大学核心商务英语读写教程3Unit2 VENTURE CAPITAL

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1、UNIT TWOVENTURE CAPITAL ObjectivesTo get familiar with case studyTo know To know something something about about venture venture capitalcapital To learn To learn new words new words and and expressionsexpressionsToTo master master how to how to analyze analyze difficult and difficult and long long s

2、entencessentences1. Background Information2. Introduction to the Text3. Business Terms 4. Words and Expressions5. Notes to the TextText A Introduction to Venture CapitalVenture capital is provided as seed funding to early-stage, high-potential, growth companies and more often after the seed funding

3、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

4、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

5、 firm will invest in usually have a novel technology or business model. 1. Background Information1. Background InformationVenture capital investments are generally made in cash in exchange for shares in the invested company. It is typical for venture capital investors to identify and back companies

6、in high technology industries, such as biotechnology and IT. Venture capital typically comes from institutional investors and high net worth individuals, and is pooled together by dedicated investment firms. Venture capital firms typically comprise small teams with technology backgrounds (scientists

7、, researchers) or those with business training or deep industry experience. A core skill within VC is the ability to identify novel technologies that have the potential to generate high commercial returns at an early stage. 1. Background Information1. Background Information Theme of the TextTheme of

8、 the Text ：v 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 2. Introduction to the TextText本商务语篇为说明文体

9、，具体为商务信息简介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。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。明准确、浅显易懂，避免

10、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，如第六段中出现的些专业化的商业词汇使用，如第六段中出现的“有限合有限合伙伙”、最后一段提及的、最后一段提及的“天使投资天使投资”等，这些专业化词等，这些专业化词语的使用可避免冗长的解释，节省了版面。语的使用可避免冗长的解释，节省了版面。 文体文体特征特征分析分析2. Introduction to the Text2. Introduction to the TextA limited partnership consists of two or m

11、ore 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 file with the state t

12、o 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 有限合伙有限合伙3. Business Terms 3. Business Terms An angel investor or ang

13、el (also known as a business angel or informal investor) is an affluent individual who provides capital for a business start-up, usually in exchange for convertible debt or ownership equity. A small but increasing number of angel investors organize themselves into angel groups or angel networks to s

14、hare research and pool their investment capital.2. business angels 天使投资天使投资 3. Business Terms 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

15、) 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 普通股普通股 3. Business Terms 3.

16、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 auditorsWhether to accept the dividen

17、d proposedChanges to the companys constitution (memorandum and articles of association)3. ordinary shares 普通股普通股 3. Business Terms 3. Business Terms These may also be known as “A” ordinary shares, cumulative convertible participating preferred ordinary shares or cumulative preferred ordinary shares.

18、 These are equity shares with preferred rights. Typically they will rank ahead of the ordinary shares for both income and capital. Once the preferred ordinary share capital has been repaid and then the ordinary share capital has been repaid, the two classes would then rank pari passu in sharing any

19、surplus capital. Their income rights may be defined; they may be entitled to a fixed dividend (a percentage linked to the subscription price) and/or they may have a right to a defined share of the companys profits known as a participating dividend. Preferred ordinary shares have votes.4. preferred o

20、rdinary shares 优先普通股优先普通股3. Business Terms 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 liquida

21、tion. 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 优先股优先股 3. Business Terms 3. Business Terms Also unlike common stock, preference shares pay a f

22、ixed dividend that does not fluctuate, although the company does not have to pay this dividend if it lacks the financial ability to do so. The main benefit to owning preference shares are that the investor has a greater claim on the companys assets than common stockholders. Preferred shareholders al

23、ways receive their dividends first and, in the event the company goes bankrupt, preferred shareholders are paid off before common stockholders. In general, there are four different types of preferred stock: cumulative preferred, non-cumulative, participating, and convertible. also called preferred s

24、tock.5. preference shares 优先股优先股 3. Business Terms 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 fir

