NO.PZ2023041004000055
问题如下：
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 by Hermansky is the least valid?
选项：
A.Statement 1.
B.Statement 2.
C.Statement 3.
解释：
Statement 1 is the least likely to be valid.VC投资初始阶段的公司，不是用FCFF模型吗？
