为什么估值不只是一个倍数？
中国中小企业出售时，企业主常问“我的公司值几倍”。但买方真正评估的是可持续盈利、现金流、风险和交割确定性。倍数只是结果，不是原因。
常用估值方法
盈利稳定企业常用EBITDA倍数；高增长软件或平台企业可能参考收入倍数；重资产企业需要结合资产、资本开支和现金流；早期企业则更依赖增长和战略价值。
估值调整
常见调整包括一次性费用、股东个人费用、非经常性收入、关联方交易、异常毛利、营运资金缺口和净债务。
条款影响
同样的企业价值，若付款分期、Earnout比例高、赔偿责任重或营运资金目标严，卖方实际风险会不同。
Lyndon如何协助
Lyndon可协助企业主、买方和顾问准备估值分析、正常化EBITDA、可比交易和交易条款评估。
About the Author
Daniel Bae
Co-founder & CEO, Lyndon Advisory
Daniel is an investment banker with 15+ years of experience in M&A, having advised on deals worth over US$30 billion. His career spans Citi, Moelis, Nomura, and ANZ across London, Hong Kong, and Sydney. He holds a combined Commerce/Law degree from the University of New South Wales. Daniel founded Lyndon Advisory to solve the pain points in M&A, enabling bankers to focus on what matters most — delivering trusted advice to clients.
About Lyndon Advisory
Lyndon Advisory is an M&A advisory firm built for Asia Pacific. We help business owners sell their companies and investors make strategic acquisitions with senior-led execution, disciplined process management, and AI-supported buyer intelligence.
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