风险投资中英文对照外文翻译文献
企业风险投资外文翻译文献
企业风险投资外文翻译文献(文档含中英文对照即英文原文和中文翻译)译文：风险投资在小型企业的作用1.1导论在过去的几十年里，对小型公司的投资得到了发展。
企业家的投资决策对国民经济的发展起了很重要的影响作用，因此，中小企业的融资问题不断的吸引着学术界的关注。
大部分文献资料显示企业关系对经济的发展和生产力的发展起了基础性作用（OECD，2004），例如它曾引发了小型企业的创新，进而为国家经济竞争了的增强增添了巨大的筹码（Pandey et al, 2003）,但是在另一方面，由于公司起步时的高风险和信息不对称，小型企业显得不堪一击（Berger and Udell, 2002），同时小型企业面临艰难的资金问题——投资者拒绝“供给资金”给刚起步的企业(Gans and Stern, 2003)。
换句话说，当你和你的家人及朋友的资金枯竭，车子被买了，房子作了抵押，那么你从哪里获得资金是你变得资金充足呢？(Reynolds, 2000, p.52)这是风险投资在小型金融企业变得重要的重点，更进一步说，经济学家认为风险投资给那些规模小、刚起步、有创新精神的企业提供了支持，尤其是高科技产业的投资公司。
(Bottazzi and Rin, 2002)因此，风险投资促进了企业观念的成长和发展。
这篇论文旨在评论风险投资对实体企业的贡献，重点是对小型金融企业的评价。
论文第一部分重点介绍风险投资在小型金融企业的基础作用；第二部分介绍风险投资带来的一揽子服务；第三部分，风险投资对公司专业化的主要贡献；最后一部分，怎样吸引风险投资。
1.2为什么刚起步的小型企业选择风险投资？风险投资对其的作用虽然集体讨论的过程可以真正的不断提高生产力，但是企业家们必须考虑资金问题。
事实上，一个人有开小公司的想法是很好的，但是实施这个想法会因为需要“养料”而给他带来很多麻烦。
因此，像这样的贫穷企业家必须依赖外来的资金来开办企业(Lulfesmann, 2000)。
投资风险 英文作文
投资风险英文作文Title: Understanding Investment Risks。
Investing is an essential aspect of financial planning for many individuals and organizations. While the potential for financial gain is enticing, it's crucial to acknowledge and manage the associated risks. In this essay, we'll explore various types of investment risks and strategiesfor mitigating them.1. Market Risk: Market risk, also known as systematic risk, refers to the possibility of investments losing value due to broad market factors such as economic downturns, political instability, or changes in interest rates. This risk affects all investments to some degree and cannot be diversified away completely. However, diversification across asset classes, industries, and geographical regions can help mitigate market risk by spreading investments across different areas that may respond differently to market changes.2. Interest Rate Risk: Interest rate risk arises from fluctuations in interest rates, particularly relevant for fixed-income investments such as bonds. When interest rates rise, bond prices typically fall, and vice versa. To manage interest rate risk, investors can consider diversifyingtheir bond holdings across different maturities orinvesting in bond funds with varying durations.3. Credit Risk: Credit risk, also known as default risk, is the possibility that a borrower will fail to repay aloan or debt obligation. This risk is prevalent incorporate bonds, municipal bonds, and loans to individualsor businesses. Conducting thorough credit analysis and investing in bonds with higher credit ratings can help mitigate credit risk. Additionally, diversifying bond holdings across issuers and industries can further reduce exposure to individual default events.4. Liquidity Risk: Liquidity risk refers to thedifficulty of buying or selling an investment without causing a significant impact on its price. Investments inassets with low trading volumes or limited market participants are particularly susceptible to liquidity risk. To mitigate this risk, investors should carefully consider the liquidity of an investment before purchasing it and avoid placing large portions of their portfolio in illiquid assets.5. Inflation Risk: Inflation risk, also known as purchasing power risk, is the possibility that the real value of an investment will decline due to rising inflation eroding the purchasing power of future cash flows. Investments with fixed returns, such as bonds and cash equivalents, are especially vulnerable to inflation risk.To hedge against inflation, investors can allocate aportion of their portfolio to inflation-protectedsecurities such as Treasury Inflation-Protected Securities (TIPS), real estate, and commodities.6. Currency Risk: Currency risk arises fromfluctuations in exchange rates, impacting the value of investments denominated in foreign currencies. When the investor's base currency strengthens against the foreigncurrency, returns may be reduced upon conversion. Hedging strategies such as using currency futures or options can help mitigate currency risk for international investments.7. Political and Regulatory Risk: Political instability, changes in government policies, and regulatory developments can significantly impact investment returns, especially in emerging markets or regulated industries. Conducting thorough research on the political and regulatory environment of a country or industry before investing can help mitigate political and regulatory risk. Additionally, diversifying across countries and sectors can reduce exposure to individual geopolitical events.In conclusion, understanding and managing investment risks are essential for building a resilient andsustainable investment portfolio. By diversifying across asset classes, conducting thorough research, and implementing risk mitigation strategies, investors can navigate the complexities of the financial markets more effectively and achieve their long-term financial goals.。
美国风险投资示范合同中英文
美国风险投资示范合同中英文In the world of venture capital, contracts are the backbone of every investment deal. They outline the terms, conditions, and expectations for both parties involved.The United States is renowned for its innovative approach to venture capital agreements, often setting the standard for other countries to follow. These contracts are meticulously crafted to protect the interests of investors and startups alike.A well-structured venture capital contract in the U.S. typically includes provisions for equity stakes, exit strategies, and the rights of the investors. It ensures a clear understanding of the financial commitment and the potential returns.One of the key components of a U.S. venture capital contract is the valuation of the startup. It's a critical negotiation point that determines the amount of equity the investor will receive in exchange for their capital.Another essential aspect is the liquidation preference, which dictates the order in which assets are distributed in the event of a liquidation. This clause is crucial for investors to recoup their investment first before other stakeholders.The role of the board of directors is also defined within these contracts, highlighting the investor's influence on the strategic direction of the company. This is often a point of contention but is vital for the governance of the startup.In addition to financial terms, U.S. venture capital contracts often address intellectual property rights, confidentiality, and the obligations of the founders to the company. This comprehensive approach helps mitigate risks and fosters a collaborative environment.The exit strategy is a critical part of the contract, detailing how the investment will be realized. This could be through an IPO, acquisition, or a secondary sale of shares.Lastly, a U.S. venture capital contract is not just a legal document but a roadmap for the partnership. It sets the stage for a successful collaboration between investors and entrepreneurs, guiding them through the journey of innovation and growth.。
美国风险投资示范合同中英文
美国风险投资示范合同中英文**English Content:**In the realm of venture capital, the United States has always been a pioneer, setting precedents and standards for the global industry. One such important aspect is the Venture Capital Term Sheet, or more commonly known as the Investment Agreement. This document outlines the terms and conditions of the investment made by a venture capitalist into a startup or early-stage company. It serves as a blueprint for the relationship between the investor and the company, laying down the financial, governance, and exit strategies.The Venture Capital Term Sheet typically includes details such as the amount of investment, the valuation of the company, the ownership stake held by the investor, and the rights and obligations of both parties. It also covers important clauses like liquidation preferences, anti-dilution provisions, board representation, and voting rights.The language used in these agreements is oftentechnical and legally precise, reflecting the complexity of the financial transactions involved. The use of plain English, however, is becoming increasingly popular to ensure clarity and transparency for all parties involved. **Chinese Content:**在风险投资领域，美国一直是先行者，为全球行业树立了先例和标准。
投资风险 英文作文
投资风险英文作文英文：Investment risk is a topic that I am very familiar with, as I have been investing in stocks and other financial products for many years. In my experience, there areseveral types of investment risks that investors should be aware of.Firstly, there is market risk, which refers to the possibility that the overall market will decline and cause the value of your investments to decrease. This type ofrisk cannot be eliminated, but it can be mitigated by diversifying your portfolio across different industries and asset classes.Secondly, there is company-specific risk, which is the risk that a particular company you have invested in will perform poorly due to factors such as management issues, competition, or a decline in demand for their products.This risk can be reduced by conducting thorough research before investing in a company and regularly monitoring its performance.Thirdly, there is liquidity risk, which refers to the risk that you may not be able to sell your investments when you want to due to a lack of buyers or a decline in market conditions. This risk can be minimized by investing in assets that are more liquid, such as stocks and bonds, and avoiding illiquid assets like real estate or private equity.Lastly, there is inflation risk, which is the risk that the value of your investments will decrease over time dueto inflation. This risk can be mitigated by investing in assets that have historically outpaced inflation, such as stocks and real estate.In summary, investment risk cannot be eliminated entirely, but it can be managed through diversification, research, and careful monitoring. By understanding and managing these risks, investors can make informed decisions and achieve their financial goals.中文：作为一名多年来一直在股票和其他金融产品上投资的人，我对投资风险非常熟悉。
美国风险投资示范合同(中英文对照本)
竭诚为您提供优质文档/双击可除美国风险投资示范合同(中英文对照本)篇一：美国风险投资示范合同.3.3除交易协议预期或披露外，该创始人非任何关于证券法下的并购、处置和登记或公司证券投票的书面或口头协议的当事方，对前述协议亦不知情。
3.4【就创始人所知，3.5a）受限于联邦破产法或任何州破产法下的主动或被动诉讼，或受限于法庭对其业务或财产指定接收人、财务代理人或类似官员；（b）在刑事诉讼中被判有罪或成为未决刑事诉讼的主体（不包括交通肇事和其他轻微违法行为）；（c）受限于任何有管辖权的法院永久或暂时禁止其参与任何证券、投资建议、银行业、保险或其它类型业务或担任公开上市公司的官员或董事，或以其他方式设置其参与前述业务的限制或条件之裁定、裁决或指令（此后不可取消、终止或撤销）；（d）有管辖权的法院在民事诉讼中裁定或证券交易委员会或商品期权交易委员会认定其违反联邦或州证券法、商品交易法或反不公平交易法，改裁定或认定此后未被取消、终止或撤销。
4.各购买者谨此向公司单独而非共同地向公司做出下述陈述和担保：4.1约方的交易协议构成购买者有效和有法定约束力的义务，可根据协议条款得到执行，但下述情况除外：(a)受限于可适用的破产法、重组法、延期偿付法、欺诈性财产让与和影响一般债权人权利执行的普遍适用的其他法律，以及受关于强制履行、禁令救济或其他衡平救济的可用性的法律约束；（b）在投资者权利协议或补偿协议中的补偿规定范围内，受限于可适用的联邦或州证券法。
4.2完全为自身原因的购买。
本协议依据购买者向公司所作声明而与购买者订立，购买者经签署本协议，谨此确认，购买者取得股份仅为自身投资目的，而不是代表他人或代理他人购买，不以重新出售或分配所得股份之任何部分为目的，且购买者现在无意将所购股票进行出售、向他人授予任何参与权或进行其他分配。
通过签署本协议，购买者进一步声明其目前没有与任何人订立任何合同、承诺、协议或安排，向该人或任何第三人进行所购股票的出售、转让或授予参与权。
风险投资字典,中英文对照,中文释义
Leveraged Recapitalization 杠杆性重组 Licensee Licensor Limit Order Limited Partner 获许可方 许可方 限价指令 有限合伙人
Limited Partnership
有限合伙制企业
Liquidation Preference Provision Lock Up
在明确主营业务的非金融企业，在其内部或外部进行的风险投资。在组织方式上通常是公 司的附属机构，而不是有限合作制 由于监管行动和经济条件的变化而导致的银行贷款或其他债务融资规模的急剧缩减。20世 纪90年代初美国就经历了这样一个时期 参见 可赎回优先股 在风险租赁中，有一种租赁形式要求承租方以现金存款抵押，其金额大约为租赁总额度的 30%-50% 由于新一轮融资而导致企业创始人和以前投资者股份比例的缩减。 有限合作人或基金之基金向创业企业或重组企业的投资。 风险投资家对公司的一笔投资 一种购买陷入财务困难的公司的折价债券的私人权益资本投资策略。出入困难的公司，债 券的投资者通常把他们持有的债券转为股权，然后积极参与陷入困境公司的经营管理 风险投资家把持有的（一般公开交易的）所投资公司的股票或现金转移给每位有限合伙人 以及（经常）他们自己 指企业价值比上次低的投资轮次 参见 注资（Take Down） 由潜在投资者（个人或机构）对投资项目所做的调查。目的是分析和评估项目的价值、资 金需求和投资潜质，降低投资风险 在风险投资业中，指新办企业发展的第二个阶段，即种子期之后、成长期之前。 一种衡量企业盈利能力的指标，计算企业在利息支出和税负调整前的利润。这种方法通常 用来比较具有不同负债水平的公司 一个量变发生在1%的变化而引起另一个变量变化的百分比 指创业投资者用最精炼的语言对创业构思、商业模型、公司组织方案、市场战略和对投资 方的要求进行的概括说明。一般要求在几分钟之内完成。因推介时间短，甚至可以在电梯 上下途中完成一次对潜在投资者的推介而得名。 于1974年通过，修改了对公司养老基金计划的监督。参见 谨慎人规则（Prudent Man Rule） 由大学、医院、基金会和其他非盈利组织拥有的长期金融资产 指风险投资租赁合同中规定的承租人提取资金购买预先批准的设备的时间安排 指在以债务为主的融资中加少量股份或认股权证 指期权或认股执行所使用的价格
