[雙語翻譯]股權(quán)投資外文翻譯—風(fēng)險投資和私募股權(quán)融資是經(jīng)濟(jì)發(fā)展的關(guān)鍵決定因素（原文）

1、J Bus Econ (2018) 88:319–324 https://doi.org/10.1007/s11573-018-0892-x1 3EDITORIALVenture capital and private equity finance as key determinants of economic developmentWolfgang Breuer1 · Andreas Pinkwart2,3Publishe

2、d online: 2 February 2018 © Springer-Verlag GmbH Germany, part of Springer Nature 2018For entrepreneurs, start-ups and fast growing ventures, the provision of sufficient funds to foster growth is one of the most i

3、mportant if not the key factor of suc- cess. While venture capital (VC) is one of the most relevant sources of funding for new ventures (e.g., Li and Zahra 2012), private equity (PE) funds represent a natural financing

4、 source for firms pursuing capital-intensive and risky investment strategies. Venture capital enables young founders to transfer the financial risk in the case of a failure of the business to the venture capital firm. I

5、n exchange, the founders give up a part of their equity so that they lose some of the possible returns on a potential exit of their venture. In addition, representatives of the VC firm get comprehensive control rights

6、 as members of the board. Therefore, getting venture capital does not always pay off for the entrepreneur (Rosenbusch et al. 2012). However, venture capi- tal enables founders to establish young ventures, as without it

7、many would not be able to raise enough capital. In contrast, PE funds typically buy the firm seeking for additional capital, e.g., by a leveraged buyout. Specifically, this investment form, resulting in highly levered

8、 firms, has been the topic of a long-lasting and heated dis- cussion. Critics believe that PE puts a heavy burden on firms limiting their financial flexibility and lowering their long-term prospects (e.g. Ernst et al. 2

9、013), whereas other studies showed that firms financed by PE funds increased their performance due to an enhanced financial scope (e.g. Cumming et al. 2007).* Wolfgang Breuer wolfgang.breuer@bfw.rwth-aachen.deAndreas P

10、inkwart pinkwart@mwide.nrw.de1 Department of Finance, RWTH Aachen University, Templergraben 64, 52056 Aachen, Germany2 Chair of Innovation Management and Entrepreneurship, HHL Leipzig Graduate School of Management, Le

11、ipzig, Germany3 Present Address: Ministry for Economic Affairs, Innovation, Digitization and Energy of the State of North-Rhine-Westphalia, Berger Allee 25, 40213 Düsseldorf, Germany3211 3Venture capital and priva

12、te equity finance as key determinants…T. Tykvová shows that recent research includes a couple of new topics that reflect the developments within the VC or PE industries. For example, she emphasizes an expansion in

13、 terms of regional coverage, reflecting an increased interest in regions outside the US, especially Europe, as well as in cross-border VC and PE invest- ments. The author points to emerging research in new areas, such a

14、s new sources of entrepreneurial finance, and discusses research gaps. Finally, she suggests an agenda for future research. One of her overall five recommendations for future research is more evidence from outside the

15、 US, because distinct differences between the char- acteristics of the US economy and those of other regions may influence the way in which the VC and PE industry operates. All the more, the editors are pleased to intr

16、oduce in the following new research that deals with both, VC and PE activities from outside the US and some of the ‘hot’ and future research topics, which were addressed by Tykvová. The starting point of the artic

17、le “Private equity group reputation and financing structures in German leveraged buyouts” (LBOs) by R. Braun, A.-K. Achleitner, E. Lutz, and F. Tappeiner is the well-known fact that reputation is a valuable asset amon

18、g the resources available to financial intermediaries. According to empirical evidence from the US, the reputation of private equity groups is highly relevant to the financing structures of LBOs. US buyouts sponsored b

19、y reputable PE groups are found to be financed with more leverage, less traditional bank debt, longer maturi- ties and lower interest rates. Due to peculiarities of the German LBO market, these results cannot necessari

20、ly be generalized to apply equally to the German context. In particular, in Germany, most buyouts are private-to-private transactions and banks still hold a dominant position as debt providers. Moreover, there is less

21、institutional demand pressure due to the less heterogeneous group of institutional investors involved in syndicated loans. The objective of this article is hence to examine the implications of these German market part

22、icularities and their impact on the gen- eral relevance of PE sponsor reputation in German LBOs, especially with respect to capital structure, interest costs and terms of lender control in LBO loan contracts in Germany

23、. The authors show that while private equity sponsor reputation is related to the amount and structure of debt used as well as to the amount of lender control imposed, it does not have an impact on interest costs of Ge

24、rman leveraged loans. In the paper “Does culture affect the performance of private equity buyouts?” by B. Hammer, H. Hinrichs, and B. Schwetzler, the relationship between national cul- ture and private equity performanc

25、e, as measured by operating performance of port- folio firms and exit outcomes, is examined. This connection should be important for at least three reasons. First, operating performance of portfolio companies and exit

26、decisions are material drivers of PE value creation. Second, varying cultural back- grounds are likely to affect financial decision-making in acquisition processes and, consequently, the performance of buyouts. Third, P

27、E firms should also be frequently exposed to distinct cultural backgrounds. A typical feature that PE firms have in common is the high-powered incentive to generate significant returns within a short period of time. A

28、s a consequence, several studies describe PE firms as having a sin- gle-minded performance focus that is quite different from the mindset and practices in non-PE firms. Given the institutional context of PE firms, a cul