美国的风险资本培训课程课件VIP

美国的本培v

The

appeal

to

venture

capitalists

of

investingin

United

States

high

technology

companiesis

quite

obvious;

the

technology

industry

isone

of

the

largest

and

most

rapidly

growingindustries

in

the

United

States

today.According

to

the

U.

S.

Department

ofCommerce,

since

1994

technology-relatedrevenues

have

grown

at

an

estimated

rate

of15%

per

year,

approximately

five

times

thegrowth

rate

of

the

U.S.

economy.

Today,technology

is

estimated

to

account

forapproximately

50%

of

all

private

sectorcapital

spending

in

the

United

States.

By

theyear

2000,

technology

industry

revenues

areexpected

to

constitute

more

than

10%

of

thetotal

United

States

Gross

Domestic

Product.v

a.

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，科技产业是美国规模最大的，发展最快的产业之一。v

b.

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，对于风险资本家来说，投资这些高技术公司是极具吸引力的。v

考虑到后文的衔接。v

私营部门资本总支出v

1)Over

the

past

two

decades,

venture

capital

has

fostered

thegrowth

of

many

of

the

world's

leading

high

technology

andother

emerging

growth

companies

in

the

United

States./Corporations

such

as

Microsoft,

Compaq

and

Intel

are

but

a

fewexamples

of

American

companies

whose

early

growth

wasfacilitated

by

venture

capital

investments.

/2)The

availability

ofventure

capital

financing

to

young,

high

technology

companieshas

been

a

primary

contributor

to

the

dramatic

revenue

growthenjoyed

by,

and

the

increased

competitiveness

of,

America'shigh

technology

industry

and

to

the

economic

expansion

andincreased

employment

levels

experienced

in

California'sSilicon

Valley

and

other

areas

of

high

technology

companyconcentration.

/

3)

It

is

estimated

that

over

3,000

companies(including

non-

technology

companies)

which

have

completedinitial

public

offerings

of

stock

in

the

United

States

over

thepast

two

decades

have

received

venture

capital

at

some

pointin

their

development.v

1)

Over

the

past

two

decades,

venturecapital

has

fostered

the

growth

of

manyof

the

world's

leading

high

technologyand

other

emerging

growth

companies

inthe

United

States./

Corporations

such

asMicrosoft,

Compaq

and

Intel

are

but

a

fewexamples

of

American

companies

whoseearly

growth

was

facilitated

by

venturecapital

investments.

（定语从句）v

a.

在过去20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公司的发展。像微软、康柏和英特尔这样的公司，仅仅是那些早期发展得益于风险资本投资的美国公司的几个例子而已。（前置定语）v

b.

在过去20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公司的发展。很多公司的早期发展都得益于风险资本投资，微软，康柏和因特尔仅是这许多公司中的几个例子。(单独成句)v

2)

The

availability

of

venture

capitalfinancing

to

young,

high

technologycompaniesv

has

been

a

primary

contributor

tov

the

dramatic

revenue

growth

enjoyedby,

and

the

increased

competitivenessof,

America‘s

high

technology

industry（措辞）v

and

to

the

economic

expansion

andincreased

employment

levelsexperienced

in

California's

SiliconValley

and

other

areas

of

hightechnology

company

concentration.v

a.

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，都起了重要作用。（对…，对…

都起到了重要作用。措辞能力更有挑战）v

b.

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。

（不仅促进了…同时也带动了…）v

理解v

措辞+组句v

As

venture

capital

has

grown

in

popularity,

venture

capitalinvesting

has

emerged

as

a

major

financial

investment

vehicle./Traditionally,

most

venture

capital

firms

consisted

of

smallprivate

limited

partnerships

utilizing

capital

furnished

bywealthy

individuals

or

corporations.

/Today,

venture

capitalinvesting

represents

a

significant

focus

of

most

institutional

orcorporate

investment

portfolios,

and

many

of

the

largestventure

funds

are

operated

by

major

financial

institutions,

or

bysubsidiaries

specifically

designed

for

private

equityinvestment./

It

is

estimated

that

a

majority

of

funding

currentlycommitted

to

venture

capital

entities

has

been

provided

bypublic

or

private

pension

funds,

which

are

allocating

increasingpercentages

of

investment

funds

to

"alternative

investment”such

as

venture

capital.

