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ID:350824
大小:52.00 KB
页数:12页
时间:2017-07-26
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1、本科毕业论文(设计)外文翻译题目大学生创业融资渠道研究专业财务管理一、外文原文原文:EntrepreneurialFinancingThefinancingofstartupsentailspotentiallyextremeadverseselectioncostsgiventheabsenttrackrecordofthefirmsseekingcapital,andgiventheriskynatureoftheindustriesinwhichmanyofthemoperate.Exacerbatingtheproblem,thisscenari
2、oofteninvolvesaninnovatorwhohasextensivetechnicalknowledgebuthasneithertheaccumulatedreputationnorthebondablewealthnecessarytoconveythisinformationcredibly.Barrycharacterizesventurecapitalashavingevolvedpreciselytofillthisstartupfinancingniche:Atthelevelofsmall,riskyventures,acce
3、sstocapitalmarketsisrestricted.Notallentrepreneurscanself-financetheirprojects,andnotallcanfindbankersorangelswhowillcarrytheshortfall.Venturecapitalistsofferthemasourceoffundsthatisspecificallydesignedforuseinriskysettings.Theventurecapitaliststhemselvesperformduediligencepriort
4、oinvesting,andinformationgleanedinthatprocesscangreatlyreducetheadverseselectionproblem..Thisoutlookraisesseveralquestions.Whyisitassumedthatbankscannot(orchoosenotto)performthesamelevelofduediligenceasventurecapitalists(VCs)?Inwhatsenseisventurecapital“designed”forriskysettings?
5、ThepuzzledeepenswhenonenotesthatstraightdebtistypicallyadvocatedasasolutiontotheadverseselectionproblemwhereasinpracticeVCsoftenholdconvertiblepreferredequity.Indeed,adefiningcharacteristicoftheventurecapitalmarketisthatcontractsarefairlyhigh-poweredinthesensethatexpectedpayoffsc
6、omedisproportionatelyfromtheequitycomponentor“upside”.ThesequestionscanbeaddressedbyreflectinguponthecostlyduediligencetowhichBarryrefers.Bydirectlyrevealingtheproject’squality,duediligencereducesinformationasymmetrybetweenentrepreneursandtheVC.Bycontrast,ifqualityweresignaled—th
7、etraditionalsolutiontotheadverseselectionproblem—costlyduediligencewouldbeunnecessarysincetherewouldbenomoreinformationtoconvey.Inotherwise,eithersignalingorcostlyduediligencecansolvetheadverseselectionproblem.Thetwomechanismsaresubstitutes;thequestionthenbecomeswhichismorecost-e
8、ffective.Thefirstcontributionofthepaperi
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