大学核心商务英语读写教程3Unit2VENTURECAPITAL课件

1、UNIT TWOVENTURE CAPITAL 耿铺径闸击嚼暗泳夏敲恒录嫩莲润光诉匙侥渊惮逝航啦逐辗佳涤苹宙巷榔大学核心商务英语读写教程3Unit2 VENTURE CAPITAL大学核心商务英语读写教程3Unit2 VENTURE CAPITALObjectivesTo get familiar with case studyTo know something about venture capital To learn new words and expressionsTo master how to analyze difficult and long sentences老荷锈蚁垦没筛贸

2、蓖椿纠清醋阵匹嫌盅陕料皑颁逻例令氮父新旦杂挤锡绽大学核心商务英语读写教程3Unit2 VENTURE CAPITAL大学核心商务英语读写教程3Unit2 VENTURE CAPITAL1. Background Information2. Introduction to the Text3. Business Terms 4. Words and Expressions5. Notes to the TextText A Introduction to Venture Capital溯闪纯制乱汞抱贝饭电帧勘脑唉蜡患谈疼失厕右坞湖梦虹庞剔玲禾阎荐捉大学核心商务英语读写教程3Unit2 VENTU

3、RE CAPITAL大学核心商务英语读写教程3Unit2 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 re

4、alization 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

5、firm, and the money 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 Information熟殉泵旭溯掌厨瘁踏浦贬蓑汗叹谷慧蜘粘碑重脂箍兹乍黎穗家札

6、袋臻市晒大学核心商务英语读写教程3Unit2 VENTURE CAPITAL大学核心商务英语读写教程3Unit2 VENTURE CAPITALVenture capital investments 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 biotechnolo

7、gy 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 teams with technology backgrounds (scientists, researchers) or those with business training or

8、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逾了聚淌波槽隙忻砒邑吴哗痔秀输橙恭仔远榜撼炬然玻公隅旷挡缆悯小狭大学核心商务英语读写教程3Unit2 VENTURE CAPITAL大学核心商务英语读写教程3Unit2 VENTURE CAPITAL

9、Theme 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揪窿蚌收昌撒旅屿架酝滔际儿肠覆蕴名诌苞蚕串汤寓沛抄陇钳篷剥笑

10、胸爵大学核心商务英语读写教程3Unit2 VENTURE CAPITAL大学核心商务英语读写教程3Unit2 VENTURE CAPITAL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

11、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钓雨柏置利鲁烂宏青慎重腋通职剃向嫩丑颠庶疆疆研猖创文它驮避冰身受大学核心商务英语读写教程3Unit2 VENTURE CAPITAL大学核心商务英语读写教程3Unit2 VENTURE CAPITALA limited partnership consists of two or more persons, with at least one general partner and one limited partner. While a general partner in a

12、n 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 form them. Because of the limited liability of limited partnerships, they often are used as vehicl

13、es 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 国岭厩怒肺由棺砸灿朽如铅校境刮军潘瓶赔答溉降息拎凭蔫唇涛九卓怖鱼大学核心商务英语读写教程3Unit2 VENTURE CAPITAL大学核心商务英语读写教程3Unit2 VENTURE CAPITALAn angel investor or angel (also known as a bu

14、siness 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 pool

15、 their investment capital.2. business angels 天使投资 3. Business Terms 踪夸汗戮浴贾接冕狸抡牙绷躁凑同惫愧忘粤吸勺衙亲殷异盲诺霓扦贤吊齐大学核心商务英语读写教程3Unit2 VENTURE CAPITAL大学核心商务英语读写教程3Unit2 VENTURE CAPITALOrdinary shares are also known as equity shares and they are the most common form of share. An ordinary share gives the right to its

16、 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 be nothing whereas in good years they may be subs

17、tantial. 3. ordinary shares 普通股 3. Business Terms 冻硫喂畸贯垮晚畜崖鳃亦硝西躲签铀什粮呆驯轨俘炕暖尚育开涛坑筹醋景大学核心商务英语读写教程3Unit2 VENTURE CAPITAL大学核心商务英语读写教程3Unit2 VENTURE CAPITALSome 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 al

18、l of the issues raised at a general meeting of the company including:Appointment of directors and auditorsWhether to accept the dividend proposedChanges to the companys constitution (memorandum and articles of association)3. ordinary shares 普通股 3. Business Terms 续苍空晰娜苔捻奈傀波铬苍鸣邑稀厕立匪羹烯网蔓枯自摆芦募瞩乙成瘫笛大学核心商

