风险资本和三权分立.ppt

VentureCapitalintheUnitedStates美国的风险资本,TheappealtoventurecapitalistsofinvestinginUnitedStateshightechnologycompaniesisquiteobvious;thetechnologyindustryisoneofthelargestandmostrapidlygrowingindustriesintheUnitedStatestoday.AccordingtotheU.S.DepartmentofCommerce,since1994technology-relatedrevenueshavegrownatanestimatedrateof15%peryear,approximatelyfivetimesthegrowthrateoftheU.S.economy.Today,technologyisestimatedtoaccountforapproximately50%ofallprivatesectorcapitalspendingintheUnitedStates.Bytheyear2000,technologyindustryrevenuesareexpectedtoconstitutemorethan10%ofthetotalUnitedStatesGrossDomesticProduct.,a.在美国，高科技企业对于风险资本家来说具有明显的吸引力。如今，科技产业是美国规模最大的，发展最快的产业之一。b.技术产业是当今美国规模最大，发展最快的产业之一。毫无疑问，对于风险资本家来说，投资这些高技术公司是极具吸引力的。考虑到后文的衔接。私营部门资本总支出,1)Overthepasttwodecades,venturecapitalhasfosteredthegrowthofmanyoftheworldsleadinghightechnologyandotheremerginggrowthcompaniesintheUnitedStates./CorporationssuchasMicrosoft,CompaqandIntelarebutafewexamplesofAmericancompanieswhoseearlygrowthwasfacilitatedbyventurecapitalinvestments./2)Theavailabilityofventurecapitalfinancingtoyoung,hightechnologycompanieshasbeenaprimarycontributortothedramaticrevenuegrowthenjoyedby,andtheincreasedcompetitivenessof,AmericashightechnologyindustryandtotheeconomicexpansionandincreasedemploymentlevelsexperiencedinCaliforniasSiliconValleyandotherareasofhightechnologycompanyconcentration./3)Itisestimatedthatover3,000companies(includingnon-technologycompanies)whichhavecompletedinitialpublicofferingsofstockintheUnitedStatesoverthepasttwodecadeshavereceivedventurecapitalatsomepointintheirdevelopment.,1)Overthepasttwodecades,venturecapitalhasfosteredthegrowthofmanyoftheworldsleadinghightechnologyandotheremerginggrowthcompaniesintheUnitedStates./CorporationssuchasMicrosoft,CompaqandIntelarebutafewexamplesofAmericancompanieswhoseearlygrowthwasfacilitatedbyventurecapitalinvestments.（定语从句）,a.在过去20年中，风险资本促进了美国许多处于世界领先地位的高技术公司和其他新兴公司的发展。像微软、康柏和英特尔这样的公司，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。（前置定语）b.在过去20年中，风险资本促进了美国许多处于世界领先地位的高技术公司和其他新兴公司的发展。很多公司的早期发展都得益于风险资本投资，微软，康柏和因特尔仅是这许多公司中的几个例子。(单独成句),2)Theavailabilityofventurecapitalfinancingtoyoung,hightechnologycompanieshasbeenaprimarycontributortothedramaticrevenuegrowthenjoyedby,andtheincreasedcompetitivenessof,Americashightechnologyindustry（措辞）andtotheeconomicexpansionandincreasedemploymentlevelsexperiencedinCaliforniasSiliconValleyandotherareasofhightechnologycompanyconcentration.,a.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。（对，对都起到了重要作用。措辞能力更有挑战）b.风险资本融资用于新兴的高科技产业，不仅促进了美国高技术产业总收入大幅度增长，竞争力日渐提高，同时也带动了加州硅谷和其它高技术公司密集地区的经济发展和就业水平的增长。（不仅促进了同时也带动了）理解措辞+组句,Asventurecapitalhasgrowninpopularity,venturecapitalinvestinghasemergedasamajorfinancialinvestmentvehicle./Traditionally,mostventurecapitalfirmsconsistedofsmallprivatelimitedpartnershipsutilizingcapitalfurnishedbywealthyindividualsorcorporations./Today,venturecapitalinvestingrepresentsasignificantfocusofmostinstitutionalorcorporateinvestmentportfolios,andmanyofthelargestventurefundsareoperatedbymajorfinancialinstitutions,orbysubsidiariesspecificallydesignedforprivateequityinvestment./Itisestimatedthatamajorityoffundingcurrentlycommittedtoventurecapitalentitieshasbeenprovidedbypublicorprivatepensionfunds,whichareallocatingincreasingpercentagesofinvestmentfundstoalternativeinvestment”suchasventurecapital.Theremainderofinvestmentfundingisprovidedbyinsurancecompanies,banks,corporations,wealthyindividuals,foreigninvestors,universityorinstitutionalendowmentsandprivatefoundations.(语篇，长句，专业性),Asventurecapitalhasgrowninpopularity,venturecapitalinvestinghasemergedasamajorfinancialinvestmentvehicle.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。Traditionally,mostventurecapitalfirmsconsistedofsmallprivatelimitedpartnershipsutilizingcapitalfurnishedbywealthyindividualsorcorporations.