What do we know about startup-valuation drivers? A systematic literature review

IF 2.8 4区管理学 Q2 BUSINESS, FINANCE

Venture Capital Pub Date : 2022-07-13 DOI:10.1080/13691066.2022.2086502

Max Berre, Benjamin Le Pendeven

引用次数: 4

Abstract

ABSTRACT Startup-valuation is a critical area of research within entrepreneurial finance, but research on this topic is less consistent and thorough than overall valuation research. Peer-reviewed studies express a range of divergent views and approaches, and the focus varies widely. To bring clarity to this fragmented field, we conduct a systematic literature review, examining 87 peer-reviewed studies published between 1985 and 2020. We analyze these publications in detail and identify 36 startup-valuation drivers and cluster them into five macro-themes: Entrepreneur Characteristics; Firm Characteristics; Investor Characteristics; Market Conditions; and Deal Conditions. We then describe the valuation-impact of these drivers on startups. The range of drivers identified in the literature gives rise to construction of an integrative meta-model based on the macro-themes, placed into appropriate chronological position in the valuation process Our study also identifies key research-gaps and highlights promising directions for exploring the startup-valuation field.

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我们对创业公司估值驱动因素了解多少?系统的文献综述

创业估值是创业融资研究的一个关键领域，但对这一主题的研究不如整体估值研究一致和彻底。同行评议的研究表达了一系列不同的观点和方法，焦点也各不相同。为了使这个支离破碎的领域更加清晰，我们进行了系统的文献综述，研究了1985年至2020年间发表的87项同行评议研究。我们对这些出版物进行了详细分析，并确定了36个创业估值驱动因素，并将其归纳为五大宏观主题:企业家特征;公司特征;投资者的特征;市场状况;和交易条件。然后，我们描述了这些驱动因素对初创公司的估值影响。在文献中确定的驱动因素范围导致了基于宏观主题的综合元模型的构建，并在估值过程中按时间顺序适当地放置。我们的研究还确定了关键的研究空白，并强调了探索创业估值领域的有希望的方向。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Venture Capital BUSINESS, FINANCE-

CiteScore

4.10

自引率

16.70%

发文量

期刊介绍： Venture Capital publishes cutting edge research-based papers from academics and practitioners on all aspects of private equity finance such as: •institutional venture capital •informal venture capital •corporate venture capital •public sector venture capital •community venture capital It also covers all aspects of the venture capital process from investment decision to exit, including studies on: •investment patterns •investment decision-making •investment performance •realisation of investment value exit routes (including the relationship with junior capital markets such as NASDAQ, EASDAQ, AIM and Nouvelle March). •economic impact and public policy