论文标题
商业周期和现金市场：宏观经济环境中的货币前启动估值
Business-cycles and Cash-on-Market: Pre-money Startup Valuation in the Macroeconomic Environment
论文作者
论文摘要
商业循环如何影响启动价值？虽然几项研究探讨了风险投资初创企业系统和货币估值，但相对较高的研究更深入地研究了宏观经济因素在影响这些创业交易估值中的作用。本文使用在欧盟和欧洲经济区市场的1,089个文化股本投资的数据集，研究了宏观经济，周期性和宏观部门对VC初创企业的货币前VC估值的影响。我们的发现表明，业务循环会直接和间接影响启动评估。除了DCF因素之外，启动估计还会直接受到业务循环的影响，并通过本地风险投资市场大小来影响。通过使用结构方程模型方法，我们的发现通过探索间接和内源性关系的可能性来促进企业家精神和财务互助文献，发现大多数决定因素是传输通道，而不是独立的驱动因素。我们的发现有效地结合了启动销量，中间市场和宏观经济决定因素。
How do business-cycles impact startup-valuations? While several studies explore VC startupecosystems and pre-money valuations, relatively-few delve deeper into the role of macro-level economic factors in influencing those startup deals valuations. Using a dataset of 1,089 venturecapital investments in European Union and European Economic Area markets, this article examines macroeconomic, cyclical and macro-sectoral influences on VC startups pre-money VC valuations. Our findings show that business-cycles impact startup-valuation both directly and indirectly. Beyond DCF factors, startup-valuations are impacted via by business-cycles directly, and via local venture-capital market-size. By using a Structural Equation Model approach, our findings contribute to entrepreneurship and financial-intermediary literature by exploring indirect and endogenous relationship possibilities finding that most determinants are transmission-channels rather than independent drivers. Our findings effectively tie-together startup-valuations, intermediary markets, and macroeconomic determinants.
