美国的风险资本培训课程(ppt-40页)课件.ppt

1、vVenture Capital in the United Statesv美国的风险资本美国的风险资本vThe appeal to venture capitalists of investing in United States high technology companies is quite obvious;the technology industry is one of the largest and most rapidly growing industries in the United States today.According to the U.S.Department

2、 of Commerce,since 1994 technology-related revenues have grown at an estimated rate of 15%per year,approximately five times the growth rate of the U.S.economy.Today,technology is estimated to account for approximately 50%of all private sector capital spending in the United States.By the year 2000,te

3、chnology industry revenues are expected to constitute more than 10%of the total United States Gross Domestic Product.va.在美国，高科技企业对于风险资本家来在美国，高科技企业对于风险资本家来说具有明显的吸引力。如今，科技产业是说具有明显的吸引力。如今，科技产业是美国规模最大的，发展最快的产业之一。美国规模最大的，发展最快的产业之一。vb.技术产业是当今美国规模最大，发展最技术产业是当今美国规模最大，发展最快的产业之一。毫无疑问，对于风险资本快的产业之一。毫无疑问，对于风险资本家

4、来说，投资这些高技术公司是极具吸引家来说，投资这些高技术公司是极具吸引力的。力的。v考虑到后文的衔接。考虑到后文的衔接。v私营部门资本总支出私营部门资本总支出v1)Over the past two decades,venture capital has fostered the growth of many of the worlds leading high technology and other emerging growth companies in the United States./Corporations such as Microsoft,Compaq and Intel

5、are but a few examples of American companies whose early growth was facilitated by venture capital investments./2)The availability of venture capital financing to young,high technology companies has been a primary contributor to the dramatic revenue growth enjoyed by,and the increased competitivenes

6、s of,Americas high technology industry and to the economic expansion and increased employment levels experienced in Californias Silicon Valley and other areas of high technology company concentration./3)It is estimated that over 3,000 companies(including non-technology companies)which have completed

7、 initial public offerings of stock in the United States over the past two decades have received venture capital at some point in their development.v1)Over the past two decades,venture capital has fostered the growth of many of the worlds leading high technology and other emerging growth companies in

8、 the United States./Corporations such as Microsoft,Compaq and Intel are but a few examples of American companies whose early growth was facilitated by venture capital investments.（定语从句）（定语从句）va.在过去在过去20年中，风险资本促进了美国许多年中，风险资本促进了美国许多处于世界领先地位的高技术公司和其他新兴处于世界领先地位的高技术公司和其他新兴公司的发展。像微软、康柏和英特尔这样的公司的发展。像微软、康柏和

9、英特尔这样的公司，仅仅是公司，仅仅是那些早期发展得益于风险资本那些早期发展得益于风险资本投资的投资的美国公司的几个例子而已。（前置定美国公司的几个例子而已。（前置定语）语）vb.在过去在过去20年中，风险资本促进了美国许多年中，风险资本促进了美国许多处于世界领先地位的高技术公司和其他新兴处于世界领先地位的高技术公司和其他新兴公司的发展。公司的发展。很多公司的早期发展都得益于很多公司的早期发展都得益于风险资本投资风险资本投资，微软，康柏和因特尔仅是这，微软，康柏和因特尔仅是这许多公司中的几个例子。许多公司中的几个例子。(单独成句单独成句)v2)The availability of ventur

10、e capital financing to young,high technology companiesv has been a primary contributor tov the dramatic revenue growth enjoyed by,and the increased competitiveness of,Americas high technology industry（措辞）（措辞）vand to the economic expansion and increased employment levels experienced in Californias Si

11、licon Valley and other areas of high technology company concentration.va.新开业的高技术公司获得风险资本融资，这对新开业的高技术公司获得风险资本融资，这对美国高技术产业收入的大幅度增长和竞争力的提美国高技术产业收入的大幅度增长和竞争力的提高，以及对加州硅谷和其他高技术公司集中地所高，以及对加州硅谷和其他高技术公司集中地所取得的经济发展和就业水平的增长，都起了重要取得的经济发展和就业水平的增长，都起了重要作用。作用。（对（对，对，对 都起到了重要作用。措辞能都起到了重要作用。措辞能力更有挑战）力更有挑战）vb.风险资本融资用

