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英语翻译The organization of the paper is the following.The next

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英语翻译
The organization of the paper is the following.The next section presents the model and assumptions.
Section 3 derives the optimal aggregation of information and investment decisions.
Section 4 introduces the cost of potential competition between venture capitalists and provides a
rationale for syndication.Section 5 analyzes the syndication decision and the screening process
when the initial venture capitalist is under the threat of potential competition.Section 6 introduces
another cost of syndication when effort is not observable.Section 7 derives empirical
predictions and proposes new tests.The last section concludes.Proofs are provided in Appendix
A,except those directly derived from the text.
该组织的一份文件是以下几点.下一节介绍了模型和假设.
第3节源于最优聚集的信息和投资决策.
第4节介绍了成本的潜力之间的竞争风险资本家,并提供一个
理联合供稿.第5条,分析了银团决定和筛选过程
当初始风险资本家,是受威胁的潜在竞争.第6节介绍
另一成本的时候,银团的努力,是不会有瞄头.第7源于实证
预测,并提出了新的考验.最后一节闭幕.实证是其载于附录
甲,除了那些直接来自于文本.