风险投资常用术语英文解释《一》

创业小课堂创投术语知多少？创业投资术语PE：私募股权投资 (Private Equity)。

是指通过私募形式对私有企业，即非上市企业进行的权益性投资，在交易实施过程中附带考虑了将来的退出机制，即通过上市、并购或管理层回购等方式，出售持股获利。

VC：风险投资 (Venture Capital)。

广义的风险投资泛指一切具有高风险、高潜在收益的投资；狭义的风险投资是指以高新技术为基础，生产与经营技术密集型产品的投资。

天使投资(Business Angel)：风险投资的一种，指对于初创企业的风险投资，通常由个人投资者（天使投资人）出资，近年来有机构介入的倾向。

一般情况下是创业者们需要面对的第一轮投资。

项目估值（Valuation of the project）：公司估值是指着眼于公司本身，对公司的内在价值进行评估。

公司内在价值决定于公司的资产及其获利能力。

公司估值是投融资、交易的前提。

种子轮：天使轮之前的融资，普遍由个人出资，一般不会有机构介入。

ABC 轮 (Round)：天使轮之后的几轮投融资依序称为 ABCDE 轮。

特征是随着公司估值越来越高，融资数量也越来越大。

这些投资很难由个人负担，一般必须要有机构参与。

BP：商业计划书，为了融资而向投资人出具的书面材料，展示公司的现状及长期计划。

作为创业者，你可以理解为一种吸引投资人的表现形式。

BM：商业模式，企业持续满足消费者需求的系统，该系统组织管理企业的各种资源，形成能够提供消费者无法自力而必须购买的产品和服务，因而具有自己能复制但不被别人复制的特性。

简单粗暴的理解是你的企业赚钱的方法。

LP：有限合伙人，有限合伙企业中，以认缴的出资额为限对企业债务承担有限责任，对内不管理公司、对外不代表公司的合伙人。

一般为资方。

GP：普通合伙人，有限合伙企业中，对企业债务承担无限连带责任，对内管理公司、对外代表公司的合伙人。

一般为自然人或管理机构。

ST：创业团队，创业团队也可以成为初创团队。

Factoring: A procedure in which a firm can sell its accounts receivable invoices to a factoring firm, which pays a percentage of the invoices immediately, and the remainder （minus a service fee） when the accounts receivable are actually paid off by the firm's customers. Final Regulation: An ERISA term, it is the United States Department of Labor's Final Regulation relating to the definition of "plan assets" in （29 C.F.R. §2510.3-101）. Finder: A person who helps to arrange a transaction. First Close : An early close of part of a round financing upon the agreement of all parties. This is often used as part of a "Rolling closing" strategy. First Refusal Rights : A negotiated obligation of the company or existing investors to offer shares to the company or other existing investors at fair market value or a previously negotiated price, prior to selling shares to new investors. Flipping: The act of buying shares in an IPO and selling them immediately for a profit. Brokerage firms underwriting new stock issues tend to discourage flipping, and will often try to allocate shares to investors who intend to hold on to the shares for some time. However, the temptation to flip a new issue once it has risen in price sharply is too irresistible for many investors who have been allocated shares in a hot issue. Flotation: When a firm's shares start trading on a formal stock exchange, such as the NASDAQ or the NYSE. This is probably the most profitable exit route for entrepreneurs and their financial backers. Follow-on funding : Companies often require several rounds of funding. If a private equity firm has invested in a particular company in the past, and then provides additional funding at a later stage, this is known as 'follow-on funding'. Forced Buyback: Redemption of convertible debt, convertible preferred stock or common stock on pre-specified terms in situations where the company's value has not appreciated according to the agreed upon plan. Form 10-K: This is the annual report that most reporting companies file with the Commission. It provides a comprehensive overview of the registrant's business. The report must be filed within 90 days after the end of the company's fiscal year. Form 10-KSB: This is the annual report filed by reporting "small business issuers." It provides a comprehensive overview of the company's business, although its requirements call for slightly less detailed information than required by Form 10-K. The report must be filed within 90 days after the end of the company's fiscal year. Form S-1: The form can be used to register securities for which no other form is authorized or prescribed, except securities of foreign governments or political sub-divisions thereof. Form S-2: This is a simplified optional registration form that may be used by companies that have been required to report under the '34 Act for a minimum of three years and have timely filed all required reports during the 12 calendar months and any portion of the month immediately preceding the filing of the registration statement. Unlike Form S-1, it permits incorporation by reference from the company's annual report to stockholders （or annual report on Form 10-K） and periodic reports. Delivery of these incorporated documents as well as the prospectus to investors may be required. Form SB-2: This form may be used by "small business issuers" to register securities to be sold for cash. This form requires less detailed information about the issuer's business than Form S-1. Founder Vesting: A term imposed on founders of seed and early stage deals in which the founder ownership is subject to a vesting schedule with nothing up front and linear vesting over, typically, four years. The first twelve months ownership is often "cliff" vested after the first year with monthly vesting thereafter. For more mature companies, vesting credit can be applied at the time of investment. The purpose of this term is to protect investors from an early, unplanned exit by the founder and to provide investors with the equity necessary to attract a new management team. Founders' Shares: Shares owned by a company's founders upon its establishment. Free cash flow: The cash flow of a company available to service the capital structure of the firm. Typically measured as operating cash flow less capital expenditures and tax obligations. Full Ratchet Antidilution: The sale of a single share at a price less than the favored investors paid reduces the conversion price of the favored investors' convertible preferred stock "to the penny". For example, from $1.00 to 50 cents, regardless of the number of lower priced shares sold. Fully Diluted Earnings Per Share: Earnings per share expressed as if all outstanding convertible securities and warrantshave been exercised. Fully Diluted Outstanding Shares: The number of shares representing total company ownership, including common shares and current conversion or exercised value of the preferred shares, options, warrants, and other convertible securities. Fund age: The age of a fund （in years） from its first takedown to the time an IRR is calculated. Fund Focus : The indicated area of specialization of a venture capital fund usually expressed as Balanced, Seed and Early Stage, Later Stage, Mezzanine or Leveraged Buyout （LBO）. Fund of funds: A fund set up to distribute investments among a selection of private equity fund managers, who in turn invest the capital directly. Fund of funds are specialist private equity investors and have existing relationships with firms. They may be able to provide investors with a route to investing in particular funds that would otherwise be closed to them. Investing in fund of funds can also help spread the risk of investing in private equity because they invest the capital in a variety of funds. Fund Size: The total amount of capital committed by the investors of a venture capital fund.- G - GAAP: Generally Accepted Accounting Principles. The common set of accounting principles, standards and procedures. GAAP is a combination of authoritative standards set by standard-setting bodies as well as accepted ways of doing accounting. Gatekeeper : Specialist advisers who assist institutional investors in their private equity allocation decisions. Institutional investors with little experience of the asset class or those with limited resources often use them to help manage their private equity allocation. Gatekeepers usually offer tailored services according to their clients' needs, including private equity fund sourcing and due diligence through to complete discretionary mandates. GDR's: Global Depositary Receipt （GDR's）. Receipts for shares in a foreign based corporation traded in capital markets around the world. While ADR's permit foreign corporations to offer shares to American citizens, GDR's allow companies in Europe, Asia and the US to offer shares in many markets around the world. General Partner （GP）: The partner in a limited partnership responsible for all management decisions of the partnership. The GP has a fiduciary responsibility to act for the benefit of the limited partners （LPs）, and is fully liable for its actions. General partner clawback: This is a common term of the private equity partnership agreement. To the extent that the general partner receives more than its fair share of profits, as determined by the carried interest, the general partner clawback holds the individual partners responsible for paying back the limited partners what they are owed. General Partner Contribution: The amount of capital that the fund manager contributes to its own fund in the same way that a limited partner does. This is an important way in which limited partners can ensure that their interests are aligned with those of the general partner. While the U.S. Department of Treasury has removed the legal requirement of the general partner to contribute at least 1 percent of fund capital. A 1 percent general partner contribution remains standard practice, particularly among venture capital funds. Golden Handcuffs: This occurs when an employee is required to relinquish unvested stock when terminating his employment contract early. Golden Parachute: Employment contract of upper management that provides a large payout upon the occurrence of certain control transactions, such as a certain percentage share purchase by an outside entity or when there is a tender offer for a certain percentage of a company's shares. Discussed in more detail at The Executive Employment Agreement。

