ABSTRACT

Startup-valuation is a critical area of research within entrepreneurial finance, but research on this topic is less consistent and thorough than overall valuation research. Peer-reviewed studies express a range of divergent views and approaches, and the focus varies widely. To bring clarity to this fragmented field, we conduct a systematic literature review, examining 87 peer-reviewed studies published between 1985 and 2020. We analyze these publications in detail and identify 36 startup-valuation drivers and cluster them into five macro-themes: Entrepreneur Characteristics; Firm Characteristics; Investor Characteristics; Market Conditions; and Deal Conditions. We then describe the valuation-impact of these drivers on startups. The range of drivers identified in the literature gives rise to construction of an integrative meta-model based on the macro-themes, placed into appropriate chronological position in the valuation process Our study also identifies key research-gaps and highlights promising directions for exploring the startup-valuation field.

摘要

初创企业估值是创业金融研究的一个关键领域，但该主题的研究不如整体估值研究一致和彻底。同行评审的研究表达了一系列不同的观点和方法，而且焦点也各不相同。为了澄清这个分散的领域，我们进行了系统的文献综述，审查了 1985 年至 2020 年间发表的 87 项同行评审研究。我们详细分析了这些出版物，并确定了 36 个初创企业估值驱动因素，并将它们分为五个宏观主题：特征; 公司特色；投资者特征；市场状况；和交易条件。然后我们描述这些驱动因素对初创公司的估值影响。