Valuation is one of the most important links in investment, and the valuation clause is also an important part of the investment agreement. Before investing in equity investment funds, it is necessary to make clear the fair value of the target company (so item B is wrong). When evaluating the fair value of an investment, we should consider the nature, facts and background of the investment and choose an appropriate valuation method for it. Valuation should be based on the assumptions of market participants and adopt reasonable market data and parameters. Valuation methods usually include relative valuation method, discounted cash flow valuation method, venture capital valuation method, cost method, liquidation value method and economic added value method. The main valuation methods used in equity investment industry are relative valuation method, discounted cash flow valuation method and venture capital valuation method.