25、ms 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

26、include short-term loans. 6. loan capital 借贷资本借贷资本3. Business Terms 3. Business Terms (1) equity /ekwiti/ (1) equity /ekwiti/ n.n. ere Meaning Meaning4. Words and Expressions4. Words and Expressions Example Examplethe ownership interest of the ownership interest of shareholders in a corporationshare

27、holders in a corporation The The equity equity markets markets rallied rallied and and the the economy economy after after experiencing experiencing a a hiccup, hiccup, continued continued to to grow grow for for another another 30 months.30 months.股市上涨，经济在经历打击后出现了连续股市上涨，经济在经历打击后出现了连续3030个月的增长。个月的增长

28、。 (2) turnaround /t2) turnaround /t :n:n raund/ raund/ n.n. ere Meaning Meaning4. Words and Expressions4. Words and Expressions Example Examplethe process of or time needed for the process of or time needed for performing a task, especially receiving, performing a task, especially receiving, complet

29、ing, and returning an assignmentcompleting, and returning an assignment It It is is a a good good policy policy that that leading leading to to faster faster turnaround turnaround and and higher higher throughput throughput with with less less drain drain on on staff staff resources.resources.在在更更少少

30、的的人人力力资资源源的的情情况况下下，带带来来更更快快的的转转变变和和更更高高的的产产出，这不失为一个好政策。出，这不失为一个好政策。 (3) revitalize /ri:vatl,az/ vt. ere Meaning Meaning4. Words and Expressions4. Words and Expressions Example Examplerestore 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

31、新生。 (4) entrepreneurial 4) entrepreneurial / / ntrntr prpr nn :r:r l/ l/ a.a. ere Meaning Meaning4. Words and Expressions4. Words and Expressions Example Exampleof or relating to an entrepreneurof or relating to an entrepreneur The entrepreneurial spirit, which brings greater employment opportunitie

32、s, 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 Meaning4. Words and Expressions4. Words and Expressions Example Examplea side view of an object or structure, especially of the human head; an outline of an object We could see the profile of a dist

33、ant hill if it is very We could see the profile of a distant hill if it is very clear.clear. 如果天气晴朗如果天气晴朗, , 我们可看到远山的轮廓。我们可看到远山的轮廓。 (6) prospect /pr6) prospect /pr spekt/ spekt/ n.n. ere Meaning Meaning4. Words and Expressions4. Words and Expressions Example Examplesomething expected; a possibility;

34、 financial expectations, especially of success I I see no (not much) see no (not much) prospectprospect of ecomomic recovery. of ecomomic recovery. 我看不出经济有（多大）恢复的希望。我看不出经济有（多大）恢复的希望。 (7) quote ) quote /kw/kw ut/ ut/ v.v. ere Meaning Meaning4. Words and Expressions4. Words and Expressions Example Exa

35、mpleto offer as a price or amount, to list In In the the short short term, term, the the perceived perceived cheapness cheapness of of debt debt is is persuading persuading private-equity private-equity groups groups that that they they can can make make big profits from buying quoted companies.big

36、profits from buying quoted companies.短短期期之之内内，在在察察觉觉到到债债券券的的廉廉价价后后，私私人人股股权权集集团团会会相相信信他们可以从购买上市公司取得高额利润。他们可以从购买上市公司取得高额利润。 (8) viable /va8) viable /va b b l/ l/ adj.adj. ere Meaning Meaning4. Words and Expressions4. Words and Expressions Example Examplecapable of success or continuing effectiveness;

37、practicable Engineers are still trying to come up with a commercially Engineers are still trying to come up with a commercially viable replacement for internal-combustion engines.viable replacement for internal-combustion engines.工程师在设法制造一种在商业上切实可行的发动机来取代内工程师在设法制造一种在商业上切实可行的发动机来取代内燃机。燃机。 (9) exploit

38、 /ikspl9) exploit /ikspl it/it/ vt. vt. ere Meaning Meaning4. Words and Expressions4. Words and Expressions Example Exampleemploy to the greatest possible advantage Many countries exploit oil under the sea. Many countries exploit oil under the sea. 许多国家在海底开采石油。许多国家在海底开采石油。 ere Meaning Meaning4. Word