经济学人外刊精读丨风险投资
7.21经济学人外刊精读| 风险投资经济学人原文Venture capitalThe reckoningThe startup bust is bad, but not as bad as the dotcom fiasco【1】The venture-capital bull run of the past two decades transformed what was once a cottage industry in Silicon Valley into a huge machine for buildingglobally dominant companies. Over $600bn of venture fundswere invested worldwide last year, nearly ten times the level a decadeago. venture capital (VC) spread into new sectors, drew in new participants and became more global. valuations rocketed as a sense took hold that the good times would never end.【2】Now the war in Ukraine, China’s purging of its tech industry and rising interest rates mean capitalism’s moon-shot machine is earthbound. Public markets were the first to be hit. The NASDAQ index, which is weighted towards technology companies, has fallen by nearly 30% so far this year in a gruesome reckoning.The amount of capital raised through initial public offerings so far in 2022 is down by about 50% globally and by more than 70% in America compared with the same period last year【3】The public-market bloodbath is inevitably hurting the VC world. Losses in end-investors’ public portfolios put pressure on their private ones. pension funds and endowments that committed large amo unts of “dry powder” to private markets are trying to preserve cash by asking VCs to slow their pace of investing. Because there are more crossover funds, such as Tiger Global Management, which invest in several corners of the capital markets, the connection between publicand private valuations has strengthened. Global investments made by VC funds in startups in May were worth $39bn, about 30% less than the monthly average for 2021. Already, 68% of VC funds are reporting markdowns of valuations in their portfolios.【4】Startups that rely on VC cash are, unsurprisingly, feeling the pain. Fledgling firms with little cash saved, especially in competitive sectors such as food delivery, will fare worst. And after a long boom, expect some dubious behaviour tobe revealed. One concern is how interlinked tech firms might be.Some apparently profitable startups are earning money by providing services, from digital marketing to cloud computing, to other startups that are losing money and that in turn rely on endless blank cheques from their VC sponsors.【5】Pessimists note that VC slumps take years to bottom out. Downturns causedby inflation and an oil shock meant the amount of money flowing into VCfunds fell by 94% between 1969 and 1975. After the peak of the dotcom bubble, the rateat which VC funds deployed capital fell for more than two years.【6】Yet despite all this, the correction will not be as bad as the crash of 2000-01. For one thing, plenty of startups have built up war chests and so have healthybalance-sheets. Assuming a typical cash-burn rate, all but three of the 70-odd biggest software startups have raised enough funds to last until 2025.【7】The VC industry is more institutionalised, too. Self-sustaining VC networks from Europe to Asia are less dependent on flighty American capital and have enduring links to local financial firms and entrepreneurs. End-investors suchas pension funds and endowments have experienced enough oftech’s transformative effect on the economy to know not to run away.【8】Most important, the opportunity for innovation remains vast.The potential market for technology products has expanded hugely, beyond the bastions of business and consumer computing, to affect all parts of the business world, from biotech to supply-chain monitoring. What emerges from the chaos will be a leaner and more efficient industry—and one that will remain a powerful force.长难句1）原文：The amount of capital raised through initial public offerings so far in 2022is down by about 50% globally and by more than 70% in America compared with the same period last year. 2）分析：●∙红色部分是主句，是主系表结构，其中主语是the amount of capital，系动词是is，表语是down，后面by引导的介词短语表示跌落的程度，两个by引导的介词短语是并列结构。
外文翻译--风险投资(适用于毕业论文外文翻译+中英文对照)
Venture capitalVenture CapitalVenture Capital is the process by which investors fund early stage, more risk oriented business endeavors. A venture capital funding arrangement will typically entail relinquishing some level of ownership and control of the business. Offsetting the high risk the investor takes is the promise of high return on the investment. The investment is usually in the form of stock or an instrument which can be converted into stock at some future date. As the business matures, an initial public offering may take place, or the business merged or sold, or other sources of capital found. Any of these would occur with the intention of buying out the venture capitalists. Venture capitalists typically expect a 20-50% annual return on their investment at the time they are brought out. Venture capitalists typically invest in high growth companies with the potential to generate revenues of $20MM in any one company, but typical investments range from between $500,000 and $5MM. Management experience is a major consideration in evaluating financing prospects.History of private equity and venture capitalWith few exceptions, private equity in the first half of the 20th century was the domain of wealthy individuals and families. The Vanderbilt’s, Whitneys, Rockefellers and Warburgs were notable investors in private companies in the first half of the century. In 1938, Laurance S. Rockefeller helped finance the creation of both Eastern Air Lines and Douglas Aircraft and the Rockefeller family had vast holdings in a variety of companies.Early venture capitalOne of the first steps toward a professionally-managed venture capital industry was the passage of the Small Business Investment Act of 1958. The 1958 Act officially allowedthe U.S. Small Business Administration (SBA) to license private "Small Business Investment Companies" (SBICs) to help the financing and management of the small entrepreneurial businesses in the United States.During the 1960s and 1970s, venture capital firms focused their investment activity primarily on starting and expanding companies. As a result, venture capital came to be almost synonymous with technology finance.Stage of venture capital(1)Initial/SeedA relatively small amount of capital provided to an investor or entrepreneur, usually to prove a concept. It may involve product development, but rarely involves initial marketing.(2)First StageFinancing provided to companies that have expended their initial capital and require funds, often to initiate commercial manufacturing and sales.(3)Second StageFunds provided for the major growth of a company whose sales volume is increasing and that is beginning to break even or turn profitable. These funds are typically for plant expansion, marketing and working capital development of an improved product.(4)Third StageFunds provided for the major growth of a company whose sales volume is increasing and that is beginning to break even or turn profitable. These funds are typically for plant expansion, marketing and working capital development of an improved product.(5)Follow-on/Later StageA subsequent investment made by an investor who has made a previous investment in the company -- generally a later stage investment in comparison to the initial investment.Structure of the fundsMost venture capital funds have a fixed life of 10 years, with the possibility of a few years of extensions to allow for private companies still seeking liquidity. The investing cycle for most funds is generally three to five years, after which the focus is managing and making follow-on investments in an existing portfolio. This model was pioneered bysuccessful funds in Silicon Valley through the 1980s to invest in technological trends broadly but only during their period of ascendance, and to cut exposure to management and marketing risks of any individual firm or its product.In such a fund, the investors have a fixed commitment to the fund that is initially unfunded and subsequently "called down" by the venture capital fund over time as the fund makes its investments.It can take anywhere from a month or so to several years for venture capitalists to raise money from limited partners for their fund. At the time when all of the money has been raised, the fund is said to be closed and the 10 year lifetime begins. Some funds have partial closes when one half (or some other amount) of the fund has been raised. "Vintage year" generally refers to the year in which the fund was closed and may serve as a means to stratify VC funds for comparison. This free database of venture capital funds shows the difference between a venture capital fund management company and the venture capital funds managed by them.Geographical differences(V.C) Venture capital, as an industry, originated in the United States and American firms have traditionally been the largest participants in venture deals and the bulk of venture capital has been deployed in American companies. However, increasingly, non-US venture investment is growing and the number and size of non-US venture capitalists have been expanding.Venture capital has been used as a tool for economic development in a variety of developing regions. In many of these regions, with less developed financial sectors, venture capital plays a role in facilitating access to finance for small and medium enterprises (SMES), which in most cases would not qualify for receiving bank loans.In the year of 2008, while the Venture Capital fundings are still majorly dominated by U.S. (USD 28.8 B invested in 2008), compared to International fund investments (USD 13.4 B invested in everywhere else), there have been an average 5% growth in the Venture capital deals outside of the U.S- mainly in China, Europe and Israel. Geographical differences can be significant. For instance, in the U.K., 4% of British investment goes to venture capital, compared to about 33% in the U.S.(1)United StatesVenture capitalists invested some $6.6 billion in 797 deals in U.S. during the thirdquarter of 2006, according to the Money Tree Report by PricewaterhouseCoopers and the National Venture Capital Association based on data by Thomson Financial.A National Venture Capital Association survey found that a majority of venture capitalists predicted that venture investments in the U.S. would have leveled between $20–29 billion in 2007.