金融英语chapter six Private Equity.ppt

Financial English Chapter Six Private Equity Learning objective: Lead-in questions Lead-in questions Background knowledge Introduction to Leveraged Buyout Glossary Glossary Glossary Phrases Phrases Phrases Phrases Phrases Phrases Phrases Phrases Phrases Phrases Phrases Phrases Phrases Special Terms Special Terms Notes to the text Notes to the text Notes to the text Notes to the text Notes to the text Notes to the text Notes to the text Notes to the text Notes to the text Notes to the text Notes to the text Notes to the text Notes to the text Key to exercises Key to exercises Key to exercises Key to exercises Key to exercises Key to exercises Key to exercises Key to exercises Key to exercises 7. general partner 一般/主管合伙人 The general partner refers to the firm that raises and manages the private equity fund. The general partner of PE has unlimited personal liability for the debts and obligations of the Limited Partnership and the right to participate in its management. 8. A common criticism is that private equity funds increasingly “flip” their investments quickly rather than hold on to them long enough to make valuable changes. 常见的一种批评意见认为私募股权基金变本加厉地“倒腾”他们的投资而没能为创造有价值的改变坚持长期投资。 由于私募股权基金最终要将其投资的公司转手出去，因此过短的持有期间有可能驱使他们做出一些只注重眼前利益的短视行为，而损害其投资公司的长期发展和经营。 9. Michael Jensen 迈克尔?詹森 Michael Jensen is an American economist working in the area of financial economics. He is currently the managing director in charge of organizational strategy at Monitor Group, a strategy consulting firm, and Professor of Business Administration, Emeritus at Harvard University. The study mentioned in the text refers to his 1989 article, “Eclipse of the Public Corporation”, in the Harvard Business Review. 10. options 期权 期权是在期货的基础上产生的一种金融衍生工具，指是一种能在未来某特定时间以特定价格买入或卖出一定数量的某种特定商品的权利。在期权的交易时，购买期权的一方称作买方，而出售期权的一方则叫做卖方。期权可以分为有看涨期权（call option）和看跌期权（put option）两大类型。期权交易者的目的是为了套利或者避险。 11. Leverage may also increase firm value because interest tax deductions are valuable. 杠杆（债务）的使