促进新企业成长的早期资本：天使投资在欧洲创业中的作用

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1、原文：MobilizingCapitalforFosteringtheEarlyGrowthofFirms:TheRoleofBusinessAngelsinNascentEuropeanEntrepreneurshipDespitetheimportantrolerecognizedtooutsideequityinfinancingandfosteringinnovativeentrepreneurialfirms(i.e.,entrepreneurialstart-ups),relativelylittleisknownaboutthekeycharacterist

2、icsofthedifferentfund-providersinvolvedeitherinatemporalperspective(diversestageoftheearlyfirm’slife)orinanindustryperspective(specializedequityinvestors).Whilebusinessangelsandventurecapitalistsarerelativelycommonandwelcomecompanionsofentrepreneurs,variouskindsofcircumstancesneedtobeacco

3、mplishedandcoordinatedinordertoestablishandgoverntheserelationshipsinawaythatisreallybeneficialtoalltheparties.Thischapteraimstodiscussvariousaspectsofthemultifacetedrelationbetweenentrepreneursseekingforfinancetotheirearlystageprojectsandbusinessangelsprovidingequity.Inparticular,weunder

4、scoretherationalefortheemergenceofthebusinessangelnetworksinordertooptimizesearchcostsandthegoodmatchbetweensupplyanddemandforfunds.WhilebusinessangelnetworkshavefoundthewayfortheiradmittanceinmanyEuropeancountries,intheUSA,angelgroups(orspontaneousinvestorassociations)arefarmoredeveloped

5、.Onthegroundofa5-yearpaneldataextractedfromtheEuropeanBusinessAngelNetwork(EBAN),weexploreindepththeintricaciesandinefficienciesrelatedtotheactionofthebusinessangelsnetworksinEuropeandbrieflyjuxtaposethemtotheAnglo-Saxonexperience.Theessenceofentrepreneurshipisrecognizing,seizingandexploi

6、tingnewandnascentopportunities(Zahraetal.2006).Inordertorecognize,seizeandexploitopportunities,wepointtothefundamentalofentrepreneurialcapabilitiesintendedascapabilitiesforgrowthandofwealthcreationforthefirmandtherebyforthebroadinstitutionalenvironment.BasedonideaspresentedbyVenkataraman(

7、1997),Shane(2003)definesentrepreneurshipas“anactivitythatinvolvesthediscovery,evaluationandexploitationofopportunitiestointroducenewgoodsandservices,waysoforganizing,markets,processes,andrawmaterialsthroughorganizingeffortsthatpreviouslyhadnotexisted”.Asacentralprem