美國(guó)的風(fēng)險(xiǎn)資本培訓(xùn)課程課件

美國(guó)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.

在美國(guó)，高科技企業(yè)對(duì)于風(fēng)險(xiǎn)資本家來說具有明顯的吸引力。如今，科技產(chǎn)業(yè)是美國(guó)規(guī)模最大的，發(fā)展最快的產(chǎn)業(yè)之一。v

b.

技術(shù)產(chǎn)業(yè)是當(dāng)今美國(guó)規(guī)模最大，發(fā)展最快的產(chǎn)業(yè)之一。毫無疑問，對(duì)于風(fēng)險(xiǎn)資本家來說，投資這些高技術(shù)公司是極具吸引力的。v

考慮到后文的銜接。v

私營(yíng)部門資本總支出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.

（定語從句）v

a.

在過去20年中，風(fēng)險(xiǎn)資本促進(jìn)了美國(guó)許多處于世界領(lǐng)先地位的高技術(shù)公司和其他新興公司的發(fā)展。像微軟、康柏和英特爾這樣的公司，僅僅是那些早期發(fā)展得益于風(fēng)險(xiǎn)資本投資的美國(guó)公司的幾個(gè)例子而已。（前置定語）v

b.

在過去20年中，風(fēng)險(xiǎn)資本促進(jìn)了美國(guó)許多處于世界領(lǐng)先地位的高技術(shù)公司和其他新興公司的發(fā)展。很多公司的早期發(fā)展都得益于風(fēng)險(xiǎn)資本投資，微軟，康柏和因特爾僅是這許多公司中的幾個(gè)例子。(單獨(dú)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（措辭）v

and

to

the

economic

expansion

andincreased

employment

levelsexperienced

in

California's

SiliconValley

and

other

areas

of

hightechnology

company

concentration.v

a.

新開業(yè)的高技術(shù)公司獲得風(fēng)險(xiǎn)資本融資，這對(duì)美國(guó)高技術(shù)產(chǎn)業(yè)收入的大幅度增長(zhǎng)和競(jìng)爭(zhēng)力的提高，以及對(duì)加州硅谷和其他高技術(shù)公司集中地所取得的經(jīng)濟(jì)發(fā)展和就業(yè)水平的增長(zhǎng)，都起了重要作用。（對(duì)…，對(duì)…

都起到了重要作用。措辭能力更有挑戰(zhàn)）v

b.

風(fēng)險(xiǎn)資本融資用于新興的高科技產(chǎn)業(yè)，不僅促進(jìn)了美國(guó)高技術(shù)產(chǎn)業(yè)總收入大幅度增長(zhǎng)，競(jìng)爭(zhēng)力日漸提高，同時(shí)也帶動(dòng)了加州硅谷和其它高技術(shù)公司密集地區(qū)的經(jīng)濟(jì)發(fā)展和就業(yè)水平的增長(zhǎng)。

（不僅促進(jìn)了…同時(shí)也帶動(dòng)了…）v

理解v

措辭+組句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.

(語篇，長(zhǎng)句，專業(yè)性)v

As

venture

capital

has

grown

in

popularity,venture

capital

investing

has

emerged

as

amajor

financial

investment

vehicle.v

由于風(fēng)險(xiǎn)資本越來越受歡迎，風(fēng)險(xiǎn)資本投資已成為金融投資的重要手段。v

Traditionally,

most

venture

capital

firmsconsisted

of

small

private

limitedpartnerships

utilizing

capital

furnished

bywealthy

individuals

or

corporations.v

以往，大多數(shù)風(fēng)險(xiǎn)資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資本。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，風(fēng)險(xiǎn)資本投資則是大多數(shù)機(jī)構(gòu)投資證券組合或公司投資證券組合的一個(gè)重要的投資焦點(diǎn)，而且許多最大的風(fēng)險(xiǎn)基金是由主要的金融機(jī)構(gòu)或?qū)ｉT從事私募投資的子公司運(yùn)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

非傳統(tǒng)投資eg.alternative

birthing/energyv

funding

to

provide

money

for

an

activity,organization,

event

etc

資金，

提供資金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基金會(huì)v

foundation

an

organization

that

gives

moneyto

charity,

research,

etc.

基金會(huì)v

據(jù)估計(jì)，目前流入風(fēng)險(xiǎn)資本實(shí)體的大部分資金來自公共或私有養(yǎng)老基金。養(yǎng)老基金將越來越多的份額投向非傳統(tǒng)領(lǐng)域，如風(fēng)險(xiǎn)投資。投資資金的剩余部分由保險(xiǎn)公司，銀行，企業(yè)，富有個(gè)體，外商，大學(xué)或機(jī)構(gòu)捐贈(zèng)，以及私人基金會(huì)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.

(語篇，長(zhǎng)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.(

定語從句)v

a.

