La valoración de inversiones por parte de las sociedades de capital riesgoun estudio empírico aplicado al ámbito europeo

Resumen

This dissertation addresses the issue of investment valuation process by venture capitalists (VCs) in a European context through three empirical studies, with particular attention to the variables used in the application of the discounted cash flow method (DFT). The first empirical research analyzes the investment valuation decisions by Spanish VCs according to their experience and the investee's stage of development. The findings show that the expected return on investment (ROI) is the most important factor considered in selecting an investment project. The stage of development has also a decisive influence on the selection of the valuation method used, as DFT is the most commonly used method for early-stage investment projects. Our paper also provides first evidence on the way VCs operationalize the key variables in the DFT method, such as the discount rate, the risk premium and the terminal value. The second empirical research makes a comparative analysis of valuation practices by VCs located in the UK, Germany, France and Italy. The findings show that the skills and experience of the management team are the most important criteria considered in the ex ante selection of the investment. The results also reveal differences among countries in the valuation process. Regarding the methodology, multiple methods based on comparable firms are the most commonly used methods, with a significantly higher use in the UK compared to the rest of countries analyzed. However, multiple methods are used in combination with other valuation techniques, such that most VCs use the DFT model and test the valuations obtained therein with those derived from the multiples methods. We also document that EBITDA and EBIT are the preferred multiples. Regarding the variables involved in the DFT method, we find significant differences among countries in the discounted cash flows, the discount rate used and the estimated terminal value. The third and final empirical study based on the sample of European VCs analyzes the most crucial variables in the behavior of VCs, focusing on their influence in the choice and implementation of the valuation methods used and the factors considered in the investment selection process. For this purpose, a multivariate analysis is performed through a series of ordered logistic regressions, in which a set of variables that have been studied in previous literature are considered, such as the investee¿s stage of development, the legal system, the main source of funding, the volume of funds under management and the experience. The results show that the previous variables help explain the differences among VCs with respect to the factors considered in selecting an investment as well as the valuation methods used and their implementation. Our findings have important implications in the current context of serious difficulties in access to bank credit by SMEs. For entrepreneurs seeking to obtain VC financing, gaining insight into the investment decision criteria of both Spanish and European VCs can help them develop better and more targeted proposals to maximize their success rate in attracting capital. VCs can use the information from this research to better understand their decision processes, both in isolation as well as in relation to their competitors. Finally, our study has also implications for policymakers since a deeper understanding of the VCs decision-making process can lead them to develop successful government policies that promote investment and economic growth, either nationally or supranationally.