VC、PE、LP以及GP在风险投资领域的名词解释在风险投资领域，根据投资规模一般可以将风险投资分为天使基金、VC（风险投资）、PE（私募股权投资）几个级别。

天使基金主要关注原创项目构思和小型初创项目，投资规模大多在300万元以下；风险投资关注初创时期企业长期投资，规模在1000万元以下；私募股权投资主要关注3年内可以上市的成熟型企业。

国外风投停止了业务的同时，国内刚成长起来的风险投资公司日子也不好过。

虽然已经募集到资金还要投到项目上去，但是，投资的项目已经明显发生了变化。

PE投资VC化，VC投资天使化的趋势已经有了苗头。

VC即venture capital,就风险投资PE即Private Equity，私募股权。

Limited Partnership（LP）通译为有限合伙。

有限合伙企业中又分LP与GP：LP指的是有限合伙人limited partner，就是出钱的,仅仅投资资本,但不参与公司管理GP指的是普通合伙人，general partner,就是负责投资管理的，两方面合起来就采用有限合伙的方式.LP这种制度安排是由资金的所有者向贸易操作者提供资金，投资者按约定获取利润的一部分，但不承担超过出资之外的亏损；如果经营者不存在个人过错，投资者亦不得要求经营者对其投资损失承担赔偿责任。

