企业风险投资外文翻译文献

文献出处：Biao D. Analysis of Financial Risk Prevention in Mergers and Acquisitions[J]. International Business and Management, 2014, 9(2): 138-144.第一部分为译文，第二部分为原文。

默认格式：中文五号宋体，英文五号Times New Roma，行间距1.5倍。

企业并购财务风险的预防管理分析摘要：并购被认为是改善企业管理模式，扩大企业规模，调整产业结构的有效途径。

这种方法在世界各地的每一次盛行中都受到很多因素的影响，然而企业并购在中国的起步较晚。

复杂而快速变化的环境使得企业并购具有重大风险。

特别是并购流程每一步都有严重的财务风险。

并购存在各种财务风险，如果这些风险没有得到有效的解决和控制，任何时候都会导致企业失败。

因此，许多学者和企业家认为兼并和收购的财务风险是最大的问题。

本文将对并购财务风险提出有效的预防措施，减少财务风险带来的影响，增加并购成功机会，确保企业并购的实施。

关键词：并购，财务风险，因果关系，预防引言自1897年以来，西方资本主义国家的并购遭遇了五次浪潮。

每次并购对企业的结构优化和资源配置都起着重要的作用。

中国改革开放政策实施后，随着经济全球化的快速发展，并购成为企业扩大经营规模，实现国际化的重要途径之一。

20世纪80年代中国出现并购，当时并购行为在中国企业受到欢迎，尽管许多企业从事并购，但成功案例少。

因为并购行为有很多潜在风险，其中包括市场风险，财务风险，法律风险等。

然而，财务风险被认为是并购的主要问题。

因此，有必要研究并购和财务风险的内容，了解财务风险的特点及其影响，系统分析财务风险，具体来说，需要研究并购前的目标企业的定价风险，并购期间的支付风险和财务风险以及并购后的整合风险。

最后，本文提出了基于各种风险的预防和控制措施，这是降低财务风险并提高并购成功概率的有效途径。

中小企业的财务风险管理外文文献翻译2014年译文3000字Financial Risk Management for Small and Medium-Sized Enterprises (SMEs)Financial risk management is an essential aspect of business management。

particularly for small and medium-sized enterprises (SMEs)。

SMEs face numerous financial risks。

including credit risk。

market risk。

liquidity risk。

and nal risk。

which can significantly impact their financial stability and growth prospects。

Therefore。

the effective management of financial risks is crucialfor SMEs to survive and thrive in today's competitive business environment.One of the primary challenges for SMEs in managing financial risks is their limited resources and expertise。

Unlike large ns。

SMEs often lack the financial resources and specialized staff to develop and implement comprehensive risk management strategies。

As a result。

Mid-life Crisis? Venture Capital Acts Its AgeThe bursting of the Internet bubble, several years of unfriendly public markets, and changes in Wall Street and financial regulations have been hard on venture capital over the past decade. But not all the pressures facing the industry are external, especially in Silicon Valley. The venture community there is showing signs of middle age -- moving more slowly and cautiously than before, and hitting fewer home runs than it did in younger, leaner days. As a result, experts say, the sector is having trouble producing the robust performance long associated with it. This means investors need to look at venture capital, and its impact on their portfolios, in a new way.For context, consider that back in 1995, Fortune magazine published a story questioning whether venture capital was getting too big and institutionalized to do what it did best: Generate big returns for investors by finding an entrepreneur in a garage with a good idea, and giving him the money and support needed to grow. One sign of this unhealthy bigness, according to the article, was that the industry had raised an unprecedented $5 billion in 1994. By comparison, VC firms raised $7.5 billion in the first half of 2010, according to Dow Jones LP Source.To observers, the 2010 number represents both a comeback (firms raised nearly $1 billion less in the same period last year) and a rightsizing (the companies raised more than $14 billion in the first half of 2008, which is startling given the downward slide on Wall Street and in the economy as a whole later that year.)But the criticisms in the Fortune article -- that increasingly fat funds and accompanying fees were changing the venture firms' business model, and that the more money VCs raise, the harder it is to find companies that can generate big enough returns -- still hang over Sandhill Road (the Menlo Park, Calif., street where a number of firms are located). In 1995, $250 million constituted a "mega-fund"; today, it's not unusual for a single firm to have more than $1 billion under management (via overlapping funds) or for a single fund to be $500 million or more.This time around, the VC community is also faced with a potent cocktail of high purchase valuations, long holding periods and cheaper exits, which are knocking the firms for a loop. But those problems would go away, or become smaller, if fund sizes shrank. "The capital overhang has fluctuated a bit, but for the most part there is still a huge amount of money out there," says Bo Brustkern, a former venture capitalist who now runs Denver-based valuation firm Arcstone Partners. "It's a problem because it means that there's always money flowing through. Institutional investors look at thetop 25 firms and can't get in. They look at the next 25, and they're closed [too], so you go to the next 25 and on downward until you find a firm to put your money into."All of those firms -- the excellent, the good and the so-so -- compete to place their cash into companies that need large venture investments, and that have the potential to multiply them several times over. The trouble, of course, is that "there are not a lot of places to put $30 million," notes Chris Sacca, one of a handful of an emerging group of "super angels" who are raising small funds (anywhere from a few million dollars up to about $100 million) and investing in startups that need thousands of dollars, rather than millions, to get where they need to go.The competition to buy is keeping valuations inflated, according to experts. And the need to invest in six-figure chunks often means coming on board later in a startup's life cycle, when there's less risk and more ability to put large amounts of money to work. But at that point, it's also harder to attain the multiples the firm's investors, or limited partners, have grown used to.Moreover, the bigger the funds get, the less the general partners' financial interests are aligned with those of their investors. This is because firms get the same 1% or 2% annual management fee and 20% of returns (the "carry") that they did when their funds were much smaller. The carry was supposed to be how they made money, while the annual fee was meant to cover operating expenses during the years the money was being invested. But those expenses aren't likely to be three or five or seven times bigger just because a firm's latest fund is. So management fees have become an important source of profits for VC firms, especially those that have posted weak and negative returns to their investors in the post-2000 years. "Fund size is down, but not dramatically; they're still oversized because of that fee addiction," notes Sacca.Long-term TrendsThis is not to say that the venture industry's days are numbered or thatbushy-tailed entrepreneurs aren't finding the capital they need; far from it. But "the flow of new funds to VCs is constricting and the industry is consolidating," says Wharton professor of entrepreneurship Raffi Amit. In 2009, there were still more VC firms than there were in 1999, according to the National Venture Capital Association, but there were 10% fewer venture professionals and 15% fewer funds. This signals that "the dead wood is working itself out of the industry finally," Brustkern suggests. "You have all these firms that are victims of the delayed or never-happening exit. They invested in their companies years ago, and aren't getting fees anymore andhaven't raised a new fund, but have a fiduciary responsibility to keep their doors open until the fund winds down. They're the walking dead."Yet the industry is seeing plenty of the long-term trends and disruptive technologies that create opportunities.The life science sectors in the United States are still robust, and cleantech -- including clean energy, and environmental and green products and services -- is providing an entirely new and promising channel for venture money. Moreover, these companies seem well suited to receive money from today's bigger VC funds, notes David Wessels, an adjunct professor of finance at Wharton. Taking a new drug, medical device, or wind or solar technology from conception to market requires time and sizable sums of money. But the payoff on a breakthrough biotech therapy can be sizable. And cleantech companies have been able to do the nearly impossible lately: generate excitement in a depressed IPO market, as evidenced by Tesla's recentfirst-day run-up. "Tesla is a bellwether that people are interested in these alternative energy technologies," says Robin Vasan, a managing director at Mayfield, a Menlo Park, Calif.-based VC firm that has three energy technology companies in its portfolio.Meanwhile, Anthony Hoberman, who advises investors on venture investments at Glenrock Capital Advisors in New York, points out that several technology trends -- including the rise of wireless communication, social media platforms like Facebook, and cloud computing services for businesses and consumers -- are creating "an environment where venture capitalists tend to do well." The firms "invest in small companies that use their agility to overtake bigger, well-funded companies," he adds. "That agility is the advantage the VCs exploit, and it's no good during periods of slow, predictable change."Vasan, whose focus is software investments, concurs. The growth of social media, smartphones and tablet applications, and web-based software products for consumers and businesses are "probably five to ten year trends," he says. "Bets have been placed over the past year and more bets will be placed over the next year or two."Adjusting ExpectationsBut finding companies that are interesting and viable, and that will earn a good return for their founders, is not the same as identifying companies that will provide the multiples that venture investors are seeking.Conventional wisdom says that a VC firm has to expect about half of thecompanies in its portfolio to fail, a few to earn decent returns and one or two to hit home runs big enough to make the numbers work. Without a robust IPO market, however, those out-of-the-park homeruns are few and far between. The majority of VC-backed companies have been acquired in the past few years. Unlike with an IPO, where the sky is the limit if a company can generate enough buzz, there is a cap on how much an M&A deal is likely to net. With so many science and technology companies looking for acquirers, flusher buyers like Google, Amazon, Yahoo!, Microsoft and Johnson & Johnson can hold prices down.All in all, the exits VCs are managing to secure, even via the public markets, don't put them ahead of their losses and fees by big enough margins. "You can't have six failures if your successes are going to have a cap on them," Wessels points out.Look at the recent numbers: Venture-backed companies that went public in this year's second quarter took a median of 9.4 years to achieve liquidity, according to Dow Jones VentureSource. The $70 million median amount of venture capital these companies raised prior to liquidity was 65% higher than even a year ago.Meanwhile, in that same 2010 quarter, 15 IPOs by venture-backed companies raised $899 million, according to Dow Jones VentureSource. Seventy-nine M&A deals raised $4.3 billion in the same quarter. The IPOs had an average value of just under $60 million, while the M&A deals averaged only slightly less at $54 million. If one doesn't count Tesla, which raised large sums even by today's standards and accounted for $202 million of that IPO money, the 14 remaining deals only averaged $50 million apiece, trailing the M&A deals -- hardly the grand slams the sector needs to get its numbers up.The dot-com bubble "is becoming a distant event, and falling off the horizon for return calculations," Amit notes. Indeed, 2009 is the first post-bubble year to exclude 1999 from 10-year returns. Returns fell last year to a 1% loss, from a 35% gain as of the end of 2008. Five-year returns managed to outpace the public market indexes but still barely topped 4%. These are average numbers, but, Amit says, "most funds today are showing negative returns to their limited partners."For returns to pick up, "valuations have to come down, exit values have to go up or holding periods have to get shorter," Hoberman suggests. None of these events is likely to happen quickly, which means investors need to adjust their expectations. Reaping 30% returns is "unrealistic for any unleveraged investment," says Wessels, who believes funds can easily keep pace with the public markets, but didn't offer a prediction as to whether they could consistently beat them in the foreseeable future."Go back to 1990s and venture capital was about starting a company, making it large enough to have an impact on its own and taking it public so it would beWal-Mart or Procter & Gamble in 20 years," he says. "Lately, it's becoming a surrogate for internal R&D. Start-ups set out to build a product from scratch, prove it has legs with a small market and get swallowed by a larger company." So why invest in these illiquid, high-risk funds? "For diversification," he notes. "You're betting on stable returns and the opportunity to already be in the game in case something develops that will be the next big thing."FROM:National Library of Australia Cataloguing-in-Publication entryTitle: Mid-life Crisis? Venture Capital Acts Its Age / editor,Chunlai Chen.Published : 2010.08.18中文译文风险投资行业面临“中年危机”？过去十年来，互联网泡沫的破裂，公共市场持续数年的低迷，华尔街发生的巨大变化，以及金融监管措施的出台，让风险投资举步维艰。

