風(fēng)險資本和三權(quán)分立ppt課件

1、Venture Capital in the United States美國的風(fēng)險資本.The appeal to venture capitalists of investing in United States high technology companies is quite obvious; the technology industry is one of the largest and most rapidly growing industries in the United States today. According to the U. S. Department of C

2、ommerce, since 1994 technology-related revenues have grown at an estimated rate of 15% per year, approximately five times the growth rate of the U.S. economy. Today, technology is estimated to account for approximately 50% of all private sector capital spending in the United States. By the year 2000

3、, technology industry revenues are expected to constitute more than 10% of the total United States Gross Domestic Product. .a. 在美國，高科技企業(yè)對于風(fēng)險資本家來說具有明顯的吸引力。如今，科技產(chǎn)業(yè)是美國規(guī)模最大的，開展最快的產(chǎn)業(yè)之一。b. 技術(shù)產(chǎn)業(yè)是當(dāng)今美國規(guī)模最大，開展最快的產(chǎn)業(yè)之一。毫無疑問，對于風(fēng)險資本家來說，投資這些高技術(shù)公司是極具吸引力的。思索到后文的銜接。私營部門資本總支出.1)Over the past two decades, venture capit

4、al has fostered the growth of many of the worlds leading high technology and other emerging growth companies in the United States./ Corporations such as Microsoft, Compaq and Intel are but a few examples of American companies whose early growth was facilitated by venture capital investments. /2)The

5、availability of venture capital financing to young, high technology companies has been a primary contributor to the dramatic revenue growth enjoyed by, and the increased competitiveness of, Americas high technology industry and to the economic expansion and increased employment levels experienced in

6、 Californias Silicon Valley and other areas of high technology company concentration. / 3) It is estimated that over 3,000 companies (including non- technology companies) which have completed initial public offerings of stock in the United States over the past two decades have received venture capit

7、al at some point in their development.1) Over the past two decades, venture capital has fostered the growth of many of the worlds leading high technology and other emerging growth companies in the United States./ Corporations such as Microsoft, Compaq and Intel are but a few examples of American com

8、panies whose early growth was facilitated by venture capital investments. 定語從句.a. 在過去20年中，風(fēng)險資本促進(jìn)了美國許多處于世界領(lǐng)先位置的高技術(shù)公司和其他新興公司的開展。像微軟、康柏和英特爾這樣的公司，僅僅是那些早期開展得益于風(fēng)險資本投資的美國公司的幾個例子而已。前置定語b. 在過去20年中，風(fēng)險資本促進(jìn)了美國許多處于世界領(lǐng)先位置的高技術(shù)公司和其他新興公司的開展。很多公司的早期開展都得益于風(fēng)險資本投資，微軟，康柏和因特爾僅是這許多公司中的幾個例子。(單獨成句).2) The availability of ven

9、ture capital financing to young, high technology companies has been a primary contributor to the dramatic revenue growth enjoyed by, and the increased competitiveness of, Americas high technology industry 措辭and to the economic expansion and increased employment levels experienced in Californias Sili

10、con Valley and other areas of high technology company concentration.a. 新開業(yè)的高技術(shù)公司獲得風(fēng)險資本融資，這對美國高技術(shù)產(chǎn)業(yè)收入的大幅度增長和競爭力的提高，以及對加州硅谷和其他高技術(shù)公司集中地所獲得的經(jīng)濟(jì)開展和就業(yè)程度的增長，都起了重要作用。對，對 都起到了重要作用。措辭才干更有挑戰(zhàn)b. 風(fēng)險資本融資用于新興的高科技產(chǎn)業(yè)，不僅促進(jìn)了美國高技術(shù)產(chǎn)業(yè)總收入大幅度增長，競爭力日漸提高，同時也帶動了加州硅谷和其它高技術(shù)公司密集地域的經(jīng)濟(jì)開展和就業(yè)程度的增長。不僅促進(jìn)了同時也帶動了了解措辭+組句.As venture capital

11、 has grown in popularity, venture capital investing has emerged as a major financial investment vehicle. /Traditionally, most venture capital firms consisted of small private limited partnerships utilizing capital furnished by wealthy individuals or corporations. /Today, venture capital investing re

12、presents a significant focus of most institutional or corporate investment portfolios, and many of the largest venture funds are operated by major financial institutions, or by subsidiaries specifically designed for private equity investment./ It is estimated that a majority of funding currently com

13、mitted to venture capital entities has been provided by public or private pension funds, which are allocating increasing percentages of investment funds to alternative investment such as venture capital. The remainder of investment funding is provided by insurance companies, banks, corporations, wea

14、lthy individuals, foreign investors, university or institutional endowments and private foundations. (語篇，長句，專業(yè)性).As venture capital has grown in popularity, venture capital investing has emerged as a major financial investment vehicle.由于風(fēng)險資本越來越受歡迎，風(fēng)險資本投資已成為金融投資的重要手段。Traditionally, most venture capit