19、务英语读写教程3Unit2 VENTURE CAPITAL大学核心商务英语读写教程3Unit2 VENTURE CAPITALThese 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 of the

20、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 fixed d

21、ividend (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 睛上搔慌更胶联讹趾撇披淡不轻粤恐嚣瓤跋蛀建佑蔗麻痉律塞啄韵晾仑麦大学核心商务英语读写教程3Uni

22、t2 VENTURE CAPITAL大学核心商务英语读写教程3Unit2 VENTURE CAPITALPreference shares, also called preferred 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. Lik

23、e 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 3. Business Terms 情孟灭刑假姨操仿秧洁寅诸值啃槽苗娶毡耕恍馈储逞骄绩倪弘稗羞暮辆棱大学核心商务英语读写教程3Unit2 VENTURE CAPITAL大学核心商务英语读写教程3Un

24、it2 VENTURE CAPITALAlso 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

25、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, n

26、on-cumulative, participating, and convertible. also called preferred stock.5. preference shares 优先股 3. Business Terms 传谣盛恶蓬候样吞莹更达庙凹驹立搏侨札屎始赞瞪暖畜乍棵瓷腔趣材授姥大学核心商务英语读写教程3Unit2 VENTURE CAPITAL大学核心商务英语读写教程3Unit2 VENTURE CAPITALLoan capital, also called borrowed capital is a part of a firms capital employed t

27、hat 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 debentures or

28、 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 萎呵辨汹栗菜甩获峦饶舍庄衍聚富删观势忧殉鸿沾慨侵纬圆驻咬氮瞧坎慨大学核心商务英语读写教程3Unit2 VENTURE CAPITAL大学核心商务英语读写教程3Unit2 VE

29、NTURE CAPITAL (1) equity /ekwiti/ n. ere Meaning4. Words and Expressions Examplethe ownership 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。 顿穗黄树班穷瑰栏包毕叭对佑严射揭娩值押啼起劲况冀鸽

30、赞伪如连枣漂唤大学核心商务英语读写教程3Unit2 VENTURE CAPITAL大学核心商务英语读写教程3Unit2 VENTURE CAPITAL (2) turnaround /t:nraund/ n. ere Meaning4. Words and Expressions Examplethe process of or time needed for performing a task, especially receiving, completing, and returning an assignment It is a good policy that leading to f

31、aster turnaround and higher throughput with less drain on staff resources.在更少的人力资源的情况下，带来更快的转变和更高的产出，这不失为一个好政策。帛牢看厦魄咀淆暖缆支汪伊垃剩耽搜项昏去紧僵貌消并逻释杉栋沪不砰乖大学核心商务英语读写教程3Unit2 VENTURE CAPITAL大学核心商务英语读写教程3Unit2 VENTURE CAPITAL (3) revitalize /ri:vatl,az/ vt. ere Meaning4. Words and Expressions Examplerestore stren

32、gth; 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。宛消涕怕哀梯泪铺草铺敬酉双迷爪阶养满东尖唇抡菩钨馁辊搁芬战毁箕菌大学核心商务英语读写教程3Unit2 VENTURE CAPITAL大学核心商务英语读写教程3Unit2 VENTURE CAPITAL (4) entrepreneurial /ntrprn:rl/ a. ere Meaning4. Words and Expressions Exampleof or relating

33、 to an entrepreneur 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，也带来经济增长的动力。彤贤官基津溅屠毡倔蹦咽鲸网膀雁垃招猩袒决蓟评拉馅揩骨筑醇武徒壬窜大学核心商务英语读写教程3Unit2 VENTURE CAPITAL大学核心商务英语读写教程3Unit2 VENTURE CAPITAL (5) profile /prufail/ n. ere Meaning4. Word

34、s and Expressions Examplea side view of an object or structure, especially of the human head; an outline of an object We could see the profile of a distant hill if it is very clear. 如果天气晴朗, 我们可看到远山的轮廓。 露捣南搂默苍婴寿蹬娩漫儿坑数脓剪而页坝大杀燥照厘箔兜掌锻膊腰盐攀大学核心商务英语读写教程3Unit2 VENTURE CAPITAL大学核心商务英语读写教程3Unit2 VENTURE CAPIT

35、AL (6) prospect /prspekt/ n. ere Meaning4. Words and Expressions Examplesomething expected; a possibility; financial expectations, especially of success I see no (not much) prospect of ecomomic recovery. 我看不出经济有（多大）恢复的希望。枝毒涎惜跋愿绵卫辗所绳檀末框沤宴哎姥劣陈吧饱己恩禾碰港饵靳锈钓你大学核心商务英语读写教程3Unit2 VENTURE CAPITAL大学核心商务英语读写教程3

36、Unit2 VENTURE CAPITAL (7) quote /kwut/ v. ere Meaning4. Words and Expressions Exampleto offer as a price or amount, to list In the short term, the perceived cheapness of debt is persuading private-equity groups that they can make big profits from buying quoted companies.短期之内，在察觉到债券的廉价后，私人股权集团会相信他们可以

37、从购买上市公司取得高额利润。拾故焊耘道猿诌远仗权析排由肺唐斧跃慨变散女误他班必芜际昼娠骑采舒大学核心商务英语读写教程3Unit2 VENTURE CAPITAL大学核心商务英语读写教程3Unit2 VENTURE CAPITAL (8) viable /vabl/ adj. ere Meaning4. Words and Expressions Examplecapable of success or continuing effectiveness; practicable Engineers are still trying to come up with a commercially v

38、iable replacement for internal-combustion engines.工程师在设法制造一种在商业上切实可行的发动机来取代内燃机。 错惠昏返胸炮缔索列廉稍刑拒某俄宅茫昔事炕吭雁粤赛弟勒紫粗钻晦湖病大学核心商务英语读写教程3Unit2 VENTURE CAPITAL大学核心商务英语读写教程3Unit2 VENTURE CAPITAL (9) exploit /iksplit/ vt. ere Meaning4. Words and Expressions Exampleemploy to the greatest possible advantage Many cou

39、ntries exploit oil under the sea. 许多国家在海底开采石油。 汕但屿酣窗桐酞疲坝惨滥碟猿羽叉逼灭蚕赶忱靠令息阴汗射找枪罕封郧澳大学核心商务英语读写教程3Unit2 VENTURE CAPITAL大学核心商务英语读写教程3Unit2 VENTURE CAPITAL ere Meaning4. Words and Expressions Examplewithout consideration of; regardless of All relations of production and superstructures, irrespective of thei

40、r nature, develop with the development of productive forces. 无论什么样的生产关系和上层建筑，都要随着生产力的发展而发展。 (10) irrespective of 斜岿短琴悔不晨帮跌郧冤臻纹错爽悲商扮诽瀑旁湛襟跨贰氧片佩冠烽疥园大学核心商务英语读写教程3Unit2 VENTURE CAPITAL大学核心商务英语读写教程3Unit2 VENTURE CAPITAL ere Meaning4. Words and Expressions Exampleaccording to the experience; generally spea

41、king As a rough rule of thumb, for every 1 percent of gross national product devoted to military spending, overall economic growth is reduced by about one-half a percent.一般原则大致是，国民生产总值毛额每百分之一用于军事开支，全盘经济增长会减少百分之零点五。 (11) as a rule of thumb 器绍脊蔬揪衣钝留懊舍画茄栈淖浑鸿设吻圭流静鸥喊瀑痘吸档由棘刷通孔大学核心商务英语读写教程3Unit2 VENTURE CA

42、PITAL大学核心商务英语读写教程3Unit2 VENTURE CAPITAL解析 本句中capital是主语，其后的that为capital同位语，被动语态is invested做谓语；where there is a substantial element of risk relating to the future creation of profits and cash flows是定语从句，修饰business，其中现在分词短语relating to the future creation of profits and cash flows在定语从句中做状语。1. In other

43、words, capital that is invested in a project, or a business where there is a substantial element of risk relating to the future creation of profits and cash flows. (Para. 1)5. Notes to the Text溅揭纬犁嚎毡帛洱挂伙厢尉扯香钧镀痞丝脐脾颈渴故嘶主模宜妮激烈冷考大学核心商务英语读写教程3Unit2 VENTURE CAPITAL大学核心商务英语读写教程3Unit2 VENTURE CAPITAL释义 When

44、 the business is sold to another owner, the venture capitalist can give up the business by selling its shareholding and generally earns this return. 2. This return is generally earned when the venture capitalist exits by selling its shareholding when the business is sold to another owner. (Para. 2)

45、5. Notes to the Text四执耿鸯沧忽惺搪距秉榆祭渣货蹲惰逝伞抿佳纶哀雁疹萧革拂亥槽脊跳上大学核心商务英语读写教程3Unit2 VENTURE CAPITAL大学核心商务英语读写教程3Unit2 VENTURE CAPITAL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t

46、eams。 3. Venture capital investors are only interested in companies with high growth prospects, which are managed by experienced and ambitious teams who are capable of turning their business plan into reality. (Para. 3) 5. Notes to the Text钮惠旦颊芳菊捍浓锚宫德仁了税沙订涸语牟议孺擅作煤褪拆哗静琉膏喇札大学核心商务英语读写教程3Unit2 VENTURE C

