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????私人市場(chǎng)通常隨著公開市場(chǎng)的漲跌而起伏,。就風(fēng)投對(duì)企業(yè)級(jí)軟件公司的估值而言,，情況似乎也是如此,。

????我們不妨看看過去幾年上市的幾家獲得風(fēng)投支持的企業(yè)級(jí)軟件公司近期的股價(jià)表現(xiàn)：WorkDay公司在過去三個(gè)月股價(jià)下跌了13.88％,。Talbeau軟件公司股價(jià)縮水了15.48％。而Splunk公司更是跌去了20.18％,?？傊?，公開市場(chǎng)投資者的關(guān)注點(diǎn)從成長(zhǎng)更多地轉(zhuǎn)向了價(jià)值。

????目前獲得風(fēng)投對(duì)企業(yè)級(jí)軟件領(lǐng)域的估值數(shù)據(jù)還為時(shí)過早，但多位投資人向我表示，他們已經(jīng)看到公開市場(chǎng)下行的影響,。不出所料,，首當(dāng)其沖的是上市前融資回合，同時(shí),，市場(chǎng)下行的影響正在逆企業(yè)生命周期蔓延至企業(yè)初期的風(fēng)投估值,。

????對(duì)此，Emergence Capital Partners公司合伙人戈登?里特解釋稱：“企業(yè)級(jí)軟件估值方面一直存在‘傳遞’心態(tài),。所以,，當(dāng)公開市場(chǎng)的估值縮水，企業(yè)和風(fēng)投公司自然得適應(yīng)變化,?！盓mergence Capital Partners曾投資過Salesforce.com和Veeva Systems等公司。

????Veeva公司的股價(jià)在過去一個(gè)季度的下跌幅度超過了30％,。

????里特還表示,，他知道好幾位企業(yè)家為了加快達(dá)成交易，接受了比今年早些時(shí)候較低的估值,。

????Merus Capital公司的肖恩?登普西表示,，他在首輪投資領(lǐng)域尚未看到估值有大的變化，但他承認(rèn),，估值下降可能只是時(shí)間問題,。登普西說道：“大家可以看到,，涌入后期投資領(lǐng)域的對(duì)沖基金和其他公司太多了，這肯定不會(huì)有什么好結(jié)果,。我們從事首輪投資,，因此最后才會(huì)波及到我們。但如果大型后期交易出現(xiàn)問題,，我們也無法獨(dú)善其身?！?/p>

????不過,，值得注意的是，里特,、登普西以及其它接受采訪的風(fēng)投家似乎都不擔(dān)心企業(yè)級(jí)軟件行業(yè)會(huì)長(zhǎng)期處于寒冬,。不僅是因?yàn)樗麄儗?duì)宏觀經(jīng)濟(jì)持續(xù)復(fù)蘇有信心，還因?yàn)樵萍夹g(shù)等的估值使大企業(yè)愿意投資于類似的新技術(shù),，即便增長(zhǎng)有所放緩（再說,，增長(zhǎng)放緩之前也不是沒有出現(xiàn)過）。(財(cái)富中文網(wǎng))

????譯者：項(xiàng)航

????The private markets typically follow the public markets on the way up, and also follow them on the way down. And that seems to be what we're seeing when it comes to venture capital deals for enterprise software companies.

????Take a look at the recent stock performance of some of VC-backed enterprise software companies that have gone public within the past several years: WorkDay (WDAY) is down 13.88% over the past three months. Talbeau Software (DATA) is off 15.48%. And Splunk (SPLK) is down 20.18%. In short, public market investors are moving a bit from growth to value.

????It's far too early for us to have VC valuation data for the sector, but several investors tell me that they've already seen an impact of this downward shift. Not surprisingly, it's a cascade that first hit pre-IPO rounds, and is working its way through the venture lifecycle to earlier stages.

????"There has been a real 'pay-it-forward' mentality when it's come to enterprise software valuations," explains Gordon Ritter, a partner with Emergence Capital Partners whose track record includes investments in Salesforce.com and Veeva Systems (VEEV). "So it's pretty natural that as public market valuations pull back, entrepreneurs and VCs have had to adjust."

????Veeva stock, for what its worth, is down more than 30% over the past quarter.

????Ritter adds that he knows of several situations in which entrepreneurs have accepted lower valuations than they might have earlier this year, just so that they can get their deals done faster.

????Sean Dempsey of Merus Capital says that he has not yet seen much valuation change at the Series A level, but acknowledges that it's probably just a matter of time. "You've seen so many hedge funds and other firms like that get into the later-stage space, and you just know that it's not going to end well," he says. "We invest in Series A so we're at the end of the lag, but when some of these larger late-stage deals go bad we'll feel some repercussions."

????It's also worth noting, however, that neither Ritter, Dempsey nor other VCs I spoke with seem concerned that the enterprise software sector could experience a long-term freeze. Not only because of confidence in continued macro economic recovery, but also because the value proposition of things like cloud make it unlikely that big corporations would resist spend on such new technologies, even if things slowed down (as they have done in the past).