大学核心商务英语读写教程3Unit2VENTURECAPITAL课件.ppt

1、UNIT TWOVENTURE CAPITAL ObjectivesTo get familiar with case studyTo know something about venture capital To learn new words and expressionsTo master how to analyze difficult and long sentences1.Background Information2.Introduction to the Text3.Business Terms 4.Words and Expressions5.Notes to the Tex

2、tText A Introduction to Venture CapitalVenture capital is provided as seed funding to early-stage,high-potential,growth companies and more often after the seed funding round as growth funding round(also referred as Series A round)in the interest of generating a return through an eventual realization

3、 event such as an IPO or trade sale of the company.To put it simply,an investment firm will give money to a growing company.The growing company will then use this money to advertise,do research,build infrastructure,develop products etc.The investment firm is called a venture capital firm,and the mon

4、ey that it gives is called venture capital.The venture capital firm makes money by owning a stake in the firm it invests in.The firms that a venture capital firm will invest in usually have a novel technology or business model.1.Background Information1.Background InformationVenture capital investmen

5、ts are generally made in cash in exchange for shares in the invested company.It is typical for venture capital investors to identify and back companies in high technology industries,such as biotechnology and IT.Venture capital typically comes from institutional investors and high net worth individua

6、ls,and is pooled together by dedicated investment firms.Venture capital firms typically comprise small teams with technology backgrounds(scientists,researchers)or those with business training or deep industry experience.A core skill within VC is the ability to identify novel technologies that have t

7、he potential to generate high commercial returns at an early stage.1.Background Information1.Background Information Theme of the TextTheme of the Text：v Text A introduces some basic information about venture capital.From such aspects as its definition,capitalists intentions and preferences,runnning

8、term,etc.a clear and thorough panorama of venture capital is presented.2.Introduction to the Text2.Introduction to the Text本商务语篇为说明文体，具体为商务信息简介本商务语篇为说明文体，具体为商务信息简介。文章介绍了有关风险投资的一些基本常识。文章从什文章介绍了有关风险投资的一些基本常识。文章从什么是风险投资、风险投资的投资意向和偏好、风险投么是风险投资、风险投资的投资意向和偏好、风险投资的期限、以及风险投资的资金筹措和具体投资过程资的期限、以及风险投资的资金筹措和具体投资

9、过程等诸多方面将有关风险投资的信息呈现在读者面前。等诸多方面将有关风险投资的信息呈现在读者面前。由于文章的写作目的是介绍基本常识，所用语言力求简由于文章的写作目的是介绍基本常识，所用语言力求简明准确、浅显易懂，避免出现过于专业化的词汇用语。明准确、浅显易懂，避免出现过于专业化的词汇用语。但由于文章本身具有的商业元素，不可避免地涉及到一但由于文章本身具有的商业元素，不可避免地涉及到一些专业化的商业词汇使用，如第六段中出现的些专业化的商业词汇使用，如第六段中出现的“有限合有限合伙伙”、最后一段提及的、最后一段提及的“天使投资天使投资”等，这些专业化词等，这些专业化词语的使用可避免冗长的解释，节省了

10、版面。语的使用可避免冗长的解释，节省了版面。文体文体特征特征分析分析2.Introduction to the Text2.Introduction to the TextA limited partnership consists of two or more persons,with at least one general partner and one limited partner.While a general partner in an LP has unlimited personal liability,a limited partners liability is limi

11、ted to the amount of his or her investment in the company.LPs are creatures of statute since they must file with the state to form them.Because of the limited liability of limited partnerships,they often are used as vehicles for raising capital.The limited partnership is a separate entity and files

12、taxes as a separate entity.1.Limited Partnership/LP 有限合伙有限合伙3.Business Terms 3.Business Terms An angel investor or angel(also known as a business angel or informal investor)is an affluent individual who provides capital for a business start-up,usually in exchange for convertible debt or ownership eq

