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1、TheRoleofVentureCapitalinFinancingSmallBusinessesMarjanPetreskiAbstract：Venturecapitalisanimportantalternativeforcompaniesthathavedifficultiesaccessingmoretraditionalfinancingsourcesanditisastrongfinancialinjectionforearlystagecompaniesthatdonothaveevidenceforpersistentprofitabilityyet.Firstly,deepp
2、rescreeningprocessshouldbeperformedbeforeinvestinginsmall,start-upbusinessbecauseoftheinformationasymmetries,whichinturnarethemaincauseforadverseselectionandmoralhazardproblems.Wellperformedinitialscanensuresgoodinvestment.Seedcapitalprovidedthanenablesthefirm’ssetoff.Butwhatismoreimportantistheconc
3、lusionthatthereismuchmorethanjustcapitalthatflowsfromtheinvestorstotheorganizationsinwhichtheyinvest.Indeed,freshcapitalinflowisaccompaniedwiththeprocessofvalue-addingwhichprovidesthecompanywithmonitoring,skills,expertise,helpand,basically,reputationforattractingfurtherfinance.Consequently,theroleof
4、theventurecapitalinfinancingsmallbusinessistremendous.Thepapershedslightontheseissues.Keywords：VentureCapital,SmallBusiness,Entrepreneurship,Financing1.IntroductionFinancingopportunitiesforsmallbusinesseshavegrowninthelastfewdecades.Ontheotherhand,entrepreneurshipsarecrucialforthedevelopmentofeveryn
5、ationaleconomy.Therefore,financingasmallbusinessisanissuewhichcontinuouslycapturesacademicinterests.Greatpartoftheliteratureacknowledgesthatentrepreneurshipisthefundamentoftheeconomicgrowthandproductivityperformance(OECD,2004)and,assuch,ittriggerscreatinginnovativesmallfirms,whichinturnaddhuge“block
6、s”inbuildingthenationalcompetitiveness(Pandeyetal,2003).But,ontheotherhand,becauseofthehighstart-upriskandinformationalinconsistency,smallfirmsareoftenhighlyvulnerable(BergerandUdell,2002)andfacewithaharshfinancingissuesduetotheinvestors’refusalto“feed”theearlystagebusiness(GansandStern,2003).Inothe
7、rwords,“theproblemisthatonceyouhavebledyourfriendsandfamilydryofcash,soldthecatandremortgagedthehouse,wheredoyougoinordertogetthewadofcashneededtoprogressyourget-richideafurther?”(Reynolds,2000,p.52).
