英语翻译This last point is supported by Sapienza et al.(1996) wh

英语翻译
This last point is supported by Sapienza et al.(1996) who find a positive relationship between experience and involvement.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.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 learning models,syndicated investments can exhibit higher expected returns than standalone investments.A possible test would be to include the level of experience of syndicate members,when testing the relation between returns
and syndication.
软件翻译的很不准确
句子不是很通
例如“聚合”
金融里没有这个词

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 relationship between the size of the syndicate and the level of excess returns.
Hege（2006）用不同的绩效测量方法发现集团的规模大小与获利多少之间不存在显著相关.
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 learning models,syndicated investments can exhibit higher expected returns than standalone investments.
在我们的模型中,集团与收益之间的相关取决于风险投资者的经验水平：关键点在于,不同于选择性模型,我们发现集团投资比独立投资对期待更多的收益.
A possible test would be to include the level of experience of syndicate members,when testing the relation between returns and syndication.
一个高效的测验在测试收益与集团投资之间的关系时应该有必要涉及集团投资者的经验水平.