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????每次我都會(huì)要求首席執(zhí)行官告訴我，他的公司在新一輪的風(fēng)險(xiǎn)投資或股權(quán)融資中估值多少,，但每次都會(huì)遭到對(duì)方拒絕,。我向這些公司的公關(guān)代表或者牽頭投資者提出這個(gè)問(wèn)題的結(jié)果也是一樣。偶爾,，在投資爭(zhēng)奪戰(zhàn)中落敗的風(fēng)險(xiǎn)投資家會(huì)忿忿然地向我透露一些內(nèi)情,，但這種情況極為少見(jiàn)。一般來(lái)說(shuō),，公司估值都被視為重要的商業(yè)機(jī)密,。

????但這是10年前的情況。5年,，甚至3年前也是如此,。然而，如今的新規(guī)則是通過(guò)估值來(lái)讓人們認(rèn)可獲得風(fēng)投支持的公司并促進(jìn)其發(fā)展,，沉默是金的做法已經(jīng)成為例外。看看那些（估值超過(guò)10億美元的）“獨(dú)角獸”公司吧,，我們對(duì)它們（的估值）早已了如指掌,。

????出現(xiàn)這種變化的部分原因來(lái)自媒體，或者說(shuō),，這是新聞報(bào)道增多,，以及記者們知道了怎樣從美國(guó)證監(jiān)會(huì)（SEC）和被譽(yù)為“世界公司的首都”的特拉華州的公司注冊(cè)系統(tǒng)里里挖消息的副產(chǎn)品。比方說(shuō),，上周我問(wèn)嬰兒產(chǎn)品制造商Honest Co.的布賴(lài)恩?李和杰西卡?阿爾巴,，作為聯(lián)合創(chuàng)始人他們是否向別人透露了自己公司估值近10億美元的消息,。他們說(shuō)還沒(méi)有；他們認(rèn)為,，由此引發(fā)的對(duì)其“價(jià)值”的關(guān)注弊大于利,。

????不過(guò)，大多數(shù)公司在這方面都是有意而為之,。我花了點(diǎn)兒時(shí)間跟一些資深公關(guān)人士探討了這個(gè)問(wèn)題,，他們反復(fù)提到了以下幾點(diǎn)：

????1. 如果公司所在領(lǐng)域競(jìng)爭(zhēng)激烈，披露高估值會(huì)有助于招聘員工和拉來(lái)客戶,。一位公關(guān)人士解釋說(shuō)：“人們把高估值視為公司獲得認(rèn)可而且風(fēng)險(xiǎn)較低的證據(jù),。也就是說(shuō)它不會(huì)欠薪，并且能拿出產(chǎn)品來(lái),?！?/p>

????2. 別讓CEO泄密。披露高估值的主要風(fēng)險(xiǎn)在于,，如果新一輪融資的規(guī)模和上次持平或者下降,，就難以預(yù)料會(huì)出現(xiàn)什么樣的情況。所有來(lái)自員工或顧客的認(rèn)可基本上都會(huì)轉(zhuǎn)向,。因此,，關(guān)鍵在于給CEO一些回旋余地……嗯……好吧，其實(shí)就是糊弄大家,?；蛘哒f(shuō)，留出余地來(lái)表示原先的報(bào)道有誤,，證據(jù)就是CEO和公司從來(lái)都沒(méi)有予以證實(shí),。那么，怎樣“恰到好處地”透露信息呢,？可以通過(guò)隱藏在背后的公關(guān)公司,，并且不說(shuō)明消息來(lái)源?；蛘?，使用更容易理解的詞語(yǔ)，如“熟悉情況的消息人士”或者“接近該公司的消息人士”,。

