Artikel
A Robust Valuation Model for Entrepreneurial Ventures
Pro forma estimation of financial statements often builds on constant ratios to sales revenue. While constant ratios may be relevant for established firms operating in predictable industries, they yield noninformative and possibly misleading information when applied to new firms, and particularly to technology ventures. Because new firms grow and change rapidly, a robust analysis should be based on intimate familiarity with the specific firm's business plan. This paper presents an alternative approach that links the firm's budget, as derived from its business plan, to pro forma financial statements, and to valuation models. The resulting estimated firm value is less sensitive to exogenous parameter assumptions than other methodologies.
- Sprache
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Englisch
- Erschienen in
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Journal: The Journal of Entrepreneurial Finance (JEF) ; ISSN: 1551-9570 ; Volume: 16 ; Year: 2013 ; Issue: 2 ; Pages: 57-74 ; Montrose, CA: The Academy of Entrepreneurial Finance (AEF)
- Klassifikation
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Management
Financial Forecasting and Simulation
Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
Entrepreneurship
New Firms; Startups
- Thema
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Valuation
Business plan
Entrepreneurship
Pro forma financial statements
- Ereignis
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Geistige Schöpfung
- (wer)
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Kedar-Levy, Haim
- Ereignis
-
Veröffentlichung
- (wer)
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The Academy of Entrepreneurial Finance (AEF)
- (wo)
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Montrose, CA
- (wann)
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2013
- Handle
- Letzte Aktualisierung
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10.03.2025, 11:44 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Artikel
Beteiligte
- Kedar-Levy, Haim
- The Academy of Entrepreneurial Finance (AEF)
Entstanden
- 2013
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