, you are going to learn the concepts and usage of financial ratios. Using financial ratios such as profitability, liquidity, leverage, efficiency, and growth, you can tell financial health of a startup. Profitability ratios measure how profitable a firm is by looking at ROS, ROA, and ROE. Liquidity ratios measure how quickly a firm turns assets into cash to pay-off short-term liability and they include Current Ratio, Quick Ratio, and Cash Ratio. Leverage ratios measure how much long-term debt a firm has relative to its assets or equity. Efficiency ratios measure how efficiently a firm utilizes its assets. It is like a physical exam for humans and you can tell the fiscal status of a startup using financial ratios. You can also develop pro forma financial statement using financial ratios. Using pro forma financial statement, you can tell future financial status of a startup as well as cash flows. In addition, using information from pro forma statement and valuation methods, you can do the valuation of a startup.

### Applying Investment Decision Rules for Startups

In the previous course, you learned financial statement analysis and how to make estimate of future financial status. In this course, you are going to learn capital budgeting. That is, how to make an investment decision. You would like to select the best project among various projects you can take. Then, you need to know the criteria. In this course, you are going to learn investment decision criteria such as NPV and IRR, which are most popular decision rules. Using financial analysis and discounted cash flow method, you can make pro forma financial statement and estimate project cash flows. Then, you apply investment criteria to determine whether to invest or not. After learning how to apply NPV and IRR method to investment decision, you are going to learn how to evaluate NPV estimate and scenario, what-if analyses and break-even analysis. In addition to NPV and IRR, you are going to learn Payback period method and Profitability method to determine whether to invest or not when there is a political risk or capital rationing.

### 关于 延世大学

### 审阅

#### 4.2

##### 来自VALUATION AND FINANCIAL ANALYSIS FOR STARTUPS的热门评论

Amazing how easy the teacher explains financial concepts that helps you through the entire specialization and to successfully do valuations using discounted cash flows.

This course has helped me in Understanding new Concepts which will be very helpful in my future Carrier. I will be thankful to Coursera to give me this great opportunity for learning.\n\nThank You

Course was a lot cleaner, as far as mistakes in the quizzes / tests than the previous three courses; accordingly, I was able to focus on the material and get done a lot faster. Good course.

Amazing how easy the teacher explains financial concepts that helps you through the entire specialization and to successfully do valuations using discounted cash flows.

The quizz and exercices have a lot of weird problems. Way of asking the question, approximation of the result, contradictory initial datas... It needs to be reviewed

Loved the course! The quizzes and cases really test your knowledge and make sure you understood the concepts and not just theoretically but practically

Some questions in the quiz might be expressed in a more clear way. But overall interesting and helpful to refresh some university studies!

To the point, well-explained, perfectly building up to reveal in few hrs how to compute Enterprise value....Just what I was looking for.

## 常见问题

退款政策是如何规定的？

我可以只注册一门课程吗？

可以！点击您感兴趣的课程卡开始注册即可。注册并完成课程后，您可以获得可共享的证书，或者您也可以旁听该课程免费查看课程资料。如果您订阅的课程是某专项课程的一部分，系统会自动为您订阅完整的专项课程。访问您的学生面板，跟踪您的进度。

有助学金吗？

我可以免费学习课程吗？

此课程是 100% 在线学习吗？是否需要现场参加课程？

此课程完全在线学习，无需到教室现场上课。您可以通过网络或移动设备随时随地访问课程视频、阅读材料和作业。

完成专项课程需要多长时间？

The four courses will take 14 weeks and the capstone project will take approximately 3~4 weeks. Therefore the Specialization can be competed in 17~18 weeks.

What background knowledge is necessary?

No prior knowledge of Accounting or Finance is required.

Do I need to take the courses in a specific order?

All courses can be taken in order of preference.

完成专项课程后我会获得大学学分吗？

No.

What will I be able to do upon completing the Specialization?

You will close look at an environment the startup faced. Also, you will describe financial projections making the best use of the previous contents. Overall, this analysis encourages you to determine the value of your business.

还有其他问题吗？请访问 学生帮助中心。