1、 外文翻译 原文 Start-up and Growth Financing Material Source:http:/ 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 f
2、inancing 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 exam
3、ple, 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 whic
4、h 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 worlds largest, data from the National Venture Capital Ass
5、ociation 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 www.nvca.org; cf. alsoTimmons/Spinelli (2004). Against this background, it is necessary that enterprise start-ups develop and realize a suitable fin
6、ancing 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 financin
7、g costs: cancellation privileges, requirements for collateral, objectives of balance policy, specific co-determination rights or information duties as well as the sum of the required financing volume. Taking into account lenders demand for collateral to secure loans to new enterprises, the classical
8、 tools of debt financing are basically unsuitable for fast growing enterprises, as high risks in the start-up phase are usually not matched by exploitable loan securities; for these enterprises, venture capital may possibly be considered Gompers/Lerner (2000); Denis (2004). A fundamental pre-conditi
9、on for the acquisition of venture capital is, however, that the young enterprises demonstrate high, above-average development prospects and value improvements. Starting with a general survey, this chapter will deal with the basic possibilities of financing for newly founded and young enterprises. At
10、 the same time, specific advantages and disadvantages for each financing alternative will be discussed. 1.Survey of Financing Alternatives In business management literature to date, no uniform definition of the concept of financing has been given, for the systematization of the different types of fi
11、nancing is carried out according to different criteria. According to the generally accepted interpretation of the concept, financing comprises all measures of procuring capital to fund business operations and future investments. Within the business management concept, however, financing refers not o
12、nly to capital procurement, but also to the optimization of the capital structure and the payment flows. For enterprises in general and for young enterprises in particular, the focus lies above all on meeting the capital requirements through the purposeful employment of suitable financing alternativ
13、es for the entrepreneur building a financial resource base for a new venture the particular challenge is the following: “because the exploitation of an entrepreneurial opportunity requires the acquisition and recombination of resources before the sale of output from that recombination, it must be fi
14、nanced” Shane (2003), p. 161. Table 6-1 gives a survey of basic systematization approaches as they can be found in the classical literature of managerial finance. 2.Models of Start-up and Growth Financing Specific models of start-up and growth financing have so far mainly been discussed in American
15、entrepreneurship literature. They are primarily low-budget-models (e.g., self-feeding and bootstrap approaches) as well as the big-money-model, which forms the basis for the financing of innovative or fast growing enterprises with a high capital demand see, for example, Bhid (1999); Nathusius (2001)
16、; Kuckertz, 2006. The different financing models are primarily the result of the different business models, the expected market opportunities and the financial resources which are available to the founders for the build-up of their enterprise. In addition, these models distinguish themselves in thei
17、r respective strategic orientation as well as in the underlying leader ship culture. Different financial tools can be assigned to the specific models and approaches, which are typical for the financing of the establishment and growth phase of the enterprise. Decisions regarding the financing have bo
18、th a strategic and an operational dimension which can have an influence on all areas of the enterprise and, in an extreme case, on the existence of the enterprise itself. This applies in particular to new and young enterprises which, due to their generally still low equity basis, are very prone to f
19、ailure. Against this background, financing decisions have to be taken with great care, especially under strategic aspects. At the same time, financing and enterprise strategies influence each other mutually. For example, Westhead and Storey (1997) found that the prior acquisition of external capital
