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Joanne · 2023年05月06日

VC 估值一般用什么来着?

NO.PZ2023041004000055

问题如下:

Statement 1 For venture capital investment in the early stages of analysis, emphasis is placed on the discounted cash flow approach to valuation.

Statement 2 For buyout investments, income-based approaches are used frequently as a primary method of valuation.

Statement 3 If a comparable group of companies exist, multiples of revenues or earnings are used frequently to derive a value for venture capital investments.

Which statement by Hermansky is the least valid?

选项:

A.Statement 1.

B.Statement 2.

C.Statement 3.

解释:

Statement 1 is the least likely to be valid.

VC投资初始阶段的公司,不是用FCFF模型吗?

1 个答案

韩韩_品职助教 · 2023年05月07日

嗨,爱思考的PZer你好:


同学你好,VC估值很难用FCFF模型,因为VC公司烧钱很厉害,所以初始FCFF都会是负的,没法用FCFF估值。

一般VC会比较多用可比公司的成交来估值,这里的可比数据用的是PS或者EV/Sales比较多,因为sales的数据比较好得到。

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虽然现在很辛苦,但努力过的感觉真的很好,加油!

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