1、Chapter 9Looking for Investments Outside Silicon ValleyI教学目的I教学目的1.使学生熟悉理解有关美国风险投资公司近年来在欧洲运作风险投资的状况。2.同时培训学生能准确无误地掌握有关跨国风险投资的英文术语，和语言难点。3.通过补充新的有关风险投资方面的文章，进一步扩大学生的知识面和词汇量。II教学计划II教学计划拟使用六课时完成本课内容。一课时介绍背景知识，四课时用于课文讲解及难点讨论，最后一课时可供师生共同讨论相关问题，如外国风险投资对中小企业高科技公司的作用，中国风险投资的生存，发展的外部环境和条件等议题III教学方法III教学方法首先
2、介绍美国风险投资公司近年来在欧洲运作背景和风险投资的相关术语，使学生进入风险投资的基本框架之内。之后点出原文各章节的内容重点和他们相互关系，以期让学生抓住原文写作的逻辑和其基本结构。随后按章节顺序详细讲解原文，讲解方法力求师生互动，包括共同确认段落的主题句，和其补充及辅助句，提出段落涉及到的问题供学生思考或寻找答案，提供关键词或语言难点的英语同义词或反义词，以利学生的理解和词汇的扩大。IV.教学重点与要点IV.教学重点与要点1.专业知识内容1)风险资本界定2)风险投资公司分类3)跨国风险投资的融资和投资分配方式4)跨国风险投资目的5)跨国风险投资对象IV.教学重点与要点IV.教学重点与要点2.
3、语言内容1)术语：术语：private equity firms,venture capital,financial instrument,start-up,spin-off,portfolio company,industry consolidation,management buyout,balance sheet,re-capitalization,return on investment,cash flow,labor-intensive IV.教学重点与要点IV.教学重点与要点2)短语：look to,turn down,be inclined to,be keen to,capit
4、alize on,go through the roof,stayin touch with,miss the boat,chew up,on account of,break evenIV.教学重点与要点IV.教学重点与要点3)句子：(1)For a number of reasons including the special US-UK relationship(193页倒数第1段1-5行)(2)At that time some industry experts compared the arrival（195页倒数第2段第4-7行）3)In other words,they take
5、 a labor-intensive,team-oriented approach to venture investing and act as accelerator and incubator for.(197页第2段第2-4行)V背景知识V背景知识1.Venture Capital and Private Equity in a Historical Perspective1)Individual investors 2)Modern venture firms 3)Start-up venture 4)Institutional and corporateinvestment por
6、tfolio.V背景知识V背景知识2.Venture Capital Firms(风险投资公司)Venture capital and private equity firms are pools of capital,typically organized as a limited partnership,that invest in companies that represent the opportunity for a high rate of return within five to seven years.The venture capitalist may look at s
7、everal hundred investment opportunities before investing in only a few selected companies with favorable investment opportunities.V背景知识V背景知识3.Investment Focus of Venture capitalists1)start-ups2)companies at various stages of the business life cycle3)seed investing“4)early stage investing.5)expansion
8、 stage financingV背景知识V背景知识4.Length of Investment1)normal:3-7 years2)early stage investment:7-10 years3)later stage investment 2-3 yearsThe venture investment is neither a short term nor a liquid investment,but an investment that must be made with careful diligence and expertise.V背景知识V背景知识5.Fund Rais
9、ing of Venture Capital FirmsThe process that venture firms go through in seeking investment commitments from investors is typically called fund raising.This should not be confused with the actual investment in investee or portfolio companies by the venture capital firms,which is also sometimes calle
10、d fund raising in some circles.The commitments of capital are raised from the investors during the formation of the fund.V背景知识V背景知识6.Private Equity（私募股权）（私募股权）It is a form of risk capital in the form of equity or loan capital provided by an investment institution to back a business.In a broader expr
11、ession,private equity can be understood as venture capital.VI课文讲解VI课文讲解概念讲解概念讲解venture capital风险资本private equity私募股权，私募资金financial instruments 金融工具;金融票据start-up新兴公司spin-off派生公司,衍生公司portfolio company证券投资公司industry consolidation 产业整合VI课文讲解VI课文讲解课文注释课文注释1.Over the last three to four years a growing num
12、ber of American venture capital and private equity firms have set up shop in Europe and billions of dollars have been raised for venture capital funds.(p.192)句中：private equity firms（私募股权投资公司）are investment institutions that provide businesses with risk capital in the form of equity or loan capital.I
