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1、本科畢業(yè)論文（設計）外文翻譯題目大學生創(chuàng)業(yè)融資渠道研究專業(yè)財務管理一、外文原文原文：EntrepreneurialFinancingThefinancingofstartupsentailspotentiallyextremeadverseselectioncostsgiventheabsenttrackrecordofthefirmsseekingcapital,andgiventheriskynatureoftheindustriesinwhichmanyofthemoperate.Exacerbatingtheproblem,thisscenari
2、oofteninvolvesaninnovatorwhohasextensivetechnicalknowledgebuthasneithertheaccumulatedreputationnorthebondablewealthnecessarytoconveythisinformationcredibly.Barrycharacterizesventurecapitalashavingevolvedpreciselytofillthisstartupfinancingniche:Atthelevelofsmall,riskyventures,acce
3、sstocapitalmarketsisrestricted.Notallentrepreneurscanself-financetheirprojects,andnotallcanfindbankersorangelswhowillcarrytheshortfall.Venturecapitalistsofferthemasourceoffundsthatisspecificallydesignedforuseinriskysettings.Theventurecapitaliststhemselvesperformduediligencepriort
4、oinvesting,andinformationgleanedinthatprocesscangreatlyreducetheadverseselectionproblem..Thisoutlookraisesseveralquestions.Whyisitassumedthatbankscannot(orchoosenotto)performthesamelevelofduediligenceasventurecapitalists(VCs)?Inwhatsenseisventurecapital“designed”forriskysettings?
5、ThepuzzledeepenswhenonenotesthatstraightdebtistypicallyadvocatedasasolutiontotheadverseselectionproblemwhereasinpracticeVCsoftenholdconvertiblepreferredequity.Indeed,adefiningcharacteristicoftheventurecapitalmarketisthatcontractsarefairlyhigh-poweredinthesensethatexpectedpayoffsc
6、omedisproportionatelyfromtheequitycomponentor“upside”.ThesequestionscanbeaddressedbyreflectinguponthecostlyduediligencetowhichBarryrefers.Bydirectlyrevealingtheproject’squality,duediligencereducesinformationasymmetrybetweenentrepreneursandtheVC.Bycontrast,ifqualityweresignaled—th
7、etraditionalsolutiontotheadverseselectionproblem—costlyduediligencewouldbeunnecessarysincetherewouldbenomoreinformationtoconvey.Inotherwise,eithersignalingorcostlyduediligencecansolvetheadverseselectionproblem.Thetwomechanismsaresubstitutes;thequestionthenbecomeswhichismorecost-e
8、ffective.Thefirstcontributionofthepaperi
