資本市場(chǎng)法律和首次公開發(fā)行對(duì)風(fēng)險(xiǎn)投資的影響外文翻譯

1、<p>　　中文3240字,1900單詞，10500英文字符</p><p>　　出處：Wonglimpiyarat J. The influence of capital market laws and initial public offering (IPO) process on venture capital[J]. European Journal of Operational Researc

2、h, 2009, 192(1):293-301.</p><p><b>　　文獻(xiàn)</b></p><p>　　The influence of capital market laws and initial public offering (IPO) process on venture capital</p><p>　　Jarunee W

3、onglimpiyarat</p><p>　　The National Science and Technology Development Agency, Ministry of Science and Technology, 111 Thailand Science Park, Paholyothin Road, Klong 1, Klong Luang, Pathumthani 12120, Thaila

4、nd</p><p><b>　　Abstract</b></p><p>　　This paper is concerned with the influence of capital market laws and initial public offering (IPO) process on venture capital. It discusses the

5、impact of US federal state laws and Securities and Exchange Commission (SEC) regulations to the venture capital markets, arguing if the rules and regulatories are burdensome to entrepreneurs and new-growth businesses. Th

6、e impact of Sarbanes-Oxley Act and the future Investment Act on venture capital funds and entrepreneurial companies going public are al</p><p>　　Keywords: capital market；Securities；entrepreneurship; regulate

7、d industries;law</p><p>　　1.1. The relation of venture capital funding and the capital market</p><p>　　Venture capital (VC) is a high-risk, potentially high-return investment to support busines

8、s creation and growth. It is a source of funds that typically finance new and rapidly growing companies through equity participation (Bygrave and Timmons, 1992 W.D. Bygrave and J.A. Timmons, Venture Capital at the Crossr

9、oads, Harvard Business School Press, Boston, MA (1992).[Bygrave and Timmons, 1992] and [Gompers and Lerner, 2001]). In other words, VC is pre-IPO equity capital provided by professional inve</p><p>　　Given t

10、hat innovations often follow a life cycle, Fig. 1 shows the funding requirement linked to the stages of the innovation process in the life cycle. At the seed, start-up and early stages, the entrepreneurial firms are gene

11、rally funded by families and venture capitalists. Some venture capitalists focus on later-stage investment to help the companies grow to a critical mass to attract public financing through a stock offering. Through these

12、 investments, investors generally acquire an equity a</p><p>　　One of the key factors cited in the success of venture capital markets in the US has been the presence of a viable exit method (Black and Gilson

13、, 1998). The development of capital markets e.g. NASDAQ, Regional Stock Markets, New York Stock Exchange (NYSE), American Stock Exchange (AMEX) plays an important role in the success of venture capital markets in the US,

14、 given that initial public offerings (IPOs) offer a quick exit for the investor. The study of factors determining the growth and develop</p><p>　　Initial public offerings (IPOs) are seen by investors as the

15、best exit mechanism to obtain a return. According to the conventional financial theory, the return required by a rational investor is influenced by the risk of the investment project and the return on less risky investme

16、nt alternatives. IPO seems to be the most attractive option to liquidate an investment as valuations can be highest in a liquid stock market. However, the market for venture capital investments is far from perfect marke&

17、lt;/p><p>　　Fig. 2. Analysis of risk and return for the venture capitalists.</p><p>　　The venture capital firms generally manage several pools of funds and invest in a broad range of industrie

18、s. The means to make a profitable exit is to register with SEC so that the venture capitalists can sell all their holding shares in the capital market. For the VC-backed companies going public, they have to comply with t

19、he federal laws and the laws of the state in which the securities are to be offered and sold. </p><p>　　1.2. Laws and regulations concerning the venture capital fund</p><p>　　The venture capital

20、 markets are influenced by a country’s legal and institutional structure. Legal and regulatory variables affect VC investment in terms of supply and demand of venture capital finance ([Cumming et al., 2005], [Kanniainen

21、and Keuschnigg, 2003a], [Kanniainen and Keuschnigg, 2003b], [Keuschnigg, 2002], [Keuschnigg, 2003], [Keuschnigg and Nielsen, 2001], [Keuschnigg and Nielsen, 2003], [Keuschnigg and Nielsen, 2004] and [Armour, 2003]). The

22、role of the US Government in the developm</p><p>　　In the US, the stock exchanges are registered with and regulated by the SEC. The SEC is a regulatory agency created by the Congress in 1934. The role of SEC

23、 is to ensure that the investment companies, public companies and other participants in the securities markets comply with federal securities laws. According to the study by Gompers and Lerner (1995), over 80% of venture

24、 capital funds are organised as limited partnerships. Venture capitalists tend to liquidate their investments within 7–10 ye</p><p>　　There is a close relationship between IPO and venture capital since IPO i

25、s an exit for entrepreneurial ventures and investors. When a VC-backed company decides to issue securities to the public, the company will offer the securities through an IPO. In the US, small entrepreneurial companies o

26、ften seek a public market for their stock on the NASDAQ stock market ([Bannock, 1994], [Black and Gilson, 1998] and [Tykvová and Walz, 2007]).</p><p>　　By bringing companies public, the venture capitali

27、sts could establish a reputation and raise capital for new funds ([Gompers, 1996] and [Gompers and Lerner, 1999]). However, they also face the regulatory pressures as financial regulators become more involved in the effi

28、ciency of the securities industry. In order to sell securities in the capital market, they must register the securities offering with applicable authorities, or an exemption from registration must be found. Although IPOs

29、 represent</p><p>　　2 Venture capital industry and SEC’s role in regulating the capital market</p><p>　　In the venture capital industry, the entrepreneur is the owner of the VC share. Venture ca

30、pitalists liquidate their portfolio company investments by bringing venture-backed companies to public. Fig. 5 presents the model of venture capital financing describing the process from fund raising to investment exits.

31、 The model also describes the linkages of venture capital market to the financial/capital markets and the related capital market laws.</p><p>　　For the young companies entering the over-the-counter (OTC) mar

32、ket, the investments in their stocks involve risk. Many microcap companies4 are new and have no proven track record. Some of them have no assets or operations. As microcap stocks trade in low volumes, any size of trade c

33、an have a large percentage impact on the price of the stock. These risks have caught the attention of SEC to enforce regulatory compliance on the securities market. The young companies who later enter the market do no<

34、;/p><p>　　Currently, the laws and regulations pose impairment to small issuers seeking capital. In the future, it would seem that the SEC would produce further legislative initiatives on top of this to protect

35、investors. From the venture capitalists’ perspective, they try to understand that the regulations are financial watchdogs to help mitigate problems in microcap frauds. However, they argue that the regulatory focus should

36、 be on ‘sales’ (not ‘offers’). In their view, venture capital is an important in</p><p>　　3. Policy implications and conclusions</p><p>　　Given that the stock market is essential for the venture

37、 capitalists to exit through an initial public offering (IPO), this study explores the influence of capital market laws and IPO process on venture capital. The analysis suggests that the government should take action to

38、improve the environment for small business capital formation, consistent with other public policy goals since entrepreneurial businesses are important to the economy. Policymakers wishing to develop venture capital marke

39、t sh</p><p><b>　　文獻(xiàn)翻譯</b></p><p>　　資本市場(chǎng)法律和首次公開發(fā)行對(duì)風(fēng)險(xiǎn)投資的影響</p><p>　　摘要：本文關(guān)注的是資本市場(chǎng)的法律和首次公開發(fā)行（IPO）對(duì)風(fēng)險(xiǎn)投資過程的影響。本文討論了美國(guó)聯(lián)邦和州法律以及美國(guó)證券交易委員會(huì)（SEC）等方面的法規(guī)對(duì)在風(fēng)險(xiǎn)資本市場(chǎng)的影響，他們被認(rèn)為是經(jīng)濟(jì)增長(zhǎng)和企業(yè)家的負(fù)擔(dān)

40、。對(duì)Sarbanes-Oxley法律和未來(lái)的投資法案以及創(chuàng)業(yè)企業(yè)家首次公開發(fā)行的退出渠道也會(huì)討論到。本文描述了風(fēng)險(xiǎn)投資過程從融資到退出的整個(gè)過程。本文闡述了風(fēng)險(xiǎn)資本市場(chǎng)和金融市場(chǎng)、資本市場(chǎng)，以及與資本市場(chǎng)法律的關(guān)系。美國(guó)證券交易委員會(huì)的法規(guī)對(duì)風(fēng)險(xiǎn)投資的發(fā)展具有重要的意義。</p><p>　　關(guān)鍵字：資本市場(chǎng)、證劵、企業(yè)家精神、法制監(jiān)管的企業(yè)、法律</p><p>　　1.1創(chuàng)業(yè)投資資金和

41、資本市場(chǎng)的關(guān)系</p><p>　　Bygrave 和 Timmons（1992），Gompers 和Lerner（2001）提到風(fēng)險(xiǎn)投資（VC）是一種支持高興技術(shù)企業(yè)的發(fā)展，高風(fēng)險(xiǎn)，具有潛在高回報(bào)的投資，通過股權(quán)的參與為高新技術(shù)企業(yè)提供資金。換句話說，VC是上市前的資本由專業(yè)投資者提供的。Megginson （2002）定義了現(xiàn)代意義的風(fēng)險(xiǎn)投資，是一個(gè)專業(yè)管理的資金池通過明智的退出戰(zhàn)略而參與的股權(quán)投資。風(fēng)險(xiǎn)投資

42、市場(chǎng)對(duì)政策制定者具有非常大的吸引力，因?yàn)檫@種類型的投資能夠?yàn)榫哂懈咴鲩L(zhǎng)潛力的高科技企業(yè)提供資金，有利于吸引投資者參與到當(dāng)?shù)氐慕?jīng)濟(jì)發(fā)展當(dāng)中。</p><p>　　由于創(chuàng)新往往遵循一個(gè)生命周期，本文顯示了資金需求與生命周期的創(chuàng)新過程的各個(gè)階段相掛鉤。在種子，啟動(dòng)和初期階段，創(chuàng)業(yè)型企業(yè)的資金一般由家庭和風(fēng)險(xiǎn)資本家所支持。一些風(fēng)險(xiǎn)投資家關(guān)注于后期的投資以幫助企業(yè)在股票市場(chǎng)公開發(fā)行時(shí)吸引更多的投資者，這時(shí)這些風(fēng)險(xiǎn)投資家發(fā)揮

43、了關(guān)鍵的作用。通過這個(gè)投資過程，一般來(lái)說，投資者將會(huì)擁有股權(quán)，可以將股權(quán)轉(zhuǎn)化成投資者對(duì)目標(biāo)企業(yè)的股權(quán)。</p><p>　　Black and Gilson,（1998）說到在美國(guó)風(fēng)險(xiǎn)投資最成功的原因是因?yàn)橛锌尚械耐顺鰴C(jī)制。資本市場(chǎng)的發(fā)展，例如納斯達(dá)克，區(qū)域股市，紐約證券交易所（NYSE），美國(guó)證券交易所（AMEX）他們都在美國(guó)風(fēng)險(xiǎn)投資成功中扮演著重要的角色。鑒于首次公開發(fā)行（上市）為投資者提供了一個(gè)快速退出，J

44、eng and Wells （2000）研究了一些影響風(fēng)險(xiǎn)投資發(fā)展的決定因素。對(duì)來(lái)自21個(gè)國(guó)家的統(tǒng)計(jì)數(shù)據(jù)，得出結(jié)論認(rèn)為，風(fēng)險(xiǎn)資本市場(chǎng)規(guī)模和增長(zhǎng)是由一個(gè)國(guó)家的股市流動(dòng)性的影響。在風(fēng)險(xiǎn)投資行業(yè)，在公開發(fā)行的公司中，公司的公開發(fā)行上市是風(fēng)險(xiǎn)投資資金支持成功的一種信號(hào)，Gompers（1998）, Gompers 和 Lerner（1998）， Gompers 和Lerner （1999）, Gompers 和 Lerner（2001）, Bl

45、ack 和 Gilson（1998）, Jeng 和 Wells, （2000）, Lerner（1999）, Lerner（2002）, Barnesetal（2003） 和 Hellmann（2000）提到。</p><p>　　首次公開發(fā)行被投資者認(rèn)為是能夠得到回報(bào)的最好的退出方式，根據(jù)傳統(tǒng)的金融理論，一個(gè)理性的投資者所要求的回報(bào)是受風(fēng)險(xiǎn)投資項(xiàng)目的風(fēng)險(xiǎn)和風(fēng)險(xiǎn)較少所得到的回報(bào)這兩者的影響的。IPO是最具有吸引

46、力的選擇，在股票市場(chǎng)里，因?yàn)樗粌H流動(dòng)性高，而且價(jià)值相對(duì)于流動(dòng)想也是最高的。Brealeya和 Myers, （1996）, Wright 和 Robbie（1998）， Black 和 Gilson（1998）提出大多數(shù)的風(fēng)險(xiǎn)投資家和投資者都是風(fēng)險(xiǎn)規(guī)避者，如果他們不能從投資中得到錢的話，寧愿把錢投進(jìn)更有利可圖的行業(yè)。表2顯示了兩個(gè)向上傾斜的無(wú)差異曲線，以反映σ- E的（R）的兩個(gè)不同的創(chuàng)業(yè)資本家風(fēng)險(xiǎn)規(guī)避偏好。在相關(guān)投資組合理論中，風(fēng)險(xiǎn)

47、σ，并收益E(r)，和無(wú)差異曲線一起，給出了風(fēng)險(xiǎn)資本家的滿意的水平。([Makens, 2004] and [Bodie et al., 2005]提出由于投資新的創(chuàng)業(yè)企業(yè)是有風(fēng)險(xiǎn)的的，風(fēng)險(xiǎn)資本家會(huì)要求風(fēng)險(xiǎn)溢價(jià)作為投資回報(bào)，然而，高的回報(bào)率與經(jīng)常與小發(fā)行優(yōu)勢(shì)的增長(zhǎng)潛力是不相協(xié)調(diào)的。</p><p>　　風(fēng)險(xiǎn)投資基金管理公司一般能夠籌集到多個(gè)資金池，投資于眾多行業(yè)。這就意味著有一個(gè)有利可圖的，在美國(guó)證券交易委員會(huì)登

48、記過的退出方式，以便能使風(fēng)險(xiǎn)資本家在資本市場(chǎng)賣出所持股份。VC所支持的公司上市，他們必須遵守聯(lián)邦法律和所在國(guó)的證券發(fā)行和承銷的法律。此外，他們必須滿足特定的信息披露和報(bào)告要求。</p><p>　　1.2 關(guān)于創(chuàng)業(yè)投資的法律法規(guī)</p><p>　　Cummingetal.（2005） , Kanniainen 和 Keuschnigg（2003）, Keuschnigg, （2002）,

49、 Keuschnigg（2003）, Keuschnigg 和 Nielsen(2001), Keuschnigg 和 Nielsen(2003), Keuschnigg 和 Nielsen（2004） 及 Armour（2003)講到風(fēng)險(xiǎn)資本市場(chǎng)是受到一個(gè)國(guó)家的法律和體制結(jié)構(gòu)的影響。法律和監(jiān)管變量影響VC的供應(yīng)方面和風(fēng)險(xiǎn)資本的金融投資需求。美國(guó)政府在發(fā)展風(fēng)險(xiǎn)投資方面所扮演的角色我們可以清楚地看到。例如，小企業(yè)投資公司（SBICs）于1

50、958年立法，以鼓勵(lì)小企業(yè)投資。1978年的稅收法案和1981年經(jīng)濟(jì)恢復(fù)稅收法案，降低資本收益稅率，以鼓勵(lì)風(fēng)險(xiǎn)資本投資。Bygrave 和 Timmons（1992），Gompers 和 Lerner（1998）和 Lerner（1999）提到1974年的雇員退休收入保障法案（ERISA的），允許養(yǎng)老基金投資于私募基金。</p><p>　　在美國(guó)，股權(quán)交易由證券交易所登記，并經(jīng)美國(guó)證券交易委員會(huì)監(jiān)管。美國(guó)證券交

51、易委員會(huì)一個(gè)是由國(guó)會(huì)在1934年創(chuàng)建的監(jiān)管機(jī)構(gòu)。對(duì)美國(guó)證券交易委員會(huì)的作用是確保投資公司，上市公司和證券市場(chǎng)的其他參與者遵守聯(lián)邦證券法。根據(jù)Gompers 和 Lerner (1995)，超過80％的風(fēng)險(xiǎn)資本基金以有限合伙制的形式而存在的。風(fēng)險(xiǎn)資本家往往在7-10年的投資退出一輪風(fēng)險(xiǎn)投資。Sahlman（1990）和 James(1994)提到雖然IPO被認(rèn)為是最具吸引力的退出方式，但是對(duì)他們的股票的投資是相當(dāng)危險(xiǎn)的。這是因?yàn)閯?chuàng)業(yè)企業(yè)對(duì)

52、他們的行為沒有建立起記錄以供投資者參考。他們的股票往往是（低市值）低量交易，弱于市場(chǎng)，從而增加了投資組合的風(fēng)險(xiǎn)。美國(guó)證券交易委員會(huì)加強(qiáng)法制監(jiān)管，以保護(hù)在證劵市場(chǎng)的公眾投資者。這些公司在股市的交易都必須根據(jù)1933年證券法和1934證券交易法登記。他們必須登記各種各樣的信息，包括政府機(jī)構(gòu)法律文件，財(cái)務(wù)數(shù)據(jù)和信息。自從IPO成為投資者和企業(yè)選擇的一個(gè)退出方式以來(lái)，IPO和風(fēng)險(xiǎn)投資之間就有一個(gè)緊密的聯(lián)系。Bannock（1994）, Blac

53、k 和 Gilson（1998） 以及 Tykv</p><p>　　Gompers（1996） 和Gompers 和 Lerner（1999）提到通過公開上市，風(fēng)險(xiǎn)資本家可以建立聲譽(yù)，并籌得資金。不過，他們也面臨著金融監(jiān)管機(jī)構(gòu)在涉及證劵效率方面的監(jiān)管壓力。為了在資本市場(chǎng)出售他們的證劵，他們必須在相關(guān)部門登記，豁免登記是能夠被發(fā)現(xiàn)的，盡管首次公開發(fā)行對(duì)投資者獲得回報(bào)是最好的退出方式，但是通過它退出的成本也是挺高的

54、。急于上市的公司將會(huì)提高發(fā)行人的成本。</p><p>　　2.風(fēng)險(xiǎn)投資行業(yè)和美國(guó)證劵交易法對(duì)資本市場(chǎng)的管制</p><p>　　在風(fēng)險(xiǎn)投資行業(yè)，企業(yè)家是風(fēng)投權(quán)益的擁有者，風(fēng)險(xiǎn)投資家通過把風(fēng)險(xiǎn)投資支持的公司的權(quán)益轉(zhuǎn)讓給公眾來(lái)撤銷他們的投資組合。圖5介紹了風(fēng)險(xiǎn)資本融資模式的過程描述，從資金籌措到投資退出。該模型還介紹了風(fēng)險(xiǎn)資本市場(chǎng)和金融市場(chǎng)、資本市場(chǎng)，以及與資本市場(chǎng)法律的關(guān)系。</p&

55、gt;<p>　　因?yàn)橐恍┬碌墓具M(jìn)入場(chǎng)外交易市場(chǎng)，股票投資涉及到風(fēng)險(xiǎn)，一些新的小公司也沒有良好的記錄。他們中的一些沒有資產(chǎn)和完善的機(jī)制，因?yàn)樗麄兊墓善苯灰琢亢苄。灰桩?dāng)中任何變化都會(huì)對(duì)他們的股價(jià)產(chǎn)生巨大的影響。這些風(fēng)險(xiǎn)引起了證劵交易協(xié)會(huì)的重視，實(shí)施法律來(lái)監(jiān)管證劵市場(chǎng)。然而這些后進(jìn)入市場(chǎng)的新公司，他們不喜歡因?yàn)榉煞ㄒ?guī)監(jiān)管而給他們帶來(lái)的成本的提高。發(fā)行人往往缺乏專業(yè)知識(shí)和經(jīng)驗(yàn)來(lái)應(yīng)對(duì)1933年的證券法和1934年證券交易法。

56、上述提到的問題影響到風(fēng)險(xiǎn)資本投資水平，抑制創(chuàng)新，影響了國(guó)家生產(chǎn)力?，F(xiàn)在，法律法規(guī)損害了一些尋求資本的缺乏經(jīng)驗(yàn)的新發(fā)行人的利益。在將來(lái)，證劵交易協(xié)會(huì)將會(huì)頒布一些新的法律來(lái)保護(hù)投資者的利益。從風(fēng)險(xiǎn)投資家的角度，這些金融市場(chǎng)的法律法規(guī)是幫助他們減輕一些小的詐騙問題。然而，他們認(rèn)為監(jiān)管重點(diǎn)應(yīng)放在出售而不是籌資上。他們認(rèn)為風(fēng)險(xiǎn)投資是資本市場(chǎng)最重要的中介。首次公開發(fā)行和上市過程是風(fēng)險(xiǎn)投資和再投資成功的核心。因此，他們寧愿看到美國(guó)證券交易委員會(huì)沒有對(duì)

57、小企業(yè)的資本合規(guī)化和競(jìng)爭(zhēng)作出新的規(guī)定，而導(dǎo)致加重這些小企業(yè)的負(fù)擔(dān)。</p><p><b>　　3.政策影響和結(jié)論</b></p><p>　　假如風(fēng)險(xiǎn)投資家通過首次公開發(fā)行來(lái)退出，那么股票市場(chǎng)是非常重要的。這個(gè)研究表明了資本市場(chǎng)法律和首次公開發(fā)行對(duì)風(fēng)險(xiǎn)投資的影響，這個(gè)分析也表明政府應(yīng)該為針對(duì)小企業(yè)的資本市場(chǎng)規(guī)范化創(chuàng)造良好的環(huán)境。并和其他公共政策目標(biāo)一致，一起來(lái)發(fā)展風(fēng)