Entrepreneurial finance: venture capital, deal structure & valuation
Gespeichert in:
Hauptverfasser: | , |
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Format: | Buch |
Sprache: | English |
Veröffentlicht: |
Stanford, California
Stanford Business Books
[2019]
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Ausgabe: | Second edition |
Schlagworte: | |
Online-Zugang: | Inhaltsverzeichnis |
Beschreibung: | xxxii, 592 Seiten Illustrationen, Diagramme 24 cm |
ISBN: | 9781503603219 1503603210 |
Internformat
MARC
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Datensatz im Suchindex
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adam_text | CONTENTS List of Illustrations xiii Abbreviations xix Preface xxiii Acknowledgments xxix About the Authors xxxi PART 1 Getting Started Chapter 1 Introduction 3 1.1 What Makes Entrepreneurial Finance Different from Corporate Finance? 3 1.2 Entrepreneurship and the Entrepreneur 1.3 Hypothesis-Driven Entrepreneurship 1.4 The Stages of New Venture Development 1.5 Financial Performance and Stages of New Venture Development 25 1.6 The New Venture Business Model 1.7 Summary 17 28 30 Review Questions Notes 9 31 32 References and Additional Reading 33 23
vi Contents Chapter 2 New Venture Financing: Considerations and Choices 36 2.1 The Sequence of New Venture Financing 2.2 Sources of New Venture Financing 2.3 What’s Different About Financing Not-for-Profit Ventures? 2.4 Organizational Form and Financing Choices 2.5 Regulatory Considerations 2.6 International Differences in Financing Options 2.7 Recap: Considerations in the Choice of Financing 67 2.8 How Financial Distress Affects Financing Choices 71 2.9 Summary 39 59 61 62 66 73 Review Questions Notes 37 74 74 References and Additional Reading 77 PART 2 Financing of High-Risk, High-Growth Ventures Chapter 3 Venture Capital and Angel Investing 83 3.1 Development of the Venture Capital Market 84 3.2 The Organization of Venture Capital Firms 94 3.3 Investment Returns and Compensation 3.4 Impact of Compensation on Investment Selection 3.5 Aspects of the VC Industry Structure 3.6 How Venture Capitalists Can Add Value 3.7 Luck Versus Skill: What Accounts for Venture Capital Success? 112 3.8 The Role of Reputation in the Venture Capital Market 3.9 Angel Investing 3.10 Summary 110 114 119 119 References and Additional Reading 107 108 118 Review Questions Notes 103 122 113
Contents Chapter 4 Venture Deals vii 126 4.1 The Economic Framework for Financial Contracting 4.2 Essentials of Contract Design 4.3 Elements of VC Deal Structure 4.4 Analysis of Key Term Sheet Provisions 4.5 Deal Structures of Angel Investments 4.6 Summary 132 138 149 156 159 Review Questions Notes 127 161 162 References and Additional Reading 163 PART 3 Financial Aspects of Strategic Planning Chapter 5 New Venture Strategy and Real Options 169 5.1 Product-Market, Financial, and Organizational Strategy 5.2 The Interdependence of Strategic Choices: An Example 5.3 What Makes a Plan or Decision Strategic? 5.4 Financial Strategy 5.5 Deciding on the Objective 5.6 Strategic Planning for New Ventures 5.7 Recognizing Real Options 5.8 Strategic Planning and Decision Trees 5.9 Decision Trees and Contract Negotiation 5.10 Rival Reactions and Game Trees 5.11 Real Options with Continuous Distributions 5.12 Summary 172 172 173 175 177 182 191 192 197 199 200 References and Additional Reading 201 Chapter 6 Developing Venture Strategy Using Simulation 204 6.1 171 199 Review Questions Notes 169 Use of Simulation in Business Planning: An Example 205
