[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

1、6400 英文單詞， 英文單詞，3.5 萬英文字符，中文 萬英文字符，中文 1.1 萬字 萬字文獻出處： 文獻出處：Block J H , Colombo M G , Cumming D J , et al. New players in entrepreneurial finance and why they are there[J]. Small Business Economics, 2017.New players in ent

2、repreneurial finance and why they are thereJoern H. Block SME financing; Financing instruments; New players; Trends ; Crowdfunding1. IntroductionYoung innovative firms play a key role in modern knowledge-based economies

3、 because they are an important source of new jobs, radical innovations, and productivity growth, as well as a disciplining device for the behavior of established firms (Block et al. 2016). Unfortunately, these firms ofte

4、n suffer from financing constraints, which limit their growth and threaten their survival (Brown and Earle 2015; Carpenter and Petersen 2002; Cosh et al. 2009). A wide literature has addressed the theme of financial cons

5、traints for young innovative firms. 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

6、Lerner (2010) for a summary of the literature). The entrepreneurial finance literature addresses these problems and investigates ways how young innovative firms can access capital for financing growth, innovation, and in

7、ternationalization.The landscape for entrepreneurial finance, however, has changed over the last years. Many new players such as crowdfunding, accelerators, and family offices have entered the arena, and several new entr

8、epreneurial financing instruments such as peer-to-peer business lending and equity-like mezzanine financing have been introduced. These new players and instruments have emerged, among others, because of the difficulties

9、faced by entrepreneurs and early-stage new ventures in raising funds, especially in the wake of the 2008/2009 financial crisis. Other reasons comprise increased technological opportunities, changed requirements in firms’

10、 product markets, globalization, and regulatory changes. Moreover, the difficulties firms encounter in raising seed and start-up capital play an increasingly important role in the policy agenda of local, national, and in

11、ternational governmental institutions, as is documented by the measures included in the Horizon 2020 and COSME projects funded by the European Commission.In less than a decade, these new players and instruments have spre

12、ad across developed and emerging countries, helping many innovative businesses in raising capital. In addition to that, governments around the world are increasingly considering these new players and instruments as funda

13、mental mechanisms to alleviate the financing difficulties of entrepreneurial firms. Despite this rapid growth, however, the academic literature on most of the recent trends in entrepreneurial heights, especially in later

14、-stage financing. This can be seen by an ever increasing club of unicorns (private companies valued >1bn US $). This has created rumors of a tech-bubble, as many of these companies are unprofitable or do not have crea

15、ted a sustainable revenue-model for their business. High valuations can also put pressure to founders, as they need to deliver on these expectations. The question is what drives these high valuations and what are the ris

16、ks associated with them. Many start-ups (especially in the USA) have significant cash-burn rates or are unprofitable. Often, this leads their founders to search for new capital very shortly after their last round of fina

17、ncing. As some exit channels are very difficult to reach (e.g., IPO), the current investors can find themselves in a Block-in^ situation of either providing their start-ups additional capital or risking a bankruptcy.Over

18、all, the emergence of the new players and their variety of investment goals and investment approaches has made entrepreneurial financing a complex and difficult process. Table 1 provides an overview of the new players a

19、nd compares them along the four dimensions (1) debt or equity, (2) investment goal, (3) investment approach, and (4) investment target.Table 1 . An overview and comparison of new players in entrepreneurial financeNew pl

20、ayer Debt or equity Investment goal Investment approachActive or Non-financial passive supportInvestment targetActive orpassiveNon-financialsupportAccelerators (and incubators)Depends on type of accelerator/ incubatorFin

21、ancial, strategic, political (depends on type of accelerator/incubator)ActiveManagement support, training, network accessEarly stage start-upAngel networks Equity Financial ActiveManagement support, network accessEarly s

22、tage start-upCrowd-Debt-based Debt Financial Passive NoneEarly stage start-up or project- Donation-based - Social Passive None Social venture or project- Reward-based - Product-relatedPassive,SometimesactiveSometimes pro

23、duct testingEarly stage start-up or project- Equity-based Equity Financial Passive None Early stage start-up or projectCorporate venture capital (CVC)EquityFinancial, technological, and strategicActiveManagementsupport,t

24、echnologysupportEarly and later stage start-upFamily offices Equity Financial MostlypassiveLittle Later stage start-upGovernmental venture capital(GVC)Debt or equity Financial and governmental MostlypassiveLittle Early a

25、nd later stage start-up IP-based investment funds- Financial Passive None PatentsIP-backed debt funding Debt Financial PassiveIP-based start-ups and established midsized firmsMini-bonds Debt Financial PassiveEstablished