Another widely accepted measure of performance is multiple of capital contributed (MOC) or a multiple of distributions received relative to the capital invested. This measures the proceeds received when an investment is sold, or the valuation of an investment still held, as a multiple of the original cost of the investment. MOC does not take into account the length of time between the date the investment was made and the valuation date (unrealized MOC), or the date the company was sold (realized MOC).
看了以上的这段英文,大家应该可以理解MOC,就是 Multiple of Capital Contributed 的英文缩写(也有称为MOIC,multiple of invested capital),其最大的一个毛病就是没有考虑到时间价值,但最大的优点就是简单。打个比方来说,2个PE投资人都在吹,他们的项目实现了3倍,但是一个用了2年,一个用了10年,听着都是3倍,但实际上回报率差远了。或者还有一个可能在吹牛,说现在所投企业传说估值都40亿美元了(估计大家都知道是哪个,肯定不是大米),实现的收益倍数。。抱歉,超过我的大脑计算位数了,这个就是所谓的未实现MOC,但是骡子是马,还是要看真正变现的那一天,也就说实现的MOC。
总结,MOC即收益倍数这个指标是一个静态指标,要结合IRR这个指标来使用,这样可以更好的衡量投资回报水平。附上一张表格,方便大家查询。