UC知道求翻译大师翻译一下英文文献的一段(5)
来源：百度知道 编辑：UC知道 时间：2024/05/23 15:02:27
and the equity stake of venture capitalists, and a negative relationship between the size of syndicates and value-added activities. Last, our results also address the issue of the relative profitability of standalone and syndicated investments. The empirical evidence is mixed: Brander et al. (2002) find that syndicated investments exhibit higher returns and higher volatility that standalone investments. Using different performance measures, Hege et al. (2006) find no significant
relationship between the size of the syndicate and the level of excess returns. In our model, the relation between syndication and returns depends on the level of experience of venture capitalists: the important point is that, in contrast to alternative learnin
This last point is supported by Sapienza et al. (1996) who find a positive relationship between experience and involvement.
最后一点由Sapienza (1996) 的研究支持。他发现经验与参与存在正相关。
It is also in line with Kaplan and Strömberg (2004) who find a positive relationship between value-added activities and the equity stake of venture capitalists, and a negative relationship between the size of syndicates and value-added activities.
这也和Kaplan and Strömberg (2004)的研究相吻合。他们的研究发现升值的活动与风险投资者的投资金额平衡间存在正相关，与辛迪加,企业联合组织的规模呈负相关。
Last, our results also address the issue of the relative profitability of standalone and syndicated investments.
最后，我们的结果也揭示了独立投资与联合投资（财团）的相关可获益率问题。
The empirical evidence is mixed: Brander et al. (2002) find that syndicated investments exhibit higher returns and higher volatility that standalone investments.
实验证明并不统一：Brander (2002) 发现联合投资比独立投资有更高的获益和更高的不稳定性。
Using different performance measures, Hege et al. (2006) find no significant r