12、于新兴的高科技产业，不仅促风险资本融资用于新兴的高科技产业，不仅促进了美国高技术产业总收入大幅度增长，竞争力进了美国高技术产业总收入大幅度增长，竞争力日渐提高，同时也带动了加州硅谷和其它高技术日渐提高，同时也带动了加州硅谷和其它高技术公司密集地区的经济发展和就业水平的增长。公司密集地区的经济发展和就业水平的增长。（不仅促进了（不仅促进了同时也带动了同时也带动了）v理解理解v措辞措辞+组句组句vAs venture capital has grown in popularity,venture capital investing has emerged as a major financial

13、investment vehicle./Traditionally,most venture capital firms consisted of small private limited partnerships utilizing capital furnished by wealthy individuals or corporations./Today,venture capital investing represents a significant focus of most institutional or corporate investment portfolios,and

14、 many of the largest venture funds are operated by major financial institutions,or by subsidiaries specifically designed for private equity investment./It is estimated that a majority of funding currently committed to venture capital entities has been provided by public or private pension funds,whic

15、h are allocating increasing percentages of investment funds to alternative investment”such as venture capital.The remainder of investment funding is provided by insurance companies,banks,corporations,wealthy individuals,foreign investors,university or institutional endowments and private foundations

16、.(语篇，长句，专业性语篇，长句，专业性)vAs venture capital has grown in popularity,venture capital investing has emerged as a major financial investment vehicle.v由于风险资本越来越受欢迎，风险资本投资已成由于风险资本越来越受欢迎，风险资本投资已成为金融投资的为金融投资的重要手段。重要手段。vTraditionally,most venture capital firms consisted of small private limited partnerships ut

17、ilizing capital furnished by wealthy individuals or corporations.v以往，大多数风险资本公司是小型私人有限合伙以往，大多数风险资本公司是小型私人有限合伙制公司，利用富人或公司提供的资本。制公司，利用富人或公司提供的资本。vToday,venture capital investing represents a significant focus of most institutional or corporate investment portfolios,and many of the largest venture funds

18、 are operated by major financial institutions,or by subsidiaries specifically designed for private equity investment.v今天，风险资本投资则是大多数机构投资今天，风险资本投资则是大多数机构投资证券组合或公司投资证券组合的一个重要证券组合或公司投资证券组合的一个重要的投资焦点，而且许多最大的风险基金是的投资焦点，而且许多最大的风险基金是由主要的金融机构或专门从事私募投资的由主要的金融机构或专门从事私募投资的子公司运作的。子公司运作的。vIt is estimated that a

19、majority of funding currently committed to venture capital entities has been provided by public or private pension funds,which are allocating increasing percentages of investment funds to alternative investment”such as venture capital.The remainder of investment funding is provided by insurance comp

20、anies,banks,corporations,wealthy individuals,foreign investors,university or institutional endowments and private foundations.valternative investment 非传统投资非传统投资eg.alternative birthing/energyvfunding to provide money for an activity,organization,event etc 资金，资金，提供资金提供资金vfund 1）an amount of money that

21、 is collected and kept for a particular purpose 基金基金v2）an organization that is responsible for collecting and spending an amount of money 基金会基金会vfoundation an organization that gives money to charity,research,etc.基金会基金会v据估计，目前流入风险资本实体的大部分据估计，目前流入风险资本实体的大部分资金来自公共或私有养老基金。养老基金资金来自公共或私有养老基金。养老基金将越来越多的份额

