風(fēng)險(xiǎn)投資
是指投資者以風(fēng)險(xiǎn)資本的形式對尚在發(fā)展初期，具有潛在風(fēng)險(xiǎn)的企業(yè)進(jìn)行投資的過程。典型的風(fēng)險(xiǎn)投資要承擔(dān)放棄一定的公司所有權(quán)及管理控制權(quán)。投資者因承擔(dān)了高風(fēng)險(xiǎn)因而可以獲得高額的回報(bào)。投資形式一般是股票或可以在未來轉(zhuǎn)換成股票形式的工具。隨著公司經(jīng)營的成熟，可以通過公開發(fā)行股票，公司合并或者出售，或用其他方式的獲得資本。只要風(fēng)險(xiǎn)資本投資者有要退出的意愿，上述任何一種形式都有可能采用。風(fēng)險(xiǎn)投資者通常希望在退出時(shí)獲得每年２０－５０％的投資回報(bào)。風(fēng)險(xiǎn)投資者一般會(huì)投資在那些有可能快速發(fā)展的公司上，這些公司中任何一家都有潛力產(chǎn)生極高的年收入，如在美國典型的投資額一般在５０萬至５００萬美元之間。管理經(jīng)驗(yàn)是評估投資前景的主要考慮因素。來源：www.examda.com
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.
種子投資
一筆提供給投資者或企業(yè)家的相對數(shù)目較小的資金，通常用來驗(yàn)證其概念。使用的范圍可以包括產(chǎn)品開發(fā)，但很少用于初期市場運(yùn)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.
第一階段
為需要擴(kuò)展初始資本和需要資金的公司企業(yè)進(jìn)行的融資，一般用于開展制造或銷售業(yè)務(wù)。
First Stage
Financing provided to companies that have expended their initial capital and require funds, often to initiate commercial manufacturing and sales.
第二階段
對已經(jīng)實(shí)現(xiàn)初期資本擴(kuò)張的公司提供營運(yùn)資金，公司此時(shí)應(yīng)具有生產(chǎn)運(yùn)輸能力，擁有不斷增長的財(cái)務(wù)性收入和存貨。雖然公司已取得明顯進(jìn)展，但多半還未能產(chǎn)生利潤。
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.
第三階段
主要為業(yè)務(wù)增長提供資金，在這一階段的公司銷售量呈不斷增長趨勢并已實(shí)現(xiàn)盈虧相抵或開始有盈利。這些資金主要是用來對改良后的產(chǎn)品進(jìn)行擴(kuò)大生產(chǎn)、拓展市場營銷渠道和擴(kuò)大運(yùn)營資本。
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.
后續(xù)投資
由一個(gè)已對公司進(jìn)行前期投資的投資者繼續(xù)投資，總的說來是與初始（種子）投資相對應(yīng)。
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.
全部資金
用來為生產(chǎn)管理中所需購買生產(chǎn)線、收購其他業(yè)務(wù)所提供的資金，它可以處于公司發(fā)展中的任何階段，資金的來源可以是任何上市公司或私人的企業(yè)。
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.
二購級買
從公司現(xiàn)有的股東手中收購股票，而不是直接從發(fā)行股票的公司購買。
Secondary Purchase
Purchase of stock in a company from a shareholder, rather than purchasing stock directly from the company.
種子投資
為希望在６個(gè)月到１年的期間內(nèi)公開上市的公司進(jìn)行融資，以支付上市準(zhǔn)備期間所發(fā)生的費(fèi)用。通常融資是由機(jī)構(gòu)組織進(jìn)行的，以便將來可以從公開發(fā)行的承銷過程中獲得收益回報(bào)。
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場的公開股票發(fā)行。
IPO/Initial Public
Offering A company's first offering of stock to the public.
股權(quán)
股權(quán)是所有者對公司興趣所在，以投資者所擁有的股票數(shù)目來體現(xiàn)。
Equity
Equity is ownership interest in a corporation, represented by the shares of stock which are held by investors.
