风险投资与小企业融资外文文献翻译（英文+中文）

文献信息：文献标题：TheRoleofVentureCapitalinFinancingSmallBusinesses（风险投资在小企业融资中的作用）国外作者：MarjanPetreski文献出处：《SocialScienceElectronicPublishing》,2006字数统计：英文3356单词，18276字符；中文5291汉字外文文献：　TheRoleofVentureCapitalinFinancingSmallBusinessesAbstractVenturecapitalisanimportantalternativeforcompaniesthathavedifficultiesaccessingmoretraditionalfinancingsourcesanditisastrongfinancialinjectionforearlystagecompaniesthatdonothaveevidenceforpersistentprofitabilityyet.Firstly,deepprescreeningprocessshouldbeperformedbeforeinvestinginsmall,start-upbusinessbecauseoftheinformationasymmetries,whichinturnarethemaincauseforadverseselectionandmoralhazardproblems.Wellperformedinitialscanensuresgoodinvestment.Seedcapitalprovidedthanenablesthefirm’ssetoff.Butwhatismoreimportantistheconclusionthatthereismuchmorethanjustcapitalthatflowsfromtheinvestorstotheorganizationsinwhichtheyinvest.Indeed,freshcapitalinflowisaccompaniedwiththeprocessofvalue-addingwhichprovidesthecompanywithmonitoring,skills,expertise,helpand,basically,reputationforattractingfurtherfinance.Consequently,theroleoftheventurecapitalinfinancingsmallbusinessistremendous.Thepapershedslightontheseissues.Keywords：VentureCapital,SmallBusiness,Entrepreneurship,Financing1.IntroductionFinancingopportunitiesforsmallbusinesseshavegrowninthelastfewdecades.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,economistsagreethatventurecapital“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.2.Whysmallstart-upfirms(must)chooseventurecapitalfinancing?VenturecapitalprimaryroleEventhoughtheprocessofbrainstormingcouldbereallyproductiveandendless,entrepreneursmustoftenthinkaboutthefinancialsideoftheiridea.Indeed,onecouldhavebrilliantideaforstartingupasmartbusiness,butlaunchingthatideaneedsfuel–thismakeshimtroubles.Therefore,such“poor”entrepreneursmustrelyonexternalfinancinginordertostarttheirbusiness(Lulfesmann,2000).Indeed,young,especiallyinnovativeandfastgrowingbusinessesfinditverydifficulttheaccesstotraditionalwaysoffinancing(GompersandLerner,1999;citedinGiudiciandPaleari,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(venturecapital)isastrongfinancialinjectionforearly-stagecompaniesthatdonothaveevidenceforpersistentprofitabilityyet(Kleberg,1998).Inotherwords,venturecapitalisneededtotrigger,maintainandtospeedupthesmallenterprise’sgrowthanditsperformance,andthereforetoresultinimprovedprofitability.Thatisitsprimaryrole:itisthemaincontributoringettingridofthemostfinancialimpedimentsthatoccurintheestablishingphaseofanewbusiness.(Reynolds,2000).Inotherwords,itis“seedmoney”forthesmallbusiness;ithelpssmartideastoriseup.However,ontheotherhand,venturecapitalfinancingisassociatedwithhighlevelsofrisk,whichreferstotheuncertaintyofthepositivereturnsthatmayoccurevenafteranumberofyearsornever(MasonandHarrison,2004;Klofstenetal,1999).Notonlythis,butventurecapitalistmayalsoembarkonanewbusinessstrategywhichdefersfromentrepreneur’sone;theformercaneventhrowtheentrepreneuroutofthefirm.Theseaspectsarediscussedlater.Whatissure,onceithasbeenagreed,venturecapitalflowsinthecompanyandenablesitsstart-up.Thisisthepointwhentheideabecomesreality.But,notonlyprovidingthecapital,venturecapitalinjectionbringsmorebenefitsfortheventure-backedcompanythanonecouldthinkof.ManigartandSapienza(1999;citedinManigartetal,2002)pointout“itsrolesofpre-investmentscreening,post-investmentmonitoringandvalue-adding”(p.104).Criticallysaid,venturecapitalistbecomesactiveentrepreneur’smentor,because,fromnowon,firm’sdestinyturnsouttobehisconcerntoo.Havingthisonmind,theresultshouldbehigherfuturereturnsfortheinvestorand,ofcourse,enhancedperformancefortheventurecapitalbackedcompany.Consequently,whentheroleoftheventurecapitalinfinancingsmallbusinessesisdiscussed,itcanbeinferredthatitismultiple.Therefore,moreattentiontothelatterisdevotedinthefollowingsections.3.Whyinvestinpromisingbusiness?