39、s and Expressions4. Words and Expressions Example Examplewithout consideration of; regardless without consideration of; regardless ofof All All relations relations of of production production and and superstructures, superstructures, irrespective irrespective of of their their nature, nature, develo

40、p develop with with the the development of productive forces. development of productive forces. 无无论论什什么么样样的的生生产产关关系系和和上上层层建建筑筑，都都要要随随着着生生产产力力的的发展而发展。发展而发展。 (10) (10) irrespective ofirrespective of ere Meaning Meaning4. Words and Expressions4. Words and Expressions Example Exampleaccording to the exp

41、erience; according to the experience; generally speakinggenerally speaking As As a a rough rough rule rule of of thumb, thumb, for for every every 1 1 percent percent of of gross gross national national product product devoted devoted to to military military spending, spending, overall overall econo

42、mic economic growth growth is is reduced reduced by by about about one-half one-half a a percent.percent.一一般般原原则则大大致致是是，国国民民生生产产总总值值毛毛额额每每百百分分之之一一用用于于军军事事开支，全盘经济增长会减少百分之零点五。开支，全盘经济增长会减少百分之零点五。 (11)(11) as a rule of thumbas a rule of thumb 解析解析 本句中本句中capitalcapital是主语，其后的是主语，其后的thatthat为为capitalcapit

43、al同位语，被动同位语，被动语态语态is investedis invested做谓语；做谓语；where there is a substantial where there is a substantial element of risk relating to the future creation of element of risk relating to the future creation of profits and cash flowsprofits and cash flows是定语从句，修饰是定语从句，修饰businessbusiness，其中，其中现在分词短语现在分词

44、短语relating to the future creation of profits relating to the future creation of profits and cash flowsand cash flows在定语从句中做状语。在定语从句中做状语。1. 1. In other words, capital that is invested in a project, In other words, capital that is invested in a project, or a business where there is a substantial eleme

45、nt of or a business where there is a substantial element of risk relating to the future creation of profits and cash risk relating to the future creation of profits and cash flows. (Para. 1)flows. (Para. 1)5. Notes to the Text5. Notes to the Text释义 When the business is sold to another owner, the ven

46、ture capitalist can give up the business by selling its shareholding and generally earns this return. 2.2. This return is generally earned when the venture This return is generally earned when the venture capitalist exits by selling its shareholding when the capitalist exits by selling its sharehold

47、ing when the business is sold to another owner. (Para. 2)business is sold to another owner. (Para. 2) 5. Notes to the Text5. Notes to the Text 解析解析 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

48、plan into reality则是修饰先行词teams。 3 3. . Venture capital investors are only interested in Venture capital investors are only interested in companies with high growth prospects, which are managed companies with high growth prospects, which are managed by experienced and ambitious teams who are capable o

49、f by experienced and ambitious teams who are capable of turning their business plan into reality. (Para. 3)turning their business plan into reality. (Para. 3) 5. Notes to the Text5. Notes to the Text 解析解析 本句是一个比较状语从句，两个比较成分是Investments in more mature businesses和investments in early-stage or technolo

50、gy companies，定语从句where the business performance can be improved quicker and easier和where it takes time to develop the business model分别修饰这两个比较成分。 4 4. . Investments in more mature businesses, where the Investments in more mature businesses, where the business performance can be improved quicker and e

51、asier, business performance can be improved quicker and easier, are often sold sooner than investments in early-stage or are often sold sooner than investments in early-stage or technology companies where it takes time to develop the technology companies where it takes time to develop the business m

52、odel. (Para. 4)business model. (Para. 4)5. Notes to the Text5. Notes to the Text5.5. To obtain their funds, venture capital firms have to To obtain their funds, venture capital firms have to demonstrate a good track record and the prospect of demonstrate a good track record and the prospect of produ

53、cing returns greater than can be achieved through producing returns greater than can be achieved through fixed interest or quoted equity investments. (Para. 5)fixed interest or quoted equity investments. (Para. 5)5. Notes to the Text5. Notes to the Text 释义释义 To obtain their funds, venture capital fi

