企业风险投资外文文献翻译
(含:英文原文及中文译文)
文献出处: Petreski M. The Role of Venture Capital in Financing Small Businesses[J]. Social Science Electronic Publishing, 2006.
英文原文
The Role of Venture Capital in Financing Small Businesses
Marjan Petreski
Abstract
Venture capital is an important alternative panies that have difficulties accessing more traditional financing sources and it is a strong financial injection for early-panies 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 anizations in which they invest. Indeed, fresh capital inflow is panied with the process of value-adding which provides pany 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, Financing
Introduction
Financing opportunities for small businesses have grown in the last few decades. On the other hand, entrepreneurships are crucial for the development of every national economy. Therefore, financing a small business is an issue which continuously captures academic interests.
Great part of the literature acknowledges that entrepreneurship is the fundament of the economic growth and productivity performance (OECD, 2004) and, as such, it triggers creating innovative small firms, which in turn add huge “blocks” in bu ilding the petitiveness (Pandey et al, 2003). But, on the other hand, because of the high start-up risk an
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