近年來，大公司組建自己的風(fēng)險(xiǎn)資本子公司或投資機(jī)構(gòu)的做法越來越普遍，微軟、美國(guó)電話電報(bào)公司和摩托羅拉，僅僅是積極從事自己的風(fēng)險(xiǎn)投資(常常和私人風(fēng)險(xiǎn)資本公司共同投資)的許多美國(guó)公司中的幾個(gè)例子。（前置定語）v

b.近年來，大公司組建自己的風(fēng)險(xiǎn)資本子公司或投資機(jī)構(gòu)的做法越來越普遍,

它們積極從事風(fēng)險(xiǎn)投資，常常和私人風(fēng)險(xiǎn)資本公司共同投資，

微軟、美國(guó)電話電報(bào)公司和摩托羅拉，僅僅是許多公司中的幾個(gè)例子。（獨(dú)立成句，

鋪墊）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

大公司對(duì)新興增長(zhǎng)型公司進(jìn)行風(fēng)險(xiǎn)資本投資，除了能帶來可觀的投資回報(bào)外，還有種種其它的好處。例如，(風(fēng)險(xiǎn)資本投資)可以使大公司以最小的投資從創(chuàng)業(yè)公司的研究和產(chǎn)品開發(fā)活動(dòng)中獲益。此外，大會(huì)司還能因接觸創(chuàng)業(yè)公司和不同的管理方法而獲益。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

舉債經(jīng)營(yíng)，借貸經(jīng)營(yíng)v

using

public

funds

to

leverage

privateinvestmentv

利用……優(yōu)勢(shì)，便利條件v

對(duì)于新興的公司來說，與大公司合作的好處甚多，不僅可以改善公司的資產(chǎn)負(fù)債表，也可以增強(qiáng)公司在消費(fèi)者、供應(yīng)商、投資者等方面的信用度，而且還能為公司創(chuàng)造機(jī)會(huì)來順勢(shì)分享合作伙伴的市場(chǎng)、銷售網(wǎng)絡(luò)或經(jīng)銷服務(wù)。（曹東籬）v

Legislative,

Executive

and

Judicial

Powerv

立法、行政、司法三權(quán)v

法律文件嚴(yán)謹(jǐn)，采取各種語言手段防止誤解或歧義；同時(shí)，法律語言貴在簡(jiǎn)潔，用詞精煉。在翻譯時(shí)，既要避免含糊不清，又要力克累言贅語。v

(一)在用詞方面，法律語篇使用大量的專業(yè)或準(zhǔn)專業(yè)術(shù)語，這些詞的處理要規(guī)范，對(duì)應(yīng)譯成準(zhǔn)確的術(shù)語。

尤其是一些較為平常的詞匯，在法律語篇中，可能會(huì)有特定的意義，這類此的處理尤其要注意。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）規(guī)定的規(guī)則是強(qiáng)制的，當(dāng)事人不得回避；而另一些規(guī)則是含蓄的，解釋性的，補(bǔ)充性的，因而是可以由協(xié)議改變的。v

除了使用專門術(shù)語外，還常用一部分古詞：hereto,

herein,

hereunder,

thereby

等等。以示文字精煉，文體正式。翻譯時(shí)，要注意使用正式的詞匯。v

(二)在句法方面，法律文件長(zhǎng)句多，幾十字、上百字的長(zhǎng)句司空見慣。為了把意思表達(dá)得圓滿精確，不至于產(chǎn)生歧義，大量添加附加語、修飾語、說明語，以致句子結(jié)構(gòu)復(fù)雜，枝杈橫生，讀來晦澀。行文中少用代詞，寧可重復(fù)名詞。

翻譯時(shí)，要先理清句子內(nèi)部的邏輯關(guān)系，適當(dāng)切分，才能準(zhǔn)確清晰地予以表達(dá)。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

加利福利亞州憲法第三條第一款規(guī)定：“加利福利亞州政府的權(quán)力分為了三個(gè)獨(dú)立的部門，即立法、行政與司法。任何一個(gè)擁有行使其中一個(gè)部門權(quán)力的人員不得越權(quán)行使隸屬于任何其他兩個(gè)部門的權(quán)力，但是本憲法有明確指示或準(zhǔn)許的不在此限

?！泵绹?guó)大多數(shù)州的憲法都設(shè)有類似規(guī)定。而且，三權(quán)分立的原則也是制定聯(lián)邦憲法的基礎(chǔ)。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

依照憲法規(guī)定的權(quán)力三分為立法、行政與司法的原則，要求對(duì)我國(guó)公法的這些基本概念進(jìn)行定義或予以限定。因?yàn)檫@些基本概念存在互相交疊與滲透，其分界模糊，對(duì)其予以嚴(yán)格區(qū)分并非易事。但是，對(duì)這些概念的

要義予以規(guī)定，還是能做到的。v

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

Thelawenactedbyalegislativeorganconsiststypicallyofgeneralrules,principles,orothernormativepronouncementswhichpermit,command,ordisallowacertaincourseofconduct.v

此類由立法機(jī)構(gòu)頒布的法令包括準(zhǔn)許，命令或禁止某種行為的一般性的規(guī)定、原則或其他規(guī)范性的聲明。v

立法的本質(zhì)指的是通過立法機(jī)構(gòu)正式頒布一項(xiàng)新的法令。此類由立法機(jī)構(gòu)頒布的法令包括準(zhǔn)許，命令或禁止某種行為的一般性的規(guī)定、原則或其他規(guī)范性的聲明。一個(gè)僅與某個(gè)別或具體事件相關(guān)的處置或指示并不構(gòu)成真正意義上的立法。v

Anexecutiveoradministrativeactmaybedefinedasanexerciseofgovernmentalpowerinaconcretesituationtoaccomplishsomepublicpurpose.IfthePresidentoftheUnitedStatessendsanotetoaforeigngovernmentprotestingagainstaninimicalactdirectedagainsttheUnitedStat