This paper considers the effects of strategic substitutability on performance and incentives in venture capital financing.

本文考察了受资企业的战略替代性对创业投资中创业企业家的业绩表现和激励的影响。

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Mr. Firestone, a 28-year-old software engineer, said he could try to get financing for a start-up from venture capital firms now, “but I feel like I’d be having a hard time. Here you get to learn.”

Firestone今年28虽，是一位软件工程师，他说他现在就会着手为创业寻求风险投资，但是我觉得不会很容易，所以需要学习。

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For venture capital, as an entirely new mechanism of investment and financing, besides the unique internal operation system, a sound external environment is indispensable.

风险投资作为一种全新的投融资体制，除了有其独特的内部运行机制外，良好的外部环境也不可缺少。

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It has already dried up venture capital financing for new drug and medical device startups.

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Invests in publicly traded companies when they emerge from venture capital financing.

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According to Dow Jones Venture Source, of the companies that received a round of venture capital financing in 2010, only 6% had a female CEO, and just 7% percent had at least one female founder.

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