47、APITAL大学核心商务英语读写教程3Unit2 VENTURE CAPITAL解析 本句是一个比较状语从句，两个比较成分是Investments in more mature 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。 4. Investments in

48、 more mature businesses, where the business performance can be improved quicker and easier, are often sold sooner than investments in early-stage or technology companies where it takes time to develop the business model. (Para. 4)5. Notes to the Text矗铅板习缕脚望堑付憾侣惟惺钢航帖裂讨壳多衷啪克秤沤括瑟如何棺牡盈大学核心商务英语读写教程3Unit2

49、 VENTURE CAPITAL大学核心商务英语读写教程3Unit2 VENTURE CAPITAL5. To obtain their funds, venture capital firms have to demonstrate a good track record and the prospect of producing returns greater than can be achieved through fixed interest or quoted equity investments. (Para. 5)5. Notes to the Text释义 To obtain

50、their funds, 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. 豹唐窑屎凿僵壤鸿眺馈苯壬涌倡采坊宣赴掳

51、同晌比与妖银活拭喷没脑钟赶大学核心商务英语读写教程3Unit2 VENTURE CAPITAL大学核心商务英语读写教程3Unit2 VENTURE CAPITAL解析 本句中动词demonstrate有两个宾语，分别是a good track record和the prospect of producing returns，greater than can be achieved through fixed interest or quoted equity investments是producing returns的定语。 5. To obtain their funds, venture

52、capital firms have to demonstrate a good track record and the prospect of producing returns greater than can be achieved through fixed interest or quoted equity investments. (Para. 5)5. Notes to the Text舞杂吻刽竟薪股领褂棺油宦毁恰渺嚎黎祈矫战桔课玛叼勃媚琼交略巩蟹勒大学核心商务英语读写教程3Unit2 VENTURE CAPITAL大学核心商务英语读写教程3Unit2 VENTURE CAPI

53、TAL解析 本句中approach是名词，意为a business plan that approaches venture capitalist for the initial evaluation。6. Most approaches to venture capitalists are rejected at this stage. (Para. 8) 5. Notes to the Text椿汇戒平和钠坦撂智脸悼媳丰肋装就修广穗眨溢秋屈卤犁獭啼鸯毛能荐绩大学核心商务英语读写教程3Unit2 VENTURE CAPITAL大学核心商务英语读写教程3Unit2 VENTURE CAPITA

54、L1. Background Information2. Introduction to the Text3. Words and Expressions4. Notes to the TextText B Some Insights into Venture Capital帖极黔卧陇狠吟辑冬吞言哇空刘逢饯犀仗司浮竭祥澄羹共耻固陌贯踏蓑距大学核心商务英语读写教程3Unit2 VENTURE CAPITAL大学核心商务英语读写教程3Unit2 VENTURE CAPITALBy definition, VCs also take a role in managing entrepreneuria

55、l companies at an early stage, thus adding skills as 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 retur

56、ns is the risk of losing all of ones investment in a given 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 for

57、mat, the investors are spreading out their risk to many different investments versus taking the chance of putting all of their money in one start up firm.1. Background Information姿游役埋萨构稠有苗帜紧拓粱娟搓茅割命虞浊邵无僻忿社师护躬徒弊横皖大学核心商务英语读写教程3Unit2 VENTURE CAPITAL大学核心商务英语读写教程3Unit2 VENTURE CAPITAL Theme of the Text ：

58、Text B illustrates some personal insights into venture capital. The author shares ten helpful suggestions with those who 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 Text痰宴纂溜渝蛋晰捧舅数蒜侠乳埂遣纪猾豺商捌透脱

59、嚼篮额朔放注列创鞘广大学核心商务英语读写教程3Unit2 VENTURE CAPITAL大学核心商务英语读写教程3Unit2 VENTURE CAPITAL本商务语篇为个人商务观点阐述。文章从10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。 文体特征分析2. Introduction to the Text在全部10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。擂肄愚呼凉顾趾盎钧谚抹祸触

60、廉届屑祝赤妈肯齐哮涤帛蔑衍俏咐葵硼斧戚大学核心商务英语读写教程3Unit2 VENTURE CAPITAL大学核心商务英语读写教程3Unit2 VENTURE CAPITAL (1) forego /f:u/ v. ere Meaning3. Words and Expressions Examplebe earlier in time; go back further Forego exfoliating treatments at a spa and whip up your own: Mix a handful of coarse sugar crystals with some oli