viii Contents 6.2 Who Relies on Simulation? 6.3 Simulation in New Venture Finance 6.4 Simulation: An Illustration 6.5 Simulating the Value of a Financial Option 6.6 Describing Risk 6.7 Using Simulation to Evaluate a Strategy 6.8 Valuing Real Options and Comparing Strategic Choices 6.9 Summary 207 209 214 216 219 228 239 Review Questions Notes 207 239 240 References and Additional Reading 242 PART 4 Financial Forecasting and Assessing Financial Needs Chapter 7 Revenue Forecasting 245 7.1 Principles of Financial Forecasting 7.2 Forecasting Revenue 7.3 Estimating Uncertainty 7.4 Building a New Venture Revenue Forecast: An Illustration 7.5 Introducing Uncertainty to the Forecast: Continuing the Illustration 259 7.6 Calibrating the Development Timing Assumption: An Example 267 7.7 Summary 247 254 268 Review Questions Notes 269 270 References and Additional Reading Chapter 8 Financial Modeling 246 270 271 8.1 An Overview of Financial Statements 272 8.2 Working Capital, Growth, and Financial Needs 8.3 Developing Assumptions for the Financial Model 277 283 256
Contents 8.4 Building a Financial Model of the Venture 8.5 Adding Uncertainty to the Financial Model 8.6 NewCo: Building an Integrated Financial Model 8.7 Summary 308 319 320 References and Additional Reading Chapter 9 Assessing Cash Needs 303 318 Review Questions Notes 291 320 321 9.1 Cash Flow Breakeven Analysis 9.2 Sustainable Growth 9.3 Planning for Financial Needs When the Desired Growth Rate Exceeds the Sustainable Rate 332 9.4 Planning for Product-Market Uncertainty 9.5 Assessing Financial Needs with Sensitivity/Scenario Analysis 337 9.6 Assessing Financial Needs with Simulation 9.7 Summary 327 334 341 348 Review Questions Notes 322 348 349 References and Additional Reading 350 PART 5 Valuation Chapter 10 Foundations of New Venture Valuation 353 10.1 Perspectives on the Valuation of New Ventures 10.2 Myths About New Venture Valuation 10.3 An Overview of Valuation Methods 10.4 Discounted Cash Flow Valuation 10.5 The Relative Value Method 10.6 Valuation by the Venture Capital Method 10.7 Valuation by the First Chicago Method 355 359 363 374 378 380 354 Ix
x Contents 10.8 Reconciliation with the Pricing of Options 10.9 Required Rates of Return for Investing in New Ventures 10.10 The Entrepreneur’s Opportunity Cost of Capital 10.11 Matching Cash Flows and Discount Rates 10.12 Summary 386 392 396 Review Questions Notes 381 398 398 References and Additional Reading Chapter 11 New Venture Valuation in Practice 401 405 11.1 Criteria for Selecting a New Venture Valuation Method 11.2 Implementing the Continuing Value Concept 11.3 Implementing DCF Valuation Methods 413 11.4 New Venture Valuation: An Illustration 428 11.5 The Cost of Capital for Non-U.S. Investors 442 11.6 Some Practical Caveats on Implementation 443 11.7 Summary 444 Review Questions Notes 445 445 References and Additional Reading 446 Chapter 11 Appendix: The Entrepreneur’s Perspective on Value ПАЛ 407 448 Estimating the Entrepreneur’s Commitment to a Venture 11A.2 Valuing Partial-Commitment Investments 11A.3 Implementation: Partial Commitment 11A.4 Shortcuts and Extensions 11A.5 Summary 453 455 459 464 References and Additional Reading 465 Chapter 12 Designing and Valuing Staged Investment with Real Options 12.1 Staged Investment: The Venture Capital Method 12.2 Staged Investment: CAPM Valuation with Discrete Scenarios 474 467 467
