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1、原文:原文:MobilizingCapitalfFosteringtheEarlyGrowthofFirms:TheRoleofBusinessAngelsinNentEuropeanEntrepreneurshipDespitetheimptantrolerecognizedtooutsideequityinfinancingfosteringinnovativeentrepreneurialfirms(i.e.entrepreneu
2、rialstartups)relativelylittleisknownaboutthekeyacteristicsofthedifferentfundprovidersinvolvedeitherinatempalperspective(diversestageoftheearlyfirm’slife)inanindustryperspective(specializedequityinvests).Whilebusinessange
3、lsventurecapitalistsarerelativelycommonwelcomecompanionsofentrepreneursvariouskindsofcircumstancesneedtobeaccomplishedcodinatedindertoestablishgoverntheserelationshipsinawaythatisreallybeneficialtoalltheparties.Thischapt
4、eraimstodiscussvariousaspectsofthemultifacetedrelationbetweenentrepreneursseekingffinancetotheirearlystageprojectsbusinessangelsprovidingequity.Inparticularweunderscetherationaleftheemergenceofthebusinessangelwksindertoo
5、ptimizesearchcoststhegoodmatchbetweensupplydemffunds.WhilebusinessangelwkshavefoundthewayftheiradmittanceinmanyEuropeancountriesintheUSAangelgroups(spontaneousinvestassociations)arefarmedeveloped.Onthegroundofa5yearpanel
6、dataextractedfromtheEuropeanBusinessAngelwk(EBAN)weexpleindepththeintricaciesinefficienciesrelatedtotheactionofthebusinessangelswksinEuropebrieflyjuxtaposethemtotheAngloSaxonexperience.Theessenceofentrepreneurshipisrecog
7、nizingseizingexploitingnewnentopptunities(Zahraetal.2006).Indertorecognizeseizeexploitopptunitieswepointtothefundamentalofentrepreneurialcapabilitiesintendedascapabilitiesfgrowthofwealthcreationfthefirmtherebyfthebroadin
8、stitutionalenvironment.BasedonideaspresentedbyVenkataraman(1997)Shane(2003)definesentrepreneurshipas“anactivitythatinvolvesthediscoveryevaluationexploitationofopptunitiestointroducenewgoodsserviceswaysofganizingindividua
9、lsinvestingapproximatelyEuros3billionperyear(EBAN2008:2).AsregardsUKbusinessangelsMasonHarrison(2000)provideballparkfigurethattheymakeeighttimesasmanyinvestmentsinstartupcompaniesvisvisventurecapitalfunds.Togetherwithequ
10、itybusinessangelsprovidenewcompanieswithknowledgevaluablewkingrelationshipswhichareoftenabletosignificantlyincreasethesuccessrateofnewventures.Playingameactiverolethanventurecapitaliststhebusinessangelsassisttheventureba
11、ckedfirmoccasionallyassumingtheroleofaveritablepartnerengagedinmanagingthebusiness.Besidestheirownpersonalskillsbusinessangelsprovidethefirm’swiththeirwkofcontactsaswellastheircommercialfinancialconnectionsinthenewventur
12、e’slocalareaofoperation.Itisnotewthythatunlikefmalventurecapitalistsbusinessangelsinvesttheirownfinance.Thepersonalderivationoffinancialresourcesthatbusinessangelsusehasconsiderableupshotontheirinvestmentactivity:sinceth
13、eyhavenoobligationtoguaranteeexternallyconstrainedelevatedthresholdsofreturnonthecapitaltheyinvestedbusinessangelsareonlyaccountabletothemselves.Thisstateofaffairsisuncoveredbytheirgreaterpropensitytoinvestinriskyentrepr
14、eneurialventureswithhighvariabilityuncertaintywhichfmalventurecapitaliststendincreasinglytoavoid.Consequentlythebusinessangelisgenerallydisposedtoinvestinseedstartupfinancingtofundsmallentrepreneurialcompanieswithhighgro
15、wthpotentialageneralhighlevelofinvestmentrisk(GerardMargulis2001Harmon2000).Atthesametimethepersonaliginhencethelimitedfigureofthecapitalinvestedinasingledealinducesthebusinessangeltofocusonsmallmicroinvestmentswhicharea
16、lsonottargetedbythefmalventurecapitalists.ConsiderableempiricalevidencefromEuropetheUSshowsthatthemajpartofinvestmentsfallsintherangeofEuros100000–250000.Accdinglybusinessangelscustomarilysupplyfinancialresourcesunderthe
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