13、t covers venture capital,seed and early stage investing,mid-market deals and large leveraged buy-outs.In a broad sense,private equity can be understood as venture capital.【参考译文】在过去的三、四年里，愈来愈多的美国风险投资公司和私募股权投资公司在欧洲设立办事处，并筹集了数十亿美元的风险资金。【参考译文】在过去的三、四年里，愈来愈多的美国风险投资公司和私募股权投资公司在欧洲设立办事处，并筹集了数十亿美元的风险资金。VI课文讲
14、解VI课文讲解2.the Neuer Markt(p.192)法兰克福证交所的新股市法兰克福证交所的新股市The Neuer Markt(The New Market)was launched as a trading segment for technology companies at Frankfurt StockExchange in Germany on March 10,1997.It was introduced as a subsidiary of the Deutsche Borse AG,with the objectives to attract small-to-med
15、ium-sized,young technology firms.The number of companies that have gone public in Germany or rather on the New Market,increased dramatically during the IPO boom period.However,as aconsequence of the downturn of shares listed at the Neuer Marktsince March 2000,the going public of companies became muc
16、h more difficult.Deutsche Brse Group,based at Frankfort,is NeuerMarkts parent company.The Group provides access to capital markets for companies and investors and is currently the leadingprovider of infrastructure services for the securities industry,with some 2,000 customers and a focus on Europe,t
17、he Americas and Asia.VI课文讲解VI课文讲解3.techMARK(p.192)伦敦证交所的技术板股市伦敦证交所的技术板股市Since its launch in 1999 at London Stock Exchange,techMARK has established itself as a global market for shares in businesses at the cutting edge of technological innovation.techMARK succeeds in meeting both the special requirem
18、ents of innovative technology businesses and of their wide variety of investors.Companies on techMARK are active across all sectors of commercial and industrial activity,range from established multinationals to small start-up businesses and share a commitment to innovation,a desire for global visibi
19、lity and a London listing.Innovative companies are attracted to list in London by its deep pool of capital,unrivalled equity culture,high liquidity,advanced trading systems and sophisticated international investment community.Membership of techMARK is open to all innovative technology companies what
20、ever their size,country of origin or currency of share trading.techMARKcompanies represent a broad range of industries,but all companies share a key attribute-technological innovation.VI课文讲解VI课文讲解4.Over the last five years,there has been a transformation of Europes business and corporate environment
21、 in which private equity firms have emerged as sources of new investment,higher employment and value creation.(p.192)句 中：corporate environment refers to the general environment that is widely dispersed and affects businesses indirectly,include social,demographic,and economic factors that influence a
22、ll organizations.【参考译文】在过去五年里，欧洲的商业及企业环境也发生了可观的变化：私募股权投资公司已经成为新的投资来源，它的出现提高了就业率，同时也创造了新的价值。在过去五年里，欧洲的商业及企业环境也发生了可观的变化：私募股权投资公司已经成为新的投资来源，它的出现提高了就业率，同时也创造了新的价值。VI课文讲解VI课文讲解5.general partners(p.192)普通合伙人普通合伙人A limited partnership has two partners:general partners and limited partners.The general partn
23、ers of an ordinary limited partnership are personally liable for the partnerships debts.Limited partners are not personally liable except in extraordinary circumstances.Usually both the right to manage and the power to bind a limited partnership are reserved to the general partners.Limited partners
24、are essentially passive investors and entitled to share profits and losses essentially in proportions to their respective capital contributions with the general partners.VI课文讲解VI课文讲解6.Benchmark Capital (p.192)基准资本基准资本Based in California,USA,this venture firm aims at helping entrepreneurs build techn
25、ology companies.Its investing strategy is to be the first investor in technology-driven companies that seek to create new markets with significant growth potential.It focuses on early-stage investing and take a labor-intensive,service-oriented approach in markets including enterprise software and se
