UC知道求翻译大师翻译一下英文文献的一段(3)
来源：百度知道 编辑：UC知道 时间：2024/06/03 23:09:14
The main results of the model are the following. First, information can be gathered by forming
a syndicate, i.e. by signing a co-investment, co-ownership contract between the two venture capitalists. Second, inexperienced venture capitalists do not fear potential competition because their evaluation of the project is not accurate enough to allow them to invest alone. They form a
syndicate each time it is optimal to do so. At the opposite, very experienced venture capitalists suffer from potential competition and are more reluctant to syndicate. Therefore they need to choose more experienced partners or to forgo syndication. Third, syndication affects the venture capitalist’s effort decision, to improve the project expected profitability. Moderately experienced venture capitalists do not exert enough effort, because of the cost of potential competition. At the opposite, very experienced venture capitalists exert too much effort, because of the same cost.
The intuition of
a syndicate, i.e. by signing a co-investment, co-ownership contract between the two venture capitalists. Second, inexperienced venture capitalists do not fear potential competition because their evaluation of the project is not accurate enough to allow them to invest alone. They form a
syndicate each time it is optimal to do so. At the opposite, very experienced venture capitalists suffer from potential competition and are more reluctant to syndicate. Therefore they need to choose more experienced partners or to forgo syndication. Third, syndication affects the venture capitalist’s effort decision, to improve the project expected profitability. Moderately experienced venture capitalists do not exert enough effort, because of the cost of potential competition. At the opposite, very experienced venture capitalists exert too much effort, because of the same cost.
The intuition of
主要成果示范有以下几方面。首先，信息可以被收集的形成
一个财团(syndicate)，即签署了一项合作投资，共同拥有这两家公司的合同风险资本家。其次，没有经验的风险资本家不要害怕潜在的竞争，因为他们的项目的评价是不准确的，足以让他们投资。他们形成一个
集团的每一次，它是最优这样做。在相反的，经验非常丰富，创投业遭受潜在的竞争，而且更不愿意集团。因此，他们要选择较有经验的合作伙伴或放弃银团。第三，聚合影响了风险资本家的努力决定，以改善该项目预计利润率。中度经验丰富的风险资本家不施加足够的努力，因为成本的潜在竞争。在相反的，经验非常丰富，风险资本家施加太多精力，因为相同的费用。
直觉这个结果如下。潜在的竞争，阻碍了风险资本家从收集足够的资料。因此，温和，有经验的风险资本家，他们想的，但不能集团后，仍过于悲观的态度，该项目的成功，不着力。在相反的，经验非常丰富，风险资本家仍然过于乐观，并介绍了项目的成功和施加太多精力。去年，集团也可为代价经验不足的创业资本家，如果努力的决定，是不是有瞄头。聚合意味着离开的一部分，该公司的股权，以该集团的合作伙伴，这也削弱了风险资本家的激励奋发努力。我们发现，由于组合是更有可能为缺乏经验的创业
资本家，他们更可能承担这笔额外费用的联合供稿。