企业风险投资外文文献翻译小企业.docx
- 文档编号:176453
- 上传时间:2022-10-05
- 格式:DOCX
- 页数:23
- 大小:28.12KB
企业风险投资外文文献翻译小企业.docx
《企业风险投资外文文献翻译小企业.docx》由会员分享,可在线阅读,更多相关《企业风险投资外文文献翻译小企业.docx(23页珍藏版)》请在冰豆网上搜索。
企业风险投资外文文献翻译
(含:
英文原文及中文译文)
文献出处:
PetreskiM.TheRoleofVentureCapitalinFinancingSmallBusinesses[J].SocialScienceElectronicPublishing,2006.
英文原文
TheRoleofVentureCapitalinFinancingSmallBusinessesMarjanPetreski
Abstract
Venturecapitalisanimportantalternativeforcompaniesthathavedifficultiesaccessingmoretraditionalfinancingsourcesanditisastrongfinancialinjectionforearly-stagecompaniesthatdonothaveevidenceforpersistentprofitabilityyet.Firstly,deepprescreeningprocessshouldbeperformedbeforeinvestinginsmall,start-upbusinessbecauseoftheinformationasymmetries,whichinturnarethemaincauseforadverseselectionandmoralhazardproblems.Wellperformedinitialscanensuresgoodinvestment.Seedcapitalprovidedthanenablesthefirm'ssetoff.
Butwhatismoreimportantistheconclusionthatthereismuchmorethanjustcapitalthatflowsfromtheinvestorstotheorganizationsinwhichtheyinvest.Indeed,freshcapitalinflowisaccompaniedwiththeprocessofvalue-addingwhichprovidesthecompanywithmonitoring,skills,expertise,helpand,basically,reputationforattractingfurther
finance.Consequently,theroleoftheventurecapitalinfinancingsmallbusinessistremendous.Thepapershedslightontheseissues.
Keywords:
VentureCapital,SmallBusiness,Entrepreneurship,FinancingIntroduction
Financingopportunitiesforsmallbusinesseshavegrowninthelastfewdecades.Ontheotherhand,entrepreneurshipsarecrucialforthedevelopmentofeverynationaleconomy.Therefore,financingasmallbusinessisanissuewhichcontinuouslycapturesacademicinterests.
Greatpartoftheliteratureacknowledgesthatentrepreneurshipisthefundamentoftheeconomicgrowthandproductivityperformance(OECD,2004)and,assuch,ittriggerscreatinginnovativesmallfirms,whichinturnaddhuge“blocks”inbuildingthenationalcompetitiveness(Pandeyetal,2003).But,ontheotherhand,becauseofthehighstart-upriskandinformationalinconsistency,smallfirmsareoftenhighlyvulnerable(BergerandUdell,2002)andfacewithaharshfinancingissuesduetotheinvestors’refusalto“feed”theearlystagebusiness(GansandStern,2003).Inotherwords,“theproblemisthatonceyouhavebledyourfriendsandfamilydryofcash,soldthecatandremortgagedthehouse,wheredoyougoinordertogetthewadofcashneededtoprogressyourget-richideafurther?
”(Reynolds,2000,p.52).
Thisisthepointwheretheroleofventurecapitalbecomesimportantinfinancingsmallbusinesses.Moreover,economistsagreethatventure
capital“provide[s]aboostofadrenaline”(O'Brien,2001,p.9)forsmallstart-up,innovativeanddynamicfirms,especiallyinthehigh-techindustry(BottazziandRin,2002).Therefore,itissaidthatventurecapitalfuelsthegrowthanddevelopmentofentrepreneurships.Thispaperaimstoevaluatethecontributionofventurecapitalforsuchentitiesandcriticallyevaluateitsroleinfinancingsmallbusinesses.
Thisisachievedbyemphasizingthebasicroleoftheventurecapitalinfinancingsmallbusinessinsectionone.Than,venturecapitalisviewedasaboxofserviceswhicharealsoimportantastheverycapitalprovidedis.Moreover,thisisacknowledgedasamaincontributortowardthefirm’sprofessionalization.Finally,inthelastpart,certainspaceisdevotedtothelessattractivesideoftheventurecapital.
Why smallstart-upfirms(must)chooseventurecapitalfinancing?
Venturecapitalprimaryrole
Eventhoughtheprocessofbrainstormingcouldbereallyproductiveandendless,entrepreneursmustoftenthinkaboutthefinancialsideoftheiridea.Indeed,onecouldhavebrilliantideaforstartingupasmartbusiness,butlaunchingthatideaneedsfuel–thismakeshimtroubles.Therefore,such“poor”entrepreneursmustrelyonexternalfinancinginorder to start their business (Lulfesmann, 2000). Indeed, young,especiallyinnovativeandfastgrowingbusinessesfinditverydifficulttheaccesstotraditionalwaysoffinancing(GompersandLerner,1999;cited
inGiudiciandPaleari,2000).Thelatterisduetothefactthatthesestart-upfirmsaretoosmalltobefedbypublicdebtandequitymarkets,than,becauseoftheirinfancy,theycannotcollateraliseeventuallyofferedbankloans(RepulloandSuarez,1998)andtheyareassociatedwitha“significantlevelsofbusinessuncertainty”(GiudiciandPaleari,2000,p.154),arisingfromthepersistentinformationasymmetriesandhighriskassociatedwiththeopportunitytocease.But,thisdoesnotmeanthatthemajorityofinnovativeideasmustgoaway.Abrilliantchancearisesforsuchcases–venturecapital.
“Venturecapitalisthoughttobeanimportantalternativeforcompaniesthathavedifficultiesaccessingmoretraditionalfinancingsources”(Manigartetal,2002,p.103-104)andit(venture
- 配套讲稿:
如PPT文件的首页显示word图标,表示该PPT已包含配套word讲稿。双击word图标可打开word文档。
- 特殊限制:
部分文档作品中含有的国旗、国徽等图片,仅作为作品整体效果示例展示,禁止商用。设计者仅对作品中独创性部分享有著作权。
- 关 键 词:
- 企业 风险投资 外文 文献 翻译 小企业
![提示](https://static.bdocx.com/images/bang_tan.gif)