2013年--外文翻译--匈牙利的风险投资和私募股权行业（节选）

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1、 中文 5900 字 ,3600 单词， 19500 英文字符 出处： Karsai J. Venture Capital and Private Equity Industry in HungaryJ. Acta Oeconomica, 2013, 63(1):23-42. VENTURE CAPITAL AND PRIVATE EQUITY INDUSTRY IN HUNGARY Judit KARSAI Hungary represents the second most developed venture capital and private equity (VC&PE) marke

2、t in Central and Eastern Europe. This article is based on a detailed survey of the entire VC industry be- tween 19892010. It demonstrates that while there was a relatively strong correlation between the allocation of capital to VC&PE funds and the capital flow into the Budapest Stock Exchange, the c

3、hanges in investment activities were closely related to election years. Investments had been ham- pered primarily not by the shortage of capital, but by a lack of demand and attractive business plans. The article illustrates the different roles and approaches of global, regional and country VC&PE fu

4、nds in Hungary. It points out that VC investments hardly satisfied their principal function or mis- sion, namely to support innovative start-up and small businesses. Government interventions in the VC market proved to be ineffective as well. Similarly to the whole region, the Hungarian market profit

5、ed from a transitory situation in the case of high-value PE transactions between 2007 and 2008, at the beginning of the crisis, when the investment problems in Western Europe had yet not extended to the CEE region. From 2009 onward, however, the crisis has resulted in a drop in investments de- spite

6、 the significant amount of uninvested capital accumulated in recent years. As to the prospects for 2013, the early-stage VC segment in Hungary is expected to flourish owing to the Jeremie funds, while the high-value buyout segment of the market will suffer from both the euro zone debt crisis and the loss of transparency in economic policy. Keywords: venture capital, private equity, transition economies, emerging markets, Hungary 1.INTRODUCTION The venture capital and private equity (VC&PE) s