(2)CanadaCanadian technology companies have attracted interest from the global venture capital community as a result, in part, of generous tax incentive through the Scientific Research and Experimental Development (SR&ED) investment tax credit program. The basic incentive available to any Canadian corporation performing R&D is a non-refundable tax credit that is equal to 20% of "qualifying" R&D expenditures. An enhanced 35% refundable tax credit of available to certain (i.e. small) Canadian-controlled private corporations (CCPCS). Because the CCPC rules require a minimum of 50% Canadian ownership in the company performing R&D, foreign investors who would like to benefit from the larger 35% tax credit must accept minority position in the company - which might not be desirable. The SR&ED program does not restrict the export of any technology or intellectual property that may have been developed with the benefit of SR&ED tax incentives.Canada also has a fairly unique form of venture capital generation in its Labour Sponsored Venture Capital Corporations (LSVCC). These funds, also known as Retail Venture Capital or Labor Sponsored Investment Funds (LSIF), are generally sponsored by labor unions and offer tax breaks from government to encourage retail investors to purchase the funds. Generally, these Retail Venture Capital funds only invest in companies where the majority of employees are in Canada. However, innovative structures have been developed to permit LSVCCS to direct in Canadian subsidiaries of corporations incorporated in jurisdictions outside of Canada.(3)EuropeEurope has a large and growing number of active venture firms. Capital raised in the region in 2005, including buy-out funds, exceeded €60bn, of which €12.6bn was specifically for venture investment. The European Venture Capital Association includes a list of active firms and other statistics. In 2006 the top three countries receiving the most venture capital investments were the United Kingdom, France, and Germany according to data gathered by Library House.European venture capital investment in the second quarter of 2007 rose 5% to 1.14 billion Euros from the first quarter. However, due to bigger sized deals in early stage investments, the number of deals was down 20% to 213. The second quarter venture capital investment results were significant in terms of early-round investment, where as much as 600 million Euros were invested in 126 early round deals. Private equity in Italy was 4.2 billion Euros in 2007.(4)China(a)Analysis by Deal Number & Investment AmountChina’s venture capital market maintained a stable development in Q3 2008, witnessing an increase in deal number and investment amount quarter on quarter while a decrement is observed year on year. The total number of deals closed was 86 increasing by 4.9% quarter on quarter but decreasing by 21.1% year on year. Total investment amount stood at US$1.026 Billion, increasing by 51.8% quarter on quarter while decreasing by 6.8% year on year. Amid global capital market turmoil, some financial service giants had filed for bankruptcy. Meanwhile, China’s domestic economy had to be regulated. Under such circumstances, investment firms are becoming more prudent about their investments.(b).Analysis by Single Investment AmountThe average deal size in China’s VC market increased, reaching US$11.94 Million, and representing a 44.7% increase month on month and an 18.1% increase year on year.Out of the 86 deals disclosed, 23 deals were worth between US$5 Million and US$10 Million was 23, accounting for 26.7%. 9 deals were closed with investment between US$10-20 Million, representing 10.5%. The single investment amount of another 9 deals was between US$30 Million and US$50 Million, representing another 10.5%. 8 deals experienced single investment amount of US$20-30 Million, making up 9.3% Investors will focus mainly on early stage projects as pre-IPO projects were impacted by the sluggish secondary market. China Venture forecasts average deal size would be more likely to decrease in the future.(c).Investment Hotspot86 deals were secured in 15 sectors in Q3 2008. Internet, IT Services, Medical and Healthcare sectors formed the key investment sectors.20 Internet deals secured US$267 Million, representing a 4.8% decrease in deal number while a 10.5% increase in investment amount is observed quarter on quarter. The IT Services sector had a positive month with US$98.97 Million piping into 8 deals,representing a 34.5% increase in investment amount.Government plays a role in venture capitalThe guiding role of the government in financing influences the utility of the venture capital supplier, thus brings about changes in the capital supply in venture investment market. Therefore, the law of such economic influences can be studied by establishing a micro-economic analytical model which includes the guiding activities of the government in financing. Usually, the guiding activities of the government in financing can be presented as a specific financial product in financial economics, which can be designed and priced using the theories and methods in financial engineering, thus the feasibility and the scientific of the guiding role of the government in venture capital finance can be improved. (From: Wikipedia)风险投资一、风险投资内涵是指投资者以风险资本的形式对尚在发展初期，具有潜在风险的企业进行投资的过程。
资本市场法律和首次公开发行对风险投资的影响外文文献翻译
外文文献原文：中文3240字，1900单词，10500英文字符出处：J Wonglimpiyarat.The influence of capital market laws and initial public offering (IPO) process on venture capital[J].European Journal of Operational Research,2009, 192(1):293-301The influence of capital market laws and initial public offering (IPO) process on venture capital1Jarunee WonglimpiyaratThe National Science and Technology Development Agency, Ministry of Science and Technology, 111 Thailand Science Park, Paholyothin Road, Klong 1, Klong Luang, Pathumthani 12120, ThailandAbstractThis paper is concerned with the influence of capital market laws and initial public offering (IPO) process on venture capital. It discusses the impact of US federal state laws and Securities and Exchange Commission (SEC) regulations to the venture capital markets, arguing if the rules and regulatories are burdensome to entrepreneurs and new-growth businesses. The impact of Sarbanes-Oxley Act and the future Investment Act on venture capital funds and entrepreneurial companies going public are also discussed. The paper proposes the model of venture capital financing describing the process from fund raising to investment exits, the linkages of the venture capital market to the financial/capital markets and the related capital market laws. The policy implications on SEC regulations essential to the development of venture capital industry are suggested.Keywords: capital market；Securities；entrepreneurship; regulated industries;law1European Journal of Operational ResearchVolume 192, Issue 1, 1 January 2009, Pages 293-3011.1. The relation of venture capital funding and the capital marketVenture capital (VC) is a high-risk, potentially high-return investment to support business creation and growth. It is a source of funds that typically finance new and rapidly growing companies through equity participation (Bygrave and Timmons, 1992W.D. Bygrave and J.A. Timmons, Venture Capital at the Crossroads, Harvard Business School Press, Boston, MA (1992).[Bygrave and Timmons, 1992] and [Gompers and Lerner, 2001]). In other words, VC is pre-IPO equity capital provided by professional investors. The concept of modern venture capital is defined by Megginson (2002) as a professionally managed pool of money raised for the purpose of making equity investments in growing private companies with a well defined exit strategy. Venture capital markets are of particular interest to policy makers since this type of financing is used to fund Hi-Tech companies with the high growth potential in order to draw investments into the local economy.Given that innovations often follow a life cycle, Fig. 1 shows the funding requirement linked to the stages of the innovation process in the life cycle. At the seed, start-up and early stages, the entrepreneurial firms are generally funded by families and venture capitalists. Some venture capitalists focus on later-stage investment to help the companies grow to a critical mass to attract public financing through a stock offering. Through these investments, investors generally acquire an equity and/or security that can be convertible into equity in the target company.One of the key factors cited in the success of venture capital markets in the US has been the presence of a viable exit method (Black and Gilson, 1998). The development of capital markets e.g. NASDAQ, Regional Stock Markets, New York Stock Exchange (NYSE), American Stock Exchange (AMEX) plays an important role in the success of venture capital markets in the US, given that initial public offerings (IPOs) offer a quick exit for the investor. The study of factors determining the growth and development of venture capital markets carried out by Jeng and Wells (2000), based on statistics from 21 countries, concludes that the growth of venture capital markets is influenced by size and liquidity of a nation’s stock markets. In the venture capital industry, bringing a company public is a signal of success for the venture capital fund backing the issuing company ([Gompers, 1998], [Gompers and Lerner, 1998], [Gompers and Lerner, 1999], [Gompers and Lerner, 2001], [Black and Gilson, 1998], [Jeng and Wells, 2000], [Lerner, 1999], [Lerner, 2002], [Barnes et al., 2003] and [Hellmann, 2000]).Initial public offerings (IPOs) are seen by investors as the best exit mechanism to obtain a return. According to the conventional financial theory, the return required by a rational investor is influenced by the risk of the investment project and the return on less risky investment alternatives. IPO seems to be the most attractive option to liquidate an investment as valuations can be highest in a liquid stock market. However, the market for venture capital investments is far from perfect market ([Brealey and Myers, 1996], [Wright and Robbie, 1998] and [Black and Gilson, 1998]). Most venture capitalists and investors are risk averse. They see that the major risk is the risk of not getting their money back from an investment and therefore prefer to invest in profitable businesses. Fig. 2shows the two sets of indifference curves slope upward to reflect the σ–E(r) preferences of the two different risk averse venture capitalists. Underlying portfolio theory, all combinations of risk, σ, and return, E(r), along an indiff erence curve gives the venture capitalists the same level of satisfaction. Since new entrepreneurial companies are risky prospects, the venture capitalists will demand higher rates of return (risk premium) for making investments ([Makens, 2004] and [Bodie et al., 2005]). However, the high yield requirements are frequently incompatible with the growth potential of the preponderance of small issuers.Fig. 2. Analysis of risk and return for the venture capitalists.The venture capital firms generally manage several pools of funds and invest in a broad range of industries. The means to make a profitable exit is to register with SEC so that the venture capitalists can sell all their holding shares in the capital market. For the VC-backed companies going public, they have to comply with the federal laws and the laws of the state in which the securities are to be offered and sold.1.2. Laws and regulations concerning the venture capital fundThe venture capital markets are influenced by a country’s legal and institutional structure. Legal and regulatory variables affect VC investment in terms of supply and demand of venture capital finance ([Cumming et al., 2005], [Kanniainen and Keuschnigg, 2003a], [Kanniainen and Keuschnigg, 2003b], [Keuschnigg, 2002], [Keuschnigg, 2003], [Keuschnigg and Nielsen, 2001], [Keuschnigg and Nielsen, 2003], [Keuschnigg and Nielsen, 2004] and [Armour, 2003]). The role of the US Government in the development of venture capital can be seen, for example, in the cases of the Small Business Investment Corporations (SBICs) legislation in 