文献出处: Comell B., Financial risk control of Mergers and Acquisitions [J]. International Review of Business Research Papers, 2014, 7(2): 57-69.原文Financial risk control of Mergers and AcquisitionsComellAbstractM&A plays a significant part in capital operation activities. M&A is not only important way for capital expansion, but also effective method for resource allocation optimization. In the world around, many firms gained high growth and great achievement through M&A transactions. The cases include: the merger between German company Daimler-Benz and U.S. company Chrysler, Wal-Mart’s acquisition for British company ADSA, Exxon’s merger with Mobil and so on.Keywords: Enterprise mergers and acquisitions; Risk identification; Risk control1 Risk in enterprise mergers and acquisitionsMay encounter in the process of merger and acquisition risk: financial risk, asset risk, labor risk, market risk, cultural risk, macro policy risk and risk of laws and regulations, etc.1. 1 Financial riskRefers to the authenticity of corporate financial statements by M&A and M&A enterprises in financing and operating performance after the possible risks. Financial statements is to evaluate and determine the trading price in acquisition of important basis, its authenticity is very important to the whole deal. False statements beautify the financial and operating conditions of the target enterprise, and even the failing companies packing perfectly. Whether the financial statements of the listed companies or unlisted companies generally exists a certain degree of moisture, financial reporting risk reality In addition, the enterprise because of mergers and acquisitions may face risks, such as shortage of funds, a decline in margins has adverse effects on the development of enterprises.1. 2 Asset riskRefers to the assets of the enterprise M&A below its actual value or the assets after the merger failed to play a role of original and the formation of the risk. Enterprise merger and a variety of strategies, some of them are in order to obtain resources. In fact, enterprise asset accounts consistent with actual situation whether how much has the can be converted into cash, inventory, assets assessment is accurate and reliable, the ownership of the intangible assets is controversial, the assets disposal before delivery will be significantly less than the assets of the buyer to get the value of the contract. Because of the uncertainty of the merger and acquisition of asset quality at the same time, also may affect its role in buying businesses.1. 3 Labor riskRefers to the human resources of the enterprise merger and acquisition conditions affect purchase enterprise. Surplus staff and workers of the target enterprise burden is overweight, on-the-job worker technical proficiency, ability to accept new technology and the key positions of the worker will leave after the merger, etc., are the important factors influencing the expected cost of production.1. 4 Market riskRefers to the enterprise merger is completed, the change of the market risk to the enterprise. One of the purposes of mergers and acquisitions may be to take advantage of the original supply and marketing channels of the target enterprise save new investment enterprise develop the market. Under the condition of market economy, the enterprise reliance on market is more and more big, the original target enterprise the possibility of the scope of supply and marketing channels and to retain, will affect the expected profit of the target enterprise. From another point of view, the lack of a harmonious customer relationship, at least to a certain extent, increase the target enterprise mergers and acquisitions after the start-up capital.1. 5 Culture riskRefers to whether the two enterprise culture fusion to the risks of mergers and acquisitions, two broad and deep resources, structure integration between enterprises, inevitably touches the concept of corporate culture collision, due to incompleteinformation or different regions, and may not be able to organizational culture of the target enterprise become the consensus of the right. If the culture between two enterprises cannot unite, members will make the enterprise loss of cultural uncertainty, which generates the fuzziness and reduce dependence on enterprise, ultimately affect the realization of the expected values of M&A enterprises.2 Financial risk of M&AHowever, there are even more unsuccessful M&A transactions behind these exciting and successful ones. A study shows that 1200 Standard & Poor companies have been conducting frequent M&A transactions in recent years, but almost 70%cases ended up as failures.There are various factors that lead to the failures of M&A transactions, such as strategy, culture and finance, among which the financial factor is the key one. The success or failure of the M&A transactions largely depends upon the effectiveness of financial control activities during the process. Among the books talking about M&A, however, most focus on successful experience but few on lessons drawn from unsuccessful ones; most concentrate on financial evaluation methods but few on financial risk control. Therefore, the innovations of this thesis lie in: the author does not just talk about financial control in general terms, but rather specify the unique financial risks during each step of M&A transaction; the author digs into the factors inducing each type of risks, and then proposes feasible measures for risk prevention and control, based on the financial accounting practices, and the combination of international experience and national conditions.The thesis develops into 3 chapters. Chapter 1 defines “M&A” and several related words, and then looks back on the five M&A waves in western history. Chapter 2 talks about 3 types of financial risks during M&A process and digs into factors inducing each type of risks. Chapter 3 proposes feasible measures for risk prevention and control. At the beginning of chapter 1, the author defines M&A as follows: an advanced form of property right transaction, such as one company (firm) acquires one or more companies (firms), or two or more companies (firms) merge as one company (firm). The aim of M&A transaction is to control the property andbusiness of the other company, by purchasing all or part of its property (asset). In the following paragraph, the thesis compares and contrasts several related words with “M&A”, which are merger, acquisition, consolidation and takeover.In the chapter 1, the author also introduces the five M&A waves in western history. Such waves dramatically changed the outlook of world economy, by making many small and middle-sized companies to become multinational corporations. Therefore, a close look at this period of time would have constructive influence on our view with the emergence and development of M&A transactions. After a comprehensive survey of M&A history, we find that, with the capitalism development, M&A transactions presented diverse features and applied quite different means of financing and payment, ranging from cash, stock to leveraged buyout. Chapter 2 primarily discusses the different types of financial risks during M&A, as well as factors inducing such risks.According to the definition given by the thesis, financial risks during M&A are the possibilities of financial distress or financial loss as a result of decision-making activities, including pricing, financing and payment.Based on the M&A transaction process, financial risks can be grouped into 3 categories: decision-making risks before M&A (Strategic risk), implementation risks during M&A (Evaluation risk, financing risk and payment risk) and integration risks after M&A. Main tasks and characteristics in each step of M&A transaction are different, as well as the risk-driven factors, which interrelate and act upon each other. Considering limited space, the author mainly discusses target evaluation risk, financing and payment risk, and integration risk. In chapter 2, the thesis quotes several unsuccessful M&A cases to illustrate 3 different types of financial risks and risk-driven factors. Target evaluation risk is defined as possible financial loss incurred by acquirer as a result of target evaluation deviation. Target evaluation risk may be caused by: the acquirer’s expectation deviation for the future value and time of target’s revenue, pitfalls of financial statements, distortion of target’s stock price, the deviation of evaluation methods, as well as backward intermediaries. Financing and payment risks mainly reflect in: liquidity risk, credit risk caused by deterioratedcapital structure, financial gearing-induced solvency risk, dilution of EPS and control rights, etc.Integration risks most often present as: financial institution risk, capital management risk and financial entity risk. Chapter 3 concludes characters of financial risks that mentioned above, and then proposes detailed measures for preventing and controlling financial risks. Financial risks during M&A are comprehensive, interrelated, preventable, and dynamic. Therefore, the company should have a whole picture of these risks, and take proactive measures to control them.As for target evaluation risk control, the thesis suggests that (1) Improve information quality, more specifically, conduct financial due diligence so as to have comprehensive knowledge about the target; properly use financial statements; pay close attention to off-balance sheet resource. (2) Choose appropriate evaluation methods according to different situations, by combining other methods to improve the evaluation accuracy. Meanwhile, the author points out that, in practice the evaluation method is only a reference for price negotiation. The target price is determined by the bargaining power of both sides, and influenced by a wealth of factors such as expectation, strategic plan, and exchange rate.In view of financing and payment risk control, the author conducts thorough analysis for pros and cons of different means of financing and payment. Then the author proposes feasible measures such as issuing convertible bonds and commercial paper, considering specific conditions. To control integration risk, the author suggests start with the integration of financial strategy, the integration of financial institution, the integration of accounting system, the integration of asset and liability, and the integration of performance evaluation system. Specific measures include: the acquirer appoints person to be responsible for target’s finance; the acquirer conducts stringent property control over target’s operation; the acquirer conducts comprehensive budgeting, dynamic prevision and internal auditing.3 ConclusionsAt the end of the thesis, the author points out that many aspects still worth further investigation. For instance, this thesis mainly concentrates on qualitativeanalysis, so it would be better if quantitative analysis were introduced. Besides, the thesis can be more complete by introducing financial risk forecast model.译文企业并购中的财务风险控制作者：康奈尔摘要企业并购是资本营运活动的重要组成部分，是企业资本扩张的重要手段，也是实现资源优化配置的有效方式。