54、rms 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. 解析解析 本句中动词本句中动词demonstratedemonstrate有两个宾语，分别是有两个宾

55、语，分别是a good a good track recordtrack record和和the prospect of producing returnsthe prospect of producing returns，greater than can be achieved through fixed greater than can be achieved through fixed interest or quoted equity investmentsinterest or quoted equity investments是是producing producing return

56、sreturns的定语。的定语。 5.5. To obtain their funds, venture capital firms have to To obtain their funds, venture capital firms have to demonstrate a good track record and the prospect of demonstrate a good track record and the prospect of producing returns greater than can be achieved through producing ret

57、urns greater than can be achieved through fixed interest or quoted equity investments. (Para. 5)fixed interest or quoted equity investments. (Para. 5)5. Notes to the Text5. Notes to the Text 解析解析 本句中本句中approachapproach是名词，意为是名词，意为a business plan a business plan that approaches venture capitalist for

58、 the that approaches venture capitalist for the initial evaluationinitial evaluation。6 6. . Most approaches to venture capitalists are Most approaches to venture capitalists are rejected at this stage. (Para. 8)rejected at this stage. (Para. 8) 5. Notes to the Text5. Notes to the Text1. Background I

59、nformation2. Introduction to the Text3. Words and Expressions4. Notes to the TextText B Some Insights into Venture CapitalBy 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 privat

60、e 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 inv

61、estments 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 al

62、l of their money in one start up firm.1. Background Information1. Background Information Theme of the TextTheme of the Text ：v 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 ge

63、tting everything ready before the efforts to be made to seek venture capital. 2. Introduction to the 2. Introduction to the TextText本商务语篇为个人商务观点阐述。本商务语篇为个人商务观点阐述。文章从文章从1010个方面分享了作者个人对寻求风险投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

64、资。便能够尽快顺利地获得相应的风险投资。 文体文体特征特征分析分析2. Introduction to the Text2. Introduction to the Text在全部在全部1010条见解中，作者三次用到条见解中，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。识到这一情况的强烈愿望。 (1) forego /f:u/ v. ere Meaning Meaning3.3. Words and Expressions

65、 Words and Expressions Example Examplebe earlier in time; go back furtherbe earlier in time; go back further Forego exfoliating treatments at a spa and whip up Forego exfoliating treatments at a spa and whip up your own: Mix a handful of coarse sugar crystals with your own: Mix a handful of coarse s

66、ugar crystals with some olive oil, and use to slough off dead skin in the some olive oil, and use to slough off dead skin in the shower.shower.在去矿泉疗养院做去死皮治疗前，可自己动手护理一下：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。搓去身上的死皮。 (2) counsel /kaunsl/ n./v. ere Meaning M

67、eaning3.3. Words and Expressions Words and Expressions Example Examplen.n. sth. that provides direction or advice sth. that provides direction or advice as to a decision or course of actionas to a decision or course of actionv. v. give advice to give advice to If the old dog barks, he gives counsel.

68、If the old dog barks, he gives counsel.不听老人言，吃亏在眼前。不听老人言，吃亏在眼前。They They counsel counsel against against traveling traveling at at night night in in such such a a dangerous country.dangerous country.他们劝告说勿在此危险的国家夜游。他们劝告说勿在此危险的国家夜游。 ( (3) nuanced /nju:3) nuanced /nju: nst/ nst/ adj.adj. ere Meaning M

69、eaning3.3. Words and Expressions Words and Expressions Example Exampleof a slight difference and of a slight difference and distinctiondistinction As As an an art art form, form, rap rap music music is is impromptu impromptu and and fast-paced, fast-paced, topical topical and and insightful, insight

70、ful, requiring requiring skills skills of of language, language, nuanced nuanced and and keen keen observation, observation, as as well well as as emotional emotional truth.truth.作作为为一一种种艺艺术术形形式式，唱唱饶饶音音乐乐是是即即兴兴的的、有有主主题题有有洞洞察察力力的的，需要言的技巧、细微敏锐的观察力和真实情感。需要言的技巧、细微敏锐的观察力和真实情感。 (4 (4) top-tier /t) top-tie