The

remainder

of

investment

funding

isprovided

by

insurance

companies,

banks,

corporations,wealthy

individuals,

foreign

investors,

university

or

institutionalendowments

and

private

foundations.

(语篇，长句，专业性)v

As

venture

capital

has

grown

in

popularity,venture

capital

investing

has

emerged

as

amajor

financial

investment

vehicle.v

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重要手段。v

Traditionally,

most

venture

capital

firmsconsisted

of

small

private

limitedpartnerships

utilizing

capital

furnished

bywealthy

individuals

or

corporations.v

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。v

Today,

venture

capital

investingrepresents

a

significant

focus

of

mostinstitutional

or

corporate

investmentportfolios,

and

many

of

the

largestventure

funds

are

operated

by

majorfinancial

institutions,

or

by

subsidiariesspecifically

designed

for

private

equityinvestment.v

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子公司运作的。v

It

is

estimated

that

a

majority

of

fundingcurrently

committed

to

venture

capitalentities

has

been

provided

by

public

orprivate

pension

funds,

which

are

allocatingincreasing

percentages

of

investment

fundsto

"alternative

investment”

such

as

venturecapital.

The

remainder

of

investment

fundingis

provided

by

insurance

companies,

banks,corporations,

wealthy

individuals,

foreigninvestors,

university

or

institutionalendowments

and

private

foundations.v

alternative

investment

非传统投资eg.alternative

birthing/energyv

funding

to

provide

money

for

an

activity,organization,

event

etc

资金，

提供资金v

fund

1）an

amount

of

money

that

is

collectedand

kept

for

a

particular

purpose

基金v

2）an

organization

that

is

responsible

forcollecting

and

spending

an

amount

of

money基金会v

foundation

an

organization

that

gives

moneyto

charity,

research,

etc.

基金会v

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，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.v

In

recent

years,

it

has

become

increasingly

popular

for

largecorporations

to

form

their

own

venture

capital

subsidiaries

orinvestment

vehicles.

Corporations

such

as

Microsoft,

AT&T,and

Motorola

are

but

a

few

of

many

United

States

corporationsthat

actively

make

their

own

venture

investment,

often

co-investing

with

private

venture

capital

firms.

/2)

Venture

capitalinvestment

by

a

large

corporation

in

a

smaller,

emerginggrowth

company

can

provide

various

benefits

beyond

theopportunity

for

superior

investment

returns.

For

example,corporate

venture

capital

investing

may

allow

the

largecorporation,

with

minimal

investment,

to

benefit

from

theresearch

and

product

development

activities

of

the

emergingcompany.

In

addition,

large

corporations

can

benefit

fromexposure

to

entrepreneurial

companies

and

differentmanagement

approaches./

3)For

the

emerging

company,

theassociation

with

a

corporate

partner

may

not

only

enhance

theemerging

company’s

balance

sheet,

but

may

enhance

itscredibility

with

customers,

suppliers,

investors

and

others,

aswell

as

create

opportunities

for

the

company

to

leverage

off

ofthe

corporate

partner’s

marketing

and

distribution

network

oradministrative

services.

(语篇，长句)v

1)

In

recent

years,

it

has

become

increasingly

popularfor

large

corporations

to

form

their

own

venture

capitalsubsidiaries

or

investment

vehicles.

Corporations

suchas

Microsoft,

AT&T,

and

Motorola

are

but

a

few

of

manyUnited

States

corporations

that

actively

make

their

ownventure

investment,

often

co-investing

with

privateventure

capital

firms.(

定语从句)v

a.

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，仅仅是积极从事自己的风险投资(常常和私人风险资本公司共同投资)的许多美国公司中的几个例子。（前置定语）v

b.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,

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，

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，

铺垫）v

2)

Venture

capital

investment

by

a

largecorporation

in

a

smaller,

emerging

growthcompany

can

provide

various

benefitsbeyond

the

opportunity

for

superiorinvestment

returns.

For

example,

corporateventure

capital

investing

may

allow

the

largecorporation,

with

minimal

investment,

tobenefit

from

the

research

and

productdevelopment

activities

of

the

emergingcompany.