企业风险投资外文文献翻译(含：英文原文及中文译文)文献出处：Petreski M. The Role of Venture Capital in Financing Small Businesses[J]. Social Science Electronic Publishing, 2006.英文原文The Role of Venture Capital in Financing Small BusinessesMarjan PetreskiAbstractVenture capital is an important alternative for companies that have difficulties accessing more traditional financing sources and it is a strong financial injection for early-stage companies that do not have evidence for persistent profitability yet. Firstly, deep prescreening process should be performed before investing in small, start-up business because of the information asymmetries, which in turn are the main cause for adverse selection and moral hazard problems. Well performed initial scan ensures good investment. Seed capital provided than enables the firm's set off.But what is more important is the conclusion that there is much more than just capital that flows from the investors to the organizations in which they invest. Indeed, fresh capital inflow is accompanied with the process of value-adding which provides the company with monitoring, skills, expertise, help and, basically, reputation for attracting furtherfinance. Consequently, the role of the venture capital in financing small business is tremendous. The paper sheds light on these issues. Keywords: Venture Capital, Small Business, Entrepreneurship, Financing IntroductionFinancing opportunities for small businesses have grown in the last few decades. On the other hand, entrepreneurships are crucial for the development of every national economy. Therefore, financing a small business is an issue which continuously captures academic interests.Great part of the literature acknowledges that entrepreneurship is the fundament of the economic growth and productivity performance (OECD, 2004) and, as such, it triggers creating innovative small firms, which in turn add huge “blocks” in bu ilding the national competitiveness (Pandey et al, 2003). But, on the other hand, because of the high start-up risk and informational inconsistency, small firms are often highly vulnerable (Berger and Udell, 2002) and face with a harsh financing issues due to the investors’ refusal to “feed” the earlystage business (Gans and Stern, 2003). In other words, “the problem is that once yo u have bled your friends and family dry of cash, sold the cat and remortgaged the house, where do you go in order to get the wad of cash needed to progress your get-rich idea further?” (Reynolds, 2000, p.52).This is the point where the role of venture capital becomes important in financing small businesses. Moreover, economists agree that venturecapital “provide[s] a boost of ad renaline” (O'Brien, 2001, p.9) for small start-up, innovative and dynamic firms, especially in the high-tech industry (Bottazzi and Rin, 2002). Therefore, it is said that venture capital fuels the growth and development of entrepreneurships. This paper aims to evaluate the contribution of venture capital for such entities and critically evaluate its role in financing small businesses.This is achieved by emphasizing the basic role of the venture capital in financing small business in section one. Than, venture capital is viewed as a box of services which are also important as the very capital provided is. Moreover, this is acknowledged as a main contributor toward the firm’s professionalization. Finally, in the last part, certain space is devoted to the less attractive side of the venture capital.Why small start-up firms (must) choose venture capital financing? Venture capital primary roleEven though the process of brainstorming could be really productive and endless, entrepreneurs must often think about the financial side of their idea. Indeed, one could have brilliant idea for starting up a smart business, but launching that idea needs fuel –this makes him troubles. Therefore, such “poor” entrepreneurs must rely on external financing in order to start their business (Lulfesmann, 2000). Indeed, young, especially innovative and fast growing businesses find it very difficult the access to traditional ways of financing (Gompers and Lerner, 1999; citedin Giudici and Paleari, 2000). The latter is due to the fact that these start-up firms are too small to be fed by public debt and equity markets, than, because of their infancy, they can not collateralise eventually offered bank loans (Repullo and Suarez, 1998) and they are associated with a “significant levels of business uncertainty” (Giudici and Paleari, 2000, p.154), arising from the persistent information asymmetries and high risk associated with the opportunity to cease. But, this does not mean that the majority of innovative ideas must go away. A brilliant chance arises for such cases – venture capital.“Venture capital is thought to be an important alternative for companies that have difficulties accessing more traditional financing sources” (Manigart et al, 2002, p.103-104) and it (venture capital) is a strong financial injection for early-stage companies that do not have evidence for persistent profitability yet (Kleberg, 1998). In other words, venture capital is needed to trigger, maintain and to speed up the small enterprise’s growth and its performance, and therefore to result in improved profitability. That is its primary role: it is the main contributor in getting rid of the most financial impediments that occur in the establishing phase of a new business. (Reynolds, 2000). In other words, it is “seed money” for the small business; it helps smart ideas to rise up. However, on the other hand, venture capital financing is associated with high levels of risk, which refers to the uncertainty of the positive returnsthat may occur even after a number of years or never (Mason and Harrison, 2004; Klofsten et al, 1999). Not only this, but venture capitalist may also embark on a new business strategy which defers from entrepreneur’s one; the former can even throw the entrepreneur out of the firm. These aspects are discussed later.What is sure, once it has been agreed, venture capital flows in the company and enables its start-up. This is the point when the idea becomes reality. But, not only providing the capital, venture capital injection brings more benefits for the venture-backed company than one could think of. Manigart and Sapienza (1999; cited in Manigart et al, 2002) point out “its roles of pre-investment screening, post-investment monitoring and value-adding” (p.104). Critically said, venture capitalist becomes active entrepreneur’s mentor, because, from now on, firm’s destiny turns out to be his concern too. Having this on mind, the result should be higher future returns for the investor and, of course, enhanced performance for the venture capital backed company. Consequently, when the role of the venture capital in financing small businesses is discussed, it can be inferred that it is multiple. Therefore, more attention to the latter is devoted in the following sections.Why invest in promising business? – Venture capitalist perspective It is vast agreed and practically proven that venture capitalists invest only in promising projects. At the very beginning, investors are deeplysceptical, bad mood reasoning with more answers “no”, rather than “yes” (Mason and Rogers, 1997; cited in Mason and Harrison, 2004). Furthermore, venture capitalists screen potential investments in regards to the collecting information about business, its market approach, management team or entrepreneur (Berger and Udel, 1998; cited in Baeyens and Manigart, 2003), all in order to reduce the initial information asymmetry and potential problems with entrepreneurs. In other words, before final contracting, venture capitalist spends much of his time and efforts in assessing and observing the opportunity, in terms of its market size, strategies, customer adoption etc. (Kaplan and Strömberg, 2001b). This, in turn, should eliminate the possibility to access a non-quality project (adverse selection problem) and “... [should] ensure that the funds will not be diverted to fund an alternative project (moral hazard problem)” (Berger and Udell, 2002, p.32). In this phase of initial scanning, investor should be convinced that his money will not simply “evaporate”. Instead of that, it should make future value for him.Pre-screening phase, accordingly, enables platform for contracting on a sustainable basis. This means that the investment will surely bear fruit later. Thus, venture capitalists provide the capital and begin with creating new value, which they can extract benefits for themselves from. Consequently, the role of the venture capitalist is dual: careful selection of promising firms or projects and than close observation over time(Kaplan and Str mberg, 2001a; cited in Hellmann and Puri, 2002a). The latter constitutes the next phase of the process of venture capital financing accompanied with creating new value.Venture capital –“rich services package” and innovation stimulator Even though the main role of venture capital is feeding small, innovative and fast growing firms with fresh capital, many articles (Giudici and Paleari, 2000; Kortum and Lerner, 2000; Bottazzi and Rin, 2002; Hellmann and Puri, 2002a; S tre, 2003; Wilson, 2005) suggest that venture capital backed firms receive many other services from venture capitalist which are as much important for the entrepreneur, as the very capital infused is In their article, Giudici and Paleari (2000) argue that as the capital is introduced in the firm, venture capitalist gains power to dynamically impinge on the management process in the firm in many different ways. Vast literature recognizes the last as a process of adding new value to the venture capital backed company. Indeed, the process of pre-investment screening discussed above, aims to provide stabile platform for investing in a company where the venture capitalist is convinced that he can add value to (Reynolds, 2000).The mission of the venture capitalist is to raise the business and not just to get reward, because as the business is raised, the rewards will come automatically (Pandey et al, 2003). Instead of that, “riding” together with the entrepreneur is more crucial for being rewarded. Broadlyspeaking, raising a business means that venture capitalist provides complete oversight to the firm, in terms of provided services, help and guidance for the entrepreneur (Lerner, 1995). Indeed, venture capitalist introduces a package of services in the firm in order to enhance its performance and its value.One of the most important services for the venture capital backed firm is the expert advice that venture capitalist offers to the entrepreneur. Indeed, investor acts as entrepreneur’s mentor, because, investing in nearby located start-up firms, means that he has sufficient knowledge for the industry, and therefore he can be involved in designing strategies, hiring the best executives and enhancing the network of contracts with suppliers and costumers (Bottazzi and Rin, 2002; Hellmann and Puri, 2002a). According to Jungwirth and Moog (2004), this specific knowledge establishes basis for advanced assessment of the project: will it be successful or not and allows it “to be mo nitored at lower agency costs” (p.111).Moreover, value-add process facilitates the venture capitalist as a firm’s promoter and consultant (Repullo and Suarez, 1998), because of his richness of expertise, competencies, experience and reputation (S tre, 2003; Wilson, 2005). In the same line of thinking, Fried and Hirish (1995) also agree that venture capitalists create value by providing “networks, moral support, general business knowledge and discipline” (p.106).Kaplan and Strmberg (2001b) further broaden the areas where the investor could be contributable: “developing a business plan, assisting with acquisitions, facilitating strategic relationships with other companies, or designing employee compensation” (p.429). It can be inferred that, once the investor introduces its money in a business, he must devote much of his time in helping the business to succeed, structuring internal organization and appropriate human resources management (Hellmann and Puri, 2002b). In other words, venture capitalist’s help and adding-value are decanted in professionalization of the firm. Generally, it seems that firm’s professionalization is the major benefit from the venture capital financing.The “dark side” of the venture capital fundingOnce venture capitalists and entrepreneurs conclude the initial negotiations, and the former introduces his funds, joint efforts at this time will improve the company's performance and expected return. Both parties jointly develop and provide various types of knowledge and skills, “Allow each part to develop their comparative advantage” (Cable and Shane, 1997, p.143). In addition, confidence is crucial for entrepreneurs—risk capitalist relationships and compliance with certain levels of certainty and trust. These can increase the benefits of coexistence with each other, so that dedication is by no means for the implementation of opportunism (Shepherd and Zacharakis, 2001). This isnot surprising. For a time, a prisoner's dilemma emerged: Although both parties knew that common success required concessions from both sides, each side showed selfishness (Cable and Shane, 1997), and therefore conflicts of interest were created. Now. At that time or earlier, investors accelerated the process of monitoring the company. Now he not only provides value-added services, but also actively participates in the operation of the company (Lerner, 1995) in order to limit or eliminate potential opportunistic behaviors originating from entrepreneurs, forcing him to perform effectively.As a result, agency problems of ten occur. “Conflicts in this context may be that entrepreneurs may not know anything about venture capitalists, leading them to avoid or overinvest and generate agency costs” (Barry, 1994, p. 6). However, Admati and Pfleiderer (1994) describe venture capitalists well-informed, so it is very likely to avoid agency issues in such venture capital investments.Regardless of whether this is the case, balancing the transaction itself is the investment strategy that venture capitalists use most often. Stage financing is the most suitable monitoring and control device and acts as a buffer against entrepreneurial opportunistic behavior. Therefore, each time a new capital is introduced into the company, it is inevitable that the contract will be renewed (Giudici and Paleari, 2000). The re-agreement will summarize what has been done so far, as well as thebasis for further company operations. Instalment financing is generated after the re-agreement and achieves certain goals at this time (such as increasing interest rate and approaching additional market share); at this time, venture capitalists collect information, and if the company is wrong, they always have the right to choose. Abandoning the influence (Gompers, 1995; quoted from Bottazzi and Rin, 2002), these notes are the longest cited in the book, and why the ideal contract between venture capitalists and entrepreneurs should not be a liability (Bergemann and Hege, 1998 Quoted from Bottazzi and Rin, 2002). In order to trigger the effective behavior of entrepreneurs, fluctuating securities should be placed on the basis of such relations rather than liabilities (Repulo and Suarez, 1998). In addition, “a changeable …… contractual assignee risk capitalist has the right to obtain a pre-defined equal part, after which he decides to convert the liability into an equal part” (Lulfesmann, 2000, p. 3) when The latter often happens when the agreement and the new large stakes fill the company.Conflicts of interest often lead to another form, ie, the way the company's founder deals with it is the most controversial part of venture capital (Hellmann and Puri, 2002a). Although there are many possibilities, some entrepreneurs claim that venture capitalists are "notorious for removing founders from the CEO's position and bringing in foreigners" (Hellmann and Puri, 2002a, p. 21)" to venture capital investment. Thefamily counts these changes as a contribution to the corporatization of the company. Some books often point out that CEO turnover takes place after the crisis of mature companies, and that corresponding enhanced monitoring is necessary (Lerner, 1995). Hellmann and Puri (2002b) did a survey. The sample was 170 high-tech companies in Silicon V alley, USA. The survey found that if the company's venture capital financing is over, the foreign general manager will usually replace the founder. In addition, they also found that these companies can even quickly adapt to this change in leadership because, most importantly, the latter can make the company more professional.The above findings support Barry's (1994) perception in his article that venture capitalists actively discover and recruit new members of the management team and support the company in financing. In other words, they usually restructure management. In addition, investors tend to be in charge of the board of directors or in the position of the managers of the companies they invest in, as well as in order to better supervise and reduce agency problems (such as controlling the situation in the event of a crisis) (Lerner, 1995). In the end, Kaplan and Strömberg (2001b) found that venture capitalists “don’t plan to get too involved” even though there are many controls that are often used by venture capitalists to enhance their performance and minimize potential crises. P.429). All in all, although venture capital has its significant drawbacks, it is not too bad: itis only a control tool and it can be implemented better. However, considering the bad side, in any case, the role of venture capital in the financing of SMEs should not be underestimated. Try to avoid the potential conflicts between investors and entrepreneurs. In exchange for trust and trust, the roles of entrepreneurs and venture capitalists tend to be in the same direction. In order to maximize the benefits of the company, it is also for their own development.ConclusionSeveral conclusions could be extracted from the arguments supplied above. Firstly, deep pre-screening process should be performed before investing in small, start-up business because of the information asymmetries, which in turn are the main cause for adverse selection and moral hazard problems. Well performed initial scan ensures good investment. Seed capital provided than enables the firm’s set off.But what is more important for the purpose of this paper is the conclusion that “there is much more than just capital that flows from the investor to the organizations in which they invest” (Stre, 2003, p.85). Indeed, fresh capital inflow is accompanied with the process of value-adding which provides the company with monitoring, skills, expertise, help and, basically, reputation for attracting further finance. Consequently, the role of the venture capital in financing small business is tremendous. Even though findings in the last section show that venturecapital funding is related with strengthened control, potential conflict of interests and founder replacement from the top manager’s seat, venture capital remains crucial factor for spurring innovations, enhancing growth opportunities, especially for the small and medium-sized enterprises and therefore, creating new jobs. The latter are enough reasons for every national economy to take care for the venture capital financing as proven chance for the realization of smart ideas.中文译文风险投资对小型企业的作用作者：马佳恩·皮特斯基摘要对于那些难以获得更多传统融资来源的公司来说，风险投资是一个重要的选择，对于那些没有持续盈利证据的早期阶段的公司来说，风险资本是一个强有力的财务投入。