1958 to encourage investment in small businesses; the Revenue Act of 1978 and the 1981 Economic Recovery Tax Act to reduce the capital gains tax rates in order to encourage venture capital investment; the Employee Retirement Income Security Act (ERISA) of 1974 to allow pension funds to invest in private equity ([Bygrave and Timmons, 1992], [Gompers and Lerner, 1998] and [Lerner, 1999]).In the US, the stock exchanges are registered with and regulated by the SEC. The SEC is aregulatory agency created by the Congress in 1934. The role of SEC is to ensure that the investment companies, public companies and other participants in the securities markets comply with federal securities laws. According to the study by Gompers and Lerner (1995), over 80% of venture capital funds are organised as limited partnerships. Venture capitalists tend to liquidate their investments within 7–10 years. Although IPO is considered to be the most attractive option for the entrepreneurial companies to liquidate an investment ([Sahlman, 1990] and [James, 1994]), the public investments in their stocks are quite risky. This is because the entrepreneurial companies do not have established track record to show their performance. Their stocks tend to be traded in low volumes (low market capitalisation) and underperform the market, thereby increasing the riskiness of the portfolio. The SEC has toughened its rules in attempts to protect public investors in the securities markets. The companies trading on the Stock Market are required to register under the Securities Act of 1933 and the Securities Exchange Act of 1934. They must file various other classes of financial data and information with government bodies.There is a close relationship between IPO and venture capital since IPO is an exit for entrepreneurial ventures and investors. When a VC-backed company decides to issue securities to the public, the company will offer the securities through an IPO. In the US, small entrepreneurial companies often seek a public market for their stock on the NASDAQ stock market ([Bannock, 1994], [Black and Gilson, 1998] and [Tykvová and Walz, 2007]).By bringing companies public, the venture capitalists could establish a reputation and raise capital for new funds ([Gompers, 1996]and [Gompers and Lerner, 1999]). However, they also face the regulatory pressures as financial regulators become more involved in the efficiency of the securities industry. In order to sell securities in the capital market, they must register the securities offering with applicable authorities, or an exemption from registration must be found. Although IPOs represent the best means for initial investors to obtain a return, they are costly. Rushing the companies to IPO would impose heightened costs on the issuers.2 Venture capital industry and SEC’s role in regulating the capital marketIn the venture capital industry, the entrepreneur is the owner of the VC share. Venture capitalists liquidate their portfolio company investments by bringing venture-backed companies to public. Fig. 5presents the model of venture capital financing describing the process from fund raising to investment exits. The model also describes the linkages of venture capital market to the financial/capital markets and the related capital market laws.For the young companies entering the over-the-counter (OTC) market, the investments in their stocks involve risk. Many microcap companies4 are new and have no proven track record. Some of them have no assets or operations. As microcap stocks trade in low volumes, any size of trade can have a large percentage impact on the price of the stock. These risks have caught the attention of SEC to enforce regulatory compliance on the securities market. The young companies who later enter the market do not appreciate the heightened costs coming from the laws and regulations governing the capital markets. Small issuers often lack the expertise and experience to deal with the Securities Act of 1933 and the Securities Exchange Act of 1934. The aforementioned problems to capital formation would affect the level of venture capital investment, inhibit innovation and adversely affect national productivity.Currently, the laws and regulations pose impairment to small issuers seeking capital. In the future, it would seem that the SEC would produce further legislative initiatives on top of this to protectinvestors. From the venture capitalists’ perspective, they try to understand that the regulations are financial watchdogs to help mitigate problems in microcap frauds. However, they argue that the regulatory focus should be on ‘sales’ (not ‘offers’). In their view, venture capital is an important intermediary in the financial/capital market (as shown in Fig. 5). The IPO market and the process of going public are central to the success of venture capital investment and reinvestment into new ventures. Therefore, they would rather see SEC not making the new regulations burdensome on small business capital formation and competition.3. Policy implications and conclusionsGiven that the stock market is essential for the venture capitalists to exit through an initial public offering (IPO), this study explores the influence of capital market laws and IPO process on venture capital. The analysis suggests that the government should take action to improve the environment for small business capital formation, consistent with other public policy goals since entrepreneurial businesses are important to the economy. Policymakers wishing to develop venture capital market should effectively develop securities laws to assist the capital markets to function and therefore IPOs. It is argued that the process of venture capitalists getting a return from the VC funds as a result of successful exits through IPOs would help stimulate the new venture capitalists to enter the VC market (further initiating new investments).文献翻译资本市场法律和首次公开发行对风险投资的影响2摘要：本文关注的是资本市场的法律和首次公开发行（IPO）对风险投资过程的影响。
电子商务风险投资外文文献翻译3000多字
文献出处Martins S. The research of electronic commerce and risk investment [J]. International Journal of Bank Marketing, 2016, 6(2): 303-315.原文The research of electronic commerce and risk investmentMartins S.AbstractRisk investment is always chasing the emerging industry. Rapid development of electronic commerce is not only in high-tech field, but also flipping the risk investment. The introduction of venture capital can realize the combination of capital and the economy, for the development of the e-commerce industry. Much Internet electricity the birth of the myth, such as Amazon, yahoo has a risk investment operation at the back. Now more and more investors to enter the field, but from the point of the results, most of the electricity to introduce venture capital have some problem. If these problems can get timely prevention and resolution, electricity sector will be able to more rational development.Keywords: Electronic commerce; Investment value; Venture capital;1 Literature reviewEnterprise risk investment value evaluation research on network first emerged in the early 90 s the United States, when investment Banks BTAlexBrown. Internet stocks investors Andrikopoulos of fine, as put forward the theory of income multiplier analysis method. This kind of method that income index for the cost of the network enterprise growth, income growth of relative decline cost at the same time, higher margins, network enterprise growth is the result of the growth rate of the two kinds of comprehensive. This method can also be applied to electronic commerce enterprise value evaluation. The famous American Wall Street securities analyst Lodged revised p/e ratio model is established, the model on the basis of the traditional p/e ratio method, considering the future market share of e-commerce enterprises.B1odget revised the traditional p/e ratio model, did not use the market average p/e ratio as the valuation standard, but will all stock market is divided into three types: one kind is thetraditional slow the growth of enterprise shares, the shares of the city is low; Another kind is high-growth technology electronic commerce enterprise shares, the shares of the p/e ratio is higher; Other companies are between these two extremes.The securities analyst Wolf to the introduction of the economic value added model electronic commerce enterprise value evaluation. Application of the model in the electronic commerce enterprise value evaluation of the starting point is to answer "listed on the electronic commerce enterprise is to be what kind of growth to maintain the current price level?” This method is the market value of enterprises can be divided into two parts: the current operation value (COV) and enterprise value of future growth. Schwartz and Moon set up real option model of continuous time evaluating the value of e-commerce enterprises. Model focuses on the uncertainty of the enterprise, and introduces the option theory and the theory of capital budgeting model, through the establishment of option pricing model of discrete and continuous pricing on Amazon’s value. Future cash flow of the real option theory is especially applicable to have larger uncertainty of the assets of the electronic commerce enterprise value evaluation.2 The relevant theories of electronic commerce2.1 The concept of electronic commerceE-commerce (Electronic Commerce) is the use of computer technology, network technology and the remote communication technology, to realize the whole business process of Electronic, digital and networked. From the narrow sense, e-commerce is the electronic trading, mainly refers to the use of the Web to provide means of communication in online trading activities, including buying and selling products and providing services. And in a broad sense, electronic commerce also includes internal business activities, such as production, management, finance and business activities between enterprises, it is not only the combination of hardware and software, especially the buyers and sellers, manufacturers and partners on the Internet, Intranet and Extranet using Internet technology combined with the existing system to carry on the business.2.2 The economic characteristics of the electronic commerce enterpriseE-commerce enterprises as a special provides electronic trade services, will be compared with the traditional trade enterprises, there have been some new technical and economic characteristics:2.2.1 Inputs to follow the law of diminishing marginal costGeneral industrial enterprise cost curve show U word, after more than a moderate scale production, as the production continues to increase, average cost and marginal cost began to rise. And digital products in theory allows an infinite number of people sharing the same time, can replicate zero cost, average fixed cost with the quantity of products is on the decline, the average variable cost and marginal cost is the same tends to zero. Digital products manufacturers, therefore, the short-term average total cost is declining, production and sales of a digital product average total cost along with the increase in the number of products sold. Short-term economies of scale are digital products are the apparent characteristics of different from most other goods and services.2.2.2 Uncertainty and increasing marginal effectValue is the uncertainty of enterprises in the production of digital products original cost is fixed, but due to its marginal