NO.PZ2018111302000051
问题如下：
An analyst makes three statements regarding the valuation methods used in private equity transactions during the early stages of selling a fund to investors.
Statement 1 For venture capital investment in the early stages of analysis, emphasis is placed on the discounted cash flow approach to valuation.
Statement 2 For buyout investments, income-based approaches are used frequently as a primary method of valuation.
Statement 3 If a comparable group of companies exist, multiples of revenues or earnings are used frequently to derive a value for venture capital investments.
Which statement is the least valid?
选项：
A.Statement 1.
B.Statement 2.
C.Statement 3.
解释：
A is correct.
考点：VC投资不同阶段的估值方法
解析：Venture capital，特别是早期的投资，被投资的公司还没有产生收入，公司业务非常不稳定，不能很好得用现金流折现法来做估值。现金流折现法更加适合buyout investments中已经运营成熟、现金流稳定可预测的公司。
