ABSTRACT

Valuation of new technology-based firms and startups is one of the main concerns of these Firms. The need to expand financial resources and evaluate the potential income of these firms increases the importance of the valuation of these firms for entrepreneurs and investors. In this paper, we represent a comprehensive framework to assess the strengths and the weaknesses of the valuation methods in NTBFs with a focus on the factors in the emerging markets. For this purpose, different valuation methods and their related criteria for NTBFs are extracted and evaluated by experts in terms of applicability and Sufficiency. We categorized the existing valuation methods to 4 different groups: “asset valuation methods”, “intellectual property valuation methods”, “technology valuation methods”, and “startups valuation methods”. Then, the importance of each criterion is determined using the analytical hierarchical process method. Finally, we used fuzzy TOPSIS to prioritize each category of valuation methods and identify their strengths and weaknesses. The results indicate which sets of valuation methods are the more preferred method for Iranian entrepreneurs and investors to evaluate different kinds of NTBFs. Besides, the results of the model on different criteria proposed different suggestions to improve the existing valuation methods.

摘要

新技术公司和初创公司的估值是这些公司的主要关注点之一。扩大财务资源和评估这些公司的潜在收入的需要增加了这些公司估值对企业家和投资者的重要性。在本文中，我们提出了一个综合框架来评估 NTBF 估值方法的优缺点，重点关注新兴市场的因素。为此，专家从适用性和充分性方面提取和评估了NTBF的不同估值方法及其相关标准。我们将现有的估值方法分为 4 组：“资产估值方法”、“知识产权估值方法”、“技术估值方法”和“初创公司估值方法”。然后，使用分析层次过程方法确定每个标准的重要性。最后，我们使用模糊 TOPSIS 对每一类估值方法进行优先排序，并确定它们的优缺点。结果表明，哪些估值方法是伊朗企业家和投资者评估不同类型 NTBF 的首选方法。此外，模型在不同标准上的结果提出了不同的建议，以改进现有的估值方法。