大学核心商务英语读写教程3Unit2-VENTURE-CAPITAL.ppt

Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,*,Click to edit Master title style,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,1.Background Information,2.Introduction to the Text,3.Business Terms,4.Words and Expressions,5.Notes to the Text,Text A Introduction to,Venture Capital,Venture 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 realization 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 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,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,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 more 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 the state to 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,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 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 substantial.,3.ordinary shares,普通股,3.Business Terms,Some 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 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 and articles of association),3.ordinary shares,普通股,3.Business Terms,Preference 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.Like 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,Loan capital,also called borrowed capital is a part of a firms capital 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 debentures 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 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。,(3)revitalize/ri:vatl,az/,vt.,ere,Meaning,4.Words and Expressions,Example,restore strength;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。,(,4)entrepreneurial/ntrprn:rl/,a.,ere,Meaning,4.Words and Expressions,Example,of or relating 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。,(5)profile/prufail/,n.,ere,Meaning,4.Words and Expressions,Example,a side view of an object or structure,especially of the human head;an outline of an object,We could see the pro a distant hill if it is very clear.,如果天气晴朗,我们可看到远山的轮廓。,(,6)prospect/prspekt/,n.,ere,Meaning,4.Words and Expressions,Example,something 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。,(7,)quote/kwut/,v.,ere,Meaning,4.Words and Expressions,Example,to 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从购买上市公司取得高额利润。,(,9)exploit/iksplit/,vt.,ere,Meaning,4.Words and Expressions,Example,employ to the greatest possible advantage,Many countries exploit oil under the sea.,许多国家在海底开采石油。,ere,Meaning,4.Words and Expressions,Example,without consideration of;regardless of,All relations of production and superstructures,irrespective of their 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,ere,Meaning,4.Words and Expressions,Example,according to the experience;generally speaking,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,释义,When 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),5.Notes to the Text,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,teams,。,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,5.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 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.,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 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,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,1.Background Information,2.Introduction to the Text,3.Words and Expressions,4.Notes to the Text,Text B Some Insights into Venture Capital,By definition,VCs also take a role in managing entrepreneurial 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 returns 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 format,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,Theme of the Text,：,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,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。,(1)forego/f:u/,v.,ere,Meaning,3.Words and Expressions,Example,be 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 olive oil,and use to slough off dead skin in the shower.,在去矿泉疗养院做去死皮治疗前，可自己动手护理一下：可将一把粗糖放入橄榄油内搅拌，然后在淋浴时用搅拌液搓去身上的死皮。,(2)counsel/kaunsl/,n.,/,v.,ere,Meaning,3.Words and Expressions,Example,n.,sth.that provides direction or advice as to a decision or course of action,v.,give advice to,If the old dog barks,he gives counsel.,不听老人言，吃亏在眼前。,They counsel against traveling at night in such a dangerous country.,他们劝告说勿在此危险的国家夜游。