股權(quán)發(fā)放
公司通過發(fā)行普通股或優(yōu)先股使投資者獲得股權(quán)來籌集資金。
Equity Offerings
Raising funds by offering ownership in a corporation through the issuing of shares of a corporation's common or preferred stock.
股權(quán)相關(guān)貸款
股權(quán)相關(guān)貸款是指可轉(zhuǎn)換為股權(quán)的貸款，或可以以股權(quán)作抵押的貸款。
Equity Related Loan
Equity related loans are loans convertible into equity ownership or loans collateralized with equity positions.
投資銀行
投資銀行相當(dāng)于股票承銷人或代理商，作為股票發(fā)行者和投資者之間的媒介。投資銀行家通過再次發(fā)行或協(xié)調(diào)處理前期發(fā)行的股票的分配，維持已經(jīng)發(fā)行股票的市場，或?yàn)楣舅侥紝ふ屹I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
指向小規(guī)模數(shù)量的投資者（通常３５個(gè)以下）出售股票，此方式可以免除如在美國證券交易委員會(huì)（SEC）的注冊程序。投資者要簽署一份投資書聲明，購買目的是投資而不是為了再次出售。
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
指在首次發(fā)行之后的再次公開發(fā)行股票。二次上市可以由股票發(fā)行者進(jìn)行，也可經(jīng)自公開市場購買而持有此股票的集團(tuán)發(fā)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 issuer's securities in the public markets.
承銷
為公司發(fā)行股票作承銷人，這樣的集團(tuán)公司可能來自一個(gè)財(cái)團(tuán)，實(shí)行風(fēng)險(xiǎn)共擔(dān)，確保股票成功發(fā)行。股票承銷由兩種組織形式：效果型和嚴(yán)格承諾型。第一種類型，承銷人有購買股票的選擇權(quán)、并有權(quán)決定是否出售股票，如果不成功，可以取消發(fā)行、并放棄一切費(fèi)用。這種組織形式在投機(jī)性強(qiáng)的股票和新公司發(fā)行中應(yīng)用較多。對后一種類型，承銷人要買入發(fā)行者要發(fā)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.
是指投資者以風(fēng)險(xiǎn)資本的形式對尚在發(fā)展初期，具有潛在風(fēng)險(xiǎn)的企業(yè)進(jìn)行投資的過程。典型的風(fēng)險(xiǎn)投資要承擔(dān)放棄一定的公司所有權(quán)及管理控制權(quán)。投資者因承擔(dān)了高風(fēng)險(xiǎn)因而可以獲得高額的回報(bào)。投資形式一般是股票或可以在未來轉(zhuǎn)換成股票形式的工具。隨著公司經(jīng)營的成熟，可以通過公開發(fā)行股票，公司合并或者出售，或用其他方式的獲得資本。只要風(fēng)險(xiǎn)資本投資者有要退出的意愿，上述任何一種形式都有可能采用。風(fēng)險(xiǎn)投資者通常希望在退出時(shí)獲得每年２０－５０％的投資回報(bào)。風(fēng)險(xiǎn)投資者一般會(huì)投資在那些有可能快速發(fā)展的公司上，這些公司中任何一家都有潛力產(chǎn)生極高的年收入，如在美國典型的投資額一般在５０萬至５００萬美元之間。管理經(jīng)驗(yàn)是評估投資前景的主要考慮因素。來源：www.examda.com
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.
種子投資
一筆提供給投資者或企業(yè)家的相對數(shù)目較小的資金，通常用來驗(yàn)證其概念。使用的范圍可以包括產(chǎn)品開發(fā)，但很少用于初期市場運(yùn)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.
第一階段
為需要擴(kuò)展初始資本和需要資金的公司企業(yè)進(jìn)行的融資，一般用于開展制造或銷售業(yè)務(wù)。
First Stage
Financing provided to companies that have expended their initial capital and require funds, often to initiate commercial manufacturing and sales.
第二階段
對已經(jīng)實(shí)現(xiàn)初期資本擴(kuò)張的公司提供營運(yùn)資金，公司此時(shí)應(yīng)具有生產(chǎn)運(yùn)輸能力，擁有不斷增長的財(cái)務(wù)性收入和存貨。雖然公司已取得明顯進(jìn)展，但多半還未能產(chǎn)生利潤。
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.
