The Private Equity Discount: An Empirical Examination of the Exit of Venture Backed Companies
The Private Equity Discount: An Empirical Examination of the Exit of Venture Backed Companies
复制标题
私募股权折扣：风险投资支持公司退出的实证检验
DOI：
10.2139/ssrn.298083
复制
发表时间：
2002
期刊：
影响因子：
--
通讯作者：
Murali Jagannathan
中科院分区：
文献类型：
--
作者：
Atulya Sarin;Sanjiv Ranjan Das;Murali Jagannathan
人们对私募股权投资的风险和回报特征知之甚少。在这篇文章中，我们考察了从1980年到2000年期间23,208家独特公司的52,322轮融资，通过风险和收购基金，并估计了退出的可能性、退出倍数和私募股权投资的预期收益。我们发现，风险投资的收益取决于行业、企业所处的融资阶段、融资金额、融资时的估值以及当时的市场情绪。预期市盈率从后期公司的1.12的低点到早期融资公司的5.12的高位不等。我们的研究是理解私募股权投资估值所需风险溢价的第一步。这将是风投社区和估值从业者特别感兴趣的。
Little is known about the risk and return characteristics of private equity investments. In this paper we examine 52,322 financing rounds in 23,208 unique firms, over the period 1980 through 2000 by venture and buyouts funds and estimate the probability of exit, the exit multiples and the expected gains from private equity investments. We find that the gains from venture-backed investments depend upon the industry, the stage of the firm being financed, the financing amount, the valuation at the time of financing, and the prevailing market sentiment. The expected multiple ranges from a low of 1.12 for late-stage firms to a high of 5.12 for firms financed in their early stages. Our study is the first step in understanding the risk premium required for the valuation of private equity investments. It will be of particular interest to the VC community and valuation practitioners.