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1、外文翻译原文ThesizeofventurecapitalandprivateequityfundportfoliosMaterial:JournalofCorporateFinanceAuthor:GennaroBernileVenturecapitalprovidesanopportunityforyoung,innovativefirmstodevelopandgrow.Unlikemostinvestors,venturecapitalists(VCs)areactivelyinvolvedinmanagingtheirportfolioco
2、mpanies.VCsprovideassistancewithstrategicandoperationalplanning,managementrecruitment,marketing,andobtainingadditionalcapital.However,therelationshipbetweenVCsandentrepreneursischaracterizedbydouble-sidedmoralhazard.Inmostcases,theparties'effortlevelsareunobservablethus,noncont
3、ractible.UnliketheoptimalcontractingbetweenVCsandentrepreneurs.TheoptimalsizeofVCs'portfolioshasreceivedlittleattentioninthetheoreticalandempiricalventurecapitalliterature.Investinginmultipleventures,asopposedtoasingleproject,allowsaVCtomakethebestuseofherfunds,whilereducingthe
4、riskofherinvestment.However,becausetheVCinveststimeandeffortinadvisingportfoliofirms,increasingthenumberoffirmsintheportfoliodilutesthequantityqualityofmanagerialadvicetoeachentrepreneurialventure.Becausethenumberofexpertsislimited,venturecapitalisnoteasilyscalable.Thehigherthe
5、numberofventuresfinancedandadvisedbyaVC,thelowertheamountofadviceprovidedtoeachventure.Itiswellestablishedthatthedevelopmentofabusinessideaintoasuccessfulbusinessenterprisedependsontheabilityoftheventurecapitalists(specialcategoryofentrepreneurs)toidentifythepotentialityoftheid
6、eatothepromoter(entrepreneursaswellasintrapreneurs),timelyfinancing,andvalueaddition.Itisalsoacceptedthatthesuccessofventurecapitalfinancinginaregiondependsontheprevalenceoftechnologicaladvancementofthatregion.Thelast60yearshaveevidencedthatthegreaterthetechnologicaladvancement
7、inaregion,themoreactivetheventurecapitalfinancingthere.Thoughmanytraditionalsourcesoffinancingexist,forthestart-upbusinessventurewithmostlyintangibleassets(inparticular,theideainset),theonlysourceoffinancingmaybeventurecapital,whichglimmerswiththeprospectofgeneratingwealthinway
8、snotenvisionedbyothersourcesoffinancing.Venturecapital
