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风险评估投资常用术语中的英文解释英文版)风险评估投资常用术语中的英文解释英文版)风险评估投资常用术语中的英文解释英文版)风险投资常用术语中的英文解释(3)来源:
日期:2008-07-0400:00:00
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作者:NB-C-CAGR:CompoundAnnualGrowthRate.Theyearoveryeargrowthrateappliedtoaninvestmentorotheraspectofafirmusingabaseamount.
CallOption:Therighttobuyasecurityatagivenprice(orrange)withinaspecifictimeperiod.
Capital(orAssets)UnderManagement:Theamountofcapitalavailabletoafundmanagementteamforventureinvestments.
CapitalCall:Alsoknownasadrawdown-Whenaventurecapitalfirmhasdecidedwhereitwouldliketoinvest,itwillapproachitsinvestorsinorderto"drawdown"themoney.Themoneywillalreadyhavebeenpledgedtothefundbutthisistheactualactoftransferringthemoneysothatitreachestheinvestmenttarget.
CapitalGains:Thedifferencebetweenanasset'spurchasepriceandsellingprice,whenthesellingpriceisgreater.Long-termcapitalgains(onassetsheldforayearorlonger)aretaxedatalowerratethanordinaryincome.
CapitalizationTable:Alsocalleda"CapTable",thisisatableshowingthetotalamountofthevarioussecuritiesissuedbyafirm.Thistypicallyincludestheamountofinvestmentobtainedfromeachsourceandthesecuritiesdistributed——e.g.commonandpreferredshares,options,warrants,etc.——andrespectivecapitalizationratios.
Capitalize:Torecordanoutlayasanasset(asopposedtoanExpense),whichissubjecttodepreciationoramortization.
Captivefunds:Aventurecapitalfirmownedbyalargerfinancialinstitution,suchasabank.
CarriedInterest:Theportionofanygainsrealizedbythefundtowhichthefundmanagersareentitled,generallywithouthavingtocontributecapitaltothefund.Carriedinterestpaymentsarecustomaryintheventurecapitalindustry,inordertocreateasignificanteconomicincentiveforventurecapitalfundmanagerstoachievecapitalgains.
CashPosition:Theamountofcashavailabletoacompanyatagivenpointintime.ClaimDilutionAreductioninthelikelihoodthatoneormoreofthefirm'sclaimantswillbefullyrepaid,includingtimevalueofmoneyconsiderations.
Catch-up:Thisisacommontermoftheprivateequitypartnershipagreement.Oncethegeneralpartnerprovidesitslimitedpartnerswiththeirpreferredreturn,ifany,itthentypicallyentersacatch-upperiodinwhichitreceivesthemajorityoralloftheprofitsuntiltheagreeduponprofit-split,asdeterminedbythecarriedinterest,isreached.
Chapter11:ThepartoftheBankruptcyCodethatprovidesforreorganizationofabankruptcompany'sassets.
Chapter7:ThepartoftheBankruptcyCodethatprovidesforliquidationofacompany'sassets.
Chinesewall:Abarrieragainstinformationflowsbetweendifferentdivisionsoroperatinggroupswithinbanksandsecuritiesfirms.Examplesincludeapolicybarrierbetweenthetrustdepartmentfrommakinginvestmentdecisionsbasedonanysubstantiveinsideinformationthatmaycomeintothepossessionofotherbankdepartments.Thetermalsoreferstobarriersagainstinformationflowsbetweencorporatefinanceandequityresearchandtradingoperations.
Clawback:Aclawbackobligationrepresentsthegeneralpartner'spromisethat,overthelifeofthefund,themanagerswillnotreceiveagreatershareofthefund'sdistributionsthantheybargainedfor.Generally,thismeansthatthegeneralpartnermaynotkeepdistributionsrepresentingmorethanaspecifiedpercentage(e.g.,20%)ofthefund'scumulativeprofits,ifany.Whentriggered,theclawbackwillrequirethatthegeneralpartnerreturntothefund'slimitedpartnersanamountequaltowhatisdeterminedtobe"excess"distributions.Clickhereformoredetail
Closed-endFund:Atypeoffundthathasafixednumberofsharesoutstanding,whichareofferedduringaninitialsubscriptionperiod,similartoaninitialpublicoffering.Afterthesubscriptionperiodisclosed,thesharesaretradedonanexchangebetweeninvestors,likearegularstock.Themarketpriceofaclosed-endfundfluctuatesinresponsetoinvestordemandaswellaschangesinthevaluesofitsholdingsoritsNetAssetValue.Unlikeopen-endmutualfunds,closed-endfundsdonotstandreadytoissueandredeemsharesonacontinuousbasis.
Closing:Aninvestmenteventoccurringaftertherequiredlegaldocumentsareimplementedbetweentheinvestorandacompanyandafterthecapitalistransferredinexchangeforcompanyownershipordebtobligation.
Co-investment:Thesyndicationofaprivateequityfinancingroundoraninvestmentbyanindividuals(usuallygeneralpartners)alongsideaprivateequityfundinafinancinground.
Co-SaleProvisionsorRights:Allowsinvestorstoselltheirsharesofstockinthesameproportionsandforthesametermsasthefounders,managers,orotherinvestors,shouldanyofthosepartiesreceiveanoffer.