22、投向非传统领域，如风将越来越多的份额投向非传统领域，如风险投资。投资资金的剩余部分由保险公司，险投资。投资资金的剩余部分由保险公司，银行，企业，富有个体，外商，大学或机银行，企业，富有个体，外商，大学或机构捐赠，以及私人基金会提供构捐赠，以及私人基金会提供.vIn recent years,it has become increasingly popular for large corporations to form their own venture capital subsidiaries or investment vehicles.Corporations such as Micro

23、soft,AT&T,and Motorola are but a few of many United States corporations that actively make their own venture investment,often co-investing with private venture capital firms./2)Venture capital investment by a large corporation in a smaller,emerging growth company can provide various benefits beyond

24、the opportunity for superior investment returns.For example,corporate venture capital investing may allow the large corporation,with minimal investment,to benefit from the research and product development activities of the emerging company.In addition,large corporations can benefit from exposure to

25、entrepreneurial companies and different management approaches./3)For the emerging company,the association with a corporate partner may not only enhance the emerging companys balance sheet,but may enhance its credibility with customers,suppliers,investors and others,as well as create opportunities fo

26、r the company to leverage off of the corporate partners marketing and distribution network or administrative services.(语篇，长句语篇，长句)v1)In recent years,it has become increasingly popular for large corporations to form their own venture capital subsidiaries or investment vehicles.Corporations such as Mi

27、crosoft,AT&T,and Motorola are but a few of many United States corporations that actively make their own venture investment,often co-investing with private venture capital firms.(定语从句定语从句)va.近年来，大公司组建自己的风险资本子公司或投资机构的近年来，大公司组建自己的风险资本子公司或投资机构的做法越来越普遍，微软、美国电话电报公司和摩托罗拉，仅做法越来越普遍，微软、美国电话电报公司和摩托罗拉，仅仅是仅是积极从事

28、自己的风险投资积极从事自己的风险投资(常常和私人风险资本公司共同常常和私人风险资本公司共同投资投资)的的许多美国公司中的几个例子。（前置定语）许多美国公司中的几个例子。（前置定语）vb.近年来，大公司组建自己的风险资本子公司或投资机构的近年来，大公司组建自己的风险资本子公司或投资机构的做法越来越普遍做法越来越普遍,它们积极从事风险投资，常常和私人风险它们积极从事风险投资，常常和私人风险资本公司共同投资，资本公司共同投资，微软、美国电话电报公司和摩托罗拉，微软、美国电话电报公司和摩托罗拉，仅仅是许多公司中的几个例子。（独立成句，仅仅是许多公司中的几个例子。（独立成句，铺垫）铺垫）v2)Ventu

29、re capital investment by a large corporation in a smaller,emerging growth company can provide various benefits beyond the opportunity for superior investment returns.For example,corporate venture capital investing may allow the large corporation,with minimal investment,to benefit from the research a

30、nd product development activities of the emerging company.In addition,large corporations can benefit from exposure to entrepreneurial companies and different management approaches.v大公司对新兴增长型公司进行风险资本投大公司对新兴增长型公司进行风险资本投资，除了能带来可观的投资回报外，还有资，除了能带来可观的投资回报外，还有种种其它的好处。例如，种种其它的好处。例如，(风险资本投资风险资本投资)可可以使大公司以最小的

31、投资从创业公司的研以使大公司以最小的投资从创业公司的研究和产品开发活动中获益。此外，大会司究和产品开发活动中获益。此外，大会司还能因接触创业公司和不同的管理方法而还能因接触创业公司和不同的管理方法而获益。获益。v3)For the emerging company,the association with a corporate partner may not only enhance the emerging companys balance sheet,but may enhance its credibility with customers,suppliers,investors an

32、d others,as well as create opportunities for the company to leverage off of the corporate partners marketing and distribution network or administrative services.v leverage off Am technical to make money available,using a particular method 举债经营，举债经营，借贷经营借贷经营vusing public funds to leverage private inv

