促進新企業(yè)成長的早期資本天使投資在歐洲創(chuàng)業(yè)中的作用【外文翻譯】

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