资本市场法律和首次公开发行对风险投资的影响【外文翻译】.doc

文献 The influence of capital market laws and initial public offering (IPO) process on venture capital Jarunee Wonglimpiyarat The National Science and Technology Development Agency, Ministry of Science and Technology, 111 Thailand Science Park, Paholyothin Road, Klong 1, Klong Luang, Pathumthani 12120, Thailand Abstract This paper is concerned with the influence of capital market laws and initial public offering (IPO) process on venture capital. It discusses the 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. The impact of Sarbanes-Oxley Act and the future Investment Act on venture capital funds and entrepreneurial companies going public are also discussed. The paper proposes the model of venture capital financing describing the process from fund raising to investment exits, the linkages of the venture capital market to the financial/capital markets and the related capital market laws. The policy implications on SEC regulations essential to the development of venture capital industry are suggested. Keywords: capital market；Securities；entrepreneurship; regulated industries;law 1.1. The relation of venture capital funding and the capital market Venture capital (VC) is a high-risk, potentially high-return investment to support business 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 Crossroads, 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 investors. The concept of modern venture capital is defined by Megginson (2002) as a professionally managed pool of money raised for the purpose of making equity investments