啟動和增長融資【外文翻譯】

1、<p><b>　　外文翻譯</b></p><p><b>　　原文</b></p><p>　　Start-up and Growth Financing</p><p>　　Material Source:http://springer.lib.tsinghua.edu.cn/content/k871182

2、5211108u5/fulltext.pdf</p><p>　　Author: Christine K Volkmann Kim Oliver Tokarski Marc Grunhagen</p><p>　　Knowledge of financing strategies as well as the function and mechanism of different fi

3、nancing instruments is necessary to recognize and counteract in good time threatening financing crises and liquidity bottlenecks. Within this context, special importance should be attached to the optimization of the capi

4、tal and risk structure during the phases of start-up and growth. The result of having low-equity equipment is often low economic strength (as became apparent, for example, in the large number o</p><p>　　Agai

5、nst this background, it is necessary that enterprise start-ups develop and realize a suitable financing strategy to optimize their capital structure, taking into account their specific characteristics and objectives. The

6、 spectrum of criteria which determine founders’ choices of equity and debt financing is wide and diverse. Examples of the decision criteria are, in addition to the total financing costs: cancellation privileges, requirem

7、ents for collateral, objectives of balance policy, speci</p><p>　　Starting with a general survey, this chapter will deal with the basic possibilities of financing for newly founded and young enterprises. At

8、the same time, specific advantages and disadvantages for each financing alternative will be discussed.</p><p>　　1.Survey of Financing Alternatives</p><p>　　In business management literature to d

9、ate, no uniform definition of the concept of financing has been given, for the systematization of the different types of financing is carried out according to different criteria. According to the generally accepted inter

10、pretation of the concept, financing comprises all measures of procuring capital to fund business operations and future investments. Within the business management concept, however, financing refers not only to capital pr

11、ocurement, but also to</p><p>　　2.Models of Start-up and Growth Financing </p><p>　　Specific models of start-up and growth financing have so far mainly been discussed in American e

12、ntrepreneurship literature. They are primarily low-budget-models (e.g., self-feeding and bootstrap approaches) as well as the big-money-model, which forms the basis for the financing of innovative or fast growing enterpr

13、ises with a high capital demand [see, for example, Bhidé (1999); Nathusius (2001); Kuckertz, 2006]. The different financing models are primarily the result of the different business mo</p><p>　　Decision

14、s regarding the financing have both a strategic and an operational dimension which can have an influence on all areas of the enterprise and, in an extreme case, on the existence of the enterprise itself. This applies in

15、particular to new and young enterprises which, due to their generally still low equity basis, are very prone to failure. Against this background, financing decisions have to be taken with great care, especially under str

16、ategic aspects. At the same time, financing and ente</p><p>　　3 Equity Financing</p><p>　　The concept of equity financing generally comprises the allocation and increase of equity capital throug

17、h the owners or founders of the enterprise or through retaining profits which have been generated in the enterprise. Equity financing as internal financing occurs, as already explained, through open or silent self-financ

18、ing (profits, reserves, depreciations, regrouping of assets). As self-financing can seldom be considered by young enterprises, it will not be discussed further within the follo</p><p>　　4 Debt Financing</

19、p><p>　　In contrast to the Angelo-American domain, the finance and banking system of a number of Continental European countries (in particular Germany’s) was historically dominated by credit institutes for many

20、 decades after the Second World War. At the same time, the financing culture differed markedly from other financing cultures as, for instance, that of the USA with its strong focus on equity financing. As far as Continen

21、tal Europe is concerned, Huyghebaert et al. (2007) constitute that banks are s</p><p>　　A universal bank system means that, in difference to a specialized bank system, credit institutes carry out all banking

22、 transactions, e.g., including investment banking operations.</p><p>　　Notwithstanding the current changes in the US investment banking industry on account of the 2008/2009 financial crisis the specialized b

23、anking system on the other side of the Atlantic still shows substantial differences. For example, the structure of the banking sector in Germany is divided into groups of credit banks, banks under public law, cooperative

24、 banks and specialized banks, the first three of which can be called universal banks [see Berger/Udell (2002) for the importance of bank structu</p><p>　　forms of enterprise financing – in addition to the cl

25、assical bank credit – can be summarized under private debt in the widest sense, which are mainly placed by institutional capital providers privately and not in an organized, anonymous capital market. The capital which is

26、 made available by institutional or private capital providers outside the banking sector is also called private debt in the narrower sense. It concerns forms of firstrank and subordinate rank debt financing as well as me

27、zzanine</p><p>　　5 Public Enterprise Policy and Start-up Financing</p><p>　　In most cases start-up enterprises acquire funding from informal and institutional segments of capital markets (like t

