商业周期与市场现金流：宏观经济环境下的前期创业估值
Business-cycles and Cash-on-Market: Pre-money Startup Valuation in the Macroeconomic Environment
摘要：
商业周期如何影响初创企业估值？虽然有几项研究探讨了风险投资创业生态系统和投资前估值，但相对而言，很少有人深入研究宏观经济因素在影响这些创业交易估值方面的作用。本文使用欧盟和欧洲经济区市场的1，089项风险资本投资的数据集，研究了宏观经济，周期性和宏观部门对风险投资初创公司的影响。我们的研究结果表明，商业周期直接和间接地影响创业估值。除了DCF因素，初创企业估值还直接受到商业周期和当地风险资本市场规模的影响。通过使用结构方程模型的方法，我们的研究结果有助于创业和金融中介文献探索间接和内生关系的可能性，发现大多数决定因素是传输渠道，而不是独立的驱动程序。我们的研究结果有效地将初创企业估值，中介市场和宏观经济决定因素联系在一起。
英文摘要：
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.
机构、总结、中文摘要均由AI分析而来，可能存在错误，请以论文正文为准。