CollarAgreement:Agreeduponadjustmentsinthenumberofsharesofferedinastock-for-stockexchangetoaccountforpricefluctuationsbeforethecompletionofthedeal.CommittedCapital:Thetotaldollaramountofcapitalpledgedtoaprivateequityfund.
CommittedFundsorRaisedFunds:Capitalcommittedbyinvestors.Cashtothemaximumofthesecommitmentsmayberequestedordrawndownbytheprivateequitymanagersusuallyonadeal-by-dealbasis.Thisamountisdifferentfrominvestedfundsforthreereasons.First,mostpartnershipswillinitiallyinvestonlybetween80%and95%ofcommittedfunds(possiblyevenless).Second,itmaybenecessaryinearlyyearstodeducttheannualmanagementfeethatisusedtocoverthecostofoperationofafund.Third,paybacktoinvestorsusuallybeginsbeforethefinaldrawdownofcommitmentshastakenplace.Totheextentthatcapitalinvesteddoesnotequalcapitalcommitted,limitedpartnerswillhavetheirprivateequityreturnsdilutedbythemuchlowercashreturnsearnedontheuninvestedportion.AvoidingthissituationisthemainreasonforthePartnersGroupover-commitmentmodel,whichaimstokeepPartnersGroupproductsasclose100%investedaspossible.
CommonStock:Aunitofownershipofacorporation.Inthecaseofapubliccompany,thestockistradedbetweeninvestorsonvariousexchanges.Ownersofcommonstockaretypicallyentitledtovoteontheselectionofdirectorsandotherimportanteventsandinsomecasesreceivedividendsontheirholdings.Investorswhopurchasecommonstockhopethatthestockpricewillincreasesothevalueoftheirinvestmentwillappreciate.Commonstockoffersnoperformanceguarantees.Additionally,intheeventthatacorporationisliquidated,theclaimsofsecuredandunsecuredcreditorsandownersofbondsandpreferredstocktakeprecedenceovertheclaimsofthosewhoowncommonstock.
Companybuy-back:Theredemptionofprivateofrestrictedholdingsbytheportfoliocompanyitself.InessencethecompanyisbuyingouttheVC'sinterest.
Consolidation:Alsocalledaleveragedrollup,thisisaninvestmentstrategyinwhichaleveragedbuyout(LBO)firmacquiresaseriesofcompaniesinthesameorcomplementaryfields,withthegoalofbecomingadominantregionalornationwideplayerinthatindustry.Insomecases,aholdingcompanywillbecreatedtoacquirethenewcompanies.Inothercases,aninitialacquisitionmayserveastheplatformthroughwhichtheotheracquisitionswillbemade.
ConversionRatio:Thenumberofsharesofstockintowhichaconvertiblesecuritymaybeconverted.Theconversionrationequalstheparvalueoftheconvertiblesecuritydividedbytheconversionprice.
ConversionRights:Rightsbywhichpreferredstock"converts"intocommonstock.Usually,onehasthisrightatanytimeaftermakinganinvestment.CompanymaywantrightstoforceaconversionuponanIPO;uponhittingofcertainsalesorearnings'targets,oruponamajorityorsupermajorityvoteofthepreferredstock.Conversionrightsmaycarrywiththemanti-dilutionprotections.
ConvertibleSecurity:Abond,debentureorpreferredstockthatisexchangeableforanothertypeofsecurity(usuallycommonstock)atapre-statedprice.Convertiblesareappropriateforinvestorswhowanthigherincome,orliquidationpreferenceprotection,thanisavailablefromcommonstock,togetherwithgreaterappreciationpotentialthanregularbondsoffer.(SeeCommonStock,Dilution,andPreferredStock).
CorporateCharter:Thedocumentpreparedwhenacorporationisformed.TheChartersetsforththeobjectivesandgoalsofthecorporation,aswellasacompletestatementofwhatthecorporationcanandcannotdowhilepursuingthesegoals.
CorporateVenturing:Venturecapitalprovidedby[in-houseinvestmentfundsof]largecorporationstofurthertheirownstrategicinterests.
Corporation:Alegal,taxableentitycharteredbyastateorthefederalgovernment.Ownershipofacorporationisheldbythestockholders.Twoforms:"CCorp."and"SCorp."-thelatterofwhichprovidesflow-throughtaxation.
Covenant:Aprotectiveclauseinanagreement.
CumulativeDividends:Dividendsthataccrueatafixedrateuntilpaidare"CumulativeDividends"whicharepaymentstoshareholdersmadewithrespecttoaninvestor'sPreferredStock.Generally,holdersofPreferredSharesarecontractuallyentitledtoreceivedividendspriortoholdersofCommonStock.Dividendscanaccumulateatafixedrate(forexample8%)orsimplybepayableasandwhendeterminedbyacompany'sBoardofDirectorsinsuchamountasdeterminedbytheboard.Becauseventurebackedcompaniestypicallyneedtoconservecash,theuseofCumulativeDividendsiscustomarywiththeresultthattheLiquidationPreferenceincreasesbyanamountequalt
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