小微企业融资外文文献翻译小微企业融资外文文献翻译(文档含中英文对照即英文原文和中文翻译)原文：Micro Enterprise Finance in Uganda: Path Dependence and Other and Determinants of Financing DecisionsDr. Winifred Tarinyeba- KiryabwireAbstractAccess to finance literature in developing countries focuses onaccess to credit constraints of small and medium enterprises (SMEs) micro enterprises because they are considered the drivers of economic growth. However, in low income countries, micro enterprises play a much more significant role than SMEs because of their contribution to non-agricultural self-employment. The predominant use of informal credit rather than formal credit shows that the manner in which micro enterprises are formed and conduct their businesses favors the former over the latter. In addition, other factors such as lengthy credit application procedures, negative perceptions about credit application processes make informal credit more attractive. On the other hand specific factors such as business diversification, the need to acquire business inputs or assets than cannot be obtained using supplier credit are associated with a tendency to use formal credit.IntroductionIt well established that in markets where access to credit is constrained, it is the smaller businesses that have the most difficulty accessing credit. Various policy interventions have been made to improve access to credit including reforming the information and contractual frameworks, macro-economic performance, competitiveness in the financial system, and regulatory frameworks that enablefinancial institutions to develop products for SMEs such as leasing and factoring. Over the past ten years, policy makers in developing and low income countries have focused on microfinance as an intervention to bridge the access to credit gap and improve access to credit for those than cannot obtain credit from mainstream financial institutions such as commercial banks. However, despite, the use of what are often termed as “innovative lending” methods that are designed to ease access to credit, such as use of group lending and other collateral substitutes, micro enterprises continue to rely heavily on informal finance as opposed to formal credit. While other studies have focused broadly on factors that inhibit access to credit, this article seeks to throw some light on specific characteristics of micro enterprises that make them more inclined to use informal credit, as well as specific factors that are more associated with use of formal credit. The former are what I term as path dependence factors.The majority of micro enterprises operate as informally established sole proprietorships. This finding is consistent with the literature on micro enterprises, particularly the fact that they operate in the informal sector. However, nearly all of the enterprises had some form of trading license issued by the local government of the area in whichthey operate. The license identifies the owner of the business and its location, and is renewable every financial year. Most respondents did not understand the concept of business incorporation and thought that having a trading license meant that they were incorporated. Several factors can be attributed to the manner in which micro enterprises are established. First, proprietors generally understand neither the concept of incorporation nor the financial and legal implications of establishing a business as a legal entity separate from its owner. Second, the majority of micro enterprises start as spontaneous business or economic opportunities, rather than as well-thought out business ventures, particularly businesses that operate by the road side, or in other strategic areas, such as telephone booths that operate along busy streets. The owners are primarily concerned with the economic opportunity that the business presents rather than with the formalities of establishing the business. Third, rule of law issues also explain the manner in which businesses generally are established and financed. Although a mechanism exists for incorporating businesses in Uganda, the process and the legal and regulatory burdens, associated with formalizing a business, create costs that, in most cases, far outweigh the benefits or even the economic opportunity created by the business.Commenting on the role of law in determining the efficiency of the economic activities it regulates, Hernando De Soto argues that if laws impede or disrupt economic efficiency, they not only impose unnecessary costs of accessing and remaining in the formal system, but costs of operating informally as well. The former include the time and cost of registering a business, taxes and complying with bureaucratic procedures. On the other hand, the costs of informality include costs of avoiding penalties, evading taxes and labor laws and costs that result from absence of good laws such as not inadequate property rights protection, inability to use the contract system, and inefficiencies associated with extra contractual law.Businesses in Uganda are registered by the Registrar of Companies under the Company’s Act. The office of the Registrar of Companies is located in the capital city of Kampala and this imposes a burden on businesses that operate in other parts of the country that would wish to be registered. However, remoteness of the business registration office was not the primary inhibitor because the tendency not to register was as pronounced in businesses close to the registration office, as it was in those that were remotely placed. In addition, the following fees are required to incorporate a company: a name search andreservation fee of Ugshs. 25,000 ($12.50), stamp duty of 0.5% of the value of the share capital, memorandum and articles of association registration fee of Ugshs. 35,000 ($17.5), and a registration fee ranging from Ugshs. 50,000 to 4,000,000 ($25 to 2000).Legal systems characterized by low regulatory burden, shareholder and creditor rights protection, and efficient bankruptcy processes are associated with incorporated businesses and increased access to finance. On the other hand, inadequate legal protection is associated with limited business incorporation, low joint entrepreneurial activity, and higher financing obstacles. These impediments are what De Soto refers to as the mystery of legal failure. He argues that although nearly every developing and former communist nation has a formal property system, most citizens cannot gain access to it and their only alternative is to retreat with their assets into the extra legal sector where they can live and do business.译文乌干达小微企业融资路径依赖和融资的决定性因素Dr. Winifred Tarinyeba- Kiryabwire摘要通过查阅发展中国家的金融文献，我们往往可以发现由于中小企业是推动发展中国家经济增长的主要动力源，其金融问趣则主要侧重于中小企业的融资受限方面。