71、r /t ptpt / / n.n. ere Meaning Meaning3.3. Words and Expressions Words and Expressions Example Exampleof the higher level or class The ethnic, geographic and racial profiling goes into The ethnic, geographic and racial profiling goes into assembling classes at the top-tier colleges and assembling cl

72、asses at the top-tier colleges and universities.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。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 Meaning3.3. Words and Expressions Words and Expressions Example Examplethe quality of being clear and the quality of being clear and transpa

73、renttransparent In many foreign countries, the financial markets have In many foreign countries, the financial markets have been focusing on regulation, risk management, been focusing on regulation, risk management, customer service, improvement of efficiency, customer service, improvement of effici

74、ency, transparency, cost cutting, etc.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。理、消费者服务、提高效率、透明度、成本削减等方面。 (6) integrity /inte6) integrity /inte riti/ riti/ n.n. ere Meaning Meaning3.3. Words and Expressions Words and Expressions Exampl

75、e Examplemoral soundness My My respect respect for for your your intelligence intelligence is is only only equalled equalled by by my my admiration for your integrity.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。我对你聪明才智的敬佩不亚于对你为人正直的景仰。 (7) optimal /7) optimal / ptpt mm l/ l/ adj.adj. ere Mea

76、ning Meaning3.3. Words and Expressions Words and Expressions Example Examplemost desirable under a restriction expressed or implied What What the the investors investors most most focus focus on on is is how how they they can can find find the optimal portfolio and get the maximum profits.the optima

77、l 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。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 Meaning3.3. Words and Expressions Words and Expressions Example Examplepersuade sb. not to do sth. His His partner partner tried tried to to talk talk him him out out of of giving giving up up

78、the the idea idea of pursuing venture capital, but in vain.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。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) (8) talked sb out of sth./doing sth.talked sb out of sth./doing sth. ere Meaning Meaning3.3. Words and Expressions Words and Expressions Exampl

79、e Examplein ones favor; for ones own good The The present present devaluation devaluation of of U. U. S. S. dollars dollars is is to to the the advantage of the United States.advantage of the United States.目前的美元贬值对美国大有好处。目前的美元贬值对美国大有好处。(9)(9) to ones advantage/to the advantage of sb.to ones advantag

80、e/to the advantage of sb. 解析解析 本句是简单句，主语是本句是简单句，主语是thisthis，谓语是由，谓语是由notbutnotbut连接的连接的两个系表结构。两个系表结构。notbutnotbut表示表示“ “不是不是 而是而是”，引导并，引导并列结构。例如：列结构。例如：Her anger is not because you didnt Her anger is not because you didnt tell her about it, but because you told others not to tell her about it, but b

81、ecause you told others not to tell her about it.tell her about it.1 1. . This is not a reflection on you or your idea, but is This is not a reflection on you or your idea, but is often purely a function of timing. (Para. 5)often purely a function of timing. (Para. 5)4.4. Notes to the Text Notes to t

82、he Text 释义释义释义释义 The facts will appear and become visible finally, The facts will appear and become visible finally, and when it happens, it is not good for you.and when it happens, it is not good for you. 2 2. . They will come out eventually, and later is rarely They will come out eventually, and l

83、ater is rarely better for you. (Para. 8)better for you. (Para. 8)4.4. Notes to the Text Notes to the Text 解析解析 本句是简单句。本句是简单句。BetweenandBetweenand结构在句中作状语，定结构在句中作状语，定语从句语从句initial terms are agreed toinitial terms are agreed to修饰先行词修饰先行词the timethe time。 3 3. . Between the time initial terms are agree

84、d to and when money shows up in your bank, a lot of things can go wrong. (Para. 10)4.4. Notes to the Text Notes to the Text 解析解析 本句中本句中likelike是动词，是是动词，是“ “感兴趣感兴趣” ”之意，不要误认为是介之意，不要误认为是介词。词。 4 4. . Said differently, lets assume they sort of like you Said differently, lets assume they sort of like you