cost tends to zero, the sales amount of uncertainty and uncertainty of different consumer utility size determines the uncertainty of the price. Increasing marginal utility refers to the information and wealth on the marginal utility is the nature of the opposite, that is, a person has the more information, increase the greater the effectiveness of a message for the people.2.2.3 Matthew effectThe Matthew effect of network economy think at some point in the network economy development process, often appear the strong stronger and the weak weaker situation, but also may be the strong win, winner of winner-take-all situation. The absorption of early competition, the initial user costs are relatively cheap, and the user's unique consumption, make later competitors will cost much higher costs for new users. As a result, the network market pioneer has the advantages of starter to a certain extent, this advantage deepening and strengthening itself, the accumulation of a rolling effect.3 The related theory of venture capital3.1 The meaning of risk investmentRisk investment, VC (venture capital) is a generalized risk investment refers to all have high risk, high potential benefits of investment; In narrow sense refers to the risk of investment on the basis of high and new technology, production and management of technology-intensive products. According to the national venture capital association, the definition of risk investment is by professional financiers into the emerging, developing rapidly, with huge potential competition enterprise an equity capital. In terms of investment, venture capital is the capital to contain the risk of failure of high and new technology and product research and development area, aims to encourage high-tech achievements commercialization, industrialization as soon as possible, in order to obtain high capital investment process. From the point of operation, it is to point to by professional talent management of the investment intermediary to special has the potential of high and new technology enterprise in the process of the venture capital and also coordinate the relationship between the venture capitalist, technical experts, investors, benefit-sharing, risk-sharing a way of investment.3.2 The characteristics of venture capital3.2.1 The high risk and high yieldAs the name suggests is a bigger risk of venture capital investment. Risk investment is high risk, this is because the object of venture capital is an early stage in the development of small and medium-sized high-tech enterprises, the time is long, and the investment payback period of investment is in commonly 4 to 7 years, liquidity is poor. Risk investment and obtain high yield, this is because the risk investment company investment project is made up of very professional venture capitalists, by strict program selection. Choose investment potential market size is large, high-risk, high-growth, high-yield new ventures or investment plan. Among them, most of the risk investment objects are in information technology, biological engineering, business, trade such as growth in the field of high technology enterprise, the enterprise once successful, will bring investors is a few times, are hundreds oreven thousands of times more investment income.3.2.2 Capital investment in the form of equity capital is given priority to unsecuredRisk enterprise owns valuable property is usually wisdom and technology; usually there is not enough to guarantee the physical assets. Because lending financing need to repay the principal and interest of listed enterprise fundraising risk too young, therefore, it is difficult to the traditional way.The risk investment is just made up for the shortfall. It in the form of equity capital or quasi equity capital injection of funds, so that the risk of companies to secure long-term development.3.2.3 Risk investment is a kind of specialization, procedural portfolioThe high risk of venture capital investor has a high professional level, select the program will fully programmed. Way of investment also adopts the way of a portfolio, high utilization of successful projects benefits to make up for the loss of investment. Venture capitalists generally do not require ventures before a long enough period to distribute dividends or pay interest. Instead, they adopt the mode of zero profit margins; focus on enterprise long-term value, at the appropriate time by selling its risk enterprise equity withdrawal of investment, profit in the form of capital appreciation.4 The apply strategies of e e-commerce risk investment4.1 Specification management modeElectricity traders want to profit, must implement of fine management, can rely on the management experience of venture capital and networks to supply chain integration, system, process reengineering and absorb high-quality talent. To save the cost, in terms of whether or not the introduction of venture capital, capital spending needs to be cautious, planned to expand and capital spending. Extensive management strategy will only make the enterprise increase the risk of out of control. Blindly rely on low price as the core competitiveness is not an option, the need to use the electronic commerce field in the competitive differentiation, unique business model to get consumers' identity, vicious competition will only lead to a recession. In the field of electrical business survival also need to increase the income channels to realize diversified sources of income.4.2 Carefully chosen institutionsEntrepreneurs need to select when choosing risk investment management idea in the risk of investment, to avoid adverse selection because of other factors. If you choose different risk investment management idea, management appeared in the process of conflict of interest, it is easy to intensify contradictions on both sides. Can’t because of the most sought-after money and choose cash, arrive the fastest risk investment, operation of cooperation in the future rupture would be more than a lack of money difficult for the influence of the enterprise. And entrepreneurs in order to achieve the short-term rapid expansion into too much capital may lose control of the enterprise. Before the investment agreement of investment risk investment institutions before fully understand, whether there is a crisis of confidence, whether too much involved in enterprise management.4.3 Strengthen the risk consciousnessPut money into the enterprise risk investment, the need to bring high returns for its investors, contradiction inevitably and entrepreneurs. Entrepreneurs to fully aware of the risks in the use of venture capital investment is not free, its benefits and risks coexist. Companies cannot profitable venture will seek out, enterprise profits in the future may need to pay a lot of money to make venture capital exit. Risk investment institutions into the enterprise management, enterprise’s trade secrets or proprietary technology are likely to be risk investment institutions to steal. Electricity when harvest large sums of capital to the need to consider the resulting risk, and to protect against it. In high mortality of e-commerce industry, the management risk also need attention. Enterprise’s important strategy and decision-making should think of the possibility of failure, and to provide a variety of measures. Especially now the financing upsurge gradually cooling, electricity get harder, risk investment enterprises need to strengthen risk awareness, accumulating funds through the winter in the capital.4.4 Understand the capital marketElectrical contractor in preparation for entry into the stock market needs to have full understanding of the capital market. In front of capital operation, not yet on the market of electricity have many aspects to reform such as perfecting corporategovernance mechanism and operational mechanism, the financial statements of the legal compliance, and a good cooperation with the intermediary institutions, etc. Can't just rely on the intermediaries involved in capital markets, electricity enterprise financial departments need to establish a scientific system, the introduction of high-quality talent, as a company to enter the capital market. In the face of the short-seller unprovoked attack, enterprises should control the situation immediately and protect their own rights and interests.译文电子商务风险投资问题研究Martins S.摘要风险投资总是追逐新兴行业。
风险投资的作用及政府风险资本参考资料(英文版)(doc 8页)
风险投资的作用及政府风险资本参考资料(英文版)(doc 8页)第一辑1. Samnuel Kortum Josh Lerner 1998, Does Venture Capital Spur Innovation?2. Bermard S. Black , Ronald J.Gilson,1997,Venture Capital and the structure of capital markets: banks versus stock markets3. Astrid Romain, Bruno van Pottelsberghe,The determinants of Venture Capital: A panel data analysis of 16 OECD countries，20034. Paul A. Gompers & Josh Lerne，2001，The Venture Capital Revolution ,Journal of Economic Perspectives Vol 15, 145-168.5. Christian Keuschnigg & Soren Bo Nielsen. ,Public Policy for Venture Capital , International Tax and Public Finance, vol. 8(4), pages 557-572, August. 2001(重复，和第20辑、第六辑同一作者文章对比)6. Josh Lerner, Boom and bust in the venture industry7. Paul A. Gompers & Josh Lerner, The Determinants ofCorporate Venture Capital Successes Organizational Structure, Incentives, and Complementarities8. An integrative approach to the Determinants of private equity fundraising9. Dorothea Schäfer、Axel Werwatz、Volker Zimmermann，The Determinants of Debt And private equity financing In YoungInnovative SMES:Evidence From Germany，2004/06, Center for Financial Studies.第二辑10. Andrea Schertler ,2002, Under What Conditions Do Venture Capital Markets Emerge ? Kiel Working Paper No.111911.Thomas Hellmann, Developing a venture capital industry，Comments Prepared For Conference，200012. Paul A. Gompers & Josh Lerner,1998, What Drives Venture Capital Fundraising?13.Randall Johnston Pozdena , Banking and Venture Capital, 199014. Astrid Romain, Bruno van Pottelsberghe, The Determinants of Venture Capital:Additional Evidence ,200415. Andrea Schertler,2001, Venture Capital in Europe common Market: A Quantitative Description ,200116. Pierre Giot，2003,IPO，Trade Salesand,liquidations:modeling venture capital exits using survival analysis17. Leslie A. jeng, Philippe C. Wells,2000, The determinants of Venture Capital Fundraising: Evidence across countries第三辑18. Laura Bottazzi, Marco Da Rin, Thomas Hellmann,Active Financial intermediation :Evidence of the role of organizational specialization and human capital,200419. Da Rin, Marco & Nicodano, Giovanna & Sembenelli, Alessandro, 2006. ",", Elsevier, vol. 90(8-9), pages 1699-1723, September.20. Douglas Cumming, Daniel Schmidt, Uwe Walz, Legality and venture governance around the would,200421 Sophie Manigart and Koen De Waele, Determinants of required return in venture capital investments : A five country’s study22. Augustin landier, Start-up financing: from banks to venture capital, 200223. John V. Duca, The democratization of America’s capital markets24.Luita D. Spangler and Beth Erling, The markets for venture capital in the United States and Germany, 200025.Gil Avnimelech, Building venture capital Industries: Understanding the U.S and Israeli Experience ,2004 Contract第四辑25. Douglas J. Cumming，Jeffrey G. Macintosh, Crowding Out Private Equity: Canadian Evidence，Journal of business venturing, 21(2006)569-60926. John Armour(2006)，The Legislative Road to Silicon Valley，Oxford Economic Papers, Vol. 58, pp. 596-63527.Institutions capital Constrains and entrepreneurial firm dynamics：evidence from Europe，200328. Gilson, R.J. (2003) Engineering a venture capital market: lessons from theAmerican experience. Stanford Law Review 55, 1067-1103. 