風險評估投資常用術語中的英文解釋英文版

風險評估投資常用術語中的英文解釋英文版)風險評估投資常用術語中的英文解釋英文版)風險評估投資常用術語中的英文解釋英文版)風險投資常用術語中的英文解釋(3)來源：

日期：2008-07-0400:00:00

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作者:NB-C-CAGR:CompoundAnnualGrowthRate.Theyearoveryeargrowthrateappliedtoaninvestmentorotheraspectofafirmusingabaseamount.

CallOption:Therighttobuyasecurityatagivenprice（orrange）withinaspecifictimeperiod.

Capital（orAssets）UnderManagement:Theamountofcapitalavailabletoafundmanagementteamforventureinvestments.

CapitalCall:Alsoknownasadrawdown-Whenaventurecapitalfirmhasdecidedwhereitwouldliketoinvest,itwillapproachitsinvestorsinorderto"drawdown"themoney.Themoneywillalreadyhavebeenpledgedtothefundbutthisistheactualactoftransferringthemoneysothatitreachestheinvestmenttarget.

CapitalGains:Thedifferencebetweenanasset'spurchasepriceandsellingprice,whenthesellingpriceisgreater.Long-termcapitalgains（onassetsheldforayearorlonger）aretaxedatalowerratethanordinaryincome.

CapitalizationTable:Alsocalleda"CapTable",thisisatableshowingthetotalamountofthevarioussecuritiesissuedbyafirm.Thistypicallyincludestheamountofinvestmentobtainedfromeachsourceandthesecuritiesdistributed——e.g.commonandpreferredshares,options,warrants,etc.——andrespectivecapitalizationratios.

Capitalize:Torecordanoutlayasanasset（asopposedtoanExpense）,whichissubjecttodepreciationoramortization.

Captivefunds:Aventurecapitalfirmownedbyalargerfinancialinstitution,suchasabank.

CarriedInterest:Theportionofanygainsrealizedbythefundtowhichthefundmanagersareentitled,generallywithouthavingtocontributecapitaltothefund.Carriedinterestpaymentsarecustomaryintheventurecapitalindustry,inordertocreateasignificanteconomicincentiveforventurecapitalfundmanagerstoachievecapitalgains.

CashPosition:Theamountofcashavailabletoacompanyatagivenpointintime.ClaimDilutionAreductioninthelikelihoodthatoneormoreofthefirm'sclaimantswillbefullyrepaid,includingtimevalueofmoneyconsiderations.

Catch-up:Thisisacommontermoftheprivateequitypartnershipagreement.Oncethegeneralpartnerprovidesitslimitedpartnerswiththeirpreferredreturn,ifany,itthentypicallyentersacatch-upperiodinwhichitreceivesthemajorityoralloftheprofitsuntiltheagreeduponprofit-split,asdeterminedbythecarriedinterest,isreached.

Chapter11:ThepartoftheBankruptcyCodethatprovidesforreorganizationofabankruptcompany'sassets.

Chapter7:ThepartoftheBankruptcyCodethatprovidesforliquidationofacompany'sassets.

Chinesewall:Abarrieragainstinformationflowsbetweendifferentdivisionsoroperatinggroupswithinbanksandsecuritiesfirms.Examplesincludeapolicybarrierbetweenthetrustdepartmentfrommakinginvestmentdecisionsbasedonanysubstantiveinsideinformationthatmaycomeintothepossessionofotherbankdepartments.Thetermalsoreferstobarriersagainstinformationflowsbetweencorporatefinanceandequityresearchandtradingoperations.

Clawback:Aclawbackobligationrepresentsthegeneralpartner'spromisethat,overthelifeofthefund,themanagerswillnotreceiveagreatershareofthefund'sdistributionsthantheybargainedfor.Generally,thismeansthatthegeneralpartnermaynotkeepdistributionsrepresentingmorethanaspecifiedpercentage（e.g.,20%）ofthefund'scumulativeprofits,ifany.Whentriggered,theclawbackwillrequirethatthegeneralpartnerreturntothefund'slimitedpartnersanamountequaltowhatisdeterminedtobe"excess"distributions.Clickhereformoredetail

Closed-endFund:Atypeoffundthathasafixednumberofsharesoutstanding,whichareofferedduringaninitialsubscriptionperiod,similartoaninitialpublicoffering.Afterthesubscriptionperiodisclosed,thesharesaretradedonanexchangebetweeninvestors,likearegularstock.Themarketpriceofaclosed-endfundfluctuatesinresponsetoinvestordemandaswellaschangesinthevaluesofitsholdingsoritsNetAssetValue.Unlikeopen-endmutualfunds,closed-endfundsdonotstandreadytoissueandredeemsharesonacontinuousbasis.

Closing:Aninvestmenteventoccurringaftertherequiredlegaldocumentsareimplementedbetweentheinvestorandacompanyandafterthecapitalistransferredinexchangeforcompanyownershipordebtobligation.

Co-investment:Thesyndicationofaprivateequityfinancingroundoraninvestmentbyanindividuals（usuallygeneralpartners）alongsideaprivateequityfundinafinancinground.

