Article 13 the discount rate is the pre-tax interest rate, which can reflect the time value of money in the present market and the specific risks of the asset.

第十三条折现率是反映当前市场货币时间价值和资产特定风险的税前利率。

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The pre-money valuation is simply the value agreed upon before money is invested.

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For IPOs, their pre-money valuation is used as a proxy for exit value.

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