| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w23895 |
| 来源ID | Working 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 |
| URL | https://www.nber.org/papers/w23895 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/581568 |
| 推荐引用方式 GB/T 7714 | William Gornall,Ilya A. Strebulaev. Squaring Venture Capital Valuations with Reality. 2017. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w23895.pdf（619KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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