????3. 商標至上和擔心坐失良機的心理

????目前提升估值的第三大動力是對最佳“商標”的渴求。鑒于風投公司越來越重視品牌效應，因此，將自己與成功企業相關聯的意愿也更加強烈。從長期來看，評判風投基金的標準應該是回報率。但在較短時間內，投資熱門公司也可以算是取得成功。

????在向最優秀的企業提出報價時，風投公司很可能知道自己出價偏高。在很多情況下，它們都相信這樣的投資也許不會帶來巨額回報。但在某些情況下，跟杰出企業掛鉤的重要性和實現高回報不分伯仲。目前，由于有市場環境的保駕護航，此類策略不會像以前那樣產生許多備受關注的估值下降案例。購買商標的做法可謂屢試不爽——實際上，其效果是如此之好，以至于越來越多的風投都想參與進來，他們可不愿錯過像阿里巴巴集團和Uber這樣的出色企業。

????對于所有這一切，我們能得出哪些結論呢？

????短期內，風投回報率有望維持在高位。但在這些回報中，有多少是賬面收益，又有多少能真正實現呢？這才是問題所在。

????賬面收益已經出現，但它們也會消失。部分風投已經開始悄悄地在IPO之前拋售某些成功企業的股份。我覺得這樣的行為或許會增多，原因是在自身價格迅速上升的情況下，熱門私營企業會不斷推遲IPO，因為其首發價將不可避免地低于當前估值。

????身處這個市場，熱門公司的負責人應該在恰當的時候大膽一些。在幾乎所有的科技行業當中，市場領先位置帶來的估值會遠遠超過應有水平（許多情況下二者呈非線性關系）。因此，通過大膽投資保持市場領先地位是十分合理的舉措，但熱門公司負責人也要制定備選方案，以便讓公司能夠依靠現有的資金來維持運轉。一旦市場轉向，這些經營者將會感到慶幸，因為他們不必在較為不利的估值環境下再次籌集資金。（財富中文網）

????本文作者格林?所羅門是GGV Capital公司管理合伙人。他最近投資的公司包括Zendesk、Nimble Storage、Pandora、Successfactors、Isilon、Domo、Square、AlienVault、HashiCorp和Quinstreet。

????本文最初刊載于他的博客。

????譯者：Charlie

????審稿：李翔

????3. Logos and FOMO

????A third powerful driver of the current write-ups is the thirst for the best “logos.” As branding has become more important for VC firms, the desire to be associated with winning companies has intensified. In the long run, VC funds should be judged by the returns they generate. But, in the shorter run, success can be claimed by having investments in hot companies.

????The best companies are attracting bids from firms that probably know they’re overpaying. In many cases, these firms believe they may not make a huge return on these investments, but being associated with great companies can be just as important as making a good return in certain circumstances. The current market momentum has ensured that this strategy hasn’t led to many high profile write-downs as of yet; buying logos has worked well — so well, in fact, that more and more firms want to play, not risking missing out on big winners such as Alibaba and Uber.

????What can we take from all of this?

????In the short run, venture returns are looking very strong. How much of these returns, however, are paper gains versus true realizations? That’s a critical question.

????Paper gains have come but they can also go. Some firms have begun to quietly sell down some of their big winners, before IPOs. I suspect we may see even more of this activity as hot private companies see rapid price appreciation and continue to defer IPOs where prices will inevitably be lower.

????While we’re in this market, entrepreneurs running popular companies should stay aggressive where warranted. In nearly all segments of technology, market leadership bestows disproportionately large (and in many cases non-linear) valuations. So, investing aggressively to stay ahead of the competition makes good sense. But have a back-up plan to live off of current cash. If the market turns, you’ll be glad to not have to raise another round in a tougher valuation environment!

????Glenn Solomon is a Managing Partner with GGV Capital. Some of his recent investments include Zendesk, Nimble Storage, Pandora, Successfactors, Isilon, Domo, Square, AlienVault, HashiCorp and Quinstreet.

????This post originally appeared on his blog.