20、 influences future employment and production capacity in UK high technology firms. 3 Equity Financing The concept of equity financing generally comprises the allocation and increase of equity capital through the owners or founders of the enterprise or through retaining profits which have been genera
21、ted in the enterprise. Equity financing as internal financing occurs, as already explained, through open or silent self-financing (profits, reserves, depreciations, regrouping of assets). As self-financing can seldom be considered by young enterprises, it will not be discussed further within the fo
22、llowing explanations. In the case of external equity financing, the capital is brought in through capital contributions (of owners) or through shareholdings (of shareholders). The classical form of equity capital financing is direct financing; its form depends on the legal form of the new enterprise
23、. Capital contributions can be made through contributions in cash in the form of financial resources or through contributions in kind in the form of assets. The assets will, for instance, refer to machines, real estate, vehicles or rights (e.g., patents, licences). 4 Debt Financing In contrast to th
24、e Angelo-American domain, the finance and banking system of a number of Continental European countries (in particular Germanys) was historically dominated by credit institutes for many decades after the Second World War. At the same time, the financing culture differed markedly from other financing
25、cultures as, for instance, that of the USA with its strong focus on equity financing. As far as Continental Europe is concerned, Huyghebaert et al. (2007) constitute that banks are still the most important providers of outside start-up funding to newly founded businesses. Particular characteristic f
26、eatures in the development of the banking sector in Continental Europe are the universal bank system and the house-bank principle. A universal bank system means that, in difference to a specialized bank system, credit institutes carry out all banking transactions, e.g., including investment banking
27、operations. Notwithstanding the current changes in the US investment banking industry on account of the 2008/2009 financial crisis the specialized banking system on the other side of the Atlantic still shows substantial differences. For example, the structure of the banking sector in Germany is divi
28、ded into groups of credit banks, banks under public law, cooperative banks and specialized banks, the first three of which can be called universal banks see Berger/Udell (2002) for the importance of bank structure for small business lending. The house-bank principle means that a customer conducts a
29、large part of his financial transactions with one individual bank also cf. Kohn/Spengler (2008) for the reliance of German business on non-traded debt funding via banking intermediaries. Even today, small and medium enterprises in Germany have only one or two banking relationships. In more recent ti
30、mes, however, other outside financiers, e.g., institutional capital providers, have gained increasing importance. In analogy to the differentiation between private equity and public equity, various forms of private debt and public debt can be systematically differentiated in the debt capital sector
31、for details see Achleitner/Einem/Schr鰀 er (2004) and Wahl (2004). Under this perspective, other forms of enterprise financing in addition to the classical bank credit can be summarized under private debt in the widest sense, which are mainly placed by institutional capital providers privately and no
32、t in an organized, anonymous capital market. The capital which is made available by institutional or private capital providers outside the banking sector is also called private debt in the narrower sense. It concerns forms of firstrank and subordinate rank debt financing as well as mezzanine financi
33、ng which, as direct financing, are made available with a time-limit, usually for five to ten years Achleitner (2005); also cf. Denis (2004). In contrast to non-traded commercial debt, public debt comprises financing forms which are quoted on the organized, anonymous capital market for corporate bond
34、s (at the stock exchange). 5 Public Enterprise Policy and Start-up Financing In most cases start-up enterprises acquire funding from informal and institutional segments of capital markets (like those discussed above), but there are also state-aided sources of funding available. Often, these sources
