首次公开募股过程对风险投资的影响外文文献翻译.doc

外文文献翻译 () 文献出处： Wonglimpiyarat J. The influence of capital market laws and initial public offering (IPO) process on venture capital[J]. European Journal of Operational Research, 2009, 192(1):293-301. 英文原文 The influence of capital market laws and initial public offering (IPO) process on venture capital Jarunee Wonglimpiyarat 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: Securities and Exchange Commission (SEC), Venture capital (VC), Capital market, Initial public offering (IPO), Exit strategy, Sarbanes-Oxley Act, Investment Act 1.?Introduction Given that the capital market is essential for the venture capitalists to exit through an initial public offering (IPO) within the venture capital (VC) industry, this paper explores the influence of capital market laws and IPO process on venture capital. Given the scarcity of empirical research on the inter-relationships of capital market laws and the venture capital industry, this paper makes a contribution to a body of knowledge on VC-backed IPOs (entrepreneurial ventures). 2.?Theoretical framework 2.1.?The relation of venture capital funding and the capital market Venture capital (VC) is a high-risk, p