tailieunhanh - Private Equity and Venture Capital in Europe_9

Cuốn sách àm sáng tỏ nhiều khía cạnh của EU và các tổ chức tài chính của Vương quốc Anh. Hoàn thành với việc tìm kiếm viện trợ, từ khóa, bài tập, và bảng chú giải thuật ngữ rộng lớn, vốn cổ phần tư nhân và đầu tư mạo hiểm ở châu Âu được viết không chỉ cho châu Âu, nhưng cho tất cả mọi người cần phải biết về thị trường này đang phát triển. | This page intentionally left blank CHAPTER Company evaluation in private and venture capital 12 COMPANY VALUATION As explained in Part Two the private equity process can be divided into different phases. One of these is the investing phase which includes choosing and closing the deal. Within this phase company valuation is critical since it is fundamental to the venture capitalist s future economic return. The types of financing available to venture capitalists are completely different for example an entry strategy with a majority participation and a position of control typical in a buyout and minority participation that supports the quotation of a firm for a short time. It is possible to identify standard phases common to all investments. Identification of the target company This is executed differently in US UK and European markets. In the US and the UK investment opportunities offered to venture capitalists are already defined and structured by the entrepreneur. In Europe researching potential target companies is up to the institutional investor and done by direct marketing operations therefore European venture capitalists need a developed and efficient network or relationship to find potential and interesting deals deal flow . Valuation of the entrepreneur profile and or the management team This phase follows the identification of the target company and consists of a complete analysis of the entrepreneur and or the management team s profile especially when they invest risk capital together with the private equity operator. It is important to check the reliability knowledge expertise Private Equity and Venture Capital in Europe Markets Techniques and Deals Copyright 2010 by Elsevier Inc. All rights reserved. 175 176 CHAPTER 12 Company evaluation in private and venture capital and reputation between the management team and the validity or coherence of the business idea. Deep valuation of the target company and the operation structure This phase is critical .