29. Ralf Becker，Thomas Hellann，The Genesis OF Venture Capital –Lessons From The German Experience，200330. Andreas Bascha and Uwe Walz，19 February, 2001，Financing practices in the German venture capital industry: an empirical assessment第五辑31. Lerner, J. (1999) The government as venture capitalist: The long-run effects ofthe SBIR Program. Journal of Business, 72, 285-318.（缺数据）32. James M. Poterba, Venture Capital and Capital Gains Taxation, NBER Working Paper No. 283233. Christian Keuschnigg，Soren Bo Nielsen, Start-ups, venture capitalists, and the capital gain taxation. Journal of Public Economics,88:1011-1042,200434. Christian Keuschnigg，Taxation and Venture Capital Backed Entrepreneurship，200435. Paul A. Gompers，Venture capital growing pains: Should the market diet?199836. Vesa Kanniainen，Christian Keuschnigg，The optimal portfolio of start-up firms in capital finance 200237.Josh Lerner, Venture capital and private equity : a course overview，200138. John Armour, Law，Innovation and Finance：An Overview，200239. Luca Anderlini，Law Finance and Innovation（短文）40. Steven N. Kaplan & Per Stromberg, 2003. "FinancialContracting Theory Meets the Real World: An Empirical Analysis of Venture Capital Contracts," Review of Economic Studies, Blackwell Publishing, vol. 70(2), pages 281-315, 04. (风险投资契约理论经验研究、对照第20辑)第六辑41. Anthony Aylward, Trends in Venture Capital Finance in Developing Countries. International Finance Corporation Department of Economics Working Paper No.3642. Ronald J. Gilson, Bernard Black, Does Venture Capital Require an Active Stock Market?43. Michael Stolpe, Europe’s entry into the Venture Capital business: efficiency and policy , 200444. Christian Keuschnigg，Public policy and venture capital backed innovation 2003.12(和第一辑、第20辑同一作者文章对比)45. Paul A. Gompers，Josh Lemer, The Determinants of Corporate Venture Capital Successes: Organizational Structure, Incentives, and Complementarities46. Günseli Baygan , Venture Capital policy Review: Canada, STI WP 2003/447. Megginson, William, 2004. Towards a global model ofventure capital? Journal of Applied Corporate Finance 17 (1),8 –26.48. The economics of the Private Equity market49. Kendall mcdaniel，Venturing into rural America，2002.1150.Total U.S 2002 venture capital report。
海外投资风险管理外文文献翻译2019-2020
海外投资风险管理外文文献翻译2019-2020英文Risk perceptions and risk management approaches of Chinese overseasinvestors: An empirical investigationSubhan Ullah,etcAbstractThis paper presents empirical evidence on how Chinese firms perceive and tackle risks associated with their overseas investments. Using a first-hand survey dataset of Chinese firms who invest abroad, we depict variations in (1) the levels of different types of perceived risk, and (2) the risk management approaches taken by these firms. These variations are assessed with respect to three prominent factors: firm ownership structure, investment motives, and the host country institutional quality. Our evidence uncovers a significant degree and pattern of heterogeneity in the strategic behaviour of Chinese investors in risky environments.Keywords：Chinese overseas investment，Risk management，Ownership structure，Investment motives，Institutional quality Investing overseas is a risky business. This is particularly the case for investors from a transitional economy such as China which may be less familiar with overseas markets than their counterparts from industrialized economies. This paper attempts to investigate theperceptions of overseas investment risks by Chinese firms and the influencing factors behind the perceived risks. Specifically, this paper strives to provide answers to the following research question: What are the different types of risk faced by Chinese firms in overseas markets, and how do these perceived risks, and management approaches to risk, differ across firm ownership, destination institutional quality and investment motives?In addressing this question, the concept of risk perception follows the common definition in the literature of risk management and other disciplines, i.e. judgments made by individuals or organisations when they are asked to characterise and evaluate hazardous activities and factors (Slovic, 1987). Our focus on (subjective) risk reception as opposed to (objective) actual risks enables us to explore the heterogeneity in f irms’ evaluations of their overseas investment even when they are facing similar political and economic environment, thus shedding light on the underlying firm-level decision-making process.The practical prominence of this question is evident in China’s ever-growing interest in expanding its economic influence on a global scale. In particular, commencing from its Tenth Five-Year Plan (2001–2005), a legacy of Soviet-style national development agenda, China’s “Go Global” policy emphasised a strengthening of the country’s position in overseas direct investments (ODI), and was highlighted in itsrecent global-reaching economic ambition - mostly notably the “Belt and Road” Initiative.1 With a strong supporting hand from the government, not too surprisingly, Chin a’s non-financial ODI has increased exponentially from US$6.9 billion in 2001 (Davies, 2013) to a staggering US$118.02 billion in 2016 (MOFCOM, 2016), placing the country at the head of the world foreign investment rankings (refer to, United Nations Conference on Trade and Development, 2016, p. 6). Researchers and economic analysts also forecast that China will become the world’s largest economy after 2020 (Batten and Szilagyi, 2016).Chinese firms have of course been subjected to a range of research on their ODI activities (Liu et al., 2008; Lu et al., 2014; Ramasamy et al., 2012; Liu et al., 2014). However, this paper develops a combined-factor risk perspective on the specific confluence of the role, interaction and influence of three key factors which underpin the market risk perceptions of overseas investors.This study is facilitated via access to a survey dataset on Chinese firms. Significantly, the paper looks at the conjunction of risk factors (i.e. pertaining to ownership, institutional quality and investment motives) and the implications of this. It complements the extant literature in a range of ways. First, this study builds a link between ODI and risk management from the perspective of the investing firms’ perception about destination markets. Despite the fact that ODI is subject to various ongoing types ofrisks in different markets, risk management in the process of internationalisation (particularly for Chinese ODI), is relatively underdeveloped in current international business literature. The existing body of literature, nevertheless, suggests that, in the context of ODI, political turmoil in the target region reduces the likelihood of internationalisation, and also the acquisition of political knowledge about the target market reduces uncertainty (Hilmersson et al., 2015). Liesch et al. (2011), recognising that risk factors can vary for differing firms in different markets, advocate further empirical insight into this issue as part of a move towards the adoption by the international business literature of a more holistic approach towards risk identification and management. The present study responds to this call. This approach is particularly pertinent, and indeed imperative, in the aftermath and ongoing consequences of the 2008 global financial crisis. Risk management has received increasing attention from academics and policy makers, with a heightened focus on particular categories of risk faced in the internationalisation process including: economic and political risks; cultural differences; and, changes in customer need. (Hilmersson et al., 2015). This prescience of these risk factors was responded by regulatory changes in some developed countries, The UK Corporate Governance Code of 2014, for example, requires that: “directors should confirm in the annual report that they have carried out a robustassessment of the principal risks facing the company, including those that would threaten its business model, future performance, solvency or liquidity” (Financial Reporting Council, 2014). Consequen tly, risk reporting in the annual reports of listed firms around the world has increased significantly and firms now disclose information about the different types of risks, changes in their risk exposure, and how risks are managed or mitigated.In the context of Chinese ODI, overseas investment risks also prompt new risk management mechanisms to safeguard overseas investment. At the macro-level, the Chinese government attempts to reduce potential risks associated with ODI through signing “mutual protection agreements” with other countries. At the micro-level, the China’s People’s Insurance Company provides personal accident insurance subsidies for overseas working expatriates (Luo et al., 2010, p.76). Furthermore, to facilitate ODI, the Chinese government regularly collects data on the problems that investors face in the overseas market and these are published in the “Obstacles Report Rules on Investment in Different Countries” (Luo et al., 2010). Together, these efforts work to provide a platform for potential Chinese investors in assessing their overseas investment destinations and making investment decisions according to their own risk preferences. Nevertheless, thus far, thorough empirical assessments of the risk exposure of Chinese ODI are scarce,with an exception being Buckley et al. (2007) and Han et al. (2018) who provide some valuable insights. They state that Chinese ODI is strongly associated with countries exhibiting higher political risk, and that much of the ODI in politically risky countries is partly driven by the close political ties between China and the host countries. Therefore, our exploration of the specific risks associated with Chinese investments as well as the influencing channels would build on and therefore significantly enrich this line of research.Second, this paper looks explicitly at firm ownership and its effects on a firm’s self-reported investment motives in the context of ODI risk perception, offering the first evidence on the conditionality of ODI risk perceptions and risk management approaches in respect of firm ownership background and ODI motives. This novel angle is pertinent given the observation that, hitherto, a significant amount of Chinese overseas investment has been, and is being developed, through government inve stment initiatives, namely: the China “Belt and Road” strategy (see Fig. 1), overseas mergers and acquisitions (M&A), foreign contract projects –including projects initiated through built-operate-transfer (BOT), built-own-operate projects (BOO), and public-private partnerships (PPP) (MOFCOM, 2016). The existing empirical research on Chinese ODI has established some general evidence on: the determinants and motivations of ODI (Buckley et al.,2007; Zhang and Daly, 2011); the choice of ODI locations (Ramasamy et al., 2012); ODI in emerging markets (Chen et al., 2015); ODI in developed countries (Chen and Tang, 2014); ODI by Chinese public firms (Hu and Cui, 2014); Chinese multinationals (Deng, 2004); and, private enterprises (Huang and Renyong, 2014). Our investigation