1、6400 英文单词， 3.5 万英文字符 ， 中文 1.1 万字 文献出处： Block J H , Colombo M G , Cumming D J , et al. New players in entrepreneurial finance and why they are thereJ. Small Business Economics, 2017. New players in entrepreneurial finance and why they are there Joern H. Block & Massimo G. Colombo & Douglas J. Cumming
2、 & Silvio Vismara Abstract The landscape for entrepreneurial finance has changed strongly over the last years. Many new players have entered the arena. This editorial introduces and describes the new players and compares them along the four dimensions: debt or equity, investment goal, investment app
3、roach, and investment target. Following this, we discuss the factors explaining the emergence of the new players and group them into supply- and demand-side factors. The editorial gives researchers and practitioners orientation about recent developments in entrepreneurial finance and provides avenue
4、s for relevant and fruitful further research. Keywords: Entrepreneurial finance; SME financing; Financing instruments; New players; Trends ; Crowdfunding 1. Introduction Young innovative firms play a key role in modern knowledge-based economies because they are an important source of new jobs, radic
5、al innovations, and productivity growth, as well as a disciplining device for the behavior of established firms (Block et al. 2016). Unfortunately, these firms often suffer from financing constraints, which limit their growth and threaten their survival (Brown and Earle 2015; Carpenter and Petersen
6、2002; Cosh et al. 2009). A wide literature has addressed the theme of financial constraints for young innovative firms. Lack of internal cash flows and collaterals, as well as asymmetric information and agency problems, are the main reasons for the difficulties in raising external funding (see Hall and Lerner (2010) for a summary of the literature). The entrepreneurial finance literature addresses these problems and investigates ways how young innovative firms can access capital for financin
