چكيده به لاتين
One of the challenges of supporting technology-based firms, especially in the early stages of growth, is financing and consequently their valuation in order to fair equity sharing between investor and entrepreneur in the process of financing through the venture capital. Therefore, this study presents a model for technology-based firms' valuation in order to fair equity sharing during the venture capital process. The literature review has shown that precision valuation is not possible due to uncertainty and moral hazard, so some mechanisms such as real options analysis and convertible preferred equity have been used to alleviate these two factors. In this research, via two approaches of 1) the transfer of the options to the investor, and 2) fair interaction, acted out to propose the valuation model and equity sharing. In the first approach, considering the characteristics of the technology-based firms, the use of the option to choose in the real options analysis (ROA) was recognized as suitable for their valuation in their commercialization stage and the decision tree analysis (DTA) method was determined appropriate for the early stages of their growth. Furthermore, by valuing a technology-based firm in the field of nanotechnology via aforementioned approach and achieving significant value-added compared to the conventional discounted cash flow and according to the experts and entrepreneurs' opinions, the using of the aforementioned approach led to more encouraging of both parties to participate and invest even for the early stages of the firm's growth. Moreover, by doing sensitivity analysis, the amount of created value-added has not shown a significant change.
In a fair interactive approach that does not allow all or some of the options to be assigned unilaterally to the investor, by examining previous studies and examining the weaknesses of prior mechanisms such as convertible preferred equity and also given that there is no practical mechanism for equity sharing, consequently a new and applicable mechanism has been introduced for equity sharing. In this mechanism, adjusting the parties' equity at the beginning of each stage of financing leads to mitigate the incentive of both parties' opportunistic behavior in order to reveal their private information and more precise estimation of technology-based firms’ value. Finally, the advantages and validity of the proposed mechanism in terms of theoretical and applicability have been verified by using the mathematical tools, drawing its curves for a case study, and experts' opinions as well.