文献出处：Bedard J C, Hoitash R, et al. The development of the enterprise risk management theory [J]. Contemporary Accounting Research, 2014, 30(4): 64-95.原文The development of the enterprise risk management theoryBedard J C, Hoitash RAbstractEnterprise risk management as an important field of risk management disciplines, in more than 50 years of development process of the implementation of dispersing from multiple areas of research to the integration of comprehensive risk management framework evolution, the theory of risk management and internal audit and control theory are two major theoretical sources of risk management theory has experienced from the traditional risk management, financial volatility to the development of the enterprise risk management, risk management and internal audit and control theory went through the internal accounting control and internal control integrated framework to the evolution of enterprise risk management, the development of the theory of the above two points to the direction of the enterprise risk management, finally realizes the integration development, enterprise risk management theory to become an important part of enterprise management is indispensable.Keywords: enterprise risk management, internal audit the internal control1 The first theory source, evolution of the theory of risk management"Risk management" as a kind of operation and management idea, has a long history: thousands of years ago in the west have "don't put all eggs in one basket" the proverb, the ancient Chinese famous "product valley hunger" allusions and "yicang (" system," boat was "organization have a prototype of the modern risk managementthought, and points under escort ship transportation, yuen, is effective way to spread risk, transfer risk .In the modern sense of risk management thought appeared in the first half of the 20th century, such as fayol's safe production ideas, Marshall's "risk sharing management" point of view, etc.;But risk management as a discipline system development is started in the middle of the 20th century: in 1950, gallagher in the risk management: a new stage of cost control in the paper, puts forward the concept of risk management; Johnso (1952) mentioned the problems how to deal with risks and uncertainties in farm management, which involves early enterprise (farms) of risk management problem.The emergence of risk management as a discipline real Mehr and Hedges of the enterprise risk management (1963) and C.A.Williams and Richard m. Heins "risk management and insurance" (1964) published marked. Williams and Heins thinks, "risk management is based on the risk identification, measurement and control to the smallest cost risk caused by the loss to the lowest level of management methods", risk management is not just a technology, a method, a kind of management process, and is a new and scientific management.The development of the theory of risk management.1.1The first stage: the 70 s and 1950 sTheoretical tendency mainly is the pure risk prevention and management of enterprise (adverse risk);Take the main strategy of enterprise risk management is risk avoidance and risk transfer, insurance becomes the main risk management tools. Fire events of general motors and the United States steel industry the workers went on strike to enterprise's normal operation caused serious impact and losses, become an important opportunity to promote the development of enterprise risk management theory. This phase the first important area of risk management theory, is the risk management object definition and research. Since the 20th century, scholars have been the object of risk management divided into two major categories of pure risk and speculative risk, and the pure risks as the object of risk management and the target (Denenberg, 1966; Gahin, 1967).In fact, the risk can be divided into pure risk and speculative risk is a kind of method based on the responsibility, is targeted at loss, isnot aimed at risk, so it can be divided into pure risk and speculative risk, but not as good as it can be divided into pure loss and speculative loss, because it can reflect the true respect of the risk manager more loss problem.Is the second important areas, to the enterprise decision-making and of behavior, and insurance in response to the important role of enterprise risk and universality of the study. Greene (1955) orientation is insurance buyers of risk management. A paper published in 1955, the management review "to the risk of a kind of management method", think of insurance as the most important means of enterprise risk management should be attention by the enterprise management and the shareholders, think insurance is a business spending the most valuable part of all kinds of costs. Denenberg etc. (1966) also emphasizes the insurance at this stage the important role of risk management, points out the important responsibility of the risk manager is to determine the appropriate insurance policy for the enterprise and insurance products, that will be the risk manager's name changed to "insurance and risk managers". Snider (1956), McCahill, Jr. (1971) stressed that risk management in the enterprise organization structure not only has a certain status, report to top management work, and want to maintain good communication and coordination with the finance department.A third important area is, the risk management theory into the analysis framework of mainstream economics and management.On the one hand, by the wind management theory combined with the traditional enterprise theory, the risk management of the decision-making process and the integration of enterprise's overall ing the capital asset pricing model, the decision rule of enterprise in the optimal retention ratio, cumulative franchise policy selection and choice of reserves, etc., makes the risk management theory into the financial market;And the use of marginal analysis tool to determine the optimal strategy of risk management, then further forming marks in risk management theory, and become an important area of finance (Cummins, 1976)., on the other hand, William g. Scott complex type combined with risk management organization system, through to the enterprise basic system and branch offices neat, will be the overall goal and the risk of the enterprisemanager daily target organic unification, then to the appraisal of the branch to contribution to the enterprise overall risk identification and measurement, and consider the relationship between them and the relationship between the dynamic characteristics, so as to provide theoretical sources for the development of risk management (Close,1974).1.2The second stage, the late 1970 s to the end of the 20th centuryRisk management object is mainly the business and financial results of volatility, risk management tools on the basis of insurance also achieved great development, new derivatives and alternative risk transfer (ART) play an important role.In the 1970 s, the collapse of the bretton woods system of exchange rate volatility significantly increased, oil price rising sharply, the production cost of enterprise is difficult to control;After entering the 80 s, high inflation and interest rate volatility and number of money and credit crisis makes the enterprise the management face greater uncertainty.Tool of a large number of applications in convenient enterprise risk management at the same time, also because of its characteristics of leveraged to amplify the damage due to improper use strategy of so the use of derivatives and the management strategy becomes very important.Therefore, the enterprise risk management and derivatives trading, hedge strategy should pay close attention to the competitor (Froot etc., 1994).And (2001) study found that such as Cummins, although the measurement of the risk and the liquidity as well as the decision-making has a positive connection of the underwriter, but for those who use derivatives to hedge risk, the risk index was has negative relationship with the width and depth of the hedge.1.3The third stage, since the 21st centuryAfter entering the 21st century, with the speeding up of the global economic integration, companies, increasing the risk for the influence of various risks and potential consequences will magnify, together with the complexity of the financial derivatives trading and frequency are increased rapidly, to the continuous operation of the enterprise put forward the serious challenge, the enterprise must break through thetraditional pattern of risk management, from a more comprehensive, integrated view of risk analysis and management, as a result, the comprehensive risk management stage of the development of risk management.The emergence of comprehensive risk management and application of risk management for the enterprise provides new methods and tools, its application field is very broad, from enterprises, non-profit organizations to the government are gradually introduced the analysis framework.2 Second theory sourceInternal audit and the development of control theory in the process of the evolution of enterprise risk management theory, theory of the second source is the evolution and development of internal audit and control theory.From the literature in internal audit and control of the internal accounting control, internal control integrated framework, enterprise risk management process of the overall framework, including the COSO has played a leading role, in particular, it issued two symbolic file "enterprise internal control, the overall framework" and "enterprise risk management - integrated framework".The separation of corporate ownership and control is the ultimate cause of internal audit and the emergence of a control theory, and the expansion of enterprise scale and the structure of the branch in shortage problem caused by the lack of management and control is to encourage enterprises to strengthen internal audit and control of direct motivation.2.1Internal accounting controlInternal accounting control is the first stage in the development of internal control theory.Grady (1957) pointed out that the internal accounting control is a comprehensive coordination of the organization plan and business process system, used to prevent unexpected or wrong operation to bring the asset losses, examination management decision used in accuracy and objectivity of accounting data, promote operational efficiency and encourage compliance with established policies, etc.In practice, accounting and audit personnel played a dominant role in the internalaccounting control, audit became the earliest forms of internal control, therefore, the internal control is in deepening and audit activities based on the theory of audit.But with the increase of the enterprise management activity, pure audit already cannot satisfy the needs of the enterprises, the internal control arises at the historic moment, the audit has become a part of the internal control (Haun, 1955).The internal audit activity is one of the important conditions, implement control and management of enterprises is a key component part of the internal control, is the eye of the "supervision" top management.For the internal control evaluation, the audit is the most important tools and stakeholders;At the same time, the audit data for the evaluation of internal control provides conditions, through a review of the audit data, can be a preliminary judgment of enterprise internal control system and in need of improvement, which provide ideas for the perfection of the internal control (Garbade, 1944; Mautz etc., 1966; Smith, 1972).2.2 The internal control framework as a wholeIn 1992, the COSO issued "enterprise internal control, the overall framework, system construction of the enterprise internal control system for the first time. The COSO framework of internal control, is more based on the perspective of independent accountants and auditors, puts forward the concept of enterprise internal control, think the overall internal control framework is mainly composed of control environment, risk assessment, control activities, information and communication, supervision, the five elements, thus the concept of internal control to completely break through the limitation of the audit, the category of management control comprehensive development to the enterprise.COCO, Canada in 1995, the report put forward higher request to the external auditor for the enterprise internal control to join the external factors. International institute of internal auditors in 1996 published "concept and responsibility:" report, think that should be pay more attention to the contribution and role of internal audit in the organization. The risk management of card of German report, ham pell, as well as comprehensive criteria guide turn bull report is the most famous and arguably Britainthree milestones in the internal control research, especially in 1992, DE Burleigh report on internal control, the relationship between the quality of financial reporting and corporate governance as the prerequisite, attaches great importance to the significance of independent audit committee on the internal control.2.3 The enterprise risk management framework as a wholeIn 2004, the COSO committee report in 2004, on the basis of combining the requirements of the sarbanes - oakes act, formally issued "enterprise risk management - integrated framework". The analysis framework will be within the scope of the internal control in enterprise risk management, formed a broader meaning of the internal risk management framework. Therefore, the development of the theory of internal audit and control the final point to the enterprise comprehensive risk management. Reviews the development of internal audit and control, it can be seen that the theory of evolution has experienced the process of "plane, three-dimensional, three-dimensional" : in the stage of internal accounting control, control environment, control activities, and accounting system in the plane of the three elements constitute a control system;In the overall framework of internal control, the control environment, risk assessment, control activities, information and communication, monitoring, five elements, evolved into a three-dimensional control system;In the overall enterprise risk management framework stage, the internal environment, goal setting, item identification, risk assessment, risk response, control activities, information and communication, monitoring, eight elements, makes the enterprise risk management, a solid control system3The development of the enterprise risk management theoryAfter entering the 21st century, the academic study of enterprise risk management, mainly focus on the following: the connotation of enterprise risk management and the target, achieve the goal of enterprise risk management mechanism, the implementation of enterprise risk management motivation as well asthe factors of the enterprise risk management.3.1 the connotation of enterprise risk managementKent d. Miller (1992) the source of the uncertainty problem of enterprise internationalization operation and performance are analyzed, and puts forward the thinking of integrated risk management, for the first time in academia the concept of integrated risk management is studied in detail. Later, scholars gradually with the definition of enterprise risk management refers to those using the method of comprehensive, integrated processing enterprise faces the risk of problems. Skipper (1994), Lisa Meulbroek (2002), enterprise risk management involves not only the profit loss without possibility, also focus on the possibility of benefits and risks. The COSO committee (2004) published an authoritative definition of enterprise risk management.3.2 Enterprise risk management goalsFor the goal of enterprise risk management, the academia mainly has a single teleology and multiple teleology two factions. The single core view of skopos theory is that the goal of enterprise risk management is to maximize the value of the shareholders of a company. Neal Enriquez (2001) pointed out that the main purpose of the enterprise risk management is in order to save a lot of trivial claims costs, facilitate enterprise of risk control, raise the value of the company. Multiple teleology of argument is that the purpose of the enterprise risk management is to achieve multiple goals in the development of enterprises. James Lam (2003), detailing the purpose of overall corporate risk management, including lower earnings volatility, to maximize the value of the shareholders of a company, and to promote professional and financial security, etc.; The COSO committee (2004) proposed the strategic target and business objectives, reporting, and compliance goals four goals.3.3The mechanism of the enterprise risk management, improve enterprise valueThe mechanism of enterprise risk management, improve enterprise value ismainly done through three ways: (1) the optimization of enterprise capital allocation. Enterprise risk management framework of capital structure management, can improve the return on equity and improve the corporate governance structure, which affects the value of the enterprise (Peter Tufano, 1996).(2) improve enterprise strategic decision level. Enterprise risk management will be integrated into the overall strategy of the enterprise risk management, covering the entire process and the development of the enterprise business, can make enterprises seize the opportunity and enhance competition ability, thus improve the performance of the company. Enterprise risk management can reduce the cost of enterprise was in financial trouble, reduce the probability of bankruptcy, reduce the influence of traditional liabilities to the company value (NeilDoherty, 2005).(3) to strengthen the management of incentive, in turn, improve the level of performance. If it can be through effective risk management measures to control the fluctuation of stock price, makes the sensitivity of management compensation to company performance is positive, so that it can solve the agency problem in corporate governance, so as to make the management efficiency and to enhance the value of the company (Aggarwal, 1999).3.4 The enterprise risk management: an empirical study of relationship between the value of the companyEnterprise risk management on earth has much impact on the promotion of enterprise value, simple qualitative analysis is difficult to get the exact conclusion. To do this through a variety of academic empirical method to research: (1) the overall level of study from the enterprise, the enterprise risk management of the company, its universality of the increase of the value of the company has a large (Cyree etc., 2004; Hoyt, etc., 2008);(2) from the specific business level, using tobin Q as substitution variables of enterprise value, found that use derivatives to hedge risk, the enterprise value of a positive growth trend (Allayannis etc., 2001; Bartram, etc., 2004; Nain, 2004; Kim, 2004);Karen berger (2007), ABB company as an example to analyze the risk communication to establish credibility and maintain the significance of the value of the company.4Summary and outlookCan clearly see through the above analysis, the theory of risk management and internal audit and control theory of the cross and integrated, makes the enterprise risk management in a more integrated and comprehensive perspective and method to deal with the risks of enterprise developing, to ensure the healthy and sustainable development of the enterprise. But in 2007 the outbreak of the subprime crisis, to the enterprise risk management to improve and perfect puts forward a new proposition: how to implement effective risk management to respondA new challenge? Have the following questions need to be further studied and discussed:4.1. The COSO - application problems of enterprise risk management framework.At present the framework is the core of enterprise risk management standards, but more from the perspective of process management is the framework to deal with the risk of enterprise, to real-time risk management is not enough attention, especially not fully consider the enterprise's solvency problems, in fact, enterprise bankruptcy is often insufficient solvency direct consequences. Therefore, the enterprise is the lack of risk management: in the analysis of enterprise risk management framework, how to pay attention to the solvency of enterprises and set up effective feasible evaluation index.4.2. The use of financial derivatives and structured finance instruments.Subprime mortgage crisis, the AIG, citigroup and other large financial institutions are far as companies used as risk reserve capital will not be able to meet the needs of the huge amount of structured products trading, high leverage multiples bring unexpected losses. Therefore, how to correctly treat and deal with problem of structured finance instruments, is the enterprise risk management cannot be ignored.4.3. The problem of corporate social responsibility and reputation.As from the simple to the requirement of enterprise profit extends to socialresponsibility and reputation, brand, and other fields, enterprise risk management must also be followed by development and extension, to include external stakeholders requirements in enterprise risk management framework, in a more broad perspective to the comprehensive risk management. Therefore, how an enterprise bear the social responsibility through sustainable risk management, realize the harmony of economic interests and social interests, is the future of enterprise risk management an important problem to be reckoned with.译文企业风险管理理论的发展贝达德；霍塔什摘要企业风险管理作为风险管理学科的一个重要领域，在50 多年的发展过程中实现了从多个领域的分散研究向全面风险管理一体化框架的演进，其中风险管理理论和内部审计与控制理论是两大理论来源，风险管理理论经历了从传统风险管理、财务波动性风险管理向企业风险管理的发展，而内部审计与控制理论也经历了内部会计控制、内部控制整体框架向企业风险管理的演进，上述两大理论的发展都指向了企业风险管理的方向，企业风险管理理论最终实现了集成发展，成为企业管理不可或缺的重要组成部分。