focuses on the role of ownership structure and investment motives in relation to risk and points to the importance of stakeholders (in particular government background) and ODI drives for understanding ODI behaviour originating from a transitional economy.Third, our focus on destination market institutional quality (and its interacted effect with firm ownership) aligns closely with the notion of institutional environment in the academic literature. Within the international business commentary, in particular, the degrees and extremes of this issue have been signalled through, for example, the notion of institutional voids, namely the: “absence of specialized intermediaries, regulatory systems, and contract-enforcing mechanisms in emerging markets” (Khanna et al. 2005, p. 4,). Institutional voids occur in an extensive range of varieties and contexts depending on the given national context under examination (Mair et al., 2012; Zhou et al., 2016). In the case of Chinese overseas investment, as firms go abroad, their business models with “Chinese characteristics” (that are uncommon for western firms) are often faced with unprecedented challenges in dynamicinstitutional environments (Fang, 1999; Gammeltoft et al., 2012), raising a host of challenges for conventional business models. Owing to the paucity of disaggregated data, the literature nevertheless offers a more holistic approach in understanding the relationship between country-level socio-economic factors and the pattern of Chinese ODI without offering much information about how the institutional environment interacts with firm-level characteristics. An investigation of how Chinese firms of different backgrounds perceive and respond to the risk factors in other markets would therefore fill this gap with evidence from a micro-level.Finally, the design of our study allows identification of perceived market risks for individual firms. Prior research on Chinese ODI utilises both country-level macroeconomic indicators (Buckley et al., 2007) and firm-level data (Ramasamy et al., 2012; Chen and Tang, 2014; Hu and Cui, 2014; Huang and Renyong, 2014; Chen et al., 2015) to explore the patterns and determinants of ODI. Discussing the prescient issues in the emerging market research, Kearney (2012) provides a succinct overview of the risks involved in the internationalisation process, which includes: complexity in contracts’ enforcements; protection of patents; governances and compliance costs; higher degree of uncertainty relating to foreign exchange movements; taxation policies, and political challenges in the overseas destinations. While these studies have extensively investigated how the local and overseas institutionalenvironments determine and facilitate the flow of Chinese ODI, it is nevertheless not clear how risk factors play a role. However, the international business literature has employed risk indices to measure country-level risk. For instance, Brown et al. (2015) introduce the Robinson Country Risk Index (RCRI), a tool which incorporates four broad dimensions—Governance, Economics, Operations, and Society (GEOS). These risk-related indices provide a very generic overview about the risk profile of a country, and hence the potential risks associated with different countries are not further decomposed into sub-categories. This makes it difficult for ODI-seeking firms to understand what specific type of risk would be more pertinent to their investment should they decide to enter the international market. From a behavioural economics point of view, firms make investment decisions based on their own subjective perception of risks formed through the utilisation of both public and private information. This facilitates using “perception” instead of employing a homogenous measure of country-level risk, and enables the study to capture not only the heterogeneity in individual perception, but also to uncover the relationship between the macro-level politico-economic environment and the firm-level risk perception at the actual level where investment decisions are made. Thus, our analysis of firm heterogeneity in ownership and investment motives reveals a fuller picture and finer details of the links which are often masked in moreaggregate level studies.中文海外投资者的风险认知和风险管理方法：一项实证研究萨伯汗乌拉等人摘要本文提供了有关中国公司如何感知和应对与其海外投资项目相关的风险的研究。
投资基金财务风险文献综述中英文资料外文翻译文献
投资基金财务风险文献综述中英文资料外文翻译文献摘要本文综述了有关投资基金财务风险的中英文资料外文翻译文献。
文献说明了投资基金面临的财务风险种类、风险管理策略以及对投资者的影响。
本文旨在为研究投资基金财务风险的学者提供相关资料，以促进对该领域的进一步研究。
文献1：《Investment fund financial risks and their implications》本文研究了投资基金面临的财务风险以及这些风险对投资者和市场的影响。
研究发现，投资基金的财务风险包括市场风险、信用风险和流动性风险。
为了管理这些风险，投资基金公司可以采取多种策略，如多元化投资组合和使用衍生工具。
然而，财务风险仍然存在，并可能对投资者的收益产生负面影响。
本文综述了投资基金的财务风险管理策略。
研究发现，投资基金公司可以通过风险度量、风险分散、风险对冲和流动性管理等方法来管理财务风险。
然而，有效的财务风险管理需要综合考虑投资目标、风险承受能力和环境因素等因素。
因此，投资基金公司应该定期评估和调整其财务风险管理策略。
文献3：《The impact of financial risks on investor behavior in investment funds》本文研究了财务风险对投资者行为的影响。
研究发现，投资基金的财务风险可能导致投资者的情绪波动和投资行为的变化。
投资者在面临财务风险时可能更加保守，减少风险敏感的投资，并选择更稳健的投资策略。
因此，理解财务风险对投资者行为的影响对于投资基金公司和投资者都非常重要。
结论综合上述文献，投资基金面临的财务风险种类多样，包括市场风险、信用风险和流动性风险。
为了管理这些风险，投资基金公司可以采取多种策略，如多元化投资组合和使用衍生工具。
然而，财务风险仍然存在，并可能对投资者的收益产生负面影响。
此外，财务风险还可能影响投资者的行为，导致投资决策的变化。
因此，投资基金公司应该认识到财务风险的存在并采取适当的风险管理策略。
房地产市场风险中英文对照外文翻译文献
中英文对照外文翻译(文档含英文原文和中文翻译)原文:The research of risk prevention in real estate marketAbstractOn April 2, 2007, the second largest in the United States subprime mortgage company new century financial filed for bankruptcy protection to sign, the US subprime mortgage crisis. In September 2008, America's fourth-largest investment bank Lehman brothers filed for bankruptcy protection for logo, America's subprime crisis could worsen. The financial industry, with the further development of the subprime crisis, the crisis of an industry began to spread to the variety of the real economy, retail, auto industry, catering industry, and other fields of sales decline, shrinking demand situation. Not only that, influenced by the subprime crisis, thedomestic unemployment rising, continue to dollar depreciation, the stock index continues to decline, real estate prices continue to fall, falling consumer confidence index, economic prospects are grim. Contradictions in the real estate industry has been highlighted, real estate development project is overly dependent on bank capital, transfer all the risk to commercial Banks, the commercial Banks face huge real estate financial risks, is one of the prominent contradictions. This risk once the outbreak, poses a great threat to the entire system will be. Therefore, study how to prevent the real estate financial risks has the significant theory and realistic significance. Keywords: Real estate; Financial risk; Bank loan1 IntroductionReal estate industry is a high-risk industry, real estate finance in support of the rapid development of the real estate industry at the same time, inevitably bears the risk of real estate industry. Finance as the main suppliers of real estate funds, once appear, the financial crisis, the financial sector funds problems, will influence the development of the real estate industry. Multiplier effect in the real estate industry, real estate loans in bank portfolios accordingly trigger a multiplier effect, and this will lead to increase of bank's risk. When real estate prices continue to fall, real estate mortgage guarantee foundation will be weakened, and real estate financial risks is cumulative, once the outbreak, will expand rapidly, a large area of the financial turmoil. The main characteristic of this paper lies in the integrated use of knowledge of finance, statistics, theoretical analysis and empirical analysis, qualitative analysis with quantitative analysis, general analysis and specific analysis the way ofcombining analysis of real estate financial risks, the commercial bank loan balance relations empirical test with the theory of real estate prices, real estate prices is not content to get bank loans is granger cause test results, but set up a new variable, the real estate price and the bank loan and the relationship between a specific index of granger causality test again. Finally on the basis of test results, in the aspect of reading a large number of relevant literatures basis, put forward advice on how to prevent the real estate financial risks in commercial bank.2 Literature review2.1 Theory researchDavis (2008) from the perspective of the borrower and the bank demonstrates the real estate prices will affect the bank credit. The authors think that real estate price changes affect the borrower's expectations of their wealth, will affect their consumption plans, and further affect their credit demand. And from the perspective of the bank, the bank lending for real estate development loans and real estate assets mortgage is one of the most in all of its loan business pro-cyclical characteristics, the most volatile assets. Herring (2009) based on the international perspective, the study on the relationship between the real estate bubble and the banking crisis, the credit market model was constructed, caused the real estate bubble is pointed out that the focus of bank loans, real estate bubble would be likely to cause a banking crisis. Gale (2009) proposed the asset price model based on credit expansion, think the assets on the basis of value is formed by the investors to use its own funds asset prices, when investors use borrowed money to invest, as investors to borrow money only forlimited liability, they appear to be more preference for risk assets, so will continue to push up asset prices. In the theory, the bank loan is the important reason for the formation of asset bubbles. Krug (2010) through the study, almost all of the real estate bubble is caused by the bank financing. Collins (2010) pointed out that when real estate prices, the bank was willing to ease lending conditions and provide more real estate loans, proposed a link on the real estate industry and economic cycle of transmission mechanism, and stressed that in the case of weak regulation and foreign capital inflows, the role of the mechanism may be enlarged.2.2 Empirical researchCoolly (2012) of southeast Asia financial crisis in real estate prices and GDP per capita, loan balance vector auto regression analysis, points out that real estate prices will rise in six quarters of loans increase. Hofmann (2013) of 20 major industrialized countries real estate prices and GDP, the relationship between interest rates and lending was studied, and found that the 20 countries in the country can refuse to under 10% significance level real estate prices and GDP and bank loans null hypothesis does not exist co-integration relationship, and further points out that the changes in the real estate price cycle will lead to the change of the bank credit cycle for a long time. Davis (2010), selected sample data of 17 countries on commercial real estate prices and the relationship between the bank lending has carried on the empirical analysis, it is concluded that real estate prices will lead to the conclusion of bank credit expansion.3 Commercial Banks and real estate financial risks3.1 Real estate financeMany scholars have done how to define the connotation and extension of the real estate financial aspects of the discussion and research. Is widely recognized, real estate finance generalized refers to all and housing development, construction, trade, consumption and management of financing activities related to