13、uity.A small but increasing number of angel investors organize themselves into angel groups or angel networks to share research and pool their investment capital.2.business angels 天使投资天使投资 3.Business Terms 3.Business Terms Ordinary shares are also known as equity shares and they are the most common

14、form of share.An ordinary share gives the right to its owner to share in the profits of the company(dividends)and to vote at general meetings of the company.Since the profits of companies can vary wildly from year to year,so can the dividends paid to ordinary shareholders.In bad years,dividends may

15、be nothing whereas in good years they may be substantial.3.ordinary shares 普通股普通股 3.Business Terms 3.Business Terms Some businesses may choose to pay out a dividend even if it has had a difficult trading year and has made a loss!Ordinary shareholders can vote on all of the issues raised at a general

16、 meeting of the company including:Appointment of directors and auditors Whether to accept the dividend proposed Changes to the companys constitution(memorandum and articles of association)3.ordinary shares 普通股普通股 3.Business Terms 3.Business Terms These may also be known as“A”ordinary shares,cumulati

17、ve convertible participating preferred ordinary shares or cumulative preferred ordinary shares.These are equity shares with preferred rights.Typically they will rank ahead of the ordinary shares for both income and capital.Once the preferred ordinary share capital has been repaid and then the ordina

18、ry share capital has been repaid,the two classes would then rank pari passu in sharing any surplus capital.Their income rights may be defined;they may be entitled to a fixed dividend(a percentage linked to the subscription price)and/or they may have a right to a defined share of the companys profits

19、 known as a participating dividend.Preferred ordinary shares have votes.4.preferred ordinary shares 优先普通股优先普通股3.Business Terms 3.Business Terms Preference shares,also called preferred stock,are capital stock which provides a specific dividend that is paid before any dividends are paid to common stoc

20、k holders,and which takes precedence over common stock in the event of a liquidation.Like common stock,preference shares represent partial ownership in a company,although preferred stock shareholders do not enjoy any of the voting rights of common stockholders.5.preference shares 优先股优先股 3.Business T

21、erms 3.Business Terms Also unlike common stock,preference shares pay a fixed dividend that does not fluctuate,although the company does not have to pay this dividend if it lacks the financial ability to do so.The main benefit to owning preference shares are that the investor has a greater claim on t

22、he companys assets than common stockholders.Preferred shareholders always receive their dividends first and,in the event the company goes bankrupt,preferred shareholders are paid off before common stockholders.In general,there are four different types of preferred stock:cumulative preferred,non-cumu

23、lative,participating,and convertible.also called preferred stock.5.preference shares 优先股优先股 3.Business Terms 3.Business Terms Loan capital,also called borrowed capital is a part of a firms capital employed that is not equity capital,earns a fixed rate of interest instead of dividends,and must be rep

24、aid within a specified period,irrespective of the firms financial position.It may be obtained from a bank or finance company as long-term loans,or from debt-equity investors in the form of debentures or preferred stock(preference shares),and is usually secured by a fixed and/or floating charge on th

25、e firms assets.Unlike debt capital,it does not include short-term loans.6.loan capital 借贷资本借贷资本3.Business Terms 3.Business Terms ere4.Words and Expressions4.Words and Expressions (ere4.Words and Expressions4.Words and Expressions (3)revitalize/ri:vatl,az/vt.ere4.Words and Expressions4.Words and Expr

26、essionsrestore strength;give new life or vigor to The state government tried to revitalize a flagging economy.政府试图给正在衰退的经济以新生。(ere4.Words and Expressions4.Words and Expressions The entrepreneurial spirit,which brings greater employment opportunities,is the dynamo for economic growth.创业活动带来的不仅仅是就业机会，

27、也带来经济增长的动力。(5)profile/prufail/n.ere4.Words and Expressions4.Words and Expressionsa side view of an object or structure,especially of the human head;an outline of an object (ere4.Words and Expressions4.Words and Expressionssomething expected;a possibility;financial expectations,especially of success