85、 and your company. (Para. 12)and your company. (Para. 12)4.4. Notes to the Text Notes to the Text 释义释义 Let us put it in another way. Suppose that venture Let us put it in another way. Suppose that venture capitalists have some interest in you and your capitalists have some interest in you and your p

86、any. 释义释义 During the 4-6 months from now, the risk of During the 4-6 months from now, the risk of investing your business is becoming fairly low when investing your business is becoming fairly low when compared with the high price venture capitalists compared with the high price venture capitalists

87、have to pay, which means they could get a better have to pay, which means they could get a better “risk/reward” ratio.“risk/reward” ratio. 5.5. During that time, the risk in your opportunity gets During that time, the risk in your opportunity gets disproportionately lower compared to the “higher dis

88、proportionately lower compared to the “higher price” theyd have to pay later. (Para. 12)price” theyd have to pay later. (Para. 12) 5. Notes to the Text5. Notes to the Text1. Introduction to the Text2. Business Terms 3. Words and Expressions4. Notes to the TextText C Finding a Venture Capital Firm Th

89、eme of the TextTheme of the Text ：v 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. 1.1. Introduction to the Introduction to th

90、e TextText本商务语篇为说明文体，具体为商务案例分析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文章主要介绍了寻找风险投资公司的6个关键因素，即个关键因素，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。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。文章层次分明，结构清晰。6个变量均设立相应的小标个变量均设立相应的小标题，凸显了在文章中的核心地

91、位，使文章重点呼之欲出。题，凸显了在文章中的核心地位，使文章重点呼之欲出。文章大量使用文章大量使用VC这一缩略语，反映出作者在写作过程这一缩略语，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。尽量显得不那么正式。 文体文体特征特征分析分析1.1. Introduction to the Text Introduction to the TextVenture capital firms are typically structured as partnerships, the general partne

92、rs 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 f

93、irms 风险投资公司风险投资公司 2.2. Business Terms 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

94、ndowments, foundations, insurance companies, and pooled investment vehicles, called fund of funds or mutual funds.Venture capital firms 风险投资公司风险投资公司 2.2. Business Terms Business Terms (1) venture /vent/ n. ere Meaning Meaning3.3. Words and Expressions Words and Expressions Example Exampleany venture

95、some undertaking especially any venturesome undertaking especially one with an uncertain outcomeone with an uncertain outcome Industrial Industrial funds funds and and venture venture funds funds will will be be developed, developed, and and joint-venture joint-venture enterprise enterprise investme

96、nt investment funds funds will will be be encouraged.encouraged.发发展展产产业业基基金金和和创创业业基基金金，支支持持发发展展中中外外合合资资企企业业投投资资基基金。金。 (2) variable /vribl/ adj. ere Meaning Meaning3.3. Words and Expressions Words and Expressions Example Examplesomething that is likely to vary; something that is likely to vary; somet

97、hing that is subject to variationsomething that is subject to variation A A function function is is a a dependent dependent variable variable , , whose whose value value depends on the value of an independent variable.depends on the value of an independent variable.函数是应变量，其值取决于自变量的值。函数是应变量，其值取决于自变量的

98、值。 (3) sector /sekt3) sector /sekt / / n.n. ere Meaning Meaning3.3. Words and Expressions Words and Expressions Example Examplea body of people who form part of society or economy The The State State protects protects the the lawful lawful rights rights and and interests interests of of the the priv

99、ate private sector sector of of the the economy, economy, and and exercises exercises guidance, guidance, supervision supervision and and control control over over the the private private sector of the economy.sector of the economy.国国家家保保护护私私营营经经济济的的合合法法的的权权利利和和利利益益，对对私私营营经经济济实实行行引导、监督和管理。引导、监督和管理。

100、(4) portfolio /p:tfli:,/ n. ere Meaning Meaning3.3. Words and Expressions Words and Expressions Example Examplea list of the financial assets held by a list of the financial assets held by an individual or a bank or other an individual or a bank or other financial institutionfinancial institution In

