《《Unit 6 Investment Banking》.doc

Unit6 Investment Banking The practice of Investment Banking投资银行实务 Venture Capital and Acquisition 1． Investment banks are involved with venture capital investments. This includes venture capital fund management, taking portfolio companies public, or selling out to other businesses. Most investment banks have venture capital operations. Venture capital typically provides capital and strategic guidance to companies that may be recently formed and rapidly growing, but not yet large enough to access the public equity markets. Venture investing includes startups, growth stage, buyouts, and consolidation and company turnaround. Venture Capital Markets describes venture capital operations, investment agreements, and exit strategies. Mergers and Acquisitions (MAs) are an integral part of investment banking business. Mergers and Acquisitions covers strategic planning, valuation, financing, closing, and legal considerations. Top advisors in the United States include Merrill Lynch, Goldman Sachs, Morgan Stanley Dean WiRerlomon Smith Barney, Lehman Brothers, Credit Suisse First Boston. JP Morgan, Bear Steams, and DLJ. 投资银行实务 风险投资与收购 Investment banks are involved with venture capital investments.投资银行会参与风险投资业务 This includes venture capital fund management, taking portfolio companies public, or taking the selling out to other businesses. fund management：基金管理 Pottfolio companies: 可译为组合公司。在风险投资业，一个基金把所有筹集到的资金投资到多个证券公司，以此来追求一种组合式的投资策略；而接受此资金的证券公司被称为组合公司。（英文就是portfolio company） Take …public: 上市 ， Go public: 公开上市。 Public Company：上市公司 taking the selling out: 卖给 参考译文：其中包括风险投资基金的管理，使所投资的公司上市或将其卖给其他企业。 Most investment banks have venture capital operations.大多数投资银行都有风险投资业务。 Venture capital typically provides capital and strategic guidance to companies that may be recently formed and rapidly growing, but not yet large enough to access the public equity markets. Equity: 在会计学上指净资产(net assets). 也就是“总资产（total assets）减去 “总负债”（total liability）的余额，通常，在股份制企业呢，把净资产成为股东权益，(shareholders’ equity), 在非