20世纪以来，风险投资行为采用的主要组织形式即为有限合伙（LP），且通常以基金的形式存在。

投资人以出资为限对合伙企业债务承担有限责任，而基金管理人以普通合伙人的身份对基金进行管理并对合伙企业债务承担无限责任。

这样既能降低投资人的风险，又能促使基金管理人为基金的增值勤勉谨慎服务。

LP价值观决定VC效率看上去中国LP资本很活跃，但从投资理念层面而言，还是初级阶段。

成熟的创投市场，关键是看LP的投资理念。

它的价值观决定VC 的工作效率及整个创投市场的前进方向。

真正的LP应要求财务回报越高越好在中国，目前称得上LP的，主要是一批民间资本与政府创业引导基金资本。

以下是股权融资中常用的24个英文术语：Equity：股本，公司所有者拥有的资产。

Stock：股票，代表公司的一部分所有权。

Shares：股份，股票的一部分，代表公司的一部分所有权。

Board of Directors：董事会，公司的最高决策机构，由股东选举产生。

Shareholder：股东，持有公司股票的人。

Management：管理层，负责公司的日常运营和决策。

Initial Public Offering (IPO)：首次公开募股，公司首次向公众出售股票。

Secondary Offering：二次发行，公司在首次公开募股后再次向公众出售股票。

Private Equity (PE)：私募股权，非公开交易的股权投资。

Venture Capital (VC)：风险投资，提供给初创企业的股权投资。

11.天使投资人（Angel Investor）：提供种子期资金的人，通常是个人投资者。

12.兼并（Merger）：两家或多家公司合并为一个新的公司。

收购（Acquisition）：一家公司购买另一家公司的全部或部分股权。

反收购（Anti-Takeover）：公司采取措施防止被其他公司收购。

股权稀释（Equity Dilution）：由于新发行股票或其他方式导致现有股东所持股份比例下降。

估值（Valuation）：对公司的价值进行评估。

优先股（Preferred Stock）：具有特殊权利的股票，通常在分红和投票方面优于普通股。

可转债（Convertible Bonds）：可以转换为股票的债券。

尽职调查（Due Diligence）：在交易前对潜在投资目标进行详细的调查和分析。

路演（Roadshow）：向投资者展示公司或产品的推广活动。

招股说明书（Prospectus）：包含公司详细信息的文件，用于吸引投资者购买股票。

基石投资者（Cornerstone Investors）：在首次公开募股中承诺购买大量股票的投资者。

Later Stage: A fund investment strategy involving financing for the expansion of a company that is producing, shipping and increasing its sales volume. Later stage funds often provide the financing to help a company achieve critical mass in order to position its shareholders for an Exit Event, e.g. an IPO on strategic sale of the company. Lead Investor: Also known as a bell cow investor. Member of a syndicate of private equity investors holding the largest stake, in charge of arranging the financing and most actively involved in the overall project Lemon : An investment that has a poor or negative rate of return. An old venture capital adage claims that "lemons ripen before plums." Leveraged Buyout （LBO）: A takeover of a company, using a combination of equity and borrowed funds. Generally, the target company's assets act as the collateral for the loans taken out by the acquiring group. The acquiring group then repays the loan from the cash flow of the acquired company. For example, a group of investors may borrow funds, using the assets of the company as collateral, in order to take over a company. Or the management of the company may use this vehicle as a means to regain control of the company by converting a company from public to private. In most LBOs, public shareholders receive a premium to the market price of the shares. Lifestyle firms : Catagory comprising around 90 percent of all start-ups. These firms merely afford a reasonable living for their founders, rather than incurring the risks associated with high growth. These ventures typically have growth rates below 20 percent annually, have five-year revenue projections below $10 million, and are primarily funded internally-only very rarely with outside equity funds. Limited Partner （LP）: An investor in a limited partnership who has no voice in the management of the partnership.LP's have limited liability and usually have priority over GP's upon liquidation of the partnership. Limited partner clawback: This is a common term of the private equity partnership agreement. It is intended to protect the general partner against future claims, should the general partner of the limited partnership become the subject of a lawsuit. Under this provision, a fund's limited partners commit to pay for any legal judgment imposed upon the limited partnership or the general partner. Typically, this clause includes limitations in the timing or amount of the judgment, such as that it cannot exceed the limited partners' committed capital to the fund. Limited Partnerships: An organization comprised of a general partner, who manages a fund, and limited partners, who invest money but have limited liability and are not involved with the day-to-day management of the fund. In the typical venture capital fund, the general partner receives a management fee and a percentage of the profits （or carried interest）. The limited partners receive income, capital gains, and tax benefits. Liquidation: 1） The process of converting securities into cash. 2） The sale of the assets of a company to one or more acquirers in order to pay off debts. In the event that a corporation is liquidated, the claims of secured and unsecured creditors and owners of bonds and preferred stock take precedence over the claims of those who own common stock. Liquidation Preference: The amount per share that a holder of a given series of Preferred Stock will receive prior to distribution of amounts to holders of other series of Preferred Stock of Common Stock. This is usually designated as a multiple of the Issue Price, for example 2X or 3X, and there may be multiple layers of Liquidation Preferences as different groups of investors buy shares in different series. For example, holders of Series B Preferred Stock may be entitled to receive 3X their Issue Price, and then if any money is left, holders of Series A Preferred Stock may be entitled to receive 2X their Issue Price and then holders of Common Stock receive whatever is left. The trigger for the payment of the Liquidation Preference is a sale or liquidation of the company, such as a merger or other transaction where the company stockholders end up with less than half of the ownership of the new entity or a liquidation of the company. Liquidity Event: An event that allows a VC to realize a gain or loss on an investment. The ending of a private equity provider's involvement in a business venture with a view to realizing an internal return on investment. Most common exit routes include Initial Public Offerings [IPOs], buy backs, trade sales and secondary buy outs. See also: Exit strategy LLC - Limited liability company : A company owned by "members" who either manage the business themselves or appoint "managers" top run it for them. All members and managers have the benefit of limited liability, and, in most cases, are taxed in the same way as a subchapter S corporation, i.e. flow-through taxation, without having to conform to the S Corporation restrictions. Lock-up Period: The period of time that certain stockholders have agreed to waive their right to sell their shares of a public company. Investment banks that underwrite initial public offerings generally insist upon lockups of at least 180 days from large shareholders （1% ownership or more） in order to allow an orderly market to develop in the shares. The shareholders that are subject to lockup usually include the management and directors of the company, strategic partners and such large investors. These shareholders have typically invested prior to the IPO at a significantly lower price to that offered to the public and therefore stand to gain considerable profits. If a shareholder attempts to sell shares that are subject tolockup during the lockup period, the transfer agent will not permit the sale to be completed. Lower quartile: The point at which 75% of all returns in a group are greater and 25% are lower.- M - Management buy-out （MBO）: A private equity firm will often provide financing to enable current operating management to acquire or to buy at least 50 per cent of the business they manage. In return, the private equity firm usually receives a stake in the business. This is one of the least risky types of private equity investment because the company is already established and the managers running it know the business - and the market it operates in - extremely well. Management Fee: Compensation for the management of a venture fund's activities, paid from the fund to the general partner or investment advisor. This compensation generally includes an annual management fee. Management Team: The persons who oversee the activities of a venture capital fund. Mandatory Redemption: is a right of an investor to require the company to repurchase some or all of an investor's shares at a stated price at a given time in the future. The purchase price is usually the Issue Price, increased by Cumulative Dividends, if any. Mandatory Redemption may be automatic or may require a vote of the series of Preferred Stock having the redemption right. Market Capitalization: The total dollar value of all outstanding shares. Computed as shares multiplied by current price per share. Prior to an IPO, market capitalization is arrived at by estimating a company's future growth and by comparing a company with similar public or private corporations. （See also Pre-Money Valuation） Market Standoff Agreement: Similar to Lock-Up Agreements and prevents selling company stock for number of predetermined days after a previous stock offering by the company. Merchant banking: An activity that includes corporate finance activities, such as advice on complex financings, merger and acquisition advice （international or domestic）, and at times direct equity investments in corporations by the banks. Merger: Combination of two or more corporations in which greater efficiency is supposed to be achieved by the elimination of duplicate plant, equipment, and staff, and the reallocation of capital assets to increase sales and profits in the enlarged company. Mezzanine Financing: Refers to the stage of venture financing for a company immediately prior to its IPO. Investors entering in this round have lower risk of loss than those investors who have invested in an earlier round. Mezzanine level financing can take the structure of preferred stock, convertible bonds or subordinated debt. Middle-Market Firms: Firms with growth prospects of more than 20 percent annually and five-year revenue projections between $10 million and $50 million. Less than 10 percent of all start-ups annually, these entrepreneurial firms are the backbone of the U.S. economy. Mutual Fund: A mutual fund, or an open-end fund, sells as many shares as investor demand requires. As money flows in, the fund grows. If money flows out of the fund the number of the fund's outstanding shares drops. Open-end funds are sometimes closed to new investors, but existing investors can still continue to invest money in the fund. In order to sell shares an investor usually sells the shares back to the fund. If an investor wishes to buy additional shares in a mutual fund, the investor must buy newly issued shares directly from the fund. （See Closed-end Funds）。

