[雙語翻譯]外文翻譯--創(chuàng)業(yè)金融領(lǐng)域的新參與者及其存在的原因（英文）

1、New players in entrepreneurial finance and why they are thereJoern H. Block Carpenter and Petersen 2002; Cosh et al. 2009). A wide literature has addressed the theme of financial constraints for young innovative firms.

2、Lack of internal cash flows and collaterals, as well as asymmetric information and agency problems, are the main reasons for the difficulties in raising external funding (see Hall and Lerner (2010) for a summary of the l

3、iterature). The entrepreneurial finance literature ad- dresses these problems and investigates ways how young innovative firms can access capital for financing growth, innovation, and internationalization. The landscape

4、for entrepreneurial finance, however, has changed over the last years.1 Many new playersSmall Bus EconDOI 10.1007/s11187-016-9826-61 See Kraemer-Eis et al. (2016) for an overview of the European landscape for entrepreneu

5、rial finance.J. H. Block (*) University of Trier, Trier, Germany e-mail: block@uni-trier.deJ. H. Block Erasmus University Rotterdam, Rotterdam, the NetherlandsM. G. Colombo Politecnico di Milano, Milan, Italy e-mail: mas

6、simo.colombo@polimi.itD. J. Cumming Schulich School of Business, York University, Toronto, Canada e-mail: douglas.cumming@gmail.comS. Vismara University of Bergamo, Bergamo, Italy e-mail: silvio.vismara@unibg.itS. Vismar

7、a University of Augsburg, Augsburg, Germanyfunds, and sometimes even backers of reward-based crowdfunding campaigns. Next to the emergence of the new players, the whole environment of entrepreneurial finance has changed.

8、 The median pre-money valuation of young companies is rising into new historical heights, es- pecially in later-stage financing. This can be seen by an ever increasing club of unicorns (private compa- nies valued >1bn

9、 US $). This has created rumors of a tech-bubble, as many of these companies are un- profitable or do not have created a sustainable revenue-model for their business. High valuations can also put pressure to founders, as

10、 they need to deliver on these expectations. The question is what drives these high valuations and what are the risks associated with them. Many start-ups (especially in the USA) have significant cash-burn rates or are u

11、nprofitable. Often, this leads their founders to search for new capital very shortly after their last round of financing. As some exit channels are very difficult to reach (e.g., IPO), the current investors can find them

12、selves in a Block-in^ situation of either providing their start-ups additional capital or risking a bankruptcy. Overall, the emergence of the new players and their variety of investment goals and investment approaches ha

13、s made entrepreneurial financing a complex and difficult process. Table 1 provides an overview of the new players and compares them along the four dimensions (1) debt or equi- ty, (2) investment goal, (3) investment appr

14、oach, and (4) investment target. Accelerators (and incubators) are organizations that aim to help start-ups with mentorship, ad- vice, network access, and shared resources to grow and become successful (Hallen et al. 201

15、6). Sometimes they also offer physical space and financial resources, which often comes in the form of equity. There exist different types of accelerators and incubators, depending on the ser- vices offered, the industry

16、 focus, and the owner, which could be a private company or a govern- mental institution. Angel networks are networks of BAs who invest together in early-stage high growth ventures (see e.g., Croce et al. (2016) for a rec

17、ent review). They provide equity and offer management support and network ac- cess. As a group, they can provide higher amounts of financing than individual BA investors.Crowdfunding is an umbrella term used to describe

18、diverse forms of fundraising, typically via the Inter- net, whereby groups of people pool money to sup- port a particular goal (Ahlers et al. 2015; Moritz and Block 2014)There are four main types of crowdfunding, namely

19、reward-based, donation- based, lending-based, and investment-based (equity) crowdfunding. First, in reward-based crowdfunding project, proponents look for finance from a crowd of backers. The most typical reward to backe

20、rs is the delivery of a (sometime customized) product or ser- vice, which makes this type of crowdfunding some- how similar to financial bootstrapping (i.e., crowdfunders are financed by advance payments that most backer

21、s give in exchange for the subsequent delivery of a product or service). Backers may also be offered Bego-boosting^ rewards, such as a name plaque, or Bcommunity-belonging^ rewards, such as the invitations in social even

22、ts (e.g., the launch party of the project) or the offering of symbolic objects that display support for a project. Project proponents are either individuals or companies. The average amount of finance in a successful cam

23、paign is rather limited (in Kickstarter or Indiegogo, the most suc- cessful reward-based crowdfunding platforms, around 30 to 40,000 US $), and on average, one project out of three is successful. Previous studies clearly

24、 show that the ability of project proponents to mobilize their social capital, within (Colombo et al. 2015) and outside (Mollick, 2013) the crowdfunding platform, plays a key role for the success of a cam- paign. Second,

25、 proponents in donation-based crowdfunding are individuals or non-governmental organizations raising money for a cause. They typi- cally aim to raise as much as possible and the size of the campaign varies from few hundr

26、ed euros to mil- lions. Motivation to donate includes charitable giv- ing and social image. Third, lending-based crowdfunding is by far the type of crowdfunding with the largest total raised amount.2 It takes a variety o

27、f different forms, ranging from peer-to-peer lending (see e.g. Lin et al. 2013) to invoice crowdfunding. Motiva- tions for the crowd to invest are mainly financial as lenders receive fixed interest rates for their loans.

28、 Lastly, central to entrepreneurial finance is the fourth type of2 For example, in 2015, 3.2 billion euro of debt was raised from the crowd by more than 200,000 projects in the European Union (see European Commission 201