the economic activity and the narrow sense of real estate finance refers to the nonprofit housing agencies or consumer with the residents of housing development, construction, trade, consumption and management and other economic activities related to the financing activities. In this study, tend to use the broad scope of real estate finance, and real estate finance is in real estate development, construction, trade, consumption and management in the process of a series of the floorboard of the financial activities, including through currency circulation and credit channel of monetary financing, financing and other related financial activities. The basic function of real estate finance is by using a variety of financial instruments and tools for the real estate industry and raise money, for the development of the real estate industry, circulation and consumption to provide financial support, to ensure the smooth progress of the real estate development activities. According to the types of business can put the real estate finance is divided into five categories, absorption of the real estate industry, housing savings deposit and lending for real estate, real estate investment pawn, trust, insurance, currency settlement and real estate agents in securities offerings. According to the service object can be the real estate finance is divided into two categories, for the real estate industry of real estate development, construction, trade, consumptionand management activities such as the service of "real estate financial" and for the residents of the residential building, purchasing, maintenance, and decoration and consumption activities such as service "housing finance". Real estate finance is the great combination of financial activity and the real estate industry. First of all, the real estate finance to asymmetric, the borrower usually in proportion to pay a small amount of down payment for the right to use house, then borrow the rest of the money from financial institutions, amortization: secondly, the real estate loan repayments guaranteed, if the borrower can't timely payment, so the mortgage houses, cars and other property will being reclaimed by lenders, then realized by the mortgaged property to offset loan losses.3.2 Summaries of real estate financial risksReal estate finance risk refers to the financial institutions, real estate finance business, due to the decision-making errors, poor management or the change in the objective environment causes the return on assets, or the possibility of credit losses. General real estate financial risk refers to a system of real estate finance faces all the risk, not just refers to a financial institution or a project risks. Typical real estate risk, the risk of commercial Banks are facing, as in the real estate finance business will also encounter, only form different, here is a typical real estate financial risks, mainly includes:3.2.1 Interest rate riskIn the real estate finance business, the commercial bank is the main basis risk and option risk. Basis risk refers to the reprising of assets and liabilities of time even ifBanks are the same, but as long as the deposit interest rate and loan interest rate adjustment is not completely consistent, Banks will face the risk. The decision is not commercial bank deposit and lending rates, is likely to see the central bank in order to achieve control target and make the regulation range of the two is not consistent, the profit space may be compressed, commercial Banks face a loss; Option refers to the risk due to various reasons in advance if the borrower repay the housing loan principal and interest of risk. If the central bank cut interest rates continuously, rational and will have the ability of borrowers to repay the outstanding loan lent a lower interest rate of loan, the default behavior will make the commercial bank profit losses.3.2.2 The risk of defaultAccording to the reasons, it can be divided into moral credit risk and the risk of credit moral credit risk. In real estate finance business, the morality risk refers to the borrower has the ability to clearly reimbursement, but due to interest, malicious or deferred payment is directly to stop paying and brings to the commercial bank credit risk. The moral hazard refers to the borrower under the influence of the factors of force majeure unable to complete the credit risk caused by payment. Among them, the morality is can control and manage credit risk, the current promoting credit reporting system is one of the preventive measures. According to the object can be divided into developers default risk and personal risk of default.3.2.3 Systemic riskAlso it is called undiversifiable risk, policy risk, mainly involved in the business of real estate finance economic cyclical fluctuation risk, purchasing power risk, etc. Inorder to prevent a housing bubble after the international financial crisis, countries enacted some inhibition of the real estate market economic policies and regulations, which have an impact on the real estate market, indirect affect the development of real estate finance business and innovation, so the policy risk can cause a loss to commercial Banks. Economic cycle fluctuation on economic blow is huge, and cannot be spread out, when the economy is in a low, the real estate market are not immune to the possibility of considerable commercial bank losses. Purchasing power risk, also known as inflation, changes in the price level leads to the real burden of borrowers and lenders and real earnings uncertainty, the possibility of actual loss of the commercial Banks.译文:房地产市场风险防范研究摘要2007年4月2日，以美国第二大次级抵押贷款公司新世纪金融公司申请破产保护为标志，美国次贷危机爆发。
PE风险投资条款清单样本附中英文对照
风险投资中的条款清单（样本）中文英文[____]公司A系优先股融资条款清单[______，200___]TERM SHEETFOR SERIES A PREFERRED STOCK FINANCING OF [INSERT COMPANY NAME], INC.[ __, 200_]本条款清单概括了_______公司，一家[特拉华]公司（“公司”）A系优先股融资的主要条款。
考虑到涉及此项投资的投资人已投入和将投入的时间和成本，无论此次融资是否完成，本条款清单之限制出售/保密条款、律师及费用条款对公司都具有强制约束力。
未经各方一致签署并交付的最终协议，本条款清单之其他条款不具有强制约束力。
本条款清单并非投资人进行投资的承诺，其生效以完成令投资人满意的尽职调查、法律审查和文件签署为条件。
本条款清单各方面受[特拉华州]法律管辖。
This Term Sheet summarizes the principal terms of the Series A Preferred Stock Financing of [___________], Inc., a [Delaware] corporation (the “Company”). In consideration of the time and expense devoted and to be devoted by the Investors with respect to this investment, the No Shop/Confidentiality and Counsel and Expenses provisions of this Term Sheet shall be binding obligations of the Company whether or not the financing is consummated. No other legally binding obligations will be created until definitive agreements are executed and delivered by all parties. This Term Sheet is not a commitment to invest, and is conditioned on the completion of due diligence, legal review and documentation that is satisfactory to the Investors. This Term Sheet shall be governed in all respects by the laws of the [State of Delaware].出资条款：Offering Terms交割日：当公司接受此条款清单且交割条件完备时即尽快交割（“交割”）。
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中英文对照外文翻译(文档含英文原文和中文翻译)摘要风险投资在小型企业的作用对于那些在获取传统资金资源有困难的公司来说，风险投资是取得资金的一个很好的选择。
同时。
风险投资对于那些早期起步的、没有稳定利润回报的公司来说，这是一股强大的资金注入。
首先，由于信息的不对称，前期调查必须深入那些小的、刚起步的的公司进行，也许他会导致事与愿违或道德败坏等问题。
早期良好的表现可以吸引更多的投资，而原始资本可以使公司更好的起步。
但是，最重要的结果是更多的投资者向机构投资，事实上随着新鲜资金的流入的同时伴随着资金的增值，同时投资者对公司进行监控，提供专业的技术和最基本的帮助。
也为企业赢得更好的声誉。
因此，风险投资对小型金融企业的作用是非常巨大的，文章对此进行了深入的研究。
关键字：风险投资小型企业企业关系AbstractThe Role of Venture Capital in FinancingVenture capital is an important alternative for companies that have difficulties accessing more traditional financing sources and it is a strong financial injection for earlystage companies that do not have evidence for persistent profitability yet. Firstly, deep prescreening process should be performed before investing in small, start-up business because of the information asymmetries, which in turn are the main cause for adverse selection and moral hazard problems. Well performed initial scan ensures good investment. Seed capital provided than enables the firm’s set off.But what is more important is the conclusion that there is much more than just capital that flows from the investors to the organizations in which they invest. Indeed, fresh capital inflow is accompanied with the process of value-adding which provides the company with monitoring, skills, expertise, help and, basically, reputation for attracting further finance. Consequently, the role of the venture capital in financing small business is tremendous. The paper sheds light on these issues.Keywords：Venture Capital, Small Business, Entrepreneurship, Financing1.外文文献译文1.1导论在过去的几十年里，对小型公司的投资得到了发展。
企业家的投资决策对国民经济的发展起了很重要的影响作用，因此，中小企业的融资问题不断的吸引着学术界的关注。
大部分文献资料显示企业关系对经济的发展和生产力的发展起了基础性作用（OECD，2004），例如它曾引发了小型企业的创新，进而为国家经济竞争了的增强增添了巨大的筹码（Pandey et al, 2003）,但是在另一方面，由于公司起步时的高风险和信息不对称，小型企业显得不堪一击（Berger and Udell, 2002），同时小型企业面临艰难的资金问题——投资者拒绝“供给资金”给刚起步的企业(Gans and Stern, 2003)。
换句话说，当你和你的家人及朋友的资金枯竭，车子被买了，房子作了抵押，那么你从哪里获得资金是你变得资金充足呢？(Reynolds, 2000, p.52)这是风险投资在小型金融企业变得重要的重点，更进一步说，经济学家认为风险投资给那些规模小、刚起步、有创新精神的企业提供了支持，尤其是高科技产业的投资公司。
(Bottazzi and Rin, 2002)因此，风险投资促进了企业观念的成长和发展。
这篇论文旨在评论风险投资对实体企业的贡献，重点是对小型金融企业的评价。
论文第一部分重点介绍风险投资在小型金融企业的基础作用；第二部分介绍风险投资带来的一揽子服务；第三部分，风险投资对公司专业化的主要贡献；最后一部分，怎样吸引风险投资。
1.2为什么刚起步的小型企业选择风险投资？风险投资对其的作用虽然集体讨论的过程可以真正的不断提高生产力，但是企业家们必须考虑资金问题。
事实上，一个人有开小公司的想法是很好的，但是实施这个想法会因为需要“养料”而给他带来很多麻烦。
因此，像这样的贫穷企业家必须依赖外来的资金来开办企业(Lulfesmann, 2000)。
实际上，年轻的、尤其是有创新精神、发展较快的企业很难从传统渠道获得资金(Gompers and Lerner, 1999; cited in Giudici and Paleari, 2000)。
最终导致那些刚起步的企业由于规模太小而不能得到社会贷款。
然而，虽然由于它们不成熟、不能得到银行贷款、它们有着很大的不确定性（也就是风险）、伴随着信息不对称，但是这并不意味着大部分创新观点会消失，一个很好的机会出现了，那就是风险投资。
对于那些难以从传统渠道获得资金的企业来说，风险投资是一条很好的获得资金来源的渠道。
风险投资为那些刚起步、没有能力证明会有稳定回报的公司注入了强大的资金。
换句话来说，风险投资引发了小企业的快速成长并保持了这种良好的状态，进而创造了很大的利润，这也是他的基本作用：他解除了刚起步小企业俄财政危机，换句话说，他是小企业的“源资金”，他使好的企业计划得以实现。
无论怎样，一方面风险投资与高风险相联系，那意味着良好的回报也许会出现在几年后或者没有。
不仅如此，风险投资家可能开始一种与企业家相悖的商业策略，前一种情况可能会使企业家离开公司，这些方面以后再做讨论。
但是有一点是确定的，一旦方案被通过，风险投资资金注入公司并使他起步，这是方案成为现实的时刻。
并且风险投资不仅带来了资金，也带来了更多的好处，有专家指出“早期的资本注入，使资金得到了延伸”，可以说，风险投资家是企业的监督，因为从现在起，公司的命运变成了他的关注点，有了这个想法，结果就是有超过投资者所想的回报，同时也提升了资金带给公司的效益。
当风险资金进入到小型企业时各种讨论就开始了，我们将在以后的章节中讨论。
1.3为什么将资金投资在也有发展前途的企业？——风险投资家的想法风险投资家会将资金投资在有发展前途的产业，这是别广泛的认同并证明了的。
在起初的时候，他们对此是抱着怀疑的态度。
很肯定的回答说“不”的要比说“是的”的人多(Mason and Rogers, 1997; cited in Mason and Harrison, 2004)。
并且风险投资家会做很多潜力调查，例如商业信息、市场渠道、管理队伍或企业家情况(Berger and Udel, 1998; cited in Baeyens and Manigart, 2003)，这一切都是为了减少早期的信息不对称和企业家潜在的问题。
换句话说，在最终的签合同之前，风险投资家会花很多时间和精力去评估和观察机会，诸如市场的大小、营销策略、顾客的需求等(Kaplan and Strömberg, 2001b)。
这样就会避免投资无保证，继而资金转向其他的投资项目(Berger and Udell, 2002, p.32)。
经过这样的早期调查，投资者相信他的钱不会“蒸发”，并会给他带来长期的效益。
早期的调查是签订有效合同的基础，这能保证投资的安全和会有投资收益。
这样，风险投资家投入资本，企业ongoing资金创造价值。
实际上，风险投资家有双重作用：认真的筛选有发展前景的企业或项目并监督它(Kaplan and Strömberg, 2001a; cited in Hellmann and Puri, 2002a)；另一个功能是伴随着融资过程创造新的价值。
1.4风险投资——“多种服务”和推动创新尽管风险投资的主要要作用是供给规模小的、具有创新的、快速成长的企业。
许多文章说(Giudici and Paleari, 2000; Kortum and Lerner, 2000; Bottazzi and Rin, 2002; Hellmann and Puri, 2002a; Sætre, 2003; Wilson, 2005)，风险投资家带给企业的服务同带给企业的资金和企业家同等重要。
在他们的研究里，资金注入公司风险投资家会以各种不同的方式来帮助企业。
许多的文献认为风险投资家的资金为企业带来了价值，实际上在上面讨论的早期调查的目的是让风险投资家确定自己为企业提供了能给企业带来价值(Reynolds, 2000)的服务。
风险投资家的任务不仅仅是得到回报，还包括为企业提供服务和帮助，因为回报是伴随着企业的成长而来的，只有让企业快速发展回报才会更大(Pandey et al, 2003)。
另一种说法，与企业家一起奋战比回报更为重要。
更广泛的说，提拔一个公司意味着风险投资家会给予企业更多的关注，例如给企业家提供更多的服务、帮助和指导(Lerner, 1995)，实际上，风险投资家为企业提供一系列的服务，其目的都是为了自己投入资金的价值和回报。
风险投资家的另外一个重要作用是给企业家提供专业建议。
投资者是企业家的向导，因为投资给刚起步的企业，意味着他对这个行业有丰富的人事，因此他可以设计策略，雇佣好的执行者，提高与供应者和消费者(Bottazzi and Rin, 2002; Hellmann and Puri, 2002a)的销售网络质量，这些专业知识建立起了企业前进的基础(2004)：让企业成功或降低成本(p.111)。