启动和增长融资外文翻译.doc

外文翻译 原文 Start-up and Growth Financing Material Source:/content/k8711825211108u5/fulltext.pdf Author: Christine K Volkmann Kim Oliver Tokarski Marc Grunhagen Knowledge of financing strategies as well as the function and mechanism of different financing 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 capital 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 of insolvencies of young enterprises during the period from 2000 to 2002 when the “new economy bubble” burst) [Rovenpor (2004)]. Numerous young enterprises had promising business models at their disposal, yet the main reasons for their insolvencies were financing problems which they were unable to resolve. The founders were in many cases not in a position to obtain external capital for overcoming the crisis and to manage their payment flows effectively. For example, for the US venture capital market, which is the world’s largest, data from the National Venture Capital Association show that back in 2000 US VC companies had provided more than 100 billion USD while by 2003 the investment volume dropped below 20 billion USD [; cf. alsoTimmons/Spinelli (2004)]. Against 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 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, requirements for collateral, objectives of balance policy, specific co-determination rights or information duties as well as the sum of the