Contents 12.3 Using Simulation to Design Financial Contracts 12.4 Valuing Different Types of Financial Claims 12.5 Summary 493 494 Review Questions Notes 482 495 495 References and Additional Reading 496 PART 6 Harvesting and Beyond Chapter 13 Harvesting 501 13.1 Going Public 13.2 Acquisition 13.3 Valuing Private Transactions 13.4 Management Buyout 13.5 Employee Stock Ownership Plans 13.6 Roll-Up IPO 13.7 The Choice of Harvesting Method 13.8 Harvesting Choices of VC-Backed Firms 13.9 Summary 502 519 526 527 531 532 536 538 Review Questions Notes 522 538 539 References and Additional Reading Chapter 14 The Future of Entrepreneurial Finance 545 551 14.1 Completing the Circle 14.2 Public Policy and Entrepreneurial Activity: An International Comparison 557 14.3 Breaking New Ground Notes 552 569 574 References and Additional Reading Index 579 576 xl
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author | Smith, Janet Kiholm Smith, Richard Lester 1949- |
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isbn | 9781503603219 1503603210 |
language | English |
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spelling | Smith, Janet Kiholm Verfasser (DE-588)17062255X aut Entrepreneurial finance venture capital, deal structure & valuation Janet Kiholm Smith and Richard L. Smith Second edition Stanford, California Stanford Business Books [2019] © 2019 xxxii, 592 Seiten Illustrationen, Diagramme 24 cm txt rdacontent n rdamedia nc rdacarrier Venture capital New business enterprises Finance Entrepreneurship Finanzierungstheorie (DE-588)4154418-3 gnd rswk-swf Unternehmensgründung (DE-588)4078599-3 gnd rswk-swf Risikokapital (DE-588)4124067-4 gnd rswk-swf Finanzierung (DE-588)4017182-6 gnd rswk-swf (DE-588)4123623-3 Lehrbuch gnd-content Unternehmensgründung (DE-588)4078599-3 s Finanzierung (DE-588)4017182-6 s Risikokapital (DE-588)4124067-4 s Finanzierungstheorie (DE-588)4154418-3 s DE-604 Smith, Richard Lester 1949- Verfasser (DE-588)170034313 aut Erscheint auch als Online-Ausgabe 978-1-5036-0912-9 Digitalisierung UB Regensburg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=031251452&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
spellingShingle | Smith, Janet Kiholm Smith, Richard Lester 1949- Entrepreneurial finance venture capital, deal structure & valuation Venture capital New business enterprises Finance Entrepreneurship Finanzierungstheorie (DE-588)4154418-3 gnd Unternehmensgründung (DE-588)4078599-3 gnd Risikokapital (DE-588)4124067-4 gnd Finanzierung (DE-588)4017182-6 gnd |
subject_GND | (DE-588)4154418-3 (DE-588)4078599-3 (DE-588)4124067-4 (DE-588)4017182-6 (DE-588)4123623-3 |
title | Entrepreneurial finance venture capital, deal structure & valuation |
title_auth | Entrepreneurial finance venture capital, deal structure & valuation |
title_exact_search | Entrepreneurial finance venture capital, deal structure & valuation |
title_full | Entrepreneurial finance venture capital, deal structure & valuation Janet Kiholm Smith and Richard L. Smith |
title_fullStr | Entrepreneurial finance venture capital, deal structure & valuation Janet Kiholm Smith and Richard L. Smith |
title_full_unstemmed | Entrepreneurial finance venture capital, deal structure & valuation Janet Kiholm Smith and Richard L. Smith |
title_short | Entrepreneurial finance |
title_sort | entrepreneurial finance venture capital deal structure valuation |
title_sub | venture capital, deal structure & valuation |
topic | Venture capital New business enterprises Finance Entrepreneurship Finanzierungstheorie (DE-588)4154418-3 gnd Unternehmensgründung (DE-588)4078599-3 gnd Risikokapital (DE-588)4124067-4 gnd Finanzierung (DE-588)4017182-6 gnd |
topic_facet | Venture capital New business enterprises Finance Entrepreneurship Finanzierungstheorie Unternehmensgründung Risikokapital Finanzierung Lehrbuch |
url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=031251452&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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