1、 3250 单词， 18200 英文字符 ， 5236 汉字 出处： Marjan Petreski. The Role of Venture Capital in Financing Small BusinessesJ. Social Science Electronic Publishing, 2006. 外 文 译 文 院（系） 经济管理学院 专业班级 学生姓名 学 号 译 文 要 求 1. 外文翻译必须使用签字笔，手工工整书写，或用 A4 纸打印。 2. 所选的原文不少于 2 万字印刷字符，其内容必须与课题或专业方向紧密相关，注明详细出处。 3. 外文翻译书文本后附原文（或复印件）。
2、译 文 评 阅 评阅要求： 应根据学校“译文要求”，对学生译文的准确性、翻译数量以及译文的文字表述情况等作具体的评价。 指导教师评语： 指导教师（签字） 年 月 日 The Role of Venture Capital in Financing Small Businesses Marjan Petreski Abstract： Venture capital is an important alternative for companies that have difficulties accessing more traditional financing sources and it
3、is a strong financial injection for earlystage companies that do not have evidence for persistent profitability yet. Firstly, deep prescreening process should be performed before investing in small, start-up business because of the information asymmetries, which in turn are the main cause for advers
4、e selection and moral hazard problems. Well performed initial scan ensures good investment. Seed capital provided than enables the firms set off. But what is more important is the conclusion that there is much more than just capital that flows from the investors to the organizations in which they in
5、vest. Indeed, fresh capital inflow is accompanied with the process of value-adding which provides the company with monitoring, skills, expertise, help and, basically, reputation for attracting further finance. Consequently, the role of the venture capital in financing small business is tremendous. T
6、he paper sheds light on these issues. Keywords： Venture Capital, Small Business, Entrepreneurship, Financing 1. Introduction Financing opportunities for small businesses have grown in the last few decades. On the other hand, entrepreneurships are crucial for the development of every national economy
7、. Therefore, financing a small business is an issue which continuously captures academic interests. Great part of the literature acknowledges that entrepreneurship is the fundament of the economic growth and productivity performance (OECD, 2004) and, as such, it triggers creating innovative small fi
8、rms, which in turn add huge “blocks” in building the national competitiveness (Pandey et al, 2003). But, on the other hand, because of the high start-up risk and informational inconsistency, small firms are often highly vulnerable (Berger and Udell, 2002) and face with a harsh financing issues due t
9、o the investors refusal to “feed” the earlystage business (Gans and Stern, 2003). In other words, “the problem is that once you have bled your friends and family dry of cash, sold the cat and remortgaged the house, where do you go in order to get the wad of cash needed to progress your get-rich idea
10、 further?” (Reynolds, 2000, p.52). This is the point where the role of venture capital becomes important in financing small businesses. Moreover, economists agree that venture capital “provides a boost of adrenaline” (OBrien, 2001, p.9) for small start-up, innovative and dynamic firms, especially in
11、 the high-tech industry (Bottazzi and Rin, 2002). Therefore, it is said that venture capital fuels the growth and development of entrepreneurships. This paper aims to evaluate the contribution of venture capital for such entities and critically evaluate its role in financing small businesses. This is achieved by emphasizing the basic role of the venture capital in financing