风险投资基本知识一、风险资本风险投资（venture capital）在我国是一个约定俗成的具有特定内涵的概念，其实把它翻译成创业投资更为妥当。

广义的风险投资泛指一切具有高风险、高潜在收益的投资；狭义的风险投资是指以高新技术为基础，生产与经营技术密集型产品的投资。

根据美国全美风险投资协会的定义，风险投资是由职业金融家投入到新兴的、迅速发展的、具有巨大竞争潜力的企业中一种权益资本。

从投资行为的角度来讲，风险投资是把资本投向蕴藏着失败风险的高新技术及其产品的研究开发领域，旨在促使高新技术成果尽快商品化、产业化，以取得高资本收益的一种投资过程。

从运作方式来看，是指由专业化人才管理下的投资中介向特别具有潜能的高新技术企业投入风险资本的过程，也是协调风险投资家、技术专家、投资者的关系，利益共享，风险共担的一种投资方式。

风险投资的特征：1，投资对象对为处于创业期（start-up）的中小型企业，而且多为高新技术企业；2，投资期限至少3-5年以上，投资方式一般为股权投资，通常占被投资企业30%左右股权，而不要求控股权，也不需要任何担保或抵押；3，投资决策建立在高度专业化和程序化的基础之上；4，风险投资人（venture capitalist ）一般积极参与被投资企业的经营管理，提供增值服务；除了种子期（seed）融资外，风险投资人一般也对被投资企业以后各发展阶段的融资需求予以满足；5，由于投资目的是追求超额回报，当被投资企业增值后，风险投资人会通过上市、收购兼并或其它股权转让方式撤出资本，实现增值。

风险投资的特点：风险投资是一种权益资本（Equity），而不是借贷资本（Debt）。

风险投资为风险企业企业投入的权益资本一般占该企业资本总额的30％以上。

对于高科技创新企业来说，风险投资是一种昂贵的资金来源，但是它也许是唯一可行的资金来源。

银行贷款虽然说相对比较便宜，但是银行贷款回避风险，安全性第一，高科技创新企业无法得到它。

投融资术语英语对比1、BP（Bu...投融资术语英语对比1、BP（Business Plan）：商业计划书2、Road show：路演3、QFII（Qualified Foreign Institutional Investor）：合格的境外机构投资者4、QDII（Qualified Domestic Institutional Investor）：合格的境内机构投资者5、PE（Private Equity）：私募股权投资6、VC（venture capital）：风险投资7、P/E ratio（Price earnings ratio）：市价盈利比率，简称市盈率8、PB（Price/Book value）：平均市盈率9、EPS（Earnings Per Share）：每股盈余10、historical P/E：历史市盈率11、ROE（Rate of Return on Common Stockholders’ Equity）：净资产收益率12、DCF（Discounted Cash Flow）：现金流折现法13、IPO（Initial Public Offerings）：首次上市，指一家公司首次在股票市场的公开股票发行。

14、LP（Limited Partner）：有限合伙人15、GP（General Partner）：普通合伙人16、A股：人民币普通股票，由我国境内的股份有限公司发行，供境内机构、组织或个人（不含台、港、澳投资者）以人民币认购和交易的普通股股票。

17、B股：人民币特种股票，以人民币标明面值，以外币认购和买卖，在境内（上海、深圳）证券交易所上市交易的。

18、H股：注册地在内陆，上市地在香港的外资股。

19、N股：在纽约上市的股票。

20、S股：在新加坡上市的股票。

21、NASDAQ：纳斯达克22、LOF基金：Listed Open-Ended Fund，上市型开放式基金23、ETF（Exchange traded Fund）：交易性开放式指数基金24、Close-end fund：封闭式基金25、Hedge fund：对冲基金26、金融脱媒：社会融资逐渐由间接融资向直接融资转变的过程27、OTC（Over The Counter）：场外交易市场28、LBO（Leveraged Buy-out）：杠杆收购29、MBO（Management Buy-Outs）：管理者收购30、EBO（Employee Buy-Outs）：员工收购31、EMBO（Employee Management Buy-Outs）：管理层与员工收购32、ESOP（Employee Stock Ownership Plan）：员工持股计划33、AGM （annual general meeting）：年度股东大会34、PPP（Public-Private-Partnership）：公私合作模式35、BOT（build-operate-transfer）：建设—经营—转让36、BOOT（build-operate-own-transfer）：建设-经营-拥有-转让37、BOO（Building-Owning-Operation）：建设、拥有、运营38、BT（Build-Transfer）：建设-转让39、TOT（Transfer-Operate- Transfer）：移交－经营－移交40、ABS（Asset-Backed-Securieization）：资产证券化41、SPC（Special Purpose Corpration）：特别用途公司42、PFI（Private Finance Initiative）：民间主动融资43、URM（User Reimbursement Model）：使用者付费模式44、shadow tolling：影子收费融资模式45、DBFO(Design-Build-Finance-Operate)：设计-建设-融资-运营#理财#。

金融资产组合(Poｒtfolio) :指投资者持有的一组资产．一个资产多元化的投资组合通常会包含股票、债券、货币市场资产、现金以及实物资产如黄金等。

证券投资(Pｏrtfolio Ｉnｖestment) :国际收支中、资本帐下的一个项目，反映资本跨国进行证券投资的情况,与直接投资不同,后者涉及在国外设立公司开展业务，直接参与公司的经营管理．证券投资则一般只是被动地持有股票或债券。

投资组合经理（Poｒtｆolio Mａnager）:替投资者管理资产组合的人，通常获授权在约定规范下自由运用资金.共同基金的投资组合经理负责执行投资策略,将资金投资在各类资产上.头寸（Posiｔion) :就证券投资而言，头寸是指在一项资产上做多（即拥有)或做空（即借入待还）的数量。

总资产收益率（ＲOＴＡ) ：资产收益率是企业净利润与平均资产总额地百分比,也叫资产回报率（ROＡ）,它是用来衡量每单位资产创造多少净利润的指标。

其计算公式为:资产收益率=净利润／平均资产总额×100%;该指标越高,表明企业资产利用效果越好，说明企业在增加收入和节约资金使用等方面取得了良好的效果，否则相反。