外文文献翻译原文及译文文献出处: Sharifi, Omid. International Journal of Information, Business and Management 6.2 (May 2017): 82-94.原文Financial R isk M ana gement for Small and M edium SizedEnter pr ises(SM ES)Omid SharifiMBA, Depa rtment of Commerce and Business Ma nagement,Ka ka tiya University, House No. 2-1-664, Sa ra wa thi nega r,1．ABSTR AC Tmedium sized Enterprises (SME) do also face business risks, Similar to large companies, Small and Mwhich in worst case can cause financial distress and lead to bankruptcy. However, although SME are a major part of the India and also international - economy, research mainly focused on risk management in large corporations. Therefore the aim of this paper is to suggest a possible mean for the risk identification, analysis and monitoring, which can be applied by SME to manage their internal financial risks. For this purpose the financial analysis, which has been used in research to identify indicators for firm bankruptcy, was chosen.The data required for the study was collected from Annual report of the Intec Capital Limited. For the period of five years, from 2008 to 2012.the findings showed the data and the overview can be used in SME risk management.Keywor ds: Annual report, Small and Medium sized Enterprises, Financial Risks, Risk Management.2．INTR UDUC TIONSmall and medium sized enterprises (SME) differ from large corporations among other aspects first of all in their size. Their importance in the economy however is large . SME sector of India is considered as the backbone of economy contributing to 45% of the industrial output, 40% of India’s exports, employing 60 million people, create 1.3 million jobs every year and produce more than 8000 quality products for the Indian and international markets. With approximately 30 million SMEs in India, 12 million people expected to join the workforce in next 3 years and the sector growing at a rate of 8% per year, Government of India is taking different measures so as to increase their competitiveness in the international market. There are several factors that have contributed towards the growth of Indian SMEs.Few of these include; funding of SMEs by local and foreign investors, the new technology that is used in the market is assisting SMEsadd considerable value to their business, various trade directories and trade portals help facilitate trade between buyer and supplier and thus reducing the barrier to trade With this huge potential, backed up by strong government support; Indian SMEs continue to post their growth stories. Despite of this strong growth, there is huge potential amongst Indian SMEs that still remains untapped. Once this untapped potential becomes the source for growth of these units, there would be no stopping to India posting a GDP higher than that of US and China and becoming the world’s economic powerhouse.3. R ESEAR C H QUESTIONRisk and economic activity are inseparable. Every business decision and entrepreneurial act is connected with risk. This applies also to business of small and medium sized enterprises as they are also facing several and often the same risks as bigger companies. In a real businessenvironment with market imperfections they need to manage those risks in order to secure their business continuity and add additional value by avoiding or reducing transaction costs and cost of financial distress or bankruptcy. However, risk management is a challenge for most SME. In contrast to larger companies they often lack the necessary resources, with regard to manpower, databases and specialty of knowledge to perform a standardized and structured risk management. The result is that many smaller companies do not perform sufficient analysis to identify their risk. This aspect is exacerbated due to a lack in literature about methods for risk management in SME, as stated by Henschel: The two challenging aspects with regard to risk management in SME are therefore:1.SME differ from large corporations in many characteristics2.The existing research lacks a focus on risk management in SMEThe following research question will be central to this work:1.h ow can SME manage their internal financial risk?2.W hich aspects, based on their characteristics, have to be taken into account for this?3.W hich mean fulfils the requirements and can be applied to SME?4. L ITER ATUR E R EVIEWIn contrast to larger corporations, in SME one of the owners is often part of the management team. His intuition and experience are important for managing the company. Therefore, in small companies, the (owner-)manager is often responsible for many different tasks and important decisions. Most SME do not have the necessary resources to employ specialists on every position in the company. They focus on their core business and have generalists for the administrative functions. Behr and Guttler find that SME on average have equity ratios lower than 20%. The different characteristics of management, position on procurement and capital markets and the legal framework need to be taken into account when applying management instruments like risk management. Therefore the risk management techniques of larger corporations cannot easily be applied to SME. In practice it can therefore be observed that although SME are not facing less risks and uncertainties than large companies, their risk management differs from the practices in larger companies. The latter have the resources to employ a risk manager and a professional, structured and standardized risk management system. In contrast to that, risk management in SME differs in the degree of implementation and the techniques applied. Jonen & Simgen-Weber With regard to firm size and the use of risk management. Beyer, Hachmeister & Lampenius observe in a study from 2010 that increasing firm size among SME enhances the use of risk management. This observation matches with the opinion of nearly 10% of SME, which are of the opinion, that risk management is only reasonable in larger corporations. Beyer, Hachmeister & Lampenius find that most of the surveyed SME identify risks with help of statistics,checklists, creativity and scenario analyses. reveals similar findings and state that most companies rely on key figure systems for identifying and evaluating the urgency of business risks. That small firms face higher costs of hedging than larger corporations. This fact is reducing the benefits from hedging and therefore he advises to evaluate the usage of hedging for each firm individually. The lacking expertise to decide about hedges in SME is also identified by Eckbo, According to his findings, smaller companies often lack the understanding and management capacities needed to use those instruments.5.M ETHODOL OGYE OF FINANC IAL ANAL YSIS IN SM E R ISK M ANAGEM ENTHow financial analysis can be used in SME risk management?5.1.1 Development of financial r isk over view for SM EThe following sections show the development of the financial risk overview. After presenting the framework, the different ratios will be discussed to finally present a selection of suitable ratios and choose appropriate comparison data.5.1.2.Fr a mewor k for fina ncial r isk over viewThe idea is to use a set of ratios in an overview as the basis for the financial risk management.This provides even more information than the analysis of historicaldata and allows reacting fast on critical developments and managing the identified risks. However not only the internal data can be used for the risk management. In addition to that also the information available in the papers can be used.Some of them state average values for the defaulted or bankrupt companies one year prior bankruptcy -and few papers also for a longer time horizon. Those values can be used as a comparison value to evaluate the risk situation of the company. For this an appropriate set of ratios has to be chosen.The ratios, which will be included in the overview and analysis sheet, should fulfill two main requirements. First of all they should match the main financial risks of the company in order to deliver significant information and not miss an important risk factor. Secondly the ratios need to be relevant in two different ways. On the one hand they should be applicable independently of other ratios. This means that they also deliver useful information when not used in a regression, as it is applied in many of the papers. On the other hand to be appropriate to use them, the ratios need to show a different development for healthy companies than for those under financial distress. The difference between the values of the two groups should be large enough to see into which the observed company belongs.5.1.3.Eva lua tion of r a tios for fina ncia l r isk over v iewWhen choosing ratios from the different categories, it needs to be evaluated which ones are the most appropriate ones. For this some comparison values are needed in order to see whether the ratios show different values and developments for the two groups of companies. The most convenient source for the comparison values are the research papers as their values are based on large samples of annual reports and by providing average values outweigh outliers in the data. Altman shows a table with the values for 8 different ratios for the five years prior bankruptcy of which he uses 5, while Porporato & Sandin use 13 ratios in their model and Ohlson bases his evaluation on 9 figures and ratios [10]. Khong, Ong & Yap and Cerovac & Ivicic also show the difference in ratios between the two groups, however only directly before bankruptcy and not as a development over time [9]. Therefore this information is not as valuable as the others ([4][15]).In summary, the main internal financial risks in a SME should be covered by financial structure, liquidity and profitability ratios, which are the main categories of ratios applied in the research papers.Fina ncial str uctur eA ratio used in many of the papers is the total debt to total assets ratio, analyzing the financial structure of the company. Next to the papers of Altman, Ohlson and Porporato & Sandin also Khong, Ong & Yap and Cerovac & Ivicic show comparison values for this ratio. Thosedemonstrate a huge difference in size between the bankrupt and non-bankrupt groups.Figur e 1: Development of tota l debt/tota l a ssets r a tioData sour ce: Altman (1968), Por por a to & Sandin (2007) and Ohlson (1980), author ’s illustr a tionTherefore the information of total debt/total assets is more reliable and should rather be used for the overview. The other ratios analyzing the financial structure are only used in one of the papers and except for one the reference data only covers the last year before bankruptcy. Therefore a time trend cannot be detected and their relevance cannot be approved.C ost of debtThe costs of debt are another aspect of the financing risk. Porporato & Sandin use the variable interest payments/EB IT for measuring the debt costs. The variable shows how much of the income before tax and interest is spend to finance the debt. This variable also shows a clear trend when firms approach bankruptcy.L iquidityThe ratio used in all five papers to measure liquidity is the current ratio, showing the relation between current liabilities and current assets (with slight differences in the definition). Instead of the current ratio, a liquidity ratio setting the difference between current assets and current liabilities, also defined as working capital, into relation with total assets could be used.Figur e 2: Development of wor king capita l /total assets r a tioData sour ce: Altman (1968) and Ohlson (1980); author ’s illustr a t ioBasically the ratio says whether the firm would be able to pay back all its’current liabilities by using its’current assets. In case it is not able to, which is when the liabilities exceed the assets, there is an insolvency risk.6.C R ITIC AL R EVIEW AND C ONC L USIONWhen doing business, constantly decisions have to be made, whoseoutcome is not certain and thus connected with risk. In order to successfully cope with this uncertainty, corporate risk management is necessary in a business environment, which is influenced by market frictions. Different approaches and methods can be found for applying such a risk management. However, those mainly focus on large corporations, though they are the minority of all companies[13].Furthermore the approaches often require the use of statistical software and expert knowledge, which is most often not available in SME. They and their requirements for risk management have mainly been neglected [17][13].This also includes the internal financial risk management, which was in the focus of this paper. Due to the existing risks in SME and their differences to larger corporations as well as the lack of suitable risk management suggestions in theory, there is a need for a suggestion for a financial risk management in SME. The aim was to find a possible mean for the risk identification, analysis and monitoring, which can be applied by SME to manage their internal financial risks. For this purpose the financial analysis, which has been used in research to identify indicators for firm bankruptcy, was chosen. Based on an examination and analysis of different papers, despite of their different models, many similarities in the applied ratios could be identified. In general the papers focus on three categories of risk, namely liquidity, profitability and solvency, which are in accordance to the maininternal financial risks of SME. From the ratios the most appropriate ones with regard to their effectiveness in identifying risks.译文中小企业财务风险管理研究奥米德沙利菲1、摘要中小型企业( SME) 和大型企业一样，也面临着业务风险，在最糟糕的情况下，可能会导致金融危机，甚至破产。

