风险资本和三权分立课件

VentureCapitalintheUnitedStates美国的风险资本VentureCapitalintheUnited1TheappealtoventurecapitalistsofinvestinginUnitedStateshightechnologycompaniesisquiteobvious;thetechnologyindustryisoneofthelargestandmostrapidlygrowingindustriesintheUnitedStatestoday.AccordingtotheU.S.DepartmentofCommerce,since1994technology-relatedrevenueshavegrownatanestimatedrateof15%peryear,approximatelyfivetimesthegrowthrateoftheU.S.economy.Today,technologyisestimatedtoaccountforapproximately50%ofallprivatesectorcapitalspendingintheUnitedStates.Bytheyear2000,technologyindustryrevenuesareexpectedtoconstitutemorethan10%ofthetotalUnitedStatesGrossDomesticProduct.Theappealtoventurecapitali2a.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。31)Overthepasttwodecades,venturecapitalhasfosteredthegrowthofmanyoftheworld'sleadinghightechnologyandotheremerginggrowthcompaniesintheUnitedStates./CorporationssuchasMicrosoft,CompaqandIntelarebutafewexamplesofAmericancompanieswhoseearlygrowthwasfacilitatedbyventurecapitalinvestments./2)Theavailabilityofventurecapitalfinancingtoyoung,hightechnologycompanieshasbeenaprimarycontributortothedramaticrevenuegrowthenjoyedby,andtheincreasedcompetitivenessof,America'shightechnologyindustryandtotheeconomicexpansionandincreasedemploymentlevelsexperiencedinCalifornia'sSiliconValleyandotherareasofhightechnologycompanyconcentration./3)Itisestimatedthatover3,000companies(includingnon-technologycompanies)whichhavecompletedinitialpublicofferingsofstockintheUnitedStatesoverthepasttwodecadeshavereceivedventurecapitalatsomepointintheirdevelopment.1)Overthepasttwodecades,v41)Overthepasttwodecades,venturecapitalhasfosteredthegrowthofmanyoftheworld'sleadinghightechnologyandotheremerginggrowthcompaniesintheUnitedStates./CorporationssuchasMicrosoft,CompaqandIntelarebutafewexamplesofAmericancompanieswhoseearlygrowthwasfacilitatedbyventurecapitalinvestments.（定语从句）1)Overthepasttwodecades,5a.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)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62)Theavailabilityofventurecapitalfinancingtoyoung,hightechnologycompanieshasbeenaprimarycontributortothedramaticrevenuegrowthenjoyedby,andtheincreasedcompetitivenessof,America‘shightechnologyindustry（措辞）andtotheeconomicexpansionandincreasedemploymentlevelsexperiencedinCalifornia'sSiliconValleyandotherareasofhightechnologycompanyconcentration.2)Theavailabilityofventure7a.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8Asventurecapitalhasgrowninpopularity,venturecapitalinvestinghasemergedasamajorfinancialinvestmentvehicle./Traditionally,mostventurecapitalfirmsconsistedofsmallprivatelimitedpartnershipsutilizingcapitalfurnishedbywealthyindividualsorcorporations./Today,venturecapitalinvestingrepresentsasignificantfocusofmostinstitutionalorcorporateinvestmentportfolios,andmanyofthelargestventurefundsareoperatedbymajorfinancialinstitutions,orbysubsidiariesspecificallydesignedforprivateequityinvestment./Itisestimatedthatamajorityoffundingcurrentlycommittedtoventurecapitalentitieshasbeenprovidedbypublicorprivatepensionfunds,whichareallocatingincreasingpercentagesofinvestmentfundsto"alternativeinvestment”suchasventurecapital.Theremainderofinvestmentfundingisprovidedbyinsurancecompanies,banks,corporations,wealthyindividuals,foreigninvestors,universityorinstitutionalendowmentsandprivatefoundations.(语篇，长句，专业性)Asventurecapitalhasgrowni9Asventurecapitalhasgrowninpopularity,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。Asventurecapitalhasgrowni10Today,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。Today,venturecapitalinvesti11Itisestimatedthatamajorityoffundingcurrentlycommittedtoventurecapitalentitieshasbeenprovidedbypublicorprivatepensionfunds,whichareallocatingincreasingpercentagesofinvestmentfundsto"alternativeinvestment”suchasventurecapital.Theremainderofinvestmentfundingisprovidedbyinsurancecompanies,banks,corporations,wealthyindividuals,foreigninvestors,universityorinstitutionalendowmentsandprivatefoundations.Itisestimatedthatamajorit12alternativeinvestment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alternativeinvestment非传统投资e13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.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14Inrecentyears,ithasbecomeincreasinglypopularforlargecorporationstoformtheirownventurecapitalsubsidiariesorinvestmentvehicles.CorporationssuchasMicrosoft,AT&T,andMotorolaarebutafewofmanyUnitedStatescorporationsthatactivelymaketheirownventureinvestment,oftenco-investingwithprivateventurecapitalfirms./2)Venturecapitalinvestmentbyalargecorporationinasmaller,emerginggrowthcompanycanprovidevariousbenefitsbeyondtheopportunityforsuperiorinvestmentreturns.Forexample,corporateventurