英语翻译First,the model predicts that the level of experience should be a major determinant of the syndication decision.In particular,standalone investments should be performed by highly experiencedventure capitalists.Two effects combine to susta

英语翻译First,the model predicts that the level of experience should be a major determinant of the syndication decision.In particular,standalone investments should be performed by highly experiencedventure capitalists.Two effects combine to susta
英语翻译
First,the model predicts that the level of experience should be a major determinant of the syndication decision.In particular,standalone investments should be performed by highly experienced
venture capitalists.Two effects combine to sustain this result:first,as was already recognized in the literature,more experienced venture capitalists generate better signals (see
Lerner,1994).Second,syndication is more costly the higher the level of experience of venture capitalists:because they have more accurate appraisals,experienced venture capitalists have
more to lose when disclosing a deal.This prediction is supported by the observations of Hopp and Rieder (2006) that more experienced German venture capitalists syndicate much less than inexperienced ones.Also,a natural consequence of this result is that more syndication should arise in countries where the venture capital industry is young and rather inexperienced.5 A second prediction of the model is that the uncertainty of the portfolio firm,or of the industry in which venture capitalists invest,should also call for more syndication.This is consistent with the analyses of Bygrave (1987),and Chiplin et al.(1997),who document that syndication is positively related to the level of uncertainty,and of Brander et al.(2002) who measure that standalone investments have less variability than syndicated ones.Another implication of this result is that
more drastic innovations should induce more syndication:Hopp and Rieder (2006) do find that syndication is less frequent for more mature industries.Whether this result holds at the firm
level is still an empirical issue.To test more precisely the predictions of our model,one could identify the product-market strategies of the portfolio firms,and define different degrees of innovativeness,in the spirit of Hellmann and Puri (2002).Third,our model relates the syndication decision to the involvement of venture capitalists.The predictions are twofold:first,because inexperienced venture capitalists syndicate more,and because the expected returns are not very high,they do not exert enough effort.Second,experienced venture capitalists who invest alone provide more,but sometimes too much,effort.

英语翻译First,the model predicts that the level of experience should be a major determinant of the syndication decision.In particular,standalone investments should be performed by highly experiencedventure capitalists.Two effects combine to susta
首先,模型预言经验的水平应该是企业联合组织化决定的一个主要定列式. 特别是,应该由高度老练执行独立投资
venture资本家. 承受这个结果的二个作用组合： 首先,在文学已经被认出了,有经验的冒险资本家引起更好的信号(参见
Lerner 1994). 其次,企业联合组织化是更加昂贵的高冒险资本家的经验的水平： 因为他们有更加准确的评估,老练的冒险资本家有 丢失的more,当透露成交时. 这个预言由更体验德国冒险资本家企业联合组织较不比无经验那些Hopp和Rieder的观察支持(2006). 并且,这个结果的一种自然后果是更多企业联合组织化应该在冒险资本产业是年轻的国家出现,并且宁可模型的inexperienced.5 A第二预言是股份单企业的不确定性,冒险资本家投资的或者产业,应该也要求更多企业联合组织化. 这与对Bygrave的分析(1987)和Chiplin等是一致的(1997),提供那企业联合组织化等肯定地与不确定性的水平和的Brander有关(2002)谁措施独立投资比被银行团联合贷款的那些有较少可变性. 这个结果的另一种涵义是那
more猛烈创新应该导致更多企业联合组织化： Hopp和Rieder (2006)发现企业联合组织化为更加成熟的产业是较不频繁. 这个结果是否举行在企业
level仍然是一个经验主义的问题. 精确地要测试我们的模型的预言,一个可能辨认股份单企业的产品市场战略,并且定义了不同的程度创新,在Hellmann的精神上和Puri (2002). 第三,我们的模型与冒险资本家的介入关系企业联合组织化决定. 预言是二倍的： 首先,因为无经验的冒险资本家银行团联合贷款更多,并且,因为期望的回归不非常高,他们不施加足够的努力. 其次,单独投资的老练的冒险资本家有时太多提供更多,但是,努力