企业并购财务风险控制外文文献翻译2014年译文3100字Enterprise mergers and ns involve us financial risks。

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Venture capitalVenture CapitalVenture Capital is the process by which investors fund early stage, more risk oriented business endeavors. A venture capital funding arrangement will typically entail relinquishing some level of ownership and control of the business. Offsetting the high risk the investor takes is the promise of high return on the investment. The investment is usually in the form of stock or an instrument which can be converted into stock at some future date. As the business matures, an initial public offering may take place, or the business merged or sold, or other sources of capital found. Any of these would occur with the intention of buying out the venture capitalists. Venture capitalists typically expect a 20-50% annual return on their investment at the time they are brought out. Venture capitalists typically invest in high growth companies with the potential to generate revenues of $20MM in any one company, but typical investments range from between $500,000 and $5MM. Management experience is a major consideration in evaluating financing prospects.History of private equity and venture capitalWith few exceptions, private equity in the first half of the 20th century was the domain of wealthy individuals and families. The Vanderbilt’s, Whitneys, Rockefellers and Warburgs were notable investors in private companies in the first half of the century. In 1938, Laurance S. Rockefeller helped finance the creation of both Eastern Air Lines and Douglas Aircraft and the Rockefeller family had vast holdings in a variety of companies.Early venture capitalOne of the first steps toward a professionally-managed venture capital industry was the passage of the Small Business Investment Act of 1958. The 1958 Act officially allowedthe U.S. Small Business Administration (SBA) to license private "Small Business Investment Companies" (SBICs) to help the financing and management of the small entrepreneurial businesses in the United States.During the 1960s and 1970s, venture capital firms focused their investment activity primarily on starting and expanding companies. As a result, venture capital came to be almost synonymous with technology finance.Stage of venture capital(1)Initial/SeedA relatively small amount of capital provided to an investor or entrepreneur, usually to prove a concept. It may involve product development, but rarely involves initial marketing.(2)First StageFinancing provided to companies that have expended their initial capital and require funds, often to initiate commercial manufacturing and sales.(3)Second StageFunds provided for the major growth of a company whose sales volume is increasing and that is beginning to break even or turn profitable. These funds are typically for plant expansion, marketing and working capital development of an improved product.(4)Third StageFunds provided for the major growth of a company whose sales volume is increasing and that is beginning to break even or turn profitable. These funds are typically for plant expansion, marketing and working capital development of an improved product.(5)Follow-on/Later StageA subsequent investment made by an investor who has made a previous investment in the company -- generally a later stage investment in comparison to the initial investment.Structure of the fundsMost venture capital funds have a fixed life of 10 years, with the possibility of a few years of extensions to allow for private companies still seeking liquidity. The investing cycle for most funds is generally three to five years, after which the focus is managing and making follow-on investments in an existing portfolio. This model was pioneered bysuccessful funds in Silicon Valley through the 1980s to invest in technological trends broadly but only during their period of ascendance, and to cut exposure to management and marketing risks of any individual firm or its product.In such a fund, the investors have a fixed commitment to the fund that is initially unfunded and subsequently "called down" by the venture capital fund over time as the fund makes its investments.It can take anywhere from a month or so to several years for venture capitalists to raise money from limited partners for their fund. At the time when all of the money has been raised, the fund is said to be closed and the 10 year lifetime begins. Some funds have partial closes when one half (or some other amount) of the fund has been raised. "Vintage year" generally refers to the year in which the fund was closed and may serve as a means to stratify VC funds for comparison. This free database of venture capital funds shows the difference between a venture capital fund management company and the venture capital funds managed by them.Geographical differences(V.C) Venture capital, as an industry, originated in the United States and American firms have traditionally been the largest participants in venture deals and the bulk of venture capital has been deployed in American companies. However, increasingly, non-US venture investment is growing and the number and size of non-US venture capitalists have been expanding.Venture capital has been used as a tool for economic development in a variety of developing regions. In many of these regions, with less developed financial sectors, venture capital plays a role in facilitating access to finance for small and medium enterprises (SMES), which in most cases would not qualify for receiving bank loans.In the year of 2008, while the Venture Capital fundings are still majorly dominated by U.S. (USD 28.8 B invested in 2008), compared to International fund investments (USD 13.4 B invested in everywhere else), there have been an average 5% growth in the Venture capital deals outside of the U.S- mainly in China, Europe and Israel. Geographical differences can be significant. For instance, in the U.K., 4% of British investment goes to venture capital, compared to about 33% in the U.S.(1)United StatesVenture capitalists invested some $6.6 billion in 797 deals in U.S. during the thirdquarter of 2006, according to the Money Tree Report by PricewaterhouseCoopers and the National Venture Capital Association based on data by Thomson Financial.A National Venture Capital Association survey found that a majority of venture capitalists predicted that venture investments in the U.S. would have leveled between $20–29 billion in 2007.(2)CanadaCanadian technology companies have attracted interest from the global venture capital community as a result, in part, of generous tax incentive through the Scientific Research and Experimental Development (SR&ED) investment tax credit program. The basic incentive available to any Canadian corporation performing R&D is a non-refundable tax credit that is equal to 20% of "qualifying" R&D expenditures. An enhanced 35% refundable tax credit of available to certain (i.e. small) Canadian-controlled private corporations (CCPCS). Because the CCPC rules require a minimum of 50% Canadian ownership in the company performing R&D, foreign investors who would like to benefit from the larger 35% tax credit must accept minority position in the company - which might not be desirable. The SR&ED program does not restrict the export of any technology or intellectual property that may have been developed with the benefit of SR&ED tax incentives.Canada also has a fairly unique form of venture capital generation in its Labour Sponsored Venture Capital Corporations (LSVCC). These funds, also known as Retail Venture Capital or Labor Sponsored Investment Funds (LSIF), are generally sponsored by labor unions and offer tax breaks from government to encourage retail investors to purchase the funds. Generally, these Retail Venture Capital funds only invest in companies where the majority of employees are in Canada. However, innovative structures have been developed to permit LSVCCS to direct in Canadian subsidiaries of corporations incorporated in jurisdictions outside of Canada.(3)EuropeEurope has a large and growing number of active venture firms. Capital raised in the region in 2005, including buy-out funds, exceeded €60bn, of which €12.6bn was specifically for venture investment. The European Venture Capital Association includes a list of active firms and other statistics. In 2006 the top three countries receiving the most venture capital investments were the United Kingdom, France, and Germany according to data gathered by Library House.European venture capital investment in the second quarter of 2007 rose 5% to 1.14 billion Euros from the first quarter. However, due to bigger sized deals in early stage investments, the number of deals was down 20% to 213. The second quarter venture capital investment results were significant in terms of early-round investment, where as much as 600 million Euros were invested in 126 early round deals. Private equity in Italy was 4.2 billion Euros in 2007.(4)China(a)Analysis by Deal Number & Investment AmountChina’s venture capital market maintained a stable development in Q3 2008, witnessing an increase in deal number and investment amount quarter on quarter while a decrement is observed year on year. The total number of deals closed was 86 increasing by 4.9% quarter on quarter but decreasing by 21.1% year on year. Total investment amount stood at US$1.026 Billion, increasing by 51.8% quarter on quarter while decreasing by 6.8% year on year. Amid global capital market turmoil, some financial service giants had filed for bankruptcy. Meanwhile, China’s domestic economy had to be regulated. Under such circumstances, investment firms are becoming more prudent about their investments.(b).Analysis by Single Investment AmountThe average deal size in China’s VC market increased, reaching US$11.94 Million, and representing a 44.7% increase month on month and an 18.1% increase year on year.Out of the 86 deals disclosed, 23 deals were worth between US$5 Million and US$10 Million was 23, accounting for 26.7%. 9 deals were closed with investment between US$10-20 Million, representing 10.5%. The single investment amount of another 9 deals was between US$30 Million and US$50 Million, representing another 10.5%. 8 deals experienced single investment amount of US$20-30 Million, making up 9.3% Investors will focus mainly on early stage projects as pre-IPO projects were impacted by the sluggish secondary market. China Venture forecasts average deal size would be more likely to decrease in the future.(c).Investment Hotspot86 deals were secured in 15 sectors in Q3 2008. Internet, IT Services, Medical and Healthcare sectors formed the key investment sectors.20 Internet deals secured US$267 Million, representing a 4.8% decrease in deal number while a 10.5% increase in investment amount is observed quarter on quarter. The IT Services sector had a positive month with US$98.97 Million piping into 8 deals,representing a 34.5% increase in investment amount.Government plays a role in venture capitalThe guiding role of the government in financing influences the utility of the venture capital supplier, thus brings about changes in the capital supply in venture investment market. Therefore, the law of such economic influences can be studied by establishing a micro-economic analytical model which includes the guiding activities of the government in financing. Usually, the guiding activities of the government in financing can be presented as a specific financial product in financial economics, which can be designed and priced using the theories and methods in financial engineering, thus the feasibility and the scientific of the guiding role of the government in venture capital finance can be improved. (From: Wikipedia)风险投资一、风险投资内涵是指投资者以风险资本的形式对尚在发展初期，具有潜在风险的企业进行投资的过程。