28、(7 ere4.Words and Expressions4.Words and Expressionsto offer as a price or amount,to list (ere4.Words and Expressions4.Words and Expressionscapable of success or continuing effectiveness;practicable (ere4.Words and Expressions4.Words and Expressionsemploy to the greatest possible advantage ere4.Word

29、s and Expressions4.Words and Expressions ere4.Words and Expressions4.Words and Expressions 解析解析 5.Notes to the Text5.Notes to the Text释义 When the business is sold to another owner,the venture capitalist can give up the business by selling its shareholding and generally earns this return.5.Notes to t

30、he Text5.Notes to the Text 解析解析 介词短语with high growth prospects和定语从句which are managed by experienced and ambitious teams都是修饰先行词companies；而定语从句who are capable of turning their bus iness plan into reality则是修饰先行词teams。5.Notes to the Text5.Notes to the Text 解析解析 本句是一个比较状语从句，两个比较成分是Investments in more mat

31、ure businesses和investments in early-stage or technology companies，定语从句where the business performance can be improved quicker and easier和where it takes time to develop the business model分别修饰这两个比较成分。5.Notes to the Text5.Notes to the Text5.Notes to the Text5.Notes to the Text 释义释义 To obtain their funds

32、,venture capital firms have to demonstrate a good track record of their past investment and the prospect of more producing returns that investers can earn from investing in venture capital firms than those they earn through fixed interest or quoted equity investments.解析解析 5.Notes to the Text5.Notes

33、to the Text 解析解析 5.Notes to the Text5.Notes to the Text1.Background Information2.Introduction to the Text3.Words and Expressions4.Notes to the TextText B Some Insights into Venture CapitalBy definition,VCs also take a role in managing entrepreneurial companies at an early stage,thus adding skills as

34、 well as capital(thereby differentiating VC from buy-out private equity,which typically invest in companies with proven revenue),and thereby potentially realizing much higher rates of returns.Inherent in realizing abnormally high rates of returns is the risk of losing all of ones investment in a giv

35、en startup company.As a consequencemost venture capital investments are done in a pool format,where several investors combine their investments into one large fund that invests in many different startup companies.By investing in the pool format,the investors are spreading out their risk to many diff

36、erent investments versus taking the chance of putting all of their money in one start up firm.1.Background Information1.Background Information Theme of the TextTheme of the Text：v Text B illustrates some personal insights into venture capital.The author shares ten helpful suggestions with those who

37、are seeking venture captital,and reminds them of getting everything ready before the efforts to be made to seek venture capital.2.Introduction to the Text2.Introduction to the Text本商务语篇为个人商务观点阐述。本商务语篇为个人商务观点阐述。文章从文章从1010个方面分享了作者个人对寻求风险投个方面分享了作者个人对寻求风险投资的有益见解，提醒处于创业期的的企业家在资的有益见解，提醒处于创业期的的企业家在寻求风险投资时需

38、要特别关注的有关事项，以寻求风险投资时需要特别关注的有关事项，以便能够尽快顺利地获得相应的风险投资。便能够尽快顺利地获得相应的风险投资。文体文体特征特征分析分析2.Introduction to the Text2.Introduction to the Text在全部在全部1010条见解中，作者三次用到条见解中，作者三次用到“Remember that”这一语气强烈、不容置疑的祈使结构，反这一语气强烈、不容置疑的祈使结构，反映出作者重点强调，希望相关人员能够充分认映出作者重点强调，希望相关人员能够充分认识到这一情况的强烈愿望。识到这一情况的强烈愿望。(1)forego/f:u/v.ere3.