In

addition,

large

corporations

canbenefit

from

exposure

to

entrepreneurialcompanies

and

different

managementapproaches.v

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，还有种种其它的好处。例如，(风险资本投资)可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，大会司还能因接触创业公司和不同的管理方法而获益。v

3)

For

the

emerging

company,

theassociation

with

a

corporate

partner

may

notonly

enhance

the

emerging

company’sbalance

sheet,

but

may

enhance

itscredibility

with

customers,

suppliers,investors

and

others,

as

well

as

createopportunities

for

the

company

to

leverage

offof

the

corporate

partner’s

marketing

anddistribution

network

or

administrativeservices.v

leverage

off

Am

technical

to

make

moneyavailable,

using

a

particular

method

举债经营，借贷经营v

using

public

funds

to

leverage

privateinvestmentv

利用……优势，便利条件v

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，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）v

Legislative,

Executive

and

Judicial

Powerv

立法、行政、司法三权v

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，用词精炼。在翻译时，既要避免含糊不清，又要力克累言赘语。v

(一)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，对应译成准确的术语。

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，这类此的处理尤其要注意。v

Some

rules

laid

down

by

statute,

and

bycase

law

as

well,

are

mandatory

orcompulsory

and

can

not

be

avoided

bythe

parties,

while

other

are

implicative,interpretative,

or

supplementary

and

canbe

varied

by

agreement.v

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；而另一些规则是含蓄的，解释性的，补充性的，因而是可以由协议改变的。v

除了使用专门术语外，还常用一部分古词：hereto,

herein,

hereunder,

thereby

等等。以示文字精炼，文体正式。翻译时，要注意使用正式的词汇。v

(二)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。为了把意思表达得圆满精确，不至于产生歧义，大量添加附加语、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，宁可重复名词。

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表达。v

Act.

Ⅲ,

Sec.

1

of

the

Constitution

of

Californiaprovides:

"The

powers

of

the

government

ofthe

State

of

California

shall

be

divided

intothree

separate

departments

--

theLegislative,

Executive,

and

Judicial;

and

noperson

charged

with

the

exercise

of

powersproperly

belonging

to

one

of

thesedepartments

shall

exercise

any

functionsappertaining

to

either

of

the

others,

except

asin

this

Constitution

expressly

directed

orpermitted.

"

Most

state

constitutions

havesimilar

provisions,

and

the

separation

ofpowers

principle

also

underlies

the

fabric

ofthe

federal

Constitution.v

加利福利亚州宪法第三条第一款规定：“加利福利亚州政府的权力分为了三个独立的部门，即立法、行政与司法。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属于任何其他两个部门的权力，但是本宪法有明确指示或准许的不在此限

。”美国大多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。v

Such

constitutional

divisions

ofgovernmental

powers

into

legislative,executive,

and

judicial

powers

make

itnecessary

to

define

or

at

leastcircumscribe

the

meaning

of

these

basicconcepts

of

our

public

law.

This

task

isnot

an

easy

one,

because

there

existborderline

or

twilight

zones

in

whichthese

concepts

overlap

or

shade

into

oneanother.

It

is

possible,

however,

to

defineat

least

the

hard

core

of

these

notions.v

依照宪法规定的权力三分为立法、行政与司法的原则，要求对我国公法的这些基本概念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

要义予以规定，还是能做到的。v

Legislationis,essentially,themakingofnewlawbymeansofformalizedpronouncementofalaw-makingbody.Thelawenactedbyalegislativeorganconsiststypicallyofgeneralrules,principles,orothernormativepronouncementswhichpermit,command,ordisallowacertaincourseofconduct.Adispositionorcommandwhichdealsmerelywithoneindividual,concretesituationisnotalegislativeactinthegenuinesenseoftheterm.v

Thelawenactedbyalegislativeorganconsiststypicallyofgeneralrules,principles,orothernormativepronouncementswhichpermit,command,ordisallowacertaincourseofconduct.v

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定、原则或其他规范性的声明。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。v

Anexecutiveoradministrativeactmaybedefinedasanexerciseofgovernmentalpowerinaconcretesituationtoaccomplishsomepublicpurpose.IfthePresidentoftheUnitedStatessendsanotetoaforeigngovernmentprotestingagainstaninimicalactdirectedagainsttheUnitedStat