1、字数：英文 2753 单词， 14899 字符；中文 4976 汉字 出处： Breuer W, Pinkwart A. Venture capital and private equity finance as key determinants of economic developmentJ.Journal of Business Economics.2018,88:319-324 外文文献 Venture capital and private equity finance as key determinants of economic development For entrepren
2、eurs, start-ups and fast growing ventures, the provision of sufficient funds to foster growth is one of the most important if not the key factor of success. 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
3、 represent a natural financing 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. In exchange, the founders give up a part of their eq
4、uity 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 as members of the board. Therefore, getting venture capital does not always pay off for the entrepreneur (Rosenbusch et al. 2012). Ho
5、wever, venture capital enables founders to establish young ventures, as without it 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
6、 firms, has been the topic of a long-lasting and heated discussion. 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. 2013), 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). Obviously, investors in VC and PE funds expect adequate returns to get compensated for the risk taken by their fund inve
