[雙語(yǔ)翻譯]--外文翻譯--匈牙利的風(fēng)險(xiǎn)投資和私募股權(quán)行業(yè)（節(jié)選）

1、中文 中文 5900 字,3600 單詞， 單詞，19500 英文字符 英文字符出處： 出處：Karsai J. Venture Capital and Private Equity Industry in Hungary[J]. Acta Oeconomica, 2013, 63(1):23-42.VENTURE CAPITAL AND PRIVATE EQUITY INDUSTRY IN HUNGARYJudit KARSAIHu

2、ngary represents the second most developed venture capital and private equity (VC&PE) market in Central and Eastern Europe. This article is based on a detailed survey of the entire VC industry be- tween 1989–2010. It

3、 demonstrates that while there was a relatively strong correlation between the allocation of capital to VC&PE funds and the capital flow into the Budapest Stock Exchange, the changes in investment activities were clo

4、sely related to election years. Investments had been ham- pered primarily not by the shortage of capital, but by a lack of demand and attractive business plans. The article illustrates the different roles and approaches

5、of global, regional and country VC&PE funds in Hungary. It points out that VC investments hardly satisfied their principal function or mis- sion, namely to support innovative start-up and small businesses. Government

6、 interventions in the VC market proved to be ineffective as well. Similarly to the whole region, the Hungarian market profited from a transitory situation in the case of high-value PE transactions between 2007 and 2008,

7、at the beginning of the crisis, when the investment problems in Western Europe had yet not extended to the CEE region. From 2009 onward, however, the crisis has resulted in a drop in investments de- spite the significant

8、 amount of uninvested capital accumulated in recent years. As to the prospects for 2013, the early-stage VC segment in Hungary is expected to flourish owing to the Jeremie funds, while the high-value buyout segment of th

9、e market will suffer from both the euro zone debt crisis and the loss of transparency in economic policy.Keywords: venture capital, private equity, transition economies, emerging markets, Hungary1.INTRODUCTIONThe venture

10、 capital and private equity (VC&PE) sector plays a vital role in capital markets. Individual and institutional investors are both interested in this sector. The importance of the VC&PE industry for the developmen

11、t of business ven- tures depends on the actual life cycles of the related portfolio companies. That is, to what extent the investments finance the enterprises’ start-up, expansion and acquisition. This is the share is me

12、asured as a percentage of the value of investments into companies headquartered in Hungary as a proportion of the country’s GDP. In the recent past, Hungary occupied a distinguished position not only within the CEE regio

13、n, but also among other EU member states. The VC&PE investment/GDP ratios in Hungary continuously exceeded the investment intensity measured throughout the region between 2002–2009. In fact, due to some big-volume in

14、vestments, the Hungarian indicators surpassed that of the ratios in the EU in 2006 and in 2008 (Figure 1). Regarding the investment/GDP ratio, the Hungarian market ranked fifth in Europe in 2006, ninth in 2007, sixth in

15、2008, and tenth in 2009. Unfortunately, as a consequence of the crisis, in 2010, the shrinking volume of investments was only sufficient for the 22nd place in the ranking. However, when evaluating the previous high ranki

16、ngs, it has to be taken into account that while individual high value buyouts substantially influence the aggregated value of annual investments, it does definitely not have a similar effect on the change of GDP. This ma

17、y be due not only to the significant difference in the orders of magnitude, but also to the fact that the owners of the companies receiving investments were not necessarily based in Hungary.In terms of its size, the clas

18、sical VC financing market (without buyouts) in Hungary has usually been ranked among the last in Europe. According to Eurostat data (2011), the proportion of Hungarian venture capital investments (without buyouts) to GDP