[雙語翻譯]外文翻譯--創(chuàng)業(yè)融資和技術(shù)轉(zhuǎn)讓

1、3400 英文單詞， 英文單詞，2 萬英文字符，中文 萬英文字符，中文 5800 字文獻(xiàn)出處： 文獻(xiàn)出處：Audretsch D B, Lehmann E E, Paleari S, et al. Entrepreneurial finance and technology transfer[J]. The Journal of Technology Transfer, 2014, 41(1): 1-9.Entrepreneurial

2、finance and technology transferDavid B. Audretsch；Erik E. Lehmann ；Stefano Paleari；Silvio VismaraAbstract Scholars in technology transfer come from a variety of different backgrounds and employ different theoretical and

3、methodological assumptions. Such multidisciplinary approach has fertilized the evolution of a florid technology transfer literature, with insights from entrepreneurship, economics, and management. This paper brings the p

4、erspective of entrepreneurial finance into the realm of technology transfer, and identifies emerging topics that can complement our understanding of some aspects of technology transfer, especially with regard to supply-s

5、ide public policies. This article introduces the rationale for the special issue dedicated to entrepreneurial finance and technology transfer. We summarize the main topics and themes covered by a selection of papers pres

6、ented at the annual conference of the Technology Transfer Society in 2013, and suggest areas for future research.Keywords：Entrepreneurial finance ;Technology transfer ; IPOs; M Crowdfunding ;VC; GVC1. IntroductionThe fie

7、ld of technology transfer research is unique in its multidisciplinary approach. The many research issues raised by technology transfer can be fruitfully addressed from a variety of disciplinary and methodological perspec

8、tives. It therefore provides an abundance of research opportunities. Coherently, recent special issues of the Journal of Technology Transfer strengthened the connections among researchers in entrepreneurship, economics,

9、management, psychology, organization, sociology, language, and other areas (Audretsch et al. 2014a,b; Breznitz and Feldman 2012). The Journal of Technology Transfer has recently published a few papers (Bonardo et al. 201

10、0; Cattaneo et al.2014; Croce et al. 2014; Lehmann et al. 2012) that bring the perspective of entrepreneurial finance, which deals with investment and financing decisions that stakeholders might confront in an entreprene

11、urial venture (Bertoni et al. 2014), into the realm of technology transfer. Other studies have also contributed to open this dialogue (Audretsch and Link 2012a; Bonardo et al. 2012; Meoli et al. 2013). The present issue

12、is a further step along this road.We start with a parallelism with entrepreneurship, that finance scholars historically considered as a separate field. The implicit idea was that the issues in entrepreneurial finance are

13、 different from those faced by public corporations so as to limit the applicability of traditional finance theory. On the one hand, entrepreneurial finance primarily refers to early stage financing mechanisms, often supp

14、lied by the entrepreneur’s personal network as a consequence of her inability to fully access the public market. On the other hand, corporate finance literature tends to focus on publicly traded firms as the main unit of

15、 analysis. However, the evolution of both the real economy and academic research has made clear that this is no longer the case. Financial scholars have indeed recognized that agency problems and information asymmetries,

16、 that are the basis of corporate finance and financial economics, are actually the two fundamental issues in entrepreneurial finance. In the entrepreneurial setting, information asymmetry is particularly pronounced due t

17、o the difficulty faced by entrepreneurs in conveying the quality of their new 2. Entrepreneurial finance, technology entrepreneurship, and universitiesThe keywords of this special issue are finance, university, and techn

18、ology entrepreneurship. The first two papers of this issue deal with the relationship between finance and technology entrepreneurship. The next two papers are dedicated to the financing mechanisms of university and highe

19、r education systems. The final three papers connect universities and technology entrepreneurship. Table 1 summarizes the sample, data sources, and contributions of these studies.Authors Sample and data Summary of finding

20、sFinance and technology entrepreneurshipColombo, Cumming, and VismaraReview of 61 papers on GVCsGovernments around the world have set up GVC funds, and are increasingly doing so, with the aims of fostering the developmen

21、t of a private venture capital industry and to alleviate the equity capital gap of young innovative firms. This paper discusses the rationale and the appropriateness of these programs, documents the evolution and compare

22、s the effects of the different types of governmental supportCumming and JohanAustralian VC data, 1990-2012Australian government subsidized funds have facilitated employment, R&D, patents, time to IPO, and market capi

23、talization relative to private VC funds and non-VC backed companiesFinance and universitiesFisch, Block, and SandnerPatents filed by 155 leading Chinese universities, 1991-2009Two types of subsidy program (cost reimburse

24、ment subsidy and research excellence subsidy) lead to a growth in patent applications (quantity). Only the subsidy aimed at promoting research excellence at university level is an important determinant of patent citation

25、 (quality)Cattaneo, Meoli, and SignoriProductivity of 75 Italian universities, 1999-2011The introduction of competitive funding mechanisms in higher education increases research productivity, in particular for more legit

26、imized universitiesUniversities and technology entrepreneurshipGuerrero, Urbano and FayolleImpact on regional competitiveness of 102 European universitiesThe entrepreneurial activity generated by university students have

27、 a positive impact on regional competitivenessBrescia, Colombo, and LandoniKnowledge Transfer Offices of the best 200 ranked world universitiesThe best universities, in terms of citations of their research, mostly adopte

28、d the internal model of organization of their Knowledge Transfer Office. For these universities, it is less useful to involve external people and organizations in the management of the knowledge transfer activitiesAzagra

29、-Caro and Consoli600,000 patents from the EU27 states, 1990-2007The quality of the national innovation system has a positive effect on knowledge flows and that a national bias towards applied research and development (R&

30、amp;D) exists2.1 Finance and technology entrepreneurshipIn their study ‘‘Governmental venture capital (GVC) for innovative young firms’’, (Colombo et al. 2014) provide a definition and taxonomy of GVC funds and discuss t

31、heir appropriateness. The creation of these funds is primarily meant to correct supply-side failures in domestic VC markets, mostly due to adverse selection, moral hazard, and agency problems. Thus, a justification for a

32、 public engagement in VC programs stems from the aim to avoid market failure in the provision of entrepreneurial finance. However, while this can be theoretically justified, it might be counterproductive for three main r

33、easons. First, there could be a selection problem, with GVC managers being unable to select good investments, or distorted by political interests. Second, there could be a treatment problem, with GVC managers being ineff