availability风险资本.doc

3．风险资本 Owing to their relatively short three-to-seven year investment horizon, venture capitalists have a tendency to focus their investments on potentially large and growing markets where opportunities exist for small companies, with additional capital and management oversight provided by the venture capital investment, to quickly achieve significant market scale and create investor wealth. Over the past two decades, venture capital has fostered the growth of many of the world’s leading high technology and other emerging growth companies in the United States. The 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, America’s high technology industry and to the economic expansion and increased employment levels experienced in California’s Silicon Valley and other areas of high technology company concentration. The right to Board representation is generally protected through various other contractual provisions, including a limitation on the removal of the Board representative, a limitation on increases in the number of directors, the right of the representative to be included on all committees of the Board and a commitment from other major equity holders to vote their interests in a manner to ensure Board representation for the venture capitalist. 参考译文： 由于风险资本家的投资期限相对较短，一般三到七年，他们倾向于把资金重点投入潜力大、增长快的市场。这些市场存在获利机会，一些小公司，在获得风险资本家提供的额外资本并受其监管之下，能迅速取得显著的市场规模，为投资者创造财富。 二十年来，风险资本推动了美国众多世界领先的高科技公司的发展，也推动了其他一些崭露头角的新兴公司的发展。 新兴的高科技公司可以获得风险资本，这使得美国高科技产业收益显著增长、竞争力不断加强，也促进了加里福尼硅谷和其他高科技产业聚集区经济的发展和就业率的上升。 风险资本家在董事会的代表权，往往通过各种其他的合同条款予以保障，其中包括限制撤销董事会代表，限制增加董事人数，有权作为代表加入董事会的所有委员会，并由其他大股东做出承诺——在为他们自身利益投票是保证风险资本家在董事会的代表权等等。张曦199， 203