2022年风险投资术语表 .pdf

风险投资术语表是指投资者以风险资本的形式对尚在发展初期，具有潜在风险的企业进行投资的过程。典型的风险投资要承担放弃一定的公司所有权及管理控制权。投资者因承担了高风险因而可以获得高额的回报。投资形式一般是股票或可以在未来转换成股票形式的工具。随着公司经营的成熟，可以通过公开发行股票，公司合并或者出售，或用其他方式的获得资本。只要风险资本投资者有要退出的意愿，上述任何一种形式都有可能采用。风险投资者通常希望在退出时获得每年的投资回报。风险投资者一般会投资在那些有可能快速发展的公司上，这些公司中任何一家都有潜力产生极高的年收入，如在美国典型的投资额一般在万至万美元之间。管理经验是评估投资前景的主要考虑因素。Venture Capital Venture Capital is the process by which investors fund early stage, more risk oriented business endeavors. A venture capital funding arrangement will typically entail relinquishing some level of ownership and control of the business. Offsetting the high risk the investor takes is the promise of high return on the investment. The investment is usually in the form of stock or an instrument which can be converted into stock at some future date. As the business matures, an initial public offering may take place, or the business merged or sold, or other sources of capital found. Any of these would occur with the intention of buying out the venture capitalists. Venture capitalists typically expect a 20-50% annual return on their investment at the time they are brought out. Venture capitalists typically invest in high growth companies with the potential to generate revenues of $20MM in any one company, but typical investments range from between $500,000 and $5MM. Management experience is a major consideration in evaluating financing prospects. 种子投资一笔提供给投资者或企业家的相对数目较小的资金，通常用来验证其概念。使用的范围可以包括产品开发，但很少用于初期市场运作。Initial/Seed A relatively small amount of capital provided to an investor or entrepreneur, usually to prove a concept. It may involve product development, but rarely involves initial marketing. 第一阶段为需要扩展初始资本和需要资金的公司企业进行的融资，一般用于开展制造或销售业务。First Stage Financing provided to companies that have expended their initial capital and require funds, often to initiate commercial manufacturing and sales。第二阶段对已经实现初期资本扩张的公司提供营运资金，公司此时应具有生产运输能力，拥有不断增长的财务性收入和存货。虽然公司已取得明显进展，但多半还未能产生利润。Second Stage Funds provided for the major growth of a company whose sales volume is increasing and that is beginning to break even or turn profitable. These funds are typically for plant expansion, marketing and working capital development of an improved product. 第三阶段主要为业务增长提供资金，在这一阶段的公司销售量呈不断增长趋势并已实现盈亏相抵或开始有盈利。这名师资料总结 - - -精品资料欢迎下载 - - - - - - - - - - - - - - - - - - 名师精心整理 - - - - - - - 第 1 页，共 3 页 - - - - - - - - - 些资金主要是用来对改良后的产品进行扩大生产、拓展市场营销渠道和扩大运营资本。Third Stage Funds provided for the major growth of a company whose sales volume is increasing and that is beginning to break even or turn profitable. These funds are typically for plant expansion, marketing and working capital development of an improved product. 后续投资由一个已对公司进行前期投资的投资者继续投资，总的说来是与初始（种子）投资相对应。Follow-on/Later Stage A subsequent investment made by an investor who has made a previous investment in the company - generally a later stage investment in comparison to the initial investment. 全部资金用来为生产管理中所需购买生产线、收购其他业务所提供的资金，它可以处于公司发展中的任何阶段，资金的来源可以是任何上市公司或私人的企业。Buyout Funds provided to enable operating management to acquire a product line or business, which may be at any stage of development, from either a public or private company. 二购级买从公司现有的股东手中收购股票，而不是直接从发行股票的公司购买。Secondary Purchase Purchase of stock in a company from a shareholder, rather than purchasing stock directly from the company. 种子投资为希望在个月到年的期间内公开上市的公司进行融资，以支付上市准备期间所发生的费用。通常融资是由机构组织进行的，以便将来可以从公开发行的承销过程中获得收益回报。Bridge/Mezzanine Financing for a company expecting to go public usually within six months to a year. Often bridge financing is structured so that it can be repaid from proceeds of a public underwriting. 首次上市一家公司首次在股票市场的公开股票发行。IPO/Initial Public Offering A companys first offering of stock to the public. 股权股权是所有者对公司兴趣所在，以投资者所拥有的股票数目来体现。Equity Equity is ownership interest in a corporation, represented by the shares of stock which are held by investors. 股权发放公司通过发行普通股或优先股使投资者获得股权来筹集资金。Equity Offerings Raising funds by offering ownership in a corporation through the issuing of shares of a corporations common or 名师资料总结 - - -精品资料欢迎下载 - - - - - - - - - - - - - - - - - - 名师精心整理 - - - - - - - 第 2 页，共 3 页 - - - - - - - - - preferred stock. 股权相关贷款股权相关贷款是指可转换为股权的贷款，或可以以股权作抵押的贷款。Equity Related Loan Equity related loans are loans convertible into equity ownership or loans collateralized with equity positions. 投资银行投资银行相当于股票承销人或代理商，作为股票发行者和投资者之间的媒介。投资银行家通过再次发行或协调处理前期发行的股票的分配，维持已经发行股票的市场，或为公司私募寻找买家。Investment Banks An investment banking firm acts as underwriter or agent, serving as intermediary between an issuer of securities and the investing public. Investment bankers handle the distribution of blocks of previously issued securities, either through secondary offerings or through negotiations, maintain markets for securities already distributed, and act as finders in private placements of securities. 私募指向小规模数量的投资者（通常个以下）出售股票，此方式可以免除如在美国证券交易委员会（SEC）的注册程序。投资者要签署一份投资书声明，购买目的是投资而不是为了再次出售。Private Placement The sale of securities to a small group of investors (generally 35 or fewer) which is exempt from SEC registration requirements. The investors execute an investment letter stating that the securities are being purchased for investment without a view towards distribution. 二次上市指在首次发行之后的再次公开发行股票。二次上市可以由股票发行者进行，也可经自公开市场购买而持有此股票的集团发行。Secondary Public Offering This refers to a public offering subsequent to an initial public offering. A secondary public offering can be either an issuer offering or an offering by a group that has purchased the issuers securities in the public markets. 承销为公司发行股票作承销人，这样的集团公司可能来自一个财团，实行风险共担，确保股票成功发行。股票承销由两种组织形式：最佳效果型和严格承诺型。第一种类型，承销人有购买股票的选择权、并有权决定是否出售股票，如果不成功，可以取消发行、并放弃一切费用。这种组织形式在投机性强的股票和新公司发行中应用较多。对后一种类型，承销人要买入发行者要发行的全部股票。Underwriting An investment banking firm acting as underwriter sells securities from the issuing corporation to the public. A group of firms may from a syndicate to pool the risk and assure successful distribution of the issue. There are two types of underwriting arrangements: best efforts and firm commitment. With best efforts, the underwriters have the option to buy and authority to sell securities, or if unsuccessful, may cancel the issue and forgo any fees. This arrangement is more common with speculative securities and with new companies. With a firm commitment, the underwriters purchase outright the securities being offered by the issuer.名师资料总结 - - -精品资料欢迎下载 - - - - - - - - - - - - - - - - - - 名师精心整理 - - - - - - - 第 3 页，共 3 页 - - - - - - - - -