26、rvices,communications&security,semiconductors,mobile computing,consumer servicesand financial services.Benchmark Capital supports its portfolio companies with its experienced partners,helping them recruit an executive,facilitate a corporate partnership,or get advice on a strategic move.VI课文讲解VI课文讲解7
27、.Given that Europe is an area with substantial political,institutional and regional differences,and different degrees of economic development,investors should not only focus on sectors,but also consider regional opportunities.(p.193)句中：Given that意为“if one takes into account”。句中：sectors mean parts or
28、 divisions of a national economy,such as the manufacturing sector;the private sector(生产部门；私有部门).【参考译文】考虑到欧洲在政治、机构、区域上存在的相当的差异，还有其经济发展的差异，投资者不应仅仅关注行业，也应考虑区域机遇。VI课文讲解VI课文讲解8.VennWorks(p.193)VennWorks creates,develops and operates market-leading healthcare and technology companies in partnership with c
29、orporations,universities and others seeking to profitably commercialize intellectual property.It does not back individual entrepreneurs.VennWorks provides its partners with its expertise and experience in venture capital,information technology,life sciences,financial services,human capital managemen
30、t,recruiting and branding.VI课文讲解VI课文讲解9.Crescendo(p.193)Crescendo is a plug-in website that plays MIDI and MP3 music off of the web.When you log on its website,you can see the player in the upper right hand corner of the page and hear music as well.VI课文讲解VI课文讲解10.TD Capital Communications(p.193)Foun
31、ded in 1995,TD Capital Communications targets investment opportunities in the media,communications and business services sectors throughout the U.S.TD Capital Communications Partners is fully funded by TD Bank and provides access to a variety of investment structures including preferred equity,commo
32、n equity and mezzanine capital.TC Capital Communications typically targets business models that generate predictable recurring revenue streams in the following sectors:wireless communications,cable television,broadcasting,publishing,data services,new media,business services,information services and
33、outsourcing.VI课文讲解VI课文讲解11.Jose Brena includes Spain,which has a competitive telecommunications sector while financial instruments are more developed than in other countries such as,for instance,Italy.(p.193)The term“financial instruments”refer to any stock,share,money or other financial security.(金
34、融工具;金融票据)The bank trades in all types of financial instruments.【参考译文】布雷纳还纳入了西班牙，认为西班牙具有竞争性的电信业，而且其金融工具比意大利等它国发展得更成熟。VI课文讲解VI课文讲解12.Scandinavia(p.193)斯堪的纳维亚斯堪的纳维亚A region of northern Europe consisting of Norway,Sweden,and Denmark.Finland,Iceland,and the Faeroe Islands are often included in the region
35、.VI课文讲解VI课文讲解13.For a number of reasons including the special US-UK relationship,Anglo-Saxon practice and the fact that it is at no more than three hours by plane from most of the main research centers and technology clusters in France,Germany and Scandinavia,the American VCs look at London as the i
36、deal location from where to explore the European market.(p.193)The phrase Anglo-Saxon practice refers to the British and American habitual or customary actions or ways of doing something(英格鲁撒克逊或英美式的惯例).【参考译文】美国风险投资公司把伦敦视为开发欧洲市场的理想场所，这是出于多种考虑：其一是英、美间的特殊关系和英格鲁克逊的惯例，其二就是从伦敦到法、德、及斯堪的纳维亚的多数主要科研中心和技术基地的飞行
37、时间均在三个小时之内。VI课文讲解VI课文讲解14.Similarly,TD Capital Communications Partners,which was founded in 1995 as a spin-off of TD Capital,the global private equity arm of Toronto Dominion Bank,opened its London office in June 2000 with about 200 million euro earmarked for investment in Europe.(p.193)句中：a spin-of
