创业融资[文献翻译]

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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

2、,thisscenarioofteninvolvesaninnovatorwhohasextensivetechnicalknowledgebuthasneithertheaccumulatedreputationnorthebondablewealthnecessarytoconveythisinformationcredibly.Barrycharacterizesventurecapitalashavingevolvedpreciselytofillthisstartupfinancingniche:Atthelevelof

3、small,riskyventures,accesstocapitalmarketsisrestricted.Notallentrepreneurscanself-financetheirprojects,andnotallcanfindbankersorangelswhowillcarrytheshortfall.Venturecapitalistsofferthemasourceoffundsthatisspecificallydesignedforuseinriskysettings.Theventurecapitalist

4、sthemselvesperformduediligencepriortoinvesting,andinformationgleanedinthatprocesscangreatlyreducetheadverseselectionproblem..Thisoutlookraisesseveralquestions.Whyisitassumedthatbankscannot(orchoosenotto)performthesamelevelofduediligenceasventurecapitalists(VCs)?Inwhat

5、senseisventurecapital“designed”forriskysettings?ThepuzzledeepenswhenonenotesthatstraightdebtistypicallyadvocatedasasolutiontotheadverseselectionproblemwhereasinpracticeVCsoftenholdconvertiblepreferredequity.Indeed,adefiningcharacteristicoftheventurecapitalmarketisthat

6、contractsarefairlyhigh-poweredinthesensethatexpectedpayoffscomedisproportionatelyfromtheequitycomponentor“upside”.ThesequestionscanbeaddressedbyreflectinguponthecostlyduediligencetowhichBarryrefers.Bydirectlyrevealingtheproject’squality,duediligencereducesinformationa

7、symmetrybetweenentrepreneursandtheVC.Bycontrast,ifqualityweresignaled—thetraditionalsolutiontotheadverseselectionproblem—costlyduediligencewouldbeunnecessarysincetherewouldbenomoreinformationtoconvey.Inotherwise,eithersignalingorcostlyduediligencecansolvetheadversesel

8、ectionproblem.Thetwomechanismsaresubstitutes;thequestionthenbecomeswhichismorecost-effective.Thefirstcontributionofthepaperi