現今獨角獸公司形成與發展的速度越來越快，在募資的過程中，創投和天使基金的資金加入，使得過去 10年來，全球平均一年就誕生4家獨角獸公司。然而大部份的獨角獸公司皆為新創公司，且商業模式較獨特，使用傳統的公司評價方法會遇到3個主要的問題：盈餘為負、沒有歷史股價和資料、缺乏可比較公司。
因此本研究先使用一般傳統公司評價方法：現金流量折現法、企業價值對稅前息前折舊攤銷前獲利法EV/EBITDA、企業價值對收益法EV/R，再加上新的獨角獸公司評價法：股價對銷貨收入法P/S、每位用戶的平均收入Average Revenue Per User, ARPU以及企業價值/月活躍用戶 EV/MAU來對所選之獨角獸公司做估值。
本研究選取3間公司，分別是Uber優步公司，Amazon亞馬遜公司以及Luckin瑞幸咖啡來評估評價方法。最後得到的結論為除了亞馬遜公司盈利模式己較穩定，其他新創獨角獸公司還是適合用新的獨角獸公司評價法：股價對銷貨收入法P/S、每位用戶的平均收入Average Revenue Per User, ARPU，以及企業價值/月活躍用戶 EV/MAU 來做為評價方法。

Unicorns, name given to the start-ups are valued over $1 billion by private to public markets. Nowadays, the development of unicorn companies are getting faster and faster, startups raise capital through rounds of investment of Venture Capital and Angel Funds. Therefore in the past decade, four unicorns were born per year on average.
It is simple to value firms with positive earning, a long history of performance and a large number of comparable when using the traditional valuation models. In this paper, we examine the traditional valuations such as Discounted Cash Flow Approach, EV/EBITDA and EV/R. Plus the new unicorns valuations such as P/S, ARPU and EV/MAU approaches to value negative earnings firms, young firms which only start-up, and few comparable.
Finally, Uber, Amazon and Luckin three companies cases are choose to analyze. In this paper, we finally have the conclusion is that, unicorn companies are still suitable for the new unicorn evaluation approaches except Amazon because of its stable revenue income.

目 錄
論文審定書 i
誌　謝 ii
摘　要 iii
Abstract iv
第一章 緒論 1
第一節　研究背景及動機 1
第二節 研究目的 3
第三節 文獻探討 3
第四節 研究流程 4
第二章 獨角獸與創投基金介紹 5
第一節 獨角獸 5
第二節 獨角獸公司簡介 5
第三節 獨角獸募資過程與創投基金 9
第三章 評價方法 – 基本理論和評估 13
第一節　現值評價法Present Value Methods 16
第二節　相對評價法Relative Valuation 20
第三節　資產價值評價法Asset-based methods 22
第六節 評價方法的選擇 32
第四章 研究結果與分析 32
第一節 Uber 34
第二節 Amazon 45
第三節 Luckin 瑞幸咖啡 58
第 五 章 結論與建議 68
第一節　研究結論 68
第二節　研究建議 69
第三節　研究限制 70
參考文獻 72
附　錄 77

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