–VenturecapitalistperspectiveItisvastagreedandpracticallyproventhatventurecapitalistsinvestonlyinpromisingprojects.Attheverybeginning,investorsaredeeplysceptical,badmoodreasoningwithmoreanswers“no”,ratherthan“yes”(MasonandRogers,1997;citedinMasonandHarrison,2004).Furthermore,venturecapitalistsscreenpotentialinvestmentsinregardstothecollectinginformationaboutbusiness,itsmarketapproach,managementteamorentrepreneur(BergerandUdel,1998;citedinBaeyensandManigart,2003),allinordertoreducetheinitialinformationasymmetryandpotentialproblemswithentrepreneurs.Inotherwords,beforefinalcontracting,venturecapitalistspendsmuchofhistimeandeffortsinassessingandobservingtheopportunity,intermsofitsmarketsize,strategies,customeradoptionetc.(KaplanandStrömberg,2001b).This,inturn,shouldeliminatethepossibilitytoaccessanon-qualityproject(adverseselectionproblem)and“...[should]ensurethatthefundswillnotbedivertedtofundanalternativeproject(moralhazardproblem)”(BergerandUdell,2002,p.32).Inthisphaseofinitialscanning,investorshouldbeconvincedthathismoneywillnotsimply“evaporate”.Insteadofthat,itshouldmakefuturevalueforhim.Pre-screeningphase,accordingly,enablesplatformforcontractingonasustainablebasis.Thismeansthattheinvestmentwillsurelybearfruitlater.Thus,venturecapitalistsprovidethecapitalandbeginwithcreatingnewvalue,whichtheycanextractbenefitsforthemselvesfrom.Consequently,theroleoftheventurecapitalistisdual:carefulselectionofpromisingfirmsorprojectsandthancloseobservationovertime(KaplanandStrömberg,2001a;citedinHellmannandPuri,2002a).Thelatterconstitutesthenextphaseoftheprocessofventurecapitalfinancingaccompaniedwithcreatingnewvalue.4.Venturecapital–“richservicespackage”andinnovationstimulatorEventhoughthemainroleofventurecapitalisfeedingsmall,innovativeandfastgrowingfirmswithfreshcapital,manyarticles(GiudiciandPaleari,2000;KortumandLerner,2000;BottazziandRin,2002;HellmannandPuri,2002a;Sætre,2003;Wilson,2005)suggestthatventurecapitalbackedfirmsreceivemanyotherservicesfromventurecapitalistwhichareasmuchimportantfortheentrepreneur,astheverycapitalinfusedis.Intheirarticle,GiudiciandPaleari(2000)arguethatasthecapitalisintroducedinthefirm,venturecapitalistgainspowertodynamicallyimpingeonthemanagementprocessinthefirminmanydifferentways.Vastliteraturerecognizesthelastasaprocessofaddingnewvaluetotheventurecapitalbackedcompany.Indeed,theprocessofpre-investmentscreeningdiscussedabove,aimstoprovidestabileplatformforinvestinginacompanywheretheventurecapitalistisconvincedthathecanaddvalueto(Reynolds,2000).Themissionoftheventurecapitalististoraisethebusinessandnotjusttogetreward,becauseasthebusinessisraised,therewardswillcomeautomatically(Pandeyetal,2003).Insteadofthat,“riding”togetherwiththeentrepreneurismorecrucialforbeingrewarded.Broadlyspeaking,raisingabusinessmeansthatventurecapitalistprovidescompleteoversighttothefirm,intermsofprovidedservices,helpandguidancefortheentrepreneur(Lerner,1995).Indeed,venturecapitalistintroducesapackageofservicesinthefirminordertoenhanceitsperformanceanditsvalue.Oneofthemostimportantservicesfortheventurecapitalbackedfirmistheexpertadvicethatventurecapitalistofferstotheentrepreneur.Indeed,investoractsasentrepreneur’smentor,because,investinginnearbylocatedstart-upfirms,meansthathehassufficientknowledgefortheindustry,andthereforehecanbeinvolvedindesigningstrategies,hiringthebestexecutivesandenhancingthenetworkofcontractswithsuppliersandcostumers(BottazziandRin,2002;HellmannandPuri,2002a).AccordingtoJungwirthandMoog(2004),thisspecificknowledgeestablishesbasisforadvancedassessmentoftheproject:willitbesuccessfulornotandallowsit“tobemonitoredatloweragencycosts”(p.111).Moreover,value-addprocessfacilitatestheventurecapitalistasafirm’spromoterandconsultant(RepulloandSuarez,1998),becauseofhisrichnessofexpertise,competencies,experienceandreputation(Sætre,2003;Wilson,2005).Inthesamelineofthinking,FriedandHirish(1995)alsoagreethatventurecapitalistscreatevaluebyproviding“networks,moralsupport,generalbusinessknowledgeanddiscipline”(p.106).KaplanandStrömberg(2001b)furtherbroadentheareaswheretheinvestorcouldbecontributable:“developingabusinessplan,assistingwithacquisitions,facilitatingstrategicrelationshipswithothercompanies,ordesigningemployeecompensation”(p.429).Itcanbeinferredthat,oncetheinvestorintroducesitsmoneyinabusiness,hemustdevotemuchofhistimeinhelpingthebusinesstosucceed,structuringinternalorganizationandappropriatehumanresourcesmanagement(HellmannandPuri,2002b).Inotherwords,venturecapitalist’shelpandadding-valuearedecantedinprofessionalizationofthefirm.Generally,itseemsthatfirm’sprofessionalizationisthemajorbenefitfromtheventurecapitalfinancing.ThearticleofHellmannandPuri(2000;citedinBottazziandRin,2002)offersgoodexplanationoftheprocessofprofessionalization.Besidesabovementionedfeatures,theypointoutthespeedofdevelopingandbringingambitiousproducttothemarketbyventurebackedcompanies.Moreover,thisiscrucialtoachievemarketleadership,especiallyamonginnovativefirms(HellmannandPuri,2002a).“Venturebackedcompaniesare,infact,foundtopursuemoreradicalandambitiousproductorprocessinnovationsthanothercompanies”(HellmannandPuri,2000,p.236).Furthermore,KortumandLerner(1998)foundthatventurecapitalfinancingstronglyimpingeonfirm’sinnovation,patentingprocessesandtheinfluxoftechnologicalopportunities.Consequently,thisistheuniquewaytoextractthesocialsignificanceofaninnovation(GansandStern,2003).Hence,triggeringinnovations,alongwiththefirm’sprofessionalization,isanothervaluablefeatureoftheventurecapitalfunding.Allinall,contributionoftheventurecapitaltothestart-upfirmisconsiderable.Besidesmanyfeaturesprovidedbytheventurecapitalistdiscussedabove,venturecapitalhasonemoreimportantattribute:providingcredibility,itattractsnewfunding.BaeyensandManigart(2003)explainthisbythefactthat,throughscreening,observingandvalue-adding,venturecapitalistsreducetheinformationasymmetriesandfinancialrisks,andthereforeadjoinlegitimacytotheventurebackedcompanyandconsequentlyinfluenceonfurtherfinancing.Thelastisanadmirablefundamentforfurtherexpansionofthefirm.This,inturn,spursthegrowthanddevelopmentofentrepreneurshipinthenationaleconomyingeneral–theinitialnotionattheverybeginningofthispaper.Uptonow,onemayconcludethatventurecapitalfundingisbrilliantwayofraisingnewbusinessandrealizingone’s“imagination”.Indeed,theroleofventurecapitalinfinancingsmallearly-stagebusinessisnoteworthy,butthiswayoffundingnewbusinesshasits“darkside”too.Thisisexaminedfurther.5.The“darkside”oftheventurecapitalfundingOncetheventurecapitalistandtheentrepreneurhaveendeduptheinitialnegotiations,andtheformerintroduceditscapitalin,jointeffortsshouldleadtowardimprovedperformanceandhigherexpectedreturns.Bothsidesdevelopandcontributedifferenttypesofknowledgeandskills,“allowingeachpartytoexploititscomparativeadvantage”(CableandShane,1997,p.143).Moreover,confidenceiscrucialinentrepreneur-venturecapitalistrelationshipandcorrespondswithacertainlevelofcertaintyandtrust,whichinturnpromotesmutuallycompatibleinterests,butnotactingopportunistically(ShepherdandZacharakis,2001).Notsurprisingly,atonemoment,aprisoner’sdilemmaarises:eachsidetendstobehaveselfish,althoughknowingthatjointsuccessyieldstosynergy(CableandShane,1997).Consequently,aconflictofinterestscomesup.Atthatpointoftimeorevenearlier,theinvestorstrengthensthemonitoringprocessofthefirm.Now,hedoesprovidenotonlyvalue-addservices,butheactivelyinvolvesinrunningthefirminordertolimitoreliminateeventualopportunisticbehaviourfromtheentrepreneur(Lerner,1995)andtoforcehimtoperformeffectively.Asaresult,agencyproblemsoftenoccur.“Conflictsariseinsuchsituationsbecausetheentrepreneurmayhaveinformationunknowntotheventurecapitalistandmaychoosetoshirkoroverinvest,creatingagencycosts”(Barry,1994,p.6).But,AdmatiandPfleiderer(1994)describeventurecapitalistaswell-informed,soitishighprobablethatagencyproblemswillbeavoidedinsuchriskyinvestments.Whetheritis,hedgingitselfisthemostcommonstrategyfortheventurecapitalist.Stagefinancingisthemostsuitablemonitoringandcontroldevice,actingasabufferversusentrepreneur’sopportunisticbehaviour,becauseeachtimenewcapitalisintroducedinthefirm,contracts’renegotiationarisesasanecessity(GiudiciandPaleari,2000).Renegotiationleadstowardreportingwhathasbeendoneuntilnow,andwhatisthebasisforthefurtherrunningofthefirm.Instalmentfinancingtakesplaceaftereveryrenegotiation,onlyifcertainmilestone(i.e.enhancedprofitability,approachedadditionalmarketshare)isachieved;atthispointventurecapitalistgathersinformationandalwaysbearsonmindtheoptiontoabandonthecompanyifsomethingwentwrong(Gompers,1995;citedinBottazziandRin,2002).Theseconsiderationsarethemostcitedreasonintheliterature,whytheoptimalcontractbetweenventurecapitalistandentrepreneurshouldnotbedebt(BergemannandHege,1998;citedinBottazziandRin,2002).Insteadofdebt,convertiblesecuritiesshouldbepositionedinthebasicsofthisrelation,inordertoevokeefficientbehaviourfromtheentrepreneur(RepuloandSuarez,1998).Furthermore,“aconvertible…contractassignstheventurecapitalisttherighttoaccrueapre-specifiedequityfractionwhenhedecidestoconvertdebtintoequityafterbothpartiesinvested”(Lulfesmann,2000,p.3).Andthelatterusuallyoccurswhenrenegotiatinghappensandwhennewgreatstakeofmoneyisinfusedinthefirm.Conflictofinterestsoftenresultsinanotherformtoo.Namely,thetreatmentofthefirm’sfounder(entrepreneur)isalsothemostcontroversialissueinventurecapital(HellmannandPuri,2002a).Eventhoughtherearemanypossibilitiesrangingfromthosewhereentrepreneursclaimthatventurecapitalistsare“notoriousforremovingfoundersfromthepositionofCEOandbringinginanoutsider”(HellmannandPuri,2002a,p.21),tothosewhereventurecapitalistcountsthechangeascontributiontothefirm’sprofessionalization,literatureoftenpointsoutthatCEOreplacementtakesplaceafterexperiencedenterprise’scrisisandwhenstrengthenedmonitoringisfoundessential(Lerner,1995).HellmannandPuri(2002b)examinedasampleof170high-techfirmsinSiliconValleyandfoundthatoutsidetopmanagerusuallyreplacesthefounderifthefirmisventurecapitalfinanced.Furthermore,theyfoundthatthesefirmscanevenfasteraccommodatetosuchchangesinleadership,because,primarily,thelatterfurtherprofessionalizethefirm.TheabovefindingsaresupportingwhatBarry(1994)acknowledgesinhisarticle,thatventurecapitalistsactivelyidentifyandrecruitmembersofthemanagementteamintheventurebackedcompany.Inotherwords,theyusuallyreshapemanagementteam.Moreover,investorstendtoholdaboardormanagerialseatinthefirminwhichtheyhaveinvested,inordertoaccesscloseroversightandtoreduceagencyproblems(i.e.possessoverallcontrolifdifficultiesoccur)(Lerner,1995).Attheend,eventhoughmanycontroldevices,emphasizedabove,areusedbytheventurecapitaliststoenhancefirm’sperformanceandminimizetheinfluenceofpotentiallyriskcauses,KaplanandStrömberg(2001b)foundthatventurecapitalists“donotintendtobecometooinvolvedinthecompany”(p.429).Allinall,albeitventurecapitalhasits“bad”sidetoo,itcomesupthatitisnottoobad:itisonlyatoolforcontroland,therefore,forbetterperforming.But,havingthebadsideinaccount,however,theventurecapital’sroleinfinancingsmallbusinessesisnotdiminished.Ratherthanthat,potentialconflictsbetweeninvestorandentrepreneurcouldbeavoidedwithconfidentandtrustworthybehaviour,wheretheroleoftheentrepreneurandthatoftheventurecapitalistaregoinginthesamedirection,inordertoextractthemaximumbenefitsforthefirmandforthemselves,ofcourse.6.ConclusionSeveralconclusionscouldbeextractedfromtheargumentssuppliedabove.Firstly,deeppre-screeningprocessshouldbeperformedbeforeinvestinginsmall,start-upbusinessbecauseoftheinformationasymmetries,whichinturnarethemaincauseforadverseselectionandmoralhazardproblems.Wellperformedinitialscanensuresgoodinvestment.Seedcapitalprovidedthanenablesthefirm’ssetoff.Butwhatismoreimportantforthepurposeofthispaperistheconclusionthat“thereismuchmorethanjustcapitalthatflowsfromtheinvestortotheorganizationsinwhichtheyinvest”(Sætre,2003,p.85).Indeed,freshcapitalinflowisaccompaniedwiththeprocessofvalue-addingwhichprovidesthecompanywithmonitoring,skills,expertise,helpand,basically,reputationforattractingfurtherfinance.Consequently,theroleoftheventurecapitalinfinancingsmallbusinessistremendous.Eventhoughfindingsinthelastsectionshowthatventurecapitalfundingisrelatedwithstrengthenedcontrol,potentialconflictofinterestsandfounderreplacementfromthetopmanager’sseat,venturecapitalremainscrucialfactorforspurringinnovations,enhancinggrowthopportunities,especiallyforthesmallandmedium-sizedenterprisesandtherefore,creatingnewjobs.Thelatterareenoughreasonsforeverynationaleconomytotakecarefortheventurecapitalfinancingasprovenchancefortherealizationofsmartideas.中文译文：风险投资在小企业融资中的作用摘要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 关于同志近三年现实表现材料材料类招标技术评分表图表与交易pdf视力表打印pdf用图表说话 pdf 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，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，小企业，创业，融资1.引言在过去的几十年里，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（Pandeyetal,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（BergerandUdell,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(GansandStern,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。(BottazziandRin,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。2.为什么刚起步的小型企业选择风险投资？风险投资