15、al firms consisted of small private limited partnerships utilizing capital furnished by wealthy individuals or corporations.以往，大多數(shù)風(fēng)險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。.Today, venture capital investing represents a significant focus of most institutional or corporate investment portfolios, and many of the

16、 largest venture funds are operated by major financial institutions, or by subsidiaries specifically designed for private equity investment.今天，風(fēng)險資本投資那么是大多數(shù)機構(gòu)投資證券組合或公司投資證券組合的一個重要的投資焦點，而且許多最大的風(fēng)險基金是由主要的金融機構(gòu)或?qū)ｉT從事私募投資的子公司運作的。.It is estimated that a majority of funding currently committed to venture capit

17、al entities has been provided by public or private pension funds, which are allocating increasing percentages of investment funds to alternative investment such as venture capital. The remainder of investment funding is provided by insurance companies, banks, corporations, wealthy individuals, forei

18、gn investors, university or institutional endowments and private foundations.alternative investment 非傳統(tǒng)投資eg. alternative birthing/energyfunding to provide money for an activity, organization, event etc 資金， 提供資金fund 1an amount of money that is collected and kept for a particular purpose 基金2an organiz

19、ation that is responsible for collecting and spending an amount of money 基金會foundation an organization that gives money to charity, research, etc. 基金會.據(jù)估計，目前流入風(fēng)險資本實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)險投資。投資資金的剩余部分由保險公司，銀行，企業(yè)，富有個體，外商，大學(xué)或機構(gòu)捐贈，以及私人基金會提供. .In recent years, it has become increasingl

20、y popular for large corporations to form their own venture capital subsidiaries or investment vehicles. Corporations such as Microsoft, AT&T, and Motorola are but a few of many United States corporations that actively make their own venture investment, often co-investing with private venture capital

21、 firms. /2) Venture capital investment by a large corporation in a smaller, emerging growth company can provide various benefits beyond the opportunity for superior investment returns. For example, corporate venture capital investing may allow the large corporation, with minimal investment, to benef

22、it from the research and product development activities of the emerging company. In addition, large corporations can benefit from exposure to entrepreneurial companies and different management approaches./ 3)For the emerging company, the association with a corporate partner may not only enhance the

23、emerging companys balance sheet, but may enhance its credibility with customers, suppliers, investors and others, as well as create opportunities for the company to leverage off of the corporate partners marketing and distribution network or administrative services. (語篇，長句).1) In recent years, it ha

24、s become increasingly popular for large corporations to form their own venture capital subsidiaries or investment vehicles. Corporations such as Microsoft, AT&T, and Motorola are but a few of many United States corporations that actively make their own venture investment, often co-investing with pri

25、vate venture capital firms.( 定語從句)a. 近年來，大公司組建本人的風(fēng)險資本子公司或投資機構(gòu)的做法越來越普遍，微軟、美國電報公司和摩托羅拉，僅僅是積極從事本人的風(fēng)險投資(經(jīng)常和私人風(fēng)險資本公司共同投資)的許多美國公司中的幾個例子。前置定語b.近年來，大公司組建本人的風(fēng)險資本子公司或投資機構(gòu)的做法越來越普遍, 它們積極從事風(fēng)險投資，經(jīng)常和私人風(fēng)險資本公司共同投資， 微軟、美國電報公司和摩托羅拉，僅僅是許多公司中的幾個例子。獨立成句， 鋪墊.2) Venture capital investment by a large corporation in a smalle

26、r, emerging growth company can provide various benefits beyond the opportunity for superior investment returns. For example, corporate venture capital investing may allow the large corporation, with minimal investment, to benefit from the research and product development activities of the emerging c

27、ompany. In addition, large corporations can benefit from exposure to entrepreneurial companies and different management approaches.大公司對新興增長型公司進(jìn)展風(fēng)險資本投資，除了能帶來可觀的投資報答外，還有種種其它的益處。例如，(風(fēng)險資本投資)可以使大公司以最小的投資從創(chuàng)業(yè)公司的研討和產(chǎn)品開發(fā)活動中獲益。此外，大會司還能因接觸創(chuàng)業(yè)公司和不同的管理方法而獲益。.3) For the emerging company, the association with a cor

28、porate partner may not only enhance the emerging companys balance sheet, but may enhance its credibility with customers, suppliers, investors and others, as well as create opportunities for the company to leverage off of the corporate partners marketing and distribution network or administrative ser

29、vices. leverage off Am technical to make money available, using a particular method 舉債運營，借貸運營using public funds to leverage private investment 利用優(yōu)勢，便利條件.對于新興的公司來說，與大公司協(xié)作的益處甚多，不僅可以改善公司的資產(chǎn)負(fù)債表，也可以加強公司在消費者、供應(yīng)商、投資者等方面的信譽度，而且還能為公司發(fā)明時機來順勢分享協(xié)作同伴的市場、銷售網(wǎng)絡(luò)或經(jīng)銷效力。曹東籬.Legislative, Executive and Judicial Power立法、行

