外文翻譯--發(fā)展風(fēng)險(xiǎn)投資業(yè)(完整版)
【正文】 fferent from those in the United States. While highly developed economies in Western Europe and East Asia may have parative advantages in some fields of high technology, many lessdeveloped countries have fewer industries to attract venture capital. India, for example, at first accepted outsourcing for mundane and laborintensive tasks in information technology, but it used these activities as a platform to develop new skills, gradually moving up to higher valueadded tasks such as software development. Not every country would find it advantageous to build the entrepreneurial economy and active venture capital markets that the United States and a few other countries have managed to develop. An important question is whether a venture capital industry is even useful or necessary without high technology? And how should a country’s future parative advantages be assessed, especially since entrepreneurial activity is inherently hard to predict? 4 The second dilemma is whether government action is appropriate in the first place. Many in Silicon Valley believe that their economic success was achieved without the government. This assertion is partly unfounded rhetoric that ignores the many dimensions of government. For example, the demand for technology products often came first from government agencies, especially the Department of Defense. The Small Business Investment Companies Program of the Small Business Administration was critical to the development of the venture capital industry, if only as a training ground for the first generation of private venture capitalists. Yet it is true that the development of venture capital did not involve heavyhanded direct government intervention. Indeed, . government took a marketenhancing approach, with policies designed mainly toenable private actors to develop new firms, markets, and institutions. Most important, the government did not try to influence the specific course of development. The third dilemma concerns the private actors at the core of the development effort. Should domestic actors promote a domestic venture capital industry? Or should venture capital be imported from the United States? If aspiring young venture capitalists decide to import venture capital from the United States, should they invite established global venture capital firms or more focused players dedicated to their particular countries? Another intriguing idea is the use of expatriate works. The development of Taiwan’s venture capital market shows that returning expatriates may play a critical role in developing both a domestic venture capital market and a fluid work of contacts with Silicon Valley. Whether other countries can imitate such a structure is an open question. The success of the Inter has awakened the entrepreneurial ambitions of people across the globe in a way that is probably unprecedented in history. Venture capital seems to be a critical ponent in developing entrepreneurial activity. But we cannot look at the development of venture capital in isolation. The rise of venture capital and the Inter pose both a challenge and an opportunity for developing and developed countries to redefin
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