28、hose discussed above), but there are also state-aided sources of funding available. Often, these sources are a component of enterprise policies to foster and support the formation of new businesses and innovative entrepr

29、eneur ship. These policies may occur at different levels, e.g., initiatives by federal governments to promote high-technology entrepreneurship in the context of i</p><p>　　In principle, the rationale for suc

30、h public interventions evolves around possible information imperfections and capital rationing with respect to new venture projects and startup enterprises, in particular in their early phases of development (pre-foundin

31、g emergence and early seed and start-up financing) [Storey (2003)]. Capital rationing argues that funding for such new enterprises is made insufficiently available by the relevant segments of private capital markets. Sim

32、ilar to general economic </p><p><b>　　譯文</b></p><p><b>　　啟動和增長融資</b></p><p>　　資料來源：http://springer.lib.tsinghua.edu.cn/content/k8711825211108u5/fulltext.pdf&

33、lt;/p><p>　　作者：Christine K Volkmann Kim Oliver Tokarski Marc Grunhagen</p><p>　　融資策略的知識以及不同的功能和融資工具的機制是必須要承認的，并且還須要及時抵消流動性危機和威脅融資的瓶頸。在這方面，特別應重視對資本和風險結(jié)構(gòu)優(yōu)化過程中的啟動和增長的階段。具有低的股權(quán)設備，結(jié)果往往具有低的經(jīng)濟實力，（如變得明顯，

34、例如，在從2000年至2002年在對大批年輕企業(yè)破產(chǎn)時，“新經(jīng)濟泡沫”的破滅）[Rovenpor(2004)]。許多年輕企業(yè)在他們的商業(yè)模式中一直有發(fā)展前途的生意，但其破產(chǎn)的只要原因是資金問題，這是他們無法解決的。這些創(chuàng)始人，在很多情況下是沒有能力獲取外部資金來克服這種危機，并且無法有效地管理自己的支付流程。例如，對于美國的風險資本市場，這個世界上最大的，來自全國風險資本協(xié)會的數(shù)據(jù)顯示，早在2000年美國風險投資公司在2003年提供了超

35、過100億美元，而投資額低于20億美元的卻下降[www.nvca.org;cf.also Timmons/Spinelli(2004)]。</p><p>　　在這種背景下，企業(yè)創(chuàng)業(yè)發(fā)展和實現(xiàn)合適的融資策略，優(yōu)化資本結(jié)構(gòu)，同時考慮其具體特點和目標是必要的。其中有關標準用于確定股權(quán)和債務融資創(chuàng)始人的選擇范圍廣泛和多樣。決策準則的例子,除了總資金成本：取消特權(quán)，要求抵押，平衡的政策目標，具體的共同決定權(quán)或是信息職責，

36、以及所需資金量的總和?？紤]到貸款者抵押貸款的需求，以確保新企業(yè)，古典工具的債券融資基本上是不適合快速成長具有高風險性的企業(yè)。在啟動階段，可利用的貸款有價證券通常是不被利用的[Gompers /面紗(2000)、丹尼斯(2004)]。一個基本的先決條件是風險資本的收購，然而，年輕的企業(yè)表現(xiàn)出的高水平，高于平均水平的發(fā)展前景和價值的改善。</p><p>　　從一般的調(diào)查開始，這一章將會對新成立的年輕企業(yè)進行基本的融

37、資處理。</p><p><b>　　不同融資方案的調(diào)查</b></p><p>　　在經(jīng)營管理文學到現(xiàn)在，尚無統(tǒng)一的關于融資定義的的概念。根據(jù)不同的標準，給出了不同類型的融資系統(tǒng)。根據(jù)一般公認解釋的概念、融資包含了全部的資金以獲取的措施經(jīng)營和未來的投資。然而，在企業(yè)管理理念中資金不僅指資本采購，還包括資本結(jié)構(gòu)的優(yōu)化和支付流程。</p><p>

38、;　　啟動和發(fā)展融資的模型</p><p>　　啟動和增長融資的具體模式迄今主要是在美國創(chuàng)業(yè)文學上討論。主要有低預算模型和大賺錢模型，形成資本創(chuàng)新或快速成才型企業(yè)的基礎融資的需求。此外,這些模型區(qū)分在他們各自的戰(zhàn)略定位以及潛在的領導文化。不同的融資工具，可以分配到具體的模式和方法，這是在創(chuàng)立和成長階段企業(yè)的典型融資。</p><p><b>　　股權(quán)融資</b><