39、Words and Expressions3.Words and Expressions (2)counsel/kaunsl/n./v.ere3.Words and Expressions3.Words and Expressions ere3.Words and Expressions3.Words and Expressions ere3.Words and Expressions3.Words and Expressionsof the higher level or class (5)transparency/trnspernsi:/n.ere3.Words and Expressio

40、ns3.Words and Expressions (ere3.Words and Expressions3.Words and Expressionsmoral soundness (ere3.Words and Expressions3.Words and Expressionsmost desirable under a restriction expressed or implied ere3.Words and Expressions3.Words and Expressionspersuade sb.not to do sth.ere3.Words and Expressions3

41、.Words and Expressionsin ones favor;for ones own good 解析解析 4.Notes to the Text4.Notes to the Text 4.Notes to the Text4.Notes to the Text 解析解析 Between the time initial terms are agreed to and when money shows up in your bank,a lot of things can go wrong.(Para.10)4.Notes to the Text4.Notes to the Text

42、 解析解析 4.Notes to the Text4.Notes to the Text 5.Notes to the Text5.Notes to the Text1.Introduction to the Text2.Business Terms 3.Words and Expressions4.Notes to the TextText C Finding a Venture Capital Firm Theme of the TextTheme of the Text：v Text C is a case study on how to find a venture capital f

43、irm.Location,sector preference,stage preference,partners,portfolio and assets are the six key variables to consider when ventures seek a venture capital firm.1.Introduction to the Text1.Introduction to the Text本商务语篇为说明文体，具体为商务案例分析本商务语篇为说明文体，具体为商务案例分析。文章主要介绍了寻找风险投资公司的文章主要介绍了寻找风险投资公司的6个关键因素，即个关键因素，即地理

44、位置、行业偏好、阶段偏好、合伙人、投资组合和地理位置、行业偏好、阶段偏好、合伙人、投资组合和资产，并一一对此展开详细说明，试图为正在为筹集风资产，并一一对此展开详细说明，试图为正在为筹集风险资本而头疼的创业者指明努力方向，提供帮助。险资本而头疼的创业者指明努力方向，提供帮助。文章层次分明，结构清晰。文章层次分明，结构清晰。6个变量均设立相应的小标个变量均设立相应的小标题，凸显了在文章中的核心地位，使文章重点呼之欲出题，凸显了在文章中的核心地位，使文章重点呼之欲出。文章大量使用。文章大量使用VC这一缩略语，反映出作者在写作过这一缩略语，反映出作者在写作过程中力求节省时间，提高效率，贴近普通读者，

45、使得文程中力求节省时间，提高效率，贴近普通读者，使得文章尽量显得不那么正式。章尽量显得不那么正式。文体文体特征特征分析分析1.Introduction to the Text1.Introduction to the TextVenture capital firms are typically structured as partnerships,the general partners of which serve as the managers of the firm and will serve as investment advisors to the venture capital

46、 funds raised.Venture capital firms in the United States may also be structured as limited liability companies,in which case the firms managers are known as managing members.Venture capital firms 风险投资公司风险投资公司 2.Business Terms 2.Business Terms Investors in venture capital funds are known as limited p

47、artners.This constituency comprises both high net worth individuals and institutions with large amounts of available capital,such as state and private pension funds,university financial endowments,foundations,insurance companies,and pooled investment vehicles,called fund of funds or mutual funds.Ven

48、ture capital firms 风险投资公司风险投资公司 2.Business Terms 2.Business Terms (1)venture/vent/n.ere3.Words and Expressions3.Words and Expressions (2)variable/vribl/adj.ere3.Words and Expressions3.Words and Expressions (ere3.Words and Expressions3.Words and Expressionsa body of people who form part of society or

49、 economy (4)portfolio/p:tfli:,/n.ere3.Words and Expressions3.Words and Expressions (5)asset/set/n.ere3.Words and Expressions3.Words and Expressions (6)conversely/knv:sli/adv.ere3.Words and Expressions3.Words and Expressionswith the terms of the relation reversed (7)synergy/sindi/n.ere3.Words and Exp

50、ressions3.Words and Expressionsthe working together of two things to produce an effect greater than the sum of their individual effects ere3.Words and Expressions3.Words and Expressions The point in question can be illustrated by the following examples.正在讨论的论点可以从下面的例句中得到解释。ere3.Words and Expressions