38、f means a divestiture by a corporation of a division or subsidiary by issuing to stockholders shares in a new company set up to continue the operations of the division or subsidiary.剥离出的公司的定义：从大公司分出一部分，将其组建成一个子公司，把其股票给予现有的股东。【参考译文】类似运作的还有TD 资本通讯合伙公司，该公司于2000年六月设立了伦敦办事处，并有两亿欧元专款用于欧洲投资。TD 资本通讯合伙公司是于19
39、95年从TD 资本公司剥离出来的，而后者是多伦多道明银行（Toronto Dominion Bank）的一个全球性私募股权投资分支VI课文讲解VI课文讲解15.Toronto Dominion Bank(p.194)多伦多道明银行多伦多道明银行Headquartered in Toronto,Canada,with more than 51,000 employees in offices around the world,The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Finan
40、cial Group(TDBFG).TD Bank Financial Group offers a full range of financial products and services to approximately 13 million customers worldwide.As at April 30,2003,TD Bank Financial Group was Canadas third largest bank in terms of market capitalization and had more than CDN$322 billion in assets.TD
41、 Bank Financial Group ranks as one of the top on-line financial services providers in the world with more than 4.5 million on-line customers.The Toronto-Dominion Bank trades on the Toronto and New York stock exchanges under the symbol TD.VI课文讲解VI课文讲解16.TD Capital(p.194)TD Capital,established in 1968
42、 by Toronto Dominion Bank,is the independent private equity arm of TD Bank Financial Group.TD Capital partners with businesses with compelling opportunities for growth by providing capital and strategic counsel and support.Headquartered in Toronto,TD Capital has offices in New York and Boston.TD Cap
43、ital currently has CAD$3.0 billion(approximately US$2.2 billion)under management and a portfolio of approximately 200 companies worldwide.VI课文讲解VI课文讲解17.The Menlo Park (p.194)It is within Silicon Valley of California,USA where the Benchmark Capital is situated.VI课文讲解VI课文讲解18.balance sheet (p.194)资产负
44、债表A document that shows the totals of money received(credits)and money paid out(debits)by a company and the difference between them.The bank carefully examined the companys balance sheet before deciding to approve the loan.VI课文讲解VI课文讲解19.Madison Dearborn Partners (p.194)Madison Dearborn Partners(MDP
45、),based in Chicago,is one of the largest and most experienced private equity investment firms in the United States.MDPs principals manage over$7 billion investment funds raised in the period from 1993 to 2001.MDP focuses on management buyout transactions and other private equity investments across a
46、 broad spectrum of industries.Its objective is to invest in companies in partnership with outstanding management teams to achieve significant long-term appreciation in equity value.MDP generally seeks to invest$50 million to$400 million of equity capital in a singletransaction and focuses on several
47、 specific industry sectors,including basic industries,communications,health care,financial services,middle market,and consumer.VI课文讲解VI课文讲解20.equity financing(p.194)股权融资股权融资Any money invested by owners or by those who purchase stock in a corporation is considered equity funds.Equity financing consis
48、ts of funds that are invested in exchange for ownership in the company.VI课文讲解VI课文讲解21.Several investors rushed into the deal and focused on the wrong metrics in fear of missing the boat.(p.196)句中：rushed into the deal 意为匆忙达成商业协议或合同。The word metrics literally means the art of metrical composition；seen
49、 in the context of this business analysis,it refers to the measurements or criteria of investments.【参考译文】数位投资人匆忙成交，因怕错失良机而着眼于错误的评估参数上。VI课文讲解VI课文讲解22.Venture Economics(p.196)A division of Thomson Financial,provides periodical and online information on global private equity industry.Its daily news and
50、 statistics offer a snapshot of the US,European,and Asian private equity markets.Thomson Financial Venture Economics serves institutional investors,venture capital firms,investment banks,consulting firms,and media circles.Thomson Financial is the premier global provider of financial information,data