33、estment v利用利用优势，便利条件优势，便利条件v对于新兴的公司来说，与大公司合作的好对于新兴的公司来说，与大公司合作的好处甚多，不仅可以改善公司的资产负债表，处甚多，不仅可以改善公司的资产负债表，也可以增强公司在消费者、供应商、投资也可以增强公司在消费者、供应商、投资者等方面的信用度，而且还能为公司创造者等方面的信用度，而且还能为公司创造机会来顺势分享合作伙伴的市场、销售网机会来顺势分享合作伙伴的市场、销售网络或经销服务。（曹东篱）络或经销服务。（曹东篱）vLegislative,Executive and Judicial Powerv立法、行政、司法三权立法、行政、司法三权v法律文

34、件严谨，采取各种语言手段防止误解法律文件严谨，采取各种语言手段防止误解或歧义；同时，法律语言贵在简洁，用词精或歧义；同时，法律语言贵在简洁，用词精炼。在翻译时，既要避免含糊不清，又要力炼。在翻译时，既要避免含糊不清，又要力克累言赘语。克累言赘语。v(一一)在用词方面，法律语篇使用大量的专业在用词方面，法律语篇使用大量的专业或准专业术语，这些词的处理要规范，对应或准专业术语，这些词的处理要规范，对应译成准确的术语。译成准确的术语。尤其是一些较为平常的词尤其是一些较为平常的词汇，在法律语篇中，可能会有特定的意义，汇，在法律语篇中，可能会有特定的意义，这类此的处理尤其要注意。这类此的处理尤其要注意。

35、vSome rules laid down by statute,and by case law as well,are mandatory or compulsory and can not be avoided by the parties,while other are implicative,interpretative,or supplementary and can be varied by agreement.v某些由成文法（以及案例法）规定的规则是某些由成文法（以及案例法）规定的规则是强制的，当事人不得回避；而另一些规则是强制的，当事人不得回避；而另一些规则是含蓄的，解释性的，

36、补充性的，因而是可以含蓄的，解释性的，补充性的，因而是可以由协议改变的。由协议改变的。v除了使用专门术语外，还常用一部分古词：除了使用专门术语外，还常用一部分古词：hereto,herein,hereunder,thereby 等等。等等。以示文字精炼，文体正式。翻译时，要注意以示文字精炼，文体正式。翻译时，要注意使用正式的词汇。使用正式的词汇。v(二二)在句法方面，法律文件长句多，几十字、在句法方面，法律文件长句多，几十字、上百字的长句司空见惯。为了把意思表达得上百字的长句司空见惯。为了把意思表达得圆满精确，不至于产生歧义，大量添加附加圆满精确，不至于产生歧义，大量添加附加语、修饰语、说明语

37、，以致句子结构复杂，语、修饰语、说明语，以致句子结构复杂，枝杈横生，读来晦涩。行文中少用代词，宁枝杈横生，读来晦涩。行文中少用代词，宁可重复名词。可重复名词。翻译时，要先理清句子内部的翻译时，要先理清句子内部的逻辑关系，适当切分，才能准确清晰地予以逻辑关系，适当切分，才能准确清晰地予以表达。表达。v Act.,Sec.1 of the Constitution of California provides:The powers of the government of the State of California shall be divided into three separate de

38、partments -the Legislative,Executive,and Judicial;and no person charged with the exercise of powers properly belonging to one of these departments shall exercise any functions appertaining to either of the others,except as in this Constitution expressly directed or permitted.Most state constitutions

39、 have similar provisions,and the separation of powers principle also underlies the fabric of the federal Constitution.v加利福利亚州宪法第三条第一款规定：加利福利亚州宪法第三条第一款规定：“加加利福利亚州政府的权力分为了三个独立的部利福利亚州政府的权力分为了三个独立的部门，即立法、行政与司法。门，即立法、行政与司法。任何一个拥有行任何一个拥有行使其中一个部门权力的人员不得越权行使隶使其中一个部门权力的人员不得越权行使隶属于任何其他两个部门的权力，但是本宪法属于任何其他两个部门的