30、政、司法三權(quán).法律文件嚴(yán)謹(jǐn)，采取各種言語手段防止誤解或歧義；同時，法律言語貴在簡約，用詞精煉。在翻譯時，既要防止模糊不清，又要力克累言贅語。.(一)在用詞方面，法律語篇運用大量的專業(yè)或準(zhǔn)專業(yè)術(shù)語，這些詞的處置要規(guī)范，對應(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，能夠會有特定的意義，這類此的處置尤其要留意。Some rules laid down by statute, and by case law as well, are mandatory or compulsory and can not be avoided by the parties, while other ar

31、e implicative, interpretative, or supplementary and can be varied by agreement. .某些由成文法以及案例法規(guī)定的規(guī)那么是強迫的，當(dāng)事人不得逃避；而另一些規(guī)那么是含蓄的，解釋性的，補充性的，因此是可以由協(xié)議改動的。 .除了運用專門術(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，要留意運用正式的詞匯。.(二)在句法方面，法律文件長句多，幾十字、上百字的長句司空見慣。為了把意思表達(dá)得圓滿準(zhǔn)確，不至于產(chǎn)生歧義，大量添加附加語、修飾語、闡明語

32、，以致句子構(gòu)造復(fù)雜，枝杈橫生，讀來晦澀。行文中少用代詞，寧可反復(fù)名詞。 翻譯時，要先理清句子內(nèi)部的邏輯關(guān)系，適當(dāng)切分，才干準(zhǔn)確明晰地予以表達(dá)。. Act. , Sec. 1 of the Constitution of California provides: The powers of the government of the State of California shall be divided into three separate departments - the Legislative, Executive, and Judicial; and no person charge

33、d with the exercise of powers properly belonging to one of these departments shall exercise any functions appertaining to either of the others, except as in this Constitution expressly directed or permitted. Most state constitutions have similar provisions, and the separation of powers principle als

34、o underlies the fabric of the federal Constitution.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)益分為了三個獨立的部門，即立法、行政與司法。任何一個擁有行使其中一個部門權(quán)益的人員不得越權(quán)行使隸屬于任何其他兩個部門的權(quán)益，但是本憲法有明確指示或準(zhǔn)許的不在此限 。美國大多數(shù)州的憲法都設(shè)有類似規(guī)定。而且，三權(quán)分立的原那么也是制定聯(lián)邦憲法的根底。. Such constitutional divisions of governmental powers into legislative, executive, and judicial po

35、wers make it necessary to define or at least circumscribe the meaning of these basic concepts of our public law. This task is not an easy one, because there exist borderline or twilight zones in which these concepts overlap or shade into one another. It is possible, however, to define at least the h

36、ard core of these notions.按照憲法規(guī)定的權(quán)益三分為立法、行政與司法的原那么，要求對我國公法的這些根本概念進(jìn)展定義或予以限定。由于這些根本概念存在相互交疊與浸透，其分界模糊，對其予以嚴(yán)厲區(qū)分并非易事。但是，對這些概念的要義予以規(guī)定，還是能做到的。.Legislation is, essentially, the making of new law by means of formalized pronouncement of a law-making body. The law enacted by a legislative organ consists typica

37、lly of general rules, principles, or other normative pronouncements which permit, command, or disallow a certain course of conduct. A disposition or command which deals merely with one individual, concrete situation is not a legislative act in the genuine sense of the term.The law enacted by a legis

38、lative organ consists typically of general rules, principles, or other normative pronouncements which permit, command, or disallow a certain course of conduct.此類由立法機構(gòu)公布的法令包括準(zhǔn)許，命令或制止某種行為的普通性的規(guī)定、原那么或其他規(guī)范性的聲明。.立法的本質(zhì)指的是經(jīng)過立法機構(gòu)正式公布一項新的法令。此類由立法機構(gòu)公布的法令包括準(zhǔn)許，命令或制止某種行為的普通性的規(guī)定、原那么或其他規(guī)范性的聲明。一個僅與某個別或詳細(xì)事件相關(guān)的處置或指示并

39、不構(gòu)成真正意義上的立法。.An executive or administrative act may be defined as an exercise of governmental power in a concrete situation to accomplish some public purpose. If the President of the United States sends a note to a foreign government protesting against an inimical act directed against the United States, he acts in an executive capacity. If the Department of the Interior authorized the construction of a new six-lane highway, it proceeds in an administrative fashion.執(zhí)法或行政權(quán)可以定義為在詳細(xì)的情況下行使政府權(quán)益以實現(xiàn)某種公共目的行為。例如，美國總統(tǒng)向某個外國政府發(fā)出照會，對該國針對美國的敵意行為進(jìn)展抗議，他行使的是行政權(quán)益。內(nèi)政部授權(quán)新