101、 In addition, addition, returns returns on on a a portfolio portfolio of of assets assets are are likely to be higher than on a single commodity.likely to be higher than on a single commodity.而且，资产组合的回报很可能要高于一个单一的消费品。而且，资产组合的回报很可能要高于一个单一的消费品。 (5) asset /set/ n. ere Meaning Meaning3.3. Words and Expr

102、essions Words and Expressions Example Example a useful or valuable qualitya useful or valuable quality Human Human resources resources have have long long been been an an important important asset asset for Hong Kong. for Hong Kong. 人力资源向来是香港宝贵的资产。人力资源向来是香港宝贵的资产。 (6) conversely /knv:sli/ adv. ere Me

103、aning Meaning3.3. Words and Expressions Words and Expressions Example Examplewith the terms of the relation reversed The The academic academic knowledge knowledge on on book book is is the the summary summary of of practice practice and and sublimate, sublimate, direct direct palpability, palpabilit

104、y, but but need need to to examine with practice again conversely.examine with practice again conversely.书书本本上上的的理理论论知知识识是是实实践践的的总总结结和和升升华华，直直接接明明了了，但但反反过来又需要用实践来检验。过来又需要用实践来检验。 (7) synergy /sindi/ n. ere Meaning Meaning3.3. Words and Expressions Words and Expressions Example Examplethe working toge

105、ther of two things to produce an effect greater than the sum of their individual effects If If two two people people trust trust each each other, other, based based on on the the trustworthiness trustworthiness of of each each other, other, they they can can then then enjoy enjoy clear clear communi

106、cation, communication, empathy, empathy, synergy, synergy, and and productive productive interdependency.interdependency.如如果果两两个个人人都都讲讲诚诚信信而而相相互互信信任任，就就可可以以实实现现透透明明沟沟通通，实实现默契、高效互补和相互依存。现默契、高效互补和相互依存。 ere Meaning Meaning3.3. Words and Expressions Words and Expressions Example Examplenow in considerat

107、ion or under now in consideration or under discussiondiscussion The point in question can be illustrated by the following examples.正在讨论的论点可以从下面的例句中得到解释。(8)(8) in questionin question ere Meaning Meaning3.3. Words and Expressions Words and Expressions Example Examplewith respect to its inherent nature

108、with respect to its inherent nature A name, as such, means nothing.姓名本身并无意义。She is lur teacher,and as such must be respected.她是我们的老师，因此必须受到尊敬。 (9)(9) as suchas such 解析解析 本句是由and引导的并列句，第一个分句是there be结构，第二个分句的主语是动名词短语going after the wrong ones，is one of the most common reasons是其系表结构，定语从句why companies

109、fail to raise the capital they need修饰先行词reasons。1. 1. There are thousands of venture capital firms in the There are thousands of venture capital firms in the United States alone, and going after the wrong ones is United States alone, and going after the wrong ones is one of the most common reasons w

110、hy companies fail to one of the most common reasons why companies fail to raise the capital they need. (Para. 1)raise the capital they need. (Para. 1) 4.4. Notes to the Text Notes to the Text 解析解析 本句的主语是本句的主语是this relevant experiencethis relevant experience，aloowsaloows和和givesgives是其并列谓语，同位语从句是其并列谓语

111、，同位语从句that they can add valuethat they can add value修饰修饰confidenceconfidence，表明具体内容，现在分词短语，表明具体内容，现在分词短语thus thus encouraging them to investencouraging them to invest做结果状语。做结果状语。 2.2. This relevant experience allows them to more fully understand your ventures value proposition and gives them confide

112、nce that they can add value, thus encouraging them to invest. (Para. 6)4.4. Notes to the Text Notes to the Text 释义释义 If you succeed in finding a venture capital company If you succeed in finding a venture capital company to invest in your venture, you can obtain the required to invest in your venture, you can obtain the required capital and significant help to develop your venture.capital and significant help to develop your venture.3.3. Success results in the capital required and significant assistance in growing your venture. (Para. 9)4.4. Notes to the Text Notes to the Text