第三階段
主要為業(yè)務(wù)增長提供資金，在這一階段的公司銷售量呈不斷增長趨勢并已實(shí)現(xiàn)盈虧相抵或開始有盈利。這些資金主要是用來對改良后的產(chǎn)品進(jìn)行擴(kuò)大生產(chǎn)、拓展市場營銷渠道和擴(kuò)大運(yùn)營資本。
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.
后續(xù)投資
由一個(gè)已對公司進(jìn)行前期投資的投資者繼續(xù)投資，總的說來是與初始（種子）投資相對應(yīng)。
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.
全部資金
用來為生產(chǎn)管理中所需購買生產(chǎn)線、收購其他業(yè)務(wù)所提供的資金，它可以處于公司發(fā)展中的任何階段，資金的來源可以是任何上市公司或私人的企業(yè)。
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.
二購級買
從公司現(xiàn)有的股東手中收購股票，而不是直接從發(fā)行股票的公司購買。
Secondary Purchase
Purchase of stock in a company from a shareholder, rather than purchasing stock directly from the company.
種子投資
為希望在６個(gè)月到１年的期間內(nèi)公開上市的公司進(jìn)行融資，以支付上市準(zhǔn)備期間所發(fā)生的費(fèi)用。通常融資是由機(jī)構(gòu)組織進(jìn)行的，以便將來可以從公開發(fā)行的承銷過程中獲得收益回報(bào)。
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場的公開股票發(fā)行。
IPO/Initial Public
Offering A company's first offering of stock to the public.
股權(quán)
股權(quán)是所有者對公司興趣所在，以投資者所擁有的股票數(shù)目來體現(xiàn)。
Equity
Equity is ownership interest in a corporation, represented by the shares of stock which are held by investors.
股權(quán)發(fā)放
公司通過發(fā)行普通股或優(yōu)先股使投資者獲得股權(quán)來籌集資金。
Equity Offerings
Raising funds by offering ownership in a corporation through the issuing of shares of a corporation's common or preferred stock.
股權(quán)相關(guān)貸款
股權(quán)相關(guān)貸款是指可轉(zhuǎn)換為股權(quán)的貸款，或可以以股權(quán)作抵押的貸款。
Equity Related Loan
Equity related loans are loans convertible into equity ownership or loans collateralized with equity positions.
投資銀行
投資銀行相當(dāng)于股票承銷人或代理商，作為股票發(fā)行者和投資者之間的媒介。投資銀行家通過再次發(fā)行或協(xié)調(diào)處理前期發(fā)行的股票的分配，維持已經(jīng)發(fā)行股票的市場，或?yàn)楣舅侥紝ふ屹I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
指向小規(guī)模數(shù)量的投資者（通常３５個(gè)以下）出售股票，此方式可以免除如在美國證券交易委員會(huì)（SEC）的注冊程序。投資者要簽署一份投資書聲明，購買目的是投資而不是為了再次出售。
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
指在首次發(fā)行之后的再次公開發(fā)行股票。二次上市可以由股票發(fā)行者進(jìn)行，也可經(jīng)自公開市場購買而持有此股票的集團(tuán)發(fā)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 issuer's securities in the public markets.
承銷
為公司發(fā)行股票作承銷人，這樣的集團(tuán)公司可能來自一個(gè)財(cái)團(tuán)，實(shí)行風(fēng)險(xiǎn)共擔(dān)，確保股票成功發(fā)行。股票承銷由兩種組織形式：效果型和嚴(yán)格承諾型。第一種類型，承銷人有購買股票的選擇權(quán)、并有權(quán)決定是否出售股票，如果不成功，可以取消發(fā)行、并放棄一切費(fèi)用。這種組織形式在投機(jī)性強(qiáng)的股票和新公司發(fā)行中應(yīng)用較多。對后一種類型，承銷人要買入發(fā)行者要發(fā)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.