金融英语-3-corporate finance.pptVIP

Part 3 Corporate Finance 主讲：许宁 xuning313@ Chapter Outline 3.1 Venture capital 3.2 Stocks and shares(1) 3.3 Stocks and shares(2) 3.4 Shareholders 3.5 Share price 3.6 Describing charts and graphs 3.7 Bonds 3.8 Futures 3.9 Derivatives Chapter Outline（2） 3.10 Asset management 3.11 Hedge funds and structures products 3.12 Mergers and takeovers 3.13 Conglomerate 3.14 Leveraged buyouts 3.15 Financial planning 3.16 Financial regulation and supervision 3.1 Venture capital 3.1.1 raising capital Venture capital = risk capital = start-up capital, means funds for new enterprises. New business, called start-ups(新建公司), are all private companies that aren’t allowed to sell stocks or shares to the general publics. They have to find other ways of raising capital. Some very small companies are able to operate on money their founders (创始人) have previously saved, but larger companies need to get capital from somewhere else. Banks are also risk-averse(规避风险) to lend money to new companies where there’s a danger that they won’t get their money back. In this case, venture capital can give a help. Some rich people, called angles or angel investors, also invest in start-ups. Although new companies present a high level of risk, they also have the potential for rapid growth if the new business is successful. Because of this profit potential, institutions like pension fund and insurance companies are increasingly investing in new companies, particularly hi-tech (高科技) ones. 3.1.2 Return on capital Venture capitalists expect entrepreneurs（企业家）with an idea to start a new company to provide a business plan（商业计划） at first. Because of the high level of risk involved, investors in start-ups usually expect a higher than average rate of return（回报率）. If they can’t get a quick return in cash, they can buy the new company’s shares. If the company is successful and later becomes a public company（上市公司）, the venture capitalists will be able to sell their shares, at a profit. This is exit s