????3. 有些CEO就是控制不住自己,。另一位公關(guān)人士說(shuō)：“對(duì)于許多硅谷公司而言，總有表達(dá)‘我的公司比你的大’的欲望,。CEO出于戰(zhàn)略原因而披露本公司的估值是一回事,，但許多情況下他們純粹是在自吹自擂?！睂?duì)尚未拿出產(chǎn)品的公司來(lái)說(shuō)情況尤其如此,，而這樣做會(huì)提高今后的聲譽(yù)風(fēng)險(xiǎn),，并迫使這些公司在未來(lái)做出不合情理的財(cái)務(wù)決定（比如為了維持估值而舉債）。

????4. 對(duì)那些確實(shí)不想公布自身估值的公司來(lái)說(shuō),，一大顧慮是流傳出去的信息不準(zhǔn)確,。比如說(shuō)，一家初創(chuàng)企業(yè)籌集了1.5億美元資金,，卻被報(bào)道為融資4億美元,。我接觸到的所有公關(guān)人士都承認(rèn)，在這種情況下,，他們將設(shè)法把詢(xún)問(wèn)的記者引向正確的數(shù)字,。一位公關(guān)人士這樣說(shuō)：“我可不想讓你把我的話記下來(lái)，說(shuō)我覺(jué)得記者都應(yīng)該夸大其詞,；但他們當(dāng)然應(yīng)該這樣做,。”（財(cái)富中文網(wǎng)）

????譯者：Charlie

????審稿：Vera Han

????Every time, it went the same way. I would ask a CEO to tell me his company’s valuation on its new round of venture capital or growth equity financing, and he’d decline. Same thing if I asked the company’s PR rep, or lead investor. Occasionally a rival venture capitalist who had lost the deal would spill out of spite, but it was rare. In general, valuations were considered precious trade secret.

????That was ten years ago. And five years ago. And even three years ago. Today, however, such reticence is the exception to a new rule in which valuations are used to legitimize and promote venture-backed companies. Just think of all those unicorns, and that we all know of their existence.

????Part of the shift is media-driven —aa byproduct of increased coverage and reporters figuring out how to scour SEC and Delaware filings systems. For example, last week I asked Honest Co. co-founders Brian Lee and Jessica Alba if they had leaked their company’s near $1 billion valuation. They said they hadn’t, and that the resulting focus on their “value”awas more negative than positive.

????Most of it, however, is intentional. I spent time speaking with several veteran PR pros about the matter, and heard the following points repeatedly:

????1. If the company is in a highly-competitive space, disclosing a strong valuation can help with both employee recruitment and customer acquisition. “It’s viewed as proof of validation and that the company is less risky,” one PR pro explained. “It means the paycheck won’t bounce, and the product will be delivered.”

????2. Don’t let the CEO spill the beans. The big risk to disclosing a high valuation is what happens if the company then raises at a flat or down-round next time. Basically, all of that employee/customer validation is reversed. The key, therefore, is giving the CEO some wiggle-room to…aummm…mwell, basically to lie to everyone. The flexibility to say those original reports were wrong, as evidenced by the fact that neither the CEO nor company ever confirmed them. So how do you leak “properly?”rVia PR on background, without attribution. Or, put in more recognizable terms, via “sources familiar with the situation”oor “sources close to the company.”

????3. Some CEOs simply cannot help themselves. “There is a lot of ‘mine is bigger than yours’iat Silicon Valley cocktail parties,”tanother PR pro said. “It’s one thing if a CEO discloses valuation for strategic reasons, but a lot of times it’s just bragging.” This is particularly true if a company has not yet shipped product, thus increasing the future reputational risk and forcing the company to make unnatural financing decisions in the future (like doing a debt deal for the purpose of maintaining valuation).

????4. For companies that do want to keep their valuations private, one huge fear is that inaccurate information will leak. For example, a startup raises at a $150 million mark but it is reported as $400 million. Each PR person I spoke with admitted that, in such cases, they will try to steer the inquiring reporter toward the correct number. Here’s how one put it: “I don’t want to be on record as saying reporters should bluff, but of course they should.”