Venture capitalists, investment appraisal and accounting information: a comparative study of the USA, UK, France, Belgium and Holland
通过问卷调查比较了美、英、法、比、荷五国风险资本家在投资前估值时使用的信息和方法，发现各国差异源于公司治理机制和资本市场发展水平，提醒跨境投资者需深入了解当地市场。
The differences between the information used for the pre‐investment valuation and the valuation methods used by venture capital investors in five countries (USA, UK, France, Belgium and Holland) are empirically studied. The analysis is based on postal questionnaire surveys of representative samples of senior venture capitalists in each country. Differences are found, which may be attributed to the dominant corporate governance mechanism or the level of development of the venture capital market. Between‐country differences persist even after taking into account between‐country differences in the relative importance of investment stages and venture capital types. Apparently similar systems and venture capital markets place varying emphases on different valuation methods, with theoretically ‘correct’ methods not always being preferred in practice. The findings of the study highlight the need for venture capital firms entering non‐domestic markets to invest considerable effort in understanding the operation of these markets if they are to exploit fully their perceived competitive advantages and minimize the likelihood of repeating the problems experienced by venture capital entrants into foreign markets in the late 1980s.