35、are a component of enterprise policies to foster and support the formation of new businesses and innovative entrepreneur ship. These policies may occur at different levels, e.g., initiatives by federal governments to promote high-technology entrepreneurship in the context of industry policy-making o
36、r new venture support program at the regional or local authority level. The individual objectives of these public initiatives are manifold: creation of new jobs, supporting specific groups (e.g., young or female entrepreneurs), improving competitiveness, or fostering regional development. See Storey
37、 (2003), p. 487 for examples of objectives of new venture support programmes in different countries; in addition, there are also instruments and industry policies to foster SME in European countries because of their role in contributing to economic growth see, e.g. for the Slovenian case, Petrin (20
38、04) In principle, the rationale for such public interventions evolves around possible information imperfections and capital rationing with respect to new venture projects and startup enterprises, in particular in their early phases of development (pre-founding emergence and early seed and start-up f
39、inancing) Storey (2003). Capital rationing argues that funding for such new enterprises is made insufficiently available by the relevant segments of private capital markets. Similar to general economic policy-making, public funding sources are argued to address possible market failures in the financ
40、ing of new enterprises. Such anomalies may exist both in equity and debt financing of startups. Regarding the latter, venture capital investments after the new economy slump indicate that investment volumes, in particular for seed-stage capital (equity gap), have decreased considerably (see above an
41、d, again, www.nvca.org and www.evca.org for the US and European venture capital markets) and investment screening has become more severe Kollmann/Kuckertz (2004). 译文 启动和增长融资 资料来源： http:/ 作者： Christine K Volkmann Kim Oliver Tokarski Marc Grunhagen 融资策略的知识以及不同的功能和融资工具的机制是必须要承认的，并且还须要及时抵消流动性危机和威胁融资的瓶颈。
42、在这方面，特别应重视对资本和风险结构优化过程中的启动和增长的阶段。具有低的股权设备，结果往往具有低的经 济实力，（如变得明显，例如，在从 2000 年至 2002 年在对大批年轻企业破产时，“新经济泡沫”的破灭） Rovenpor(2004)。许多年轻企业在他们的商业模式中一直有发展前途的生意，但其破产的只要原因是资金问题，这是他们无法解决的。这些创始人，在很多情况下是没有能力获取外部资金来克服这种危机，并且无法有效地管理自己的支付流程。例如，对于美国的风险资本市场，这个世界上最大的，来自全国风险资本协会的数据显示，早在 2000 年美国风险投资公司在 2003 年提供了超过 100 亿美元，
43、而投资额低于 20 亿美元的却下降 www.nvca.org;cf.also Timmons/Spinelli(2004)。 在这种背景下，企业创业发展和实现合适的融资策略，优化资本结构，同时考虑其具体特点和目标是必要的。其中有关标准用于确定股权和债务融资创始人的选择范围广泛和多样。决策准则的例子 ,除了总资金成本：取消特权，要求抵押，平衡的政策目标，具体的共同决定权或是信息职责，以及所需资金量的总和。考虑到贷款者抵押贷款的需求，以确保新企业，古典工具的债券融资基本上是不适合快速成长具有高风险性的企业。在启动阶段，可利用的贷款有价证券通常是不被 利用的 Gompers /面纱 (2000)、丹
44、尼斯 (2004)。一个基本的先决条件是风险资本的收购，然而，年轻的企业表现出的高水平，高于平均水平的发展前景和价值的改善。 从一般的调查开始，这一章将会对新成立的年轻企业进行基本的融资处理。 1、 不同融资方案的调查 在经营管理文学到现在，尚无统一的关于融资定义的的概念。根据不同的标准，给出了不同类型的融资系统。根据一般公认解释的概念、融资包含了全部的资金以获取的措施经营和未来的投资。然而，在企业管理理念中资金不仅指资本采购，还包括资本结构的优化和支付流程。 2、 启动和 发展融资的模型 启动和增长融资的具体模式迄今主要是在美国创业文学上讨论。主要有低预算模型和大赚钱模型，形成资本创新或快速
45、成才型企业的基础融资的需求。此外 ,这些模型区分在他们各自的战略定位以及潜在的领导文化。不同的融资工具，可以分配到具体的模式和方法，这是在创立和成长阶段企业的典型融资。 3、 股权融资 股权融资，一般是通过股权资本的拥有人或企业分配和增加资金，或通过保留创始人已在企业中产生的利润。权益融资内部融资时，是通过公开或沉默来自 负盈亏。权益资本融资是直接融资的古典形式，其形成的形式由企业法人而定。资本的形成可通过出资贡献或通过实物捐助。其中资产包括机器、房地产、车辆或权利。 4、 债务融资 与此相对照的安杰洛美域，金融和银行体系欧洲大陆一些国家（特别是德国）的历史，只要是为第二次世界大战后几十年的信
46、贷机构。在与此同时，金融文化明显和其他融资的文化不同。例如，股权融资在美国被强烈的关注。即使在今天，具有高比例债务融资的日本、法国或德国，在美国的股权融资中也具有很高的份额。对于欧洲大陆而言，新成立的企业仍然以银行作为外界启动资金的最重要的供 应者。在欧洲大陆银行特定产品的发展是以普遍的银行系统和内部银行为原则。一个普遍的银行制度是指在差别专业银行制度，信用机构执行所有银行交易，例如，包括投资银行业务。尽管在美国，投资银行业 2008 / 2009 帐户银行系统的专业金融危机在大西洋彼岸的还显示实质性的差异。银行界在德国分为信贷银行，银行根据公共团体，合作银行和专业银行，其中前三个被称为综 合
47、银行。（ 柏格 / Udell(2002)的重要性银行结构，小商业贷款 )。 银行内部原则是指客户进行金融往来的一部分。即使在今天，德国中小企业只有一层两个银行的关系。 然而在更远古的时代，其他外部的金融家，例如，制度资本供应商的获得变得越来越重要。在理论上鉴别私有股份和上市股份，各种形式私人债务和公共债务可以系统地区别资本部门的债务。根据这个观点，企业的融资形式除了传统的银行信贷，从最广泛的意义上来讲，主要是有机构置于私人资本提供者，而不是在一个有组织，匿名的资本市场。 5、 公共企业政策和启动融资 在大多数情况下，创业企业获得资金 来自资本市场的非正式制度部分 ，但也有国家资助现有资金来源
48、。通常，这些来源是企业的政策组成部分，以促进和支持新业务和创新的企业精神的形成 。 这些政策 可能发生在不同的层次，例如，联邦政府的举措，促进了高科技企业家们的产业政策制度或新的企业支持计划中在区域或地方当局水平。 这些公共举措的个人目标是多方面的：创造新就业，支持（例如，青年或女企业家）特殊群体，提高竞争力或促进区域发展。见层（ 2003），为新企业在不同的国家的支持方案的目标的例子 p.487,此外，还有文书和产业政策，以推动欧洲中小企业，因为他们在促进经济增长作用的国家，看到的，例如对斯洛文尼亚的情况下， Petrin（ 2004） 原则上，对这类公共干预的理由进展都是围绕着关于风险项目
49、和企业创新的 不完善和资本的定量配给的潜在信息的，特别是在他们早期的发展阶段（准备成立的决定和早期启动融资） 层（ 2003） 。资本配给主张，这些新企业通过私人资本市场获取的资本可能是不够的。类似一般的经济决策，公共资金来源说主张解决新企业在市场上遇到的融资失败的可能性。这种异常可能存在于企业的股票和债务融资。关于后者，在经济萧条期，风险投资资本指出了投资的量度，特别是在种子阶段的资本（股本差距）大为减少，（见上文，并再次www.nvca.org 和 www.evca.org 在美国和欧洲的风险资本市场）和投资审查变得更加严峻 Kollmann / Kuckertz（ 2004） 。关于前者，债务融资特别是在创新型，开始由银行等机构贷款窗口，是有问题的。这是因为： 1.高昂的交易费用（用于检查和监测）相对于小型和新的企业的较低的贷款额度 2.
