衡量初创公司价值的新方法.docVIP

INVESTORS in young, fast-growing companies have a new way to calculate their value without regard to the prices of other companies stocks. This is an important advance, because most other appraisal methods for start-ups are based on relative valuation, which — as we saw at the top of the Internet bubble — grossly overvalues a new company when comparable companies in the same industry are also overvalued. An Early Growth Spurt The new approach is the brainchild of Andrew Metrick, an associate professor of finance at the Wharton School of the University of Pennsylvania. He calls it a reality ch