启动和增长融资【外文翻译】

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1、外文翻译原文Start-upandGrowthFinancingMaterialSource:http://springer.lib.tsinghua.edu.cn/content/k8711825211108u5/fulltext.pdfAuthor:ChristineKVolkmannKimOliverTokarskiMarcGrunhagenKnowledgeoffinancingstrategiesaswellasthefunctionandmechanismofdifferentfinancinginstruments

2、isnecessarytorecognizeandcounteractingoodtimethreateningfinancingcrisesandliquiditybottlenecks.Withinthiscontext,specialimportanceshouldbeattachedtotheoptimizationofthecapitalandriskstructureduringthephasesofstart-upandgrowth.Theresultofhavinglow-equityequipmentisoft

3、enloweconomicstrength(asbecameapparent,forexample,inthelargenumberofinsolvenciesofyoungenterprisesduringtheperiodfrom2000to2002whenthe“neweconomybubble”burst)[Rovenpor(2004)].Numerousyoungenterpriseshadpromisingbusinessmodelsattheirdisposal,yetthemainreasonsfortheiri

4、nsolvencieswerefinancingproblemswhichtheywereunabletoresolve.Thefounderswereinmanycasesnotinapositiontoobtainexternalcapitalforovercomingthecrisisandtomanagetheirpaymentflowseffectively.Forexample,fortheUSventurecapitalmarket,whichistheworld’slargest,datafromtheNatio

5、nalVentureCapitalAssociationshowthatbackin2000USVCcompanieshadprovidedmorethan100billionUSDwhileby2003theinvestmentvolumedroppedbelow20billionUSD[www.nvca.org;cf.alsoTimmons/Spinelli(2004)].Againstthisbackground,itisnecessarythatenterprisestart-upsdevelopandrealizeas

6、uitablefinancingstrategytooptimizetheircapitalstructure,takingintoaccounttheirspecificcharacteristicsandobjectives.Thespectrumofcriteriawhichdeterminefounders’choicesofequityanddebtfinancingiswideanddiverse.Examplesofthedecisioncriteriaare,inadditiontothetotalfinanci

7、ngcosts:cancellationprivileges,requirementsforcollateral,objectivesofbalancepolicy,specificco-determinationrightsorinformationdutiesaswellasthesumoftherequiredfinancingvolume.Takingintoaccountlenders’demandforcollateraltosecureloanstonewenterprises,theclassicaltoolso

8、fdebtfinancingarebasicallyunsuitableforfastgrowingenterprises,ashighrisksinthestart-upphaseareusuallynotmatchedbyexploitableloansec