39、;/p><p>　　股權(quán)融資，一般是通過股權(quán)資本的擁有人或企業(yè)分配和增加資金，或通過保留創(chuàng)始人已在企業(yè)中產(chǎn)生的利潤。權(quán)益融資內(nèi)部融資時，是通過公開或沉默來自負盈虧。權(quán)益資本融資是直接融資的古典形式，其形成的形式由企業(yè)法人而定。資本的形成可通過出資貢獻或通過實物捐助。其中資產(chǎn)包括機器、房地產(chǎn)、車輛或權(quán)利。</p><p><b>　　債務融資</b></p>

40、<p>　　與此相對照的安杰洛美域，金融和銀行體系歐洲大陸一些國家（特別是德國）的歷史，只要是為第二次世界大戰(zhàn)后幾十年的信貸機構(gòu)。在與此同時，金融文化明顯和其他融資的文化不同。例如，股權(quán)融資在美國被強烈的關注。即使在今天，具有高比例債務融資的日本、法國或德國，在美國的股權(quán)融資中也具有很高的份額。對于歐洲大陸而言，新成立的企業(yè)仍然以銀行作為外界啟動資金的最重要的供應者。在歐洲大陸銀行特定產(chǎn)品的發(fā)展是以普遍的銀行系統(tǒng)和內(nèi)部銀行為原

41、則。一個普遍的銀行制度是指在差別專業(yè)銀行制度，信用機構(gòu)執(zhí)行所有銀行交易，例如，包括投資銀行業(yè)務。盡管在美國，投資銀行業(yè)2008 / 2009帳戶銀行系統(tǒng)的專業(yè)金融危機在大西洋彼岸的還顯示實質(zhì)性的差異。銀行界在德國分為信貸銀行，銀行根據(jù)公共團體，合作銀行和專業(yè)銀行，其中前三個被稱為綜合銀行。（柏格/ Udell(2002)的重要性銀行結(jié)構(gòu)，小商業(yè)貸款)。</p><p>　　銀行內(nèi)部原則是指客戶進行金融往來的一部分

42、。即使在今天，德國中小企業(yè)只有一層兩個銀行的關系。然而在更遠古的時代，其他外部的金融家，例如，制度資本供應商的獲得變得越來越重要。在理論上鑒別私有股份和上市股份，各種形式私人債務和公共債務可以系統(tǒng)地區(qū)別資本部門的債務。根據(jù)這個觀點，企業(yè)的融資形式除了傳統(tǒng)的銀行信貸，從最廣泛的意義上來講，主要是有機構(gòu)置于私人資本提供者，而不是在一個有組織，匿名的資本市場。</p><p>　　5、公共企業(yè)政策和啟動融資</p

43、><p>　　在大多數(shù)情況下，創(chuàng)業(yè)企業(yè)獲得資金來自資本市場的非正式制度部分，但也有國家資助現(xiàn)有資金來源。通常，這些來源是企業(yè)的政策組成部分，以促進和支持新業(yè)務和創(chuàng)新的企業(yè)精神的形成。這些政策可能發(fā)生在不同的層次，例如，聯(lián)邦政府的舉措，促進了高科技企業(yè)家們的產(chǎn)業(yè)政策制度或新的企業(yè)支持計劃中在區(qū)域或地方當局水平。這些公共舉措的個人目標是多方面的：創(chuàng)造新就業(yè)，支持（例如，青年或女企業(yè)家）特殊群體，提高競爭力或促進區(qū)域發(fā)展。

44、[見層（2003），為新企業(yè)在不同的國家的支持方案的目標的例子p.487,此外，還有文書和產(chǎn)業(yè)政策，以推動歐洲中小企業(yè)，因為他們在促進經(jīng)濟增長作用的國家，看到的，例如對斯洛文尼亞的情況下，Petrin（2004）]</p><p>　　原則上，對這類公共干預的理由進展都是圍繞著關于風險項目和企業(yè)創(chuàng)新的不完善和資本的定量配給的潛在信息的，特別是在他們早期的發(fā)展階段（準備成立的決定和早期啟動融資）[層（2003）]。

45、資本配給主張，這些新企業(yè)通過私人資本市場獲取的資本可能是不夠的。類似一般的經(jīng)濟決策，公共資金來源說主張解決新企業(yè)在市場上遇到的融資失敗的可能性。這種異常可能存在于企業(yè)的股票和債務融資。關于后者，在經(jīng)濟蕭條期，風險投資資本指出了投資的量度，特別是在種子階段的資本（股本差距）大為減少，（見上文，并再次www.nvca.org和www.evca.org在美國和歐洲的風險資本市場）和投資審查變得更加嚴峻 [Kollmann / Kuckertz