2019年大学核心商务英语读写教程3Unit2 VENTURE CAPITAL.ppt
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1、,UNIT TWO VENTURE CAPITAL,Objectives,To get familiar with case study,To know something about venture capital,To learn new words and expressions,To master how to analyze difficult and long sentences,Text A Introduction to Venture Capital,Venture capital is provided as seed funding to early-stage, hig
2、h-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 event such as an IPO or trade sale of the company. To put it simply, an investment firm will give
3、 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 money that it gives is called venture capital. The venture capital firm makes money by owning
4、 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 Information,Venture capital investments are generally made in cash in exchange for shares in the invested company. It is typical for venture capit
5、al 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 individuals, and is pooled together by dedicated investment firms. Venture capital firms typically comprise small t
6、eams 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 the potential to generate high commercial returns at an early stage.,1. Background Information,Theme
7、of the Text : Text A introduces some basic information about venture capital. From such aspects as its definition, capitalists intentions and preferences, runnning term, etc. a clear and thorough panorama of venture capital is presented.,2. Introduction to the Text,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
8、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、风险投资的期限、以及风险投资的资金筹措和具体投资过程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些专业化的商业词汇使用,如第六段中出现的“有限合伙”、最后一段提及的“天使投资”等,这些专业化词语的使用可避免冗长的解释,节省了版面。,文体特征分析,2. Introduction to the Text,A limited partnership consists of two or mo
9、re 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 limited to the amount of his or her investment in the company. LPs are creatures of statute since they must file with the state to
10、 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 taxes as a separate entity.,1. Limited Partnership/LP 有限合伙,3. Business Terms,An angel investor or angel (also known as a b
11、usiness angel or informal investor) is an affluent individual who provides capital for a business start-up, usually in exchange for convertible debt or ownership equity. A small but increasing number of angel investors organize themselves into angel groups or angel networks to share research and poo
12、l their investment capital.,2. business angels 天使投资,3. Business Terms,Ordinary shares are also known as equity shares and they are the most common 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 c
13、ompany. 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 be nothing whereas in good years they may be substantial.,3. ordinary shares 普通股,3. Business Terms,Some businesses may choose to pay out a dividen
14、d 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 meeting of the company including: Appointment of directors and auditors Whether to accept the dividend proposed Changes to the companys constitution (memorandum
15、and articles of association),3. ordinary shares 普通股,3. Business Terms,These may also be known as “A” ordinary shares, cumulative convertible participating preferred ordinary shares or cumulative preferred ordinary shares. These are equity shares with preferred rights. Typically they will rank ahead
16、of the ordinary shares for both income and capital. Once the preferred ordinary share capital has been repaid and then the ordinary 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
17、fixed dividend (a percentage linked to the subscription price) and/or they may have a right to a defined share of the companys profits known as a participating dividend. Preferred ordinary shares have votes.,4. preferred ordinary shares 优先普通股,3. Business Terms,Preference shares, also called preferre
18、d stock, are capital stock which provides a specific dividend that is paid before any dividends are paid to common stock 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 prefer
19、red stock shareholders do not enjoy any of the voting rights of common stockholders.,5. preference shares 优先股,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
20、ability to do so. The main benefit to owning preference shares are that the investor has a greater claim on the 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 befor
21、e common stockholders. In general, there are four different types of preferred stock: cumulative preferred, non-cumulative, participating, and convertible. also called preferred stock.,5. preference shares 优先股,3. Business Terms,Loan capital, also called borrowed capital is a part of a firms capital
22、employed that is not equity capital, earns a fixed rate of interest instead of dividends, and must be repaid 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 deb
23、entures or preferred stock (preference shares), and is usually secured by a fixed and/or floating charge on the firms assets. Unlike debt capital, it does not include short-term loans.,6. loan capital 借贷资本,3. Business Terms,(1) equity /ekwiti/ n.,ere,Meaning,4. Words and Expressions,Example,the owne
24、rship interest of shareholders in a corporation,The equity markets rallied and the economy after experiencing a hiccup, continued to grow for another 30 months. 股市上涨,经济在经历打击后出现了连续30个月的增长。,(2) turnaround /t:nraund/ n.,ere,Meaning,4. Words and Expressions,Example,the process of or time needed for perf
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