Co-SaleProvisionsorRights:Allowsinvestorstoselltheirsharesofstockinthesameproportionsandforthesametermsasthefounders,managers,orotherinvestors,shouldanyofthosepartiesreceiveanoffer.

CollarAgreement:Agreeduponadjustmentsinthenumberofsharesofferedinastock-for-stockexchangetoaccountforpricefluctuationsbeforethecompletionofthedeal.CommittedCapital:Thetotaldollaramountofcapitalpledgedtoaprivateequityfund.

CommittedFundsorRaisedFunds:Capitalcommittedbyinvestors.Cashtothemaximumofthesecommitmentsmayberequestedordrawndownbytheprivateequitymanagersusuallyonadeal-by-dealbasis.Thisamountisdifferentfrominvestedfundsforthreereasons.First,mostpartnershipswillinitiallyinvestonlybetween80%and95%ofcommittedfunds（possiblyevenless）.Second,itmaybenecessaryinearlyyearstodeducttheannualmanagementfeethatisusedtocoverthecostofoperationofafund.Third,paybacktoinvestorsusuallybeginsbeforethefinaldrawdownofcommitmentshastakenplace.Totheextentthatcapitalinvesteddoesnotequalcapitalcommitted,limitedpartnerswillhavetheirprivateequityreturnsdilutedbythemuchlowercashreturnsearnedontheuninvestedportion.AvoidingthissituationisthemainreasonforthePartnersGroupover-commitmentmodel,whichaimstokeepPartnersGroupproductsasclose100%investedaspossible.

CommonStock:Aunitofownershipofacorporation.Inthecaseofapubliccompany,thestockistradedbetweeninvestorsonvariousexchanges.Ownersofcommonstockaretypicallyentitledtovoteontheselectionofdirectorsandotherimportanteventsandinsomecasesreceivedividendsontheirholdings.Investorswhopurchasecommonstockhopethatthestockpricewillincreasesothevalueoftheirinvestmentwillappreciate.Commonstockoffersnoperformanceguarantees.Additionally,intheeventthatacorporationisliquidated,theclaimsofsecuredandunsecuredcreditorsandownersofbondsandpreferredstocktakeprecedenceovertheclaimsofthosewhoowncommonstock.

Companybuy-back:Theredemptionofprivateofrestrictedholdingsbytheportfoliocompanyitself.InessencethecompanyisbuyingouttheVC'sinterest.

Consolidation:Alsocalledaleveragedrollup,thisisaninvestmentstrategyinwhichaleveragedbuyout（LBO）firmacquiresaseriesofcompaniesinthesameorcomplementaryfields,withthegoalofbecomingadominantregionalornationwideplayerinthatindustry.Insomecases,aholdingcompanywillbecreatedtoacquirethenewcompanies.Inothercases,aninitialacquisitionmayserveastheplatformthroughwhichtheotheracquisitionswillbemade.

ConversionRatio:Thenumberofsharesofstockintowhichaconvertiblesecuritymaybeconverted.Theconversionrationequalstheparvalueoftheconvertiblesecuritydividedbytheconversionprice.

ConversionRights:Rightsbywhichpreferredstock"converts"intocommonstock.Usually,onehasthisrightatanytimeaftermakinganinvestment.CompanymaywantrightstoforceaconversionuponanIPO;uponhittingofcertainsalesorearnings'targets,oruponamajorityorsupermajorityvoteofthepreferredstock.Conversionrightsmaycarrywiththemanti-dilutionprotections.

ConvertibleSecurity:Abond,debentureorpreferredstockthatisexchangeableforanothertypeofsecurity（usuallycommonstock）atapre-statedprice.Convertiblesareappropriateforinvestorswhowanthigherincome,orliquidationpreferenceprotection,thanisavailablefromcommonstock,togetherwithgreaterappreciationpotentialthanregularbondsoffer.（SeeCommonStock,Dilution,andPreferredStock）.

CorporateCharter:Thedocumentpreparedwhenacorporationisformed.TheChartersetsforththeobjectivesandgoalsofthecorporation,aswellasacompletestatementofwhatthecorporationcanandcannotdowhilepursuingthesegoals.

CorporateVenturing:Venturecapitalprovidedby[in-houseinvestmentfundsof]largecorporationstofurthertheirownstrategicinterests.

Corporation:Alegal,taxableentitycharteredbyastateorthefederalgovernment.Ownershipofacorporationisheldbythestockholders.Twoforms:"CCorp."and"SCorp."-thelatterofwhichprovidesflow-throughtaxation.

Covenant:Aprotectiveclauseinanagreement.

CumulativeDividends:Dividendsthataccrueatafixedrateuntilpaidare"CumulativeDividends"whicharepaymentstoshareholdersmadewithrespecttoaninvestor'sPreferredStock.Generally,holdersofPreferredSharesarecontractuallyentitledtoreceivedividendspriortoholdersofCommonStock.Dividendscanaccumulateatafixedrate（forexample8%）orsimplybepayableasandwhendeterminedbyacompany'sBoardofDirectorsinsuchamountasdeterminedbytheboard.Becauseventurebackedcompaniestypicallyneedtoconservecash,theuseofCumulativeDividendsiscustomarywiththeresultthattheLiquidationPreferenceincreasesbyanamountequalt