整批交易（Rｏund ＬotＴrade）:指按证券和商品在市场最普遍的交易单位(例如１00股为一单位)进行的交易。

交易回合(Rｏund Tｕrn)：指在同一市场上通过对两种证券或合约一买一卖,或一卖一买的交易两相抵消。

通常在计算手续费时会提及交易回合。

缩略语有资产担保的证券(ABＳ）国际外汇交易商协会(ＡCI)现货（Ａcｔuals）亚洲开发银行(ＡＤB)美国预托证券(ADＲ）非洲开发银行（AFＤＢ）年度股东大会（ＡGＭ)另类投资市场（AIＭ）明日(Ｔ/Ｎ）债券有资产担保的证券（AＢS)卖方报价（Ask)最优价指令（At Beｓｔ)平价(Ａｔ Par）拍卖(Aｕｃtion)回购利率(RｅpｏRate)申报交易商（Rｅportiｎg Deaｌeｒ)债务重新安排（Reｓcｈedulｉng）备用贷款(Sｔａｎdby Loan)风险投资和新股发行增值性(Accrｅｔiｖｅ)收购(Ａcquisitiｏn）共同行动（Acｔing ｉn Conceｒt）关联公司(Affiliate）另类投资市场(AIM)将公司资产拆卖(Asset Strippinｇ)投资风险极高（Toxic)认购不足(Unｄerｓuｂscribed）承销商（Ｕｎderwｒｉtｅr)技术分析收集（Acｃｕmｕlaｔion)分析师(Ａnalyst)柱状图(Ｂar Cｈａrt) ：柱状图(Hｉsｔogram)也叫直方图，是一种统计报告图，由一系列高度不等的纵向条纹表示数据分布的情况。

投资词汇中英对照从金融学角度来讲，相较于投机而言，投资的时间段更长一些，更趋向是为了在未来一定时间段内获得某种比较持续稳定的现金流收益，是未来收益的累积。

接下来小编为大家整理了投资词汇中英对照，希望对你有帮助哦!投资词汇中英对照：SEHK联交所Senior Bond优先债券Settlement结算Short Hedge空头对冲Short Position空仓Short Selling抛空/沽空Speculation投机Stock Splits股票分拆Subordinated Bond后偿债券Substantial Shareholder大股东Support Level支持价位Technical Analysis技术分析The Stock Exchange of Hong Kong Ltd.香港联合交易所有限公司Time Horizon投资期Trading Hours of SEHK联合交易所的交易时间Trading Rules交易规则Trust Deed信托契约Underlying Security认股权证相关的股份Unified Exchange Compensation Fund Scheme联合交易所赔偿基金Valuation估价Warrant认股权证Window Dressing粉饰橱窗Yield盈利率Yield To Maturity到期孳息率Zero Coupon Bond无息债券Accrued interest应得利息All-Ordinaries Index所有普通股指数Arbitrage套戥Ask Price买价Asset-Backed Securities具资产保证的证券At-the-money刚到价Automatic Order Matching And Execution System自动对盘及成交系统Basis Point基点Bear Markets熊市Bid Price卖价Bid-ask Spread买卖差价Blue Chips蓝筹股Bond债券Book Value账面值Broker经纪Brokerage Fee经纪佣金Bull Markets牛市Call Option好仓期权/买入(认购)期权Callable Bonds可赎回债券Capital Gain资本增值Capital Markets资本市场Central Clearing and Settlement System中央结算系统Central Money Market Units债务工具中央结算系统Certificate of Deposits存款证China Concepts Stock中国概念股Closed-end闭端基金Collateral抵押品Commercial Paper商业票据Common Stock普通股Compound Interest复息Contract Note成交单Controlling Shareholder控制股东Convertible Bond可换股债券Corporate Bond公司债券Coupon票息Coupon Frequency派息次数Coupon Rate票面息率Covered warrants备兑认股权证Credit Rating信用评级Currency Board货币发行局Current Yield现价息率Custody of Securities证券托管Default Risk不能收回本金的风险Derivative Call衍生认购(认沽)认股权证Derivative Instrument衍生产品Direct Business直接成交Discount Bond折扣债券Diversification分散风险Duration期限Earnings收益Earnings per Share每股盈利Earnings Yield盈利率Equity股本Equity Call Warrants股本认购认股权证Ex-dividend除息Face Value/ Nominal Value面值Fixed Rate Bonds定息债券Fixed-income securities定息证券Floating Rate Bonds浮息债券Fundamental Analysis基本分析Future Value未来值Future Value of an Annuity定期供款之未来值Futures contract期货合约Hang Seng China Enterprises index恒生香港中资企业指数Hang Seng Index香港恒生指数Hang Seng London Reference Index恒生伦敦参考指数Hedge对冲Hong Kong Inter-Bank Offered Rate香港银行同业拆息Hong Kong Monetary Authority香港金融管理局Hong Kong Securities Clearing Company Ltd.香港中央结算有限公司H-Share股HSI Futures Contract恒生指数期货合约Income收入Index Fund指数基金Initial Public Offering首次公开招股Inside Information内幕消息Insider Trading内幕交易Intrinsic Value内在价值Investment投资Investment Adviser投资顾问IPO price首次公开招股价Junk Bond垃圾债券Leverage Ratio杠杆比率Limit Order限价指示Limited Company有限公司Liquidity变现能力Listing挂牌Listing Date上市日期Margin Call补仓Market Capitalisation市价总值Market Maker庄家Market Order市场指示Money Market货币市场Mutual Fund互惠基金Net Asset Value资产净值Offer For Sale公开发售Offer For Subscription公开认购Open Offer公开供股Open-end开放基金Option期权Oversubscribed超额认购Par Bond平价债券Par Value票面值Perpetual Bonds永久债券Placing配售Portfolio投资组合Preference Shares优先股Premium溢价(认股证)Premium Bond溢价债券Present Value现时值Present Value of An Annuity定期供款之现时值Price/Earnings Ratio市盈率Privatisation私有化Professional Conduct Regulations专业操守规例Prospectus招股书Put Option淡仓期权/卖出(认沽)期权Rate of Return收期率Real Interest Rate实质利率Red Chip红筹股Redemption Value赎回价值Reinvestment Value再投资利率Relative Strength Index/RSI相对强弱指数Repurchase Agreement回购协议Resistance Level阻力价位Return回报Rights Issue供股发行Risk-Averse, Risk-Neutral, Risk-Taking风险厌恶，风险中立，追求风险Securities And Futures Commission证券及期货事务监察委员会Securities Dealers´ Representatives证券交易商。