,(3)nuanced/nju:nst/,adj.,ere,Meaning,3.Words and Expressions,Example,of a slight difference and distinction,As an art form,rap music is impromptu and fast-paced,topical and insightful,requiring skills of language,nuanced and keen observation,as well as emotional truth.,作为一种艺术形式，唱饶音乐是即兴的、有主题有洞察力的，需要言的技巧、细微敏锐的观察力和真实情感。,(4)top-tier/tpt/,n.,ere,Meaning,3.Words and Expressions,Example,of the higher level or class,The ethnic,geographic and racial profiling goes into assembling classes at the top-tier colleges and universities.,一流院校的课堂刻意汇集来自各族裔、区域与种族的学生。,(5)transparency/trnspernsi:/,n.,ere,Meaning,3.Words and Expressions,Example,the quality of being clear and transparent,In many foreign countries,the financial markets have been focusing on regulation,risk management,customer service,improvement of efficiency,transparency,cost cutting,etc.,在国外许多国家，金融市场主要将重点放在调整、风险管理、消费者服务、提高效率、透明度、成本削减等方面。,(,6)integrity/interiti/,n.,ere,Meaning,3.Words and Expressions,Example,moral soundness,My respect for your intelligence is only equalled by my admiration for your integrity.,我对你聪明才智的敬佩不亚于对你为人正直的景仰。,(,7)optimal/ptml/,adj.,ere,Meaning,3.Words and Expressions,Example,most desirable under a restriction expressed or implied,What the investors most focus on is how they can find the optimal portfolio and get the maximum profits.,投资者最为关注的是如何找到最佳投资组合，获得最大利润。,ere,Meaning,3.Words and Expressions,Example,persuade sb.not to do sth.,His partner tried to talk him out of giving up the idea of pursuing venture capital,but in vain.,他的合伙人力劝他放弃寻求风险投资的想法，但毫无用处。,(8)talked sb out of sth./doing sth.,ere,Meaning,3.Words and Expressions,Example,in ones favor;for ones own good,The present devaluation of U.S.dollars is to the advantage of the United States.,目前的美元贬值对美国大有好处。,(9)to ones advantage/to the advantage of sb.,解析,本句是简单句，主语是,this,，谓语是由,notbut,连接的两个系表结构。,notbut,表示“不是,而是,”,，引导并列结构。例如：,Her anger is not because you didnt tell her about it,but because you told others not to tell her about it.,1.,This is not a reflection on you or your idea,but is often purely a function of timing.(Para.5),4.Notes to the Text,释义,The facts will appear and become visible finally,and when it happens,it is not good for you.,2.They will come out eventually,and later is rarely better for you.(Para.8),4.Notes to the Text,解析,本句是简单句。,Betweenand,结构在句中作状语，定语从句,initial terms are agreed to,修饰先行词,the time,。,3.,Between the time initial terms are agreed to and when money shows up in your bank,a lot of things can go wrong.(Para.10),4.Notes to the Text,解析,本句中,like,是动词，是“感兴趣”之意，不要误认为是介词。,4.Said differently,lets assume they sort of like you and your company.(Para.12),4.Notes to the Text,释义,Let us put it in another way.Suppose that venture capitalists have some interest in you and your company.,释义,During the 4-6 months from now,the risk of investing your business is becoming fairly low when compared with the high price venture capitalists have to pay,which means they could get a better“risk/reward”ratio.,5.During that time,the risk in your opportunity gets disproportionately lower compared to the“higher price”theyd have to pay later.(Para.12),5.Notes to the Text,1.Introduction to the Text,2.Business Terms,3.Words and Expressions,4.Notes to the Text,Text C Finding a Venture Capital Firm,Theme of the Text,：,Text C is a case study on how to find a venture capital firm.Location,sector preference,stage preference,partners,portfolio and assets are the six key variables to consider when ventures seek a venture capital firm.,1.Introduction to the Text,本商务语篇为说明文体，具体为商务案例分析,。,文章主要介绍了寻找风险投资公司的,6,个关键因素，即地理位置、行业偏好、阶段偏好、合伙人、投资组合和资产，并一一对此展开详细说明，试图为正在为筹集风险资本而头疼的创业者指明努力方向，提供帮助。,文章层次分明，结构清晰。,6,个变量均设立相应的小标题，凸显了在文章中的核心地位，使文章重点呼之欲出。文章大量使用,VC,这一缩略语，反映出作者在写作过程中力求节省时间，提高效率，贴近普通读者，使得文章尽量显得不那么正式。,文体特征分析,1.Introduction to the Text,Venture capital firms are typically structured as partnerships,the general partners of which serve as the managers of the firm and will serve as investment advisors to the venture capital funds raised.Venture capital firms in the United States may also be structured as limited liability companies,in which case the firms managers are known as managing members.,Venture capital firms,风险投资公司,2.Business Terms,Investors in venture capital funds are known as limited partners.This constituency comprises both high net worth individuals and institutions with large amounts of available capital,such as state and private pension funds,university financial e