Venture capital in the United States
Venture Capital：风险资本，（有的译作创业投资）缩写VC
Private Equity: 私募股权投资，缩写PE
概念辨析：PE和VC都是通过私募形式对非上市企业进行权益性投资，然后通过上市、并购和管理层回购等方式，出售持股获利。
区别：VC投资企业的前期，PE投资企业的后期。
a joint venture：合资企业
1、The appeal to venture capitalists of investing in United States high technology companies is quite obvious.
appeal to：对……有吸引力
venture capitalists：风险投资家
对风险投资家来说，投资于美国高科技公司的吸引力是显而易见的。
2、The technology industry is one of the largest and most rapidly growing industries in the United States today.
当今，科技产业是美国最大的，发展最快的产业之一。
3、According to the U. S. Department of Commerce, 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.
the U. S. Department of Commerce：美国商务部
technology-related revenues：与科技相关的收入
据美国商务部估计，1994年以来，与科技相关的收入年增长率达到15%，约为美国经济增长率的5倍。
4、Today, technology is estimated to account for approximately 50% of all private sector capital spending in the United States.
account for：占到
private sector capital：私营部门资本
据估计，目前约占美国私营部门资本总开支的50%。
5、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
fostered the growth：促进……发展
the world's leading：处于世界领先地位
emerging growth companies：新兴公司
在过去二十年中，风险资本促进了美国许多处于世界领先地位的高科技公司和其他新兴公司的发展。
６、Corporations such as Microsoft, Compaq and Intel are but a few examples of American companies whose early growth was facilitated by venture capital investments.
but a few examples of：仅仅是几个例子而已
像微软、康柏和因特网这样的公司，仅仅是那些早期发展得益于风险资本投资的美国公司的几个例子而已。
７、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 V alley and other areas of high technology company concentration.］availability：可用性，利用性，利用（或获得）的可能性
a primary contributor：起重要作用
dramatic revenue growth：收入大幅度增长
high technology company concentration：高科技公司集中地
The availability of venture capital financing to young, high technology companies：新开业的科技公司可以获得风险资本融资
新开业的高技术公司获得风险资本融资，这对美国高技术产业收入的大幅度增长和竞争力的提高，以及对加州硅谷和其他高技术公司集中地所取得的经济发展和就业水平的增长，都起了重要作用。
8、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 capital at some point in their development.
initial public offerings of stock：首次公开发售股票
at some point：某个阶段
据估计，过去二十年在美国完成首次公开发售股票的3000多家公司（包括非科技公司），都在各自发展的某个阶段获得过风险资本。
9、As venture capital has grown in popularity, venture capital investing has emerged as a major financial investment vehicle.
has grown in popularity：越来越受欢迎
emerged as：已成为，出现，兴起
as: 由于
由于风险资本越来越受欢迎，风险资本投资已成为金融投资的重要手段。
10、Traditionally, most venture capital firms consisted of small private limited partnerships [utilizing capital furnished by wealthy individuals or corporations.]
traditionally：以往
furnish：提供，供应
以往，大部分的风险资本公司是小型私人有限合作制公司，利用富豪或公司提供的资本。
11、Today, venture capital investing represents 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.]
a significant focus：重要的焦点
private equity：私募投资
今天，风险资本投资则是大多数机构投资证券组合或公司投资证券组合的一个重要的投资焦点，而且许多最大的风险基金是由主要的金融机构或专门从事私募投资的子公司运作的。
12、It is estimated that a majority of funding [currently committed 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.]
alternative：选择性的，非传统的（alternative birth: 非传统分娩；alternative energy：非传统能源；alternative technology: 非传统技术）据估计，目前投入风险资本实体的资金，大部分是由公共或私人养老基金提供的，这些基金正在将投资基金中越来越大的部分拨给诸如风险资本那样的非传统投资。
13、The remainder of investment funding is provided by insurance
companies, banks, corporations, wealthy individuals, foreign investors, university or institutional endowments and private foundations. insurance companies：保险公司
endowments：捐赠基金
其余的投资资金则来自保险公司、银行、公司、富豪、外国投资者、大学或捐赠基金机构和私人基金会。
14、Government-sponsored investment programs [designed to foster small business creation and growth in the United States] also have accelerated the use of venture capital financings.
government-sponsored: 政府主办的
designed to：旨在
政府主办的旨在促进美国小企业创业和发展的投资项目也加快了对风险资本融资的使用。
15、For example, the United States Small Business Administration operates the Small Business Investment Company program [which allows venture capital entities to obtain government funds to supplement venture capital investing in qualified companies.]
例如，美国小企业管理署实施“小企业投资公司计划”，使风险资本实体能获得政府基金，用以补充对合格公司的风险资本投资。
16、In addition, more than 40 U.S. states allocate a portion of either public funds or pension fund money to venture capital investment.
另外，美国40多个州将公共基金或养老基金的一部分划归风险资本投资。
17、In recent years, it has become increasingly popular for large corporations to form their own venture capital subsidiaries or investment vehicles.
最近几年，大公司组建自己的风险投资子公司或投资机构的做法越来越普遍。
18、Corporations such as Microsoft, A T&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 firms.]
微软、美国电话电报公司和摩托罗拉仅仅是积极从事自己的风险投资（常常和私人投资风险公司共同投资）的许多美国公司中的几个例子。
19、V enture capital investment [by a large corporation] in a smaller, emerging growth company can provide various benefits beyond the opportunity for superior investment returns.
superior investment returns：丰厚的投资回报
大公司对小型新型增长公司的风险资本投资，除了有机会获得丰厚的投资回报外，还可以获得其他多种好处。
20、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 company.
比如，公司风险资本投资可以使大公司以最少的投资从新兴公司的研究和产品开发活动中获益。
21、In addition, large corporations can benefit from exposure to entrepreneurial companies and different management approaches. exposure to：接触
entrepreneurial：创业的
此外，大公司还能因接触创业公司和不同的管理方法而获益。
22、For the emerging company, the association with a corporate partner may not only enhance the emerging company’s 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 partner’s marketing and distribution network or administrative services.
enhance balance sheet: 使资产负债表大为改观
credibility：可靠性
leverage off：借助，享用
marketing：营销
distribution：销售
对于新兴公司而言，与大公司合伙人联合，不仅可以使公司的资产负债表大为改观，而且还可以提高客户、供应商、投资者和其他人对公司的信任程度，同时还可以为新兴公司创造享用大公司合伙人的营销和销售网络或行政服务之便利的机会。