五个常用的投资专业术语投资是一种风险和回报共存的活动，投资者需要了解并掌握一些专业术语，以便更好地进行投资决策。

在下面的文章中，我将介绍五个常用的投资专业术语，希望对您有所帮助。

第一个专业术语是“股息收益率”（dividend yield），它是指一只股票的股息与股票价格之间的比率。

股息收益率可以帮助投资者评估一只股票的收益水平。

通常情况下，高股息收益率意味着股东可以获得更多的回报。

第二个专业术语是“市盈率”（price-to-earnings ratio），它是指一只股票的市场价格与每股收益之间的比率。

市盈率可以帮助投资者了解一只股票的价值是否被低估或高估。

较低的市盈率可能意味着该股票的价格相对较低，投资者可以考虑买入；而较高的市盈率可能意味着该股票的价格相对较高，投资者可以考虑卖出。

第三个专业术语是“资本回报率”（return on investment），它是指投资所获得的回报与投资成本之间的比率。

资本回报率可以帮助投资者评估投资的效果和回报情况。

通常情况下，高资本回报率意味着投资者获得了较高的回报。

第四个专业术语是“多元化”（diversification），它是指将资金分散投资于不同的投资品种或资产类别，以降低投资风险。

多元化可以帮助投资者实现资产配置的平衡，从而降低整体投资组合的风险。

第五个专业术语是“资本市场”（capital market），它是指一种用于购买和销售金融资产的市场。

资本市场包括股票市场和债券市场等。

投资者可以通过参与资本市场来获取投资收益。

以上是五个常用的投资专业术语的简要介绍。

投资者可以通过了解和掌握这些专业术语来提高自己的投资水平和决策能力。

当然，在实际投资中，还需要综合考虑其他因素，如市场动态、行业前景等。

希望这些专业术语对您有所帮助，祝您在投资中取得成功！。

VC(风险投资)常识讲解(doc 11页)VC常识一、什么是风险投资？根据美国全美风险投资协会的定义，风险投资（Venture Capital）是由职业金融家投入到新兴的、迅速发展的、有巨大竞争力的企业中的一种权益资本。

据美国商业部统计，第二次世界大战以来95% 的科技发明与创新都来自小型的新兴企业。

而这些发明创新转变为实际生产力要借助于风险投资。

关于VC的概念界定起源于对英语原文“venture capital”的不同理解。

创业投资论（以下简称创投论）认为，“venture capital”一词中的“venture”是特指“创建企业”这种特定意义上的冒险创业行为，故“venture capital”应当被准确翻译为“创业资本”或根据不同的语境翻译为“创业投资”。

与之相对应，完整意义上的“创业投资”，系指向极具增长潜力的未上市创业企业提供股权资本，并通过创业管理服务参与企业创业过程，以期获得高资本增值的一种投资行为。

实际上，风险投资这种严格的古典意义正在改变。

近些年来，风险投资正在向非风险投资靠近——激烈的市场竞争迫使风险投资走出传统的投资范围，向私人权益资本的其它领域扩张。

风险投资和非风险投资之间的界限已经越来越模糊。

从某种意义上说，广义上的风险投资资本可以基本囊括私人权益资本的全部投资项目。

风险投资家所追逐的目标是创造高额收益的机会。

风险投资是一个不断向新兴企业注入资金的过程。

总之，风险投资是一种长期的、进一步降低到20%，美国风险投资业才得以快速发展。

80年代围绕计算机的普及应用，形成了美国第二次风险投资浪潮，奠定了美国以计算机技术为代表的新型产业的国际优势地位。

90年代美国出现了第三次风险投资浪潮，风险投资为美国确立其IT产业在国际上的主导地位做出了贡献，目前全球新经济虽然处于调整当中，但美国仍然是风险投资最为发达的国家。

