Bewertung unter Unsicherheit : Herausforderungen bei der Bestimmung des Fair Values von Start-up-Unternehmen

In vielen Bewertungssituationen stossen traditionelle Methoden hinsichtlich ihrer Eignung zur Erfassung der spezifischen Gegebenheiten an Grenzen. Dies ist insbesondere bei hoher ökonomischer und technischer Unsicherheit der Fall. Im folgenden Beitrag wird daher am typischen Beispiel von Jungunternehmen diskutiert, welche Ansätze zu einer Verbesserung der Bewertungsqualität führen können

Venture Capital

Many entrepreneurial businesses require substantial capital in the startup phase. The period needed until a firm can bring its products to the market and generate revenues can take years, particularly in high-tech sectors involving scientific research and a complex development process. Often the founders do not have sufficient resources to finance the startup phase on their own. Thus, they need external financing, which, by nature, is mostly equity capital. Because startup firms face uncertain future prospects and lack a strong track record, they are unlikely to receive debt financing. Thus, venture capitalists are investors specialized in funding young businesses. They help close the gap when conventional financing is inapplicable. This chapter provides an overview of the venture capital market, the financial economies of venture capital, and the special features of venture investing

Venture Capital

Abstract The venture capital industry has seen tremendous growth over the past two decades. However, research provides mixed results for investment outcomes and reveals several methodological challenges and constraints arising from the lack of a comprehensive historical dataset. Strong evidence suggests that a small number of funds perform extremely well, while the majority of venture capital funds underperform public stock markets. Furthermore, academic research points out several distinct determinants of investment outcomes. Various studies, for instance, indicate that performance drivers such as the experience and skills of both the general partners and the limited partners have a strong affect on performance. Additionally, evidence of performance persistence exists as well as of a strong impact of macroeconomic conditions. The venture capital industry exhibits a cyclical pattern or cyclicality characterized by repeated periods of dramatic growth followed by slumps. Yet, whether booms are caused by fundamental factors or whether they constitute an overreaction to perceived investment opportunities is unclear.</jats:p