[雙語翻譯]股權(quán)投資外文翻譯—風(fēng)險(xiǎn)投資和私募股權(quán)融資是經(jīng)濟(jì)發(fā)展的關(guān)鍵決定因素

1、字?jǐn)?shù)：英文 字?jǐn)?shù)：英文 2753 2753 單詞， 單詞，14899 14899 字符；中文 字符；中文 4976 4976 漢字 漢字出處： 出處：Breuer Breuer W, W, Pinkwart Pinkwart A. A. Venture Venture capital capital and and private private equity equity finance finance as as key key d

2、eterminants determinants of of economic economic development[J].Journal development[J].Journal of of Business Business Economics.2018,88:319-324 Economics.2018,88:319-324外文文獻(xiàn) 外文文獻(xiàn) Venture capital and private equity finan

3、ce as key determinants of economic developmentFor entrepreneurs, start-ups and fast growing ventures, the provision of sufficient funds to foster growth is one of the most important if not the key factor of success. Whil

4、e venture capital (VC) is one of the most relevant sources of funding for new ventures (e.g., Li and Zahra 2012), private equity (PE) funds represent a natural financing source for firms pursuing capital-intensive and ri

5、sky investment strategies.Venture capital enables young founders to transfer the financial risk in the case of a failure of the business to the venture capital firm. In exchange, the founders give up a part of their equi

6、ty so that they lose some of the possible returns on a potential exit of their venture. In addition, representatives of the VC firm get comprehensive control rights as members of the board. Therefore, getting venture cap

7、ital does not always pay off for the entrepreneur (Rosenbusch et al. 2012). However, venture capital enables founders to establish young ventures, as without it many would not be able to raise enough capital. In contrast

8、, PE funds typically buy the firm seeking for additional capital, e.g., by a leveraged buyout. Specifically, this investment form, resulting in highly levered firms, has been the topic of a long-lasting and heated discus

9、sion. Critics believe that PE puts a heavy burden on firms limiting their financial flexibility and lowering their long-term prospects (e.g. Ernst et al. 2013), whereas other studies showed that firms financed by PE fund

10、s increased their survey of Kaplan and Sensoy (2015) is exclusively referring to VC and PE fund performance. In contrast, the survey of Tykvová covers all topics of both the VC and the PE industry that have been rec

11、ently published in leading international journals. Hereby, the reader gets also information on the frequency of different research areas in all studies on PE and VC. In addition, it should be emphasized that many of the

12、analyzed papers have not been included in previous surveys.Tykvová gives an overview of differences of VC and PE, like the different age of the portfolio companies and the use of leverage, as well as on common chara

13、cteristics such as the typical VC and PE cycle with the specific roles of limited partners (LPs), VC or PE firms and funds and the portfolio companies (PCs). VC and PE firms take a very active role in the management of t

14、he PCs which unlike the investments of most other types of funds are illiquid private companies.The author identifies so-called ‘hot’ topics, those that have received the great est interest of researchers in recent years

15、 and that have not gained so much attention in prior studies (e.g., aspects of heterogeneity within the VC and PE industries; the process of selecting and matching PCs; PC performance and the value-adding impact of the f

16、und management or the performance of VC and PE funds and its proper measurement).T. Tykvová shows that recent research includes a couple of new topics that reflect the developments within the VC or PE industries. Fo

17、r example, she emphasizes an expansion in terms of regional coverage, reflecting an increased interest in regions outside the US, especially Europe, as well as in cross-border VC and PE investments. The author points to

18、emerging research in new areas, such as new sources of entrepreneurial finance, and discusses research gaps. Finally, she suggests an agenda for future research. One of her overall five recommendations for future researc

19、h is more evidence from outside the US, because distinct differences between the characteristics of the US economy and those of other regions may influence the way in which the VC and PE industry operates. All the more,