以往，大多数风险资本公司是小型私人有限合伙制公司，利用富人或公司提供的资本。,Today,venturecapitalinvestingrepresentsasignificantfocusofmostinstitutionalorcorporateinvestmentportfolios,andmanyofthelargestventurefundsareoperatedbymajorfinancialinstitutions,orbysubsidiariesspecificallydesignedforprivateequityinvestment.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。,Itisestimatedthatamajorityoffundingcurrentlycommittedtoventurecapitalentitieshasbeenprovidedbypublicorprivatepensionfunds,whichareallocatingincreasingpercentagesofinvestmentfundstoalternativeinvestment”suchasventurecapital.Theremainderofinvestmentfundingisprovidedbyinsurancecompanies,banks,corporations,wealthyindividuals,foreigninvestors,universityorinstitutionalendowmentsandprivatefoundations.,alternativeinvestment非传统投资eg.alternativebirthing/energyfundingtoprovidemoneyforanactivity,organization,eventetc资金，提供资金fund1）anamountofmoneythatiscollectedandkeptforaparticularpurpose基金2）anorganizationthatisresponsibleforcollectingandspendinganamountofmoney基金会foundationanorganizationthatgivesmoneytocharity,research,etc.基金会,据估计，目前流入风险资本实体的大部分资金来自公共或私有养老基金。养老基金将越来越多的份额投向非传统领域，如风险投资。投资资金的剩余部分由保险公司，银行，企业，富有个体，外商，大学或机构捐赠，以及私人基金会提供.,Inrecentyears,ithasbecomeincreasinglypopularforlargecorporationstoformtheirownventurecapitalsubsidiariesorinvestmentvehicles.CorporationssuchasMicrosoft,ATandnopersonchargedwiththeexerciseofpowersproperlybelongingtooneofthesedepartmentsshallexerciseanyfunctionsappertainingtoeitheroftheothers,exceptasinthisConstitutionexpresslydirectedorpermitted.Moststateconstitutionshavesimilarprovisions,andtheseparationofpowersprinciplealsounderliesthefabricofthefederalConstitution.,加利福利亚州宪法第三条第一款规定：“加利福利亚州政府的权力分为了三个独立的部门，即立法、行政与司法。任何一个拥有行使其中一个部门权力的人员不得越权行使隶属于任何其他两个部门的权力，但是本宪法有明确指示或准许的不在此限。”美国大多数州的宪法都设有类似规定。而且，三权分立的原则也是制定联邦宪法的基础。,Suchconstitutionaldivisionsofgovernmentalpowersintolegislative,executive,andjudicialpowersmakeitnecessarytodefineoratleastcircumscribethemeaningofthesebasicconceptsofourpubliclaw.Thistaskisnotaneasyone,becausethereexistborderlineortwilightzonesinwhichtheseconceptsoverlaporshadeintooneanother.Itispossible,however,todefineatleastthehardcoreofthesenotions.,依照宪法规定的权力三分为立法、行政与司法的原则，要求对我国公法的这些基本概念进行定义或予以限定。因为这些基本概念存在互相交叠与渗透，其分界模糊，对其予以严格区分并非易事。但是，对这些概念的要义予以规定，还是能做到的。,Legislationis,essentially,themakingofnewlawbymeansofformalizedpronouncementofalaw-makingbody.Thelawenactedbyalegislativeorganconsiststypicallyofgeneralrules,principles,orothernormativepronouncementswhichpermit,command,ordisallowacertaincourseofconduct.Adispositionorcommandwhichdealsmerelywithoneindividual,concretesituationisnotalegislativeactinthegenuinesenseoftheterm.,Thelawenactedbyalegislativeorganconsiststypicallyofgeneralrules,principles,orothernormativepronouncementswhichpermit,command,ordisallowacertaincourseofconduct.此类由立法机构颁布的法令包括准许，命令或禁止某种行为的一般性的规定、原则或其他规范性的声明。,立法的本质指的是通过立法机构正式颁布一项新的法令。此类由立法机构颁布的法令包括准许，命令或禁止某种行为的一般性的规定、原则或其他规范性的声明。一个仅与某个别或具体事件相关的处置或指示并不构成真正意义上的立法。,Anexecutiveoradministrativeactmaybedefinedasanexerciseofgovernmentalpowerinaconcretesituationtoaccomplishsomepublicpurpose.IfthePresidentoftheUnitedStatessendsanotetoaforeigngovernmentprotestingagainstaninimicalactdirectedagainsttheUnitedStates,heactsinanexecutivecapacity.IftheDepartmentoftheInteriorauthorizedtheconstructionofanewsix-lanehighway,itproceedsinanadministrativefashion.,执法或行政权可以定义为在具体的情况下行使政府权力以实现某种公共目的行为。例如，美国总统向某个外国政府发出照会，对该国针对美国的敌意行为进行抗议，他行使的是行政权力。内政部授权新建一条六车道的高速公路，它行使的是管理职能。,Executiveoradministrativepowerisinitsessencethepowertoactaccordingtodiscretionforthepublicadvantage.Underapurelyexecutivetypeofgovernment,thepublicofficialsofthestatewouldhaveunlimiteddiscretiontoactforthesakeofwhattheyconceivetobethepublicgood.Underagovernmentoflaws,suchasours,executiveandadministrativediscretionislimit