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            <title xml:lang="en">Startup business valuation: a state‐of‐the‐art review</title>
            <title xml:lang="es">Valoración de empresas startup: una revisión del estado del arte</title>
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                <forename type="first">T.</forename>
                <surname>Botello Velasco</surname>
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            <idno type="halRefHtml">&lt;i&gt;Finance, Markets and Valuation&lt;/i&gt;, 2020, 6 (2), pp.55-69. &lt;a target="_blank" href="https://dx.doi.org/10.46503/KIVX7475"&gt;&amp;#x27E8;10.46503/KIVX7475&amp;#x27E9;&lt;/a&gt;</idno>
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                <title xml:lang="en">Startup business valuation: a state‐of‐the‐art review</title>
                <title xml:lang="es">Valoración de empresas startup: una revisión del estado del arte</title>
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                    <surname>Botello Velasco</surname>
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                <term xml:lang="en">Startup</term>
                <term xml:lang="en">Valuation methods</term>
                <term xml:lang="en">Valuation methods limitation</term>
                <term xml:lang="es">Startups</term>
                <term xml:lang="es">Métodos de valoración</term>
                <term xml:lang="es">Limitaciones métodos de valoración</term>
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              <p>In recent years, business valuation models have evolved from a set of complex methods to an essential tool for valuing financial assets and real assets. In the case of real assets, the precision of the analysis is based on the existence of perfect, efficient, and complete markets, since through them, it is possible to replicate the risk involved and estimate the behavior of the variables to be studied. However, these conditions are weaknesses in certain real assets, such as startups. These companies, in their early stages of life, have a low level of income, negative cash flow and limited information about future economic and financial performance. This study aims to contribute to the literature, mainly in the financial area related to the valuation of startup companies. It is evident that there are few authors who propose a particular methodology for the valuation of this type of company, since in a significant number of cases, the traditional methods are not applicable due to the insufficient or little financial and market information of companies of this type.</p>
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              <p>En los últimos años, los modelos de valoración de empresas han pasado de ser un conjunto de métodos complejos a ser una herramienta esencial para valorar activos financieros y activos reales. En el caso de los activos reales, la precisión del análisis se basa en la existencia de mercados perfectos, eficientes y completos, ya que, a través de ellos, es posible replicar el riesgo involucrado y estimar el comportamiento de las variables a estudiar. No obstante, estas condiciones son debilidades en ciertos activos reales, como por ejemplo las startups. Estas empresas, en sus primeras fases de vida, tienen un bajo nivel de ingresos, flujo de efectivo negativos e información limitada sobre el futuro desempeño económico y financiero. El presente estudio pretende realizar un aporte a la literatura, principalmente en el área financiera relacionada con la valoración de empresas startups. Es evidencia que son escasos los autores que proponen una metodología en particular para la valoración de este tipo de empresas, pues en un importante número de casos, los métodos tradicionales no son aplicables debido a la insuficiente o poca información financiera y de mercado de las empresas de este tipo.</p>
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