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来源类型Working Paper
规范类型报告
DOI10.3386/w23895
来源IDWorking Paper 23895
Squaring Venture Capital Valuations with Reality
William Gornall; Ilya A. Strebulaev
发表日期2017-10-09
出版年2017
语种英语
摘要We develop a valuation model for venture capital-backed companies and apply it to 135 U.S. unicorns – private companies with reported valuations above $1 billion. We value unicorns using financial terms from legal filings and find reported unicorn post-money valuation average 50% above fair value, with 15 being more than 100% above. Reported valuations assume all shares are as valuable as the most recently issued preferred shares. We calculate values for each share class, which yields lower valuations because most unicorns gave recent investors major protections such as a IPO return guarantees (14%), vetoes over down-IPOs (24%), or seniority to all other investors (32%). Common shares lack all such protections and are 58% overvalued. After adjusting for these valuation-inflating terms, almost one-half (65 out of 135) of unicorns lose their unicorn status.
主题Financial Economics ; Financial Markets ; Financial Institutions ; Corporate Finance ; Other ; Accounting, Marketing, and Personnel
URLhttps://www.nber.org/papers/w23895
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/581568
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GB/T 7714
William Gornall,Ilya A. Strebulaev. Squaring Venture Capital Valuations with Reality. 2017.
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