期刊
JOURNAL OF APPLIED CORPORATE FINANCE
卷 33, 期 3, 页码 125-129出版社
WILEY
DOI: 10.1111/jacf.12469
关键词
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Valuing start-ups is a complex task due to their innovative nature, limited financial information, and unstable economic model, making it difficult for valuers to identify listed assets or comparable transactions and provide reliable cash flow forecasts.
Valuing start-ups is one of the most complex exercises a valuer is likely to face. The main reason for this is that start-ups are innovative companies for which limited financial information is available. The economic model of a start-up is usually not yet stable, and the start-up will have to get through a large number of stages before it reaches maturity. In this context, it is very difficult for a valuer to identify listed assets or comparable transactions, much less provide credible forecasts of cash flows.
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