Ключевые слова
принятие решений о венчурных инвестициях
эффективность предпринимательских фирм
оценка IPO
рост новых фирм
Как цитировать
Аннотация
Стартапы кардинально преображаются в ходе своего жизненного цикла. Эволюция компаний влечет за собой изменение подходов к их оценке. Эмпирические исследования, охватывающие несколько стадий трансформации бизнеса, зачастую применяют идентичные критерии, что порождает противоречивые выводы. Цель работы — разграничить детерминанты оценки стартапов на ранних и поздних этапах их развития. Задача состоит в определении факторов с переменной значимостью для разных стадий, а также критериев, сохраняющих актуальность на протяжении всего цикла.
Проанализированы исследования по оценке стартапов, факторы систематизированы по стадиям развития. Введена «иерархия релевантности» критериев оценки для разных этапов жизненного цикла. Идентифицированы стабильные детерминанты, действующие неизменно, и волатильные — с переменной значимостью. Предложена метамодель двухстадийной оценки для практиков. Научная новизна исследования состоит в стадийном подходе к анализу литературы, который открывает путь к созданию целевых моделей с четкими и однозначными результатами.
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