总的来说，风险投资对美国经济产生了深远的影响，尤其推动了高科技成果转化，对产业结构升级起到了不容忽视的积极作用。

QPAM: Qualified professional asset manager as defined by ERISA.- R - Ratchet : Ratchets reduce the price at which venture capitalists can convert their debt into preferred stock, which effectively increases their percentage of equity. Often referred to as an "antidilution adjustment." See Anti-dilution, full ratchet and weighted average. Recapitalization: The reorganization of a company's capital structure. A company may seek to save on taxes by replacing preferred stock with bonds in order to gain interest deductibility. Recapitalization can be an alternative exit strategy for venture capitalists and leveraged buyout sponsors. （See Exit Strategy and Leveraged Buyout） Reconfirmation: The act a broker/dealer makes with an investor to confirm a transaction. Red Herring: The common name for a preliminary prospectus, due to the red SEC required legend on the cover. （See Prospectus） Redeemable Preferred Stock: Redeemable preferred stock, also known as exploding preferred, at the holder's option after （typically） five years, which in turn gives the holders （potentially converting to creditors） leverage to induce the company to arrange a liquidity event. The threat of creditor status can move the founders off the dime if a liquidity event is not occurring with sufficient rapidity. Redemption: The right or obligation of a company to repurchase its own shares. Redemption Rights - Rights to force the company to purchase shares （a "put"） and more infrequently the company's right to force investor to sell their shares （a "call"）. A Put allows one to liquidate an investment in the event an IPO or public merger becomes unlikely. One may also negotiate a Put effective when the company defaults or fails to make payments upon a key employee's death, etc. Registration: The SEC's review process of all securities intended to be sold to the public. The SEC requires that a registration statement be filed in conjunction with any public securities offering. This document includes operational and financial information about the company, the management and the purpose of the offering. The registration statement and the prospectus are often referred to interchangeably. Technically, the SEC does not "approve" the disclosures in prospectuses. Registration Rights: Provisions in the investment agreement that allow investors to sell stock via the public market. Means by which one can transfer shares in compliance with the securities laws subject to Lock-Up and Market Stand-off Agreements. Long-form Demand - Demand registration before the company becomes public. Usually starts one-three years after making an investment and may involve one or two demands for a percentage of stock. Company will use the SEC's long-form S-1. Short-form Demand - Demand made after the company is publicly traded and is eligible to use SEC's Form S-3. Piggyback - Company is registering stock either for itself or other stockholders and one can "piggyback" a portion of shares for registration onto the company's registration. Usually have these rights for up to five years after the company becomes public, but cannot exercise them for mergers or employee offerings. Regulation A: SEC provision for simplified registration for small issues of securities. A Reg. A issue may require a shorter prospectus and carries lesser liability for directors and officers for misleading statements. The conditional small issues securities exemption of the Securities Act of 1933 is allowed if the offering is a maximum of $5,000,000 U.S. Dollars. Regulation C: The regulation that outlines registration requirements for Securities Act of 1933. Regulation D: Regulation D, is the rule （Reg. D is a "regulation" comprising a series of "rules"） that allow for the issuance and sale of securities to purchasers if they qualify as accredited investors. Regulation D Offering: （See Private Placement） Regulation S: The rules relating to offers and sales made outside the U.S. without SEC Registration. Regulation S-B : Reg. S-B of the Securities Act of 1933 governs the Integrated Disclosure System for Small Business Issuers. Regulation S-K : The Standard Instructions for Filing Forms Under Securities Act of 1933, Securities Exchange Act of1934 and Energy Policy and Conservation Act of 1975. Regulation S-X: The regulation that governs the requirements for financial statements under the Securities Act of 1933, and the Securities Exchange Act of 1934. Reorganization or Corporate Reorganization: Reorganizations are significant changes in the equity base of a company such as converting all outstanding shares to Common Stock, or combining outstanding shares into a smaller number of shares （a reverse split）. A Reorganization is frequently done when a company has already had a few rounds of venture financing but has not been able to successfully increase the value of the company and therefore is doing a Down Round that is essentially a restart of the company. Restricted Securities: Public securities that are not freely tradable due to SEC regulations. （See Securities and Exchange Commission） Restricted Shares: Shares acquired in a private placement are considered restricted shares and may not be sold in a public offering absent registration, or after an appropriate holding period has expired. Non-affiliates must wait one year after purchasing the shares, after which time they may sell less than 1% of their outstanding shares each quarter. For affiliates, there is a two-year holding period. Revlon Duties: The legal principle that actions, such as anti-takeover measures, that promote the value of an auction process are allowable, whereas those that thwart the value of an auction process are not allowed. The duty is triggered when a company is in play as a target acquisition. Right of First Refusal: The right of first refusal gives the holder the right to meet any other offer before the proposed contract is accepted. Rights Offering: Issuance of "rights" to current shareholders allowing them to purchase additional shares, usually at a discount to market price. Shareholders who do not exercise these rights are usually diluted by the offering. Rights are often transferable, allowing the holder to sell them on the open market to others who may wish to exercise them. Rights offerings are particularly common to closed-end funds, which cannot otherwise issue additional ordinary shares. Risk: The chance of loss on an investment due to many factors including inflation, interest rates, default, politics, foreign exchange, call provisions, etc. In Private Equity, risks are outlined in the Risk Factors section of the Placement Memorandum. Rule 144: Rule 144 provides for the sale of restricted stock and control stock. Filing with the SEC is required prior to selling restricted and control stock, and the number of shares that may be sold is limited. Rule 144A: A safe harbor exemption from the registration requirements of Section 5 of the 1933 Act for resales of certain restricted securities to qualified institutional buyers, which are commonly referred to as "QIBs." In particular, Rule 144A affords safe harbor treatment for reoffers or resales to QIBs - by persons other than issuers - of securities of domestic and foreign issuers that are not listed on a U.S. securities exchange or quoted on a U.S. automated inter-dealer quotation system. Rule 144A provides that reoffers and resales in compliance with the rule are not "distributions" and that the reseller is therefore not an "underwriter" within the meaning of Section 2（a）（11） of the 1933 Act. If the reseller is not the issuer or a dealer, it can rely on the exemption provided by Section 4（1） of the 1933 Act. If the reseller is a dealer, it can rely on the exemption provided by Section 4（3） of the 1933 Act. Rule 147: Provides an exemption from the registration requirements of the Securities Act of 1933 for intrastate offerings, if certain requirements are met. One requirement is that 100% of the purchasers must be