40、权力，但是本宪法有明确指示或准许的不在此限有明确指示或准许的不在此限。”美国大多美国大多数州的宪法都设有类似规定。而且，三权分数州的宪法都设有类似规定。而且，三权分立的原则也是制定联邦宪法的基础。立的原则也是制定联邦宪法的基础。v Such constitutional divisions of governmental powers into legislative,executive,and judicial powers make it necessary to define or at least circumscribe the meaning of these basic conc

41、epts of our public law.This task is not an easy one,because there exist borderline or twilight zones in which these concepts overlap or shade into one another.It is possible,however,to define at least the hard core of these notions.v依照宪法规定的权力三分为立法、行政与司依照宪法规定的权力三分为立法、行政与司法的原则，要求对我国法的原则，要求对我国公法的这些基本概念

42、进行定义或予以限定。因为这些基本概念存在互相交叠与渗透，其分界模糊，对其予以严格区分并非易事。但是，对这些概念的要要义义予以规定，还是能做到的。vLegislation is,essentially,the making of new law by means of formalized pronouncement of a law-making body.The law enacted by a legislative organ consists typically of general rules,principles,or other normative pronouncements

43、which permit,command,or disallow a certain course of conduct.A disposition or command which deals merely with one individual,concrete situation is not a legislative act in the genuine sense of the term.vThe law enacted by a legislative organ consists typically of general rules,principles,or other no

44、rmative pronouncements which permit,command,or disallow a certain course of conduct.v此类由立法机构颁布的法令包括准许，命令许，命令或禁止某种行为的一般性的规定、原则或其或禁止某种行为的一般性的规定、原则或其他规范性的声明。他规范性的声明。v立法的本质指的是通过立法机构正式颁布一项新的法令。此类由立法机构颁布的法令包括准许，命令或禁止某种行为的一般性的规许，命令或禁止某种行为的一般性的规定、原则或其他规范性的声明。定、原则或其他规范性的声明。一个仅与某个别或具体事件相关的处置或指示并不构成真正意义上的立法。vA

45、n executive or administrative act may be defined as an exercise of governmental power in a concrete situation to accomplish some public purpose.If the President of the United States sends a note to a foreign government protesting against an inimical act directed against the United States,he acts in

46、an executive capacity.If the Department of the Interior authorized the construction of a new six-lane highway,it proceeds in an administrative fashion.v执法或行政权可以定义为在具体的情况下行为在具体的情况下行使政府权力以实现某种公共目的行使政府权力以实现某种公共目的行为。例如，美国总统向某个外国政府发出照会出照会，对该国针对美国的敌意行为进行抗议，他行使的是行政权力。内政部授权新建一条六车道的高速公路，它行使的是管理职能。vExecutive

47、or administrative power is in its essence the power to act according to discretion for the public advantage.Under a purely executive type of government,the public officials of the state would have unlimited discretion to act for the sake of what they conceive to be the public good.Under a government

48、 of laws,such as ours,executive and administrative discretion is limited by a large and intricate network of legal rules and regulations.Under our system of government,executive and administrative power must be exercised according to law.v执法权力或行政权力本质指以公众利益为目的行使自由裁量权。在一个纯粹的执法型政府下，政府公务员可以在个人认为对公众有利的前提

49、下无限制地行使其自由裁量权。然而在如我们这样的“法治政府”下，执法和行政自由裁量权要受到一整套复杂庞大的法律法规的制约。在我们的政府体系下，执法权和行政权必须依法施行。vJudicial power is employed for the purpose of settling controversies between private individuals or groups,or between private persons and the government,or between different units of government.In the words of Justi

50、ce Holmes,judicial inquiry investigations,declares,and enforces liabilities as they stand on present or past fact and under laws supposed already to exist.va.用霍姆斯法官的话说就是：“司法调查，宣判和履行义务都应基于过去或现在的事实，并遵守已有法律。”vb.用霍姆斯法官的话说就是“司法审问或讯问是以被认为业已存在的法律为准绳、以过去或现在的事实为根据，对各种责任进行调查、宣布并强制履行。”v司法权主要针对解决私人或团体之间，或私人与政府之