from within one state. Rule 501: Rule 501 of Regulation D defines Accredited Investor. Rule 504: Company can raise up to $1 million in any 12-month period from any number or investors provided that the company does not advertise the sale. There are restricitions on the resale of the securities, but there is no requirement of disclosure. Investors need not to be sophisticated nor is any formal private offering memorandum required. However, offering is subject to the general antifraud provisions of the federal securites laws requiring that all material information be accurately presented to purchasers. Rule 505: Rule 505 of Regulation D is an exemption for limited offers and sales of securities not exceeding $5,000,000. Company can raise up to $5 million in a 12-month period. Security sales can be made to an unlimited number of accredited investor plus 35 additional investors. Disclosure documents, i.e. a private placement memorandum, must be delivered to all non-accredited investors. If dealing with accredited investors, the number of these is unlimited, but there is no advertising allowed. Rule 506: Rule 506 of Regulation D is considered a "safe harbor" for the private offering exemption of Section 4（2） ofthe Securities Act of 1933. Companies using the Rule 506 exemption can raise an unlimited amount of money if they meet certain exemptions. No more than 35 non-accredited investors can be involved, and all must be sophisticated. Sellers are restricted from general solicitation and advertising of the sale.- S - S Corporation: A corporation that limits its ownership structure to 100 shareholders and disallows certain types of shareholders [e.g. partnerships cannot hold shares in a S corporation.] An S corporation does not pay taxes, rather, similar to a partnership, its owners pay taxes on their proportion of the corporation's profits at their individual tax rates. SBIC : Small Business Investment Company. A company licensed by the Small Business Administration to receive government leverage in order to raise capital to use in venture investing. SBIR: Small Business Innovation Research Program. See Small Business Innovation Development Act of 1982. Secondary funds : Partnerships that specialize in purchasing the portfolios of investee company investments of an existing venture firm. This type of partnership provides some liquidity for the original investors. These secondary partnerships, expecting a large return, invest in what they consider to be undervalued companies. The big difference is that they are b u y i n g t h e i r i n t e r e s t s i n a f u n d a f t e r t h e f u n d h a s b e e n a t l e a s t p a r t i a l l y d e p l o y e d i n u n d e r l y i n g p o r t f o l i o c o m p a n i e s . U n l i k e f u n d o f f u n d m a n a g e r s , w h i c h g e n e r a l l y i n v e s t i n b l i n d p o o l s , s e c o n d a r y b u y e r s c a n e v a l u a t e t h e u n d e r l y i n g c o m p a n i e s t h a t t h e y a r e i n d i r e c t l y i n v e s t i n g i n . / p > p b d s f i d = " 1 0 9 " > 0 0 S e c o n d a r y M a r k e t : T h e m a r k e t f o r t h e s a l e o f p a r t n e r s h i p i n t e r e s t s i n p r i v a t e e q u i t y f u n d s . S o m e t i m e s l i m i t e d p a r t n e r s c h o s e t o s e l l t h e i r i n t e r e s t i n a p a r t n e r s h i p , t y p i c a l l y t o r a i s e c a s h o r b e c a u s e t h e y c a n n o t m e e t t h e i r o b l i g a t i o n t o i n v e s t m o r e c a p i t a l a c c o r d i n g t o t h e t a k e d o w n s c h e d u l e . C e r t a i n i n v e s t m e n t c o m p a n i e s s p e c i a l i z e i n b u y i n g t h e s e p a r t n e r s h i p i n t e r e s t s a t a d i s c o u n t . / p > p b d s f i d = " 1 1 0 " > 0 0 S e c o n d a r y S a l e : T h e s a l e o f p r i v a t e o r r e s t r i c t e d h o l d i n g s i n a p o r t f o l i o c o m p a n y t o o t h e r i n v e s t o r s . S e e s e c o n d a r y m a r k e t d e f i n i t i o n . / p > p b d s f i d = " 1 1 1 " > 0 0 S e c u r i t i e s A c t o f 1 9 3 3 : T h e f e d e r a l l a w c o v e r i n g n e w i s s u e s o f s e c u r i t i e s . I t p r o v i d e s f o r f u l l d i s c l o s u r e o f p e r t i n e n t i n f o r m a t i o n r e l a t i n g t o t h e n e w i s s u e a n d a l s o c o n t a i n s a n t i f r a u d p r o v i s i o n s . / p > p b d s f i d = " 1 1 2 " > 0 0 S e c u r i t i e s A c t o f 1 9 3 4 : T h e f e d e r a l l a w t h a t e s t a b l i s h e d t h e S e c u r i t i e s a n d E x c h a n g e C o m m i s s i o n . T h e a c t o u t l a w s m i s r e p r e s e n t a t i o n , m a n i p u l a t i o n a n d o t h e r a b u s i v e p r a c t i c e s i n t h e i s s u a n c e o f s e c u r i t i e s . / p > p b d s f i d = " 1 1 3 " > 0 0 S e c u r i t i e s a n d E x c h a n g e C o m m i s s i o n : T h e S E C i s a n i n d e p e n d e n t , n o n p a r t i s a n , q u a s i - j u d i c i a l r e g u l a t o r y a g e n c y t h a t i s r e s p o n s i b l e f o r a d m i n i s t e r i n g t h e f e d e r a l s e c u r i t i e s l a w s . T h e s e l a w s p r o t e c t i n v e s t o r s i n s e c u r i t i e s m a r k e t s a n d e n s u r e t h a t i n v e s t o r s h a v e a c c e s s t o a l l m a t e r i a l i n f o r m a t i o n c o n c e r n i n g p u b l i c l y t r a d e d s e c u r i t i e s . A d d i t i o n a l l y , t h e S E C r e g u l a t e s f i r m s t h a t t r a d e s e c u r i t i e s , p e o p l e w h o p r o v i d e i n v e s t m e n t a d v i c e , a n d i n v e s t m e n t c o m p a n i e s . / p > p b d s f i d = " 1 1 4 " > 0 0 S e e d M o n e y : T h e f i r s t r o u n d o f c a p i t a l f o r a s t a r t - u p b u s i n e s s . S e e d m o n e y u s u a l l y t a k e s t h e s t r u c t u r e o f a l o a n o r a n i n v e s t m e n t i n p r e f e r r e d s t o c k o r c o n v e r t i b l e b o n d s , a l t h o u g h s o m e t i m e s i t i s c o m m o n s t o c k . S e e d m o n e y p r o v i d e s s t a r t u p c o m p a n i e s w i t h t h e c a p i t a l r e q u i r e d f o r t h e i r i n i t i a l d e v e l o p m e n t a n d g r o w t h . A n g e l i n v e s t o r s a n d e a r l y - s t a g e v e n t u r e c a p i t a l f u n d s o f t e n p r o v i d e s e e d m o n e y . / p > p b d s f i d = " 1 1 5 " > 0 0 S e e d S t a g e F i n a n c i n g : A n i n i t i a l s t a t e o f a c o m p a n y ' s g r o w t h c h a r a c t e r i z e d b y a f o u n d i n g m a n a g e m e n t t e a m , b u s i n e s s p l a n d e v e l o p m e n t , p r o t o t y p e d e v e l o p m e n t , a n d b e t a t e s t i n g . / p > p b d s f i d = " 11 6 " > 0 0 S e r i e s A - f i r s t r o u n d o f i n s t i t u t i o n a l i n v e s t m e n t c a p i t a l / p > p b d s f i d = " 1 1 7 " > 0 0 S e ri e s B - s e c o n d r o u n d o f i n s t i t u t i o n a l i n v e s t m e n t c a p i t a l / p > p b d s f i d = " 1 1 8 " > 0 0 S e r i e s C - t h i r d r o u n d o f i n s t i t u t i o n a l i n v e s t m e n t c a p i t a l / p > p b d s f i d = " 1 1 9 " > 0 0 S e n i o r S e c u r i t i e s : S e c u r i t i e s t h a t h a v e a p r e f e r e n t i a l c l a i m o v e r c o m m o n s t o c k o n a c o m p a n y ' s e a r n i n g s a n d i n th e c a s e o f l i q u i d a t i o n . G e n e r a l l y , p r e f e r r e d s t o c k a n d b o n d s a r e c o n s i d e r e d s e n i o r s e c u ri t i e s . / p > p b d s f i d = " 1 2 0 " > 0 0 S e r i e s A P r e f e r r e d S t o c k : T h e f i r s t r o u n d o f s t o c k o f f e r e d d u r i n g t h e s e e d o r e a r l y s t a g e r o u n d b y a p o r t f o l i o c o m p a n y t o t h e v e n t u r e i n v e s t o r o r f u n d . T h i s s t o c k i s c o n v e r t i b l e i n t o c o m m o n s t o c k i n c e r t a i n c a s e s s u c h a s a n I P O o r t h e s a l e o f t h e c o m p a n y . L a t e r r o u n d s o f p r e f e r r e d s t o c k i n a p r i v a t e c o m p a n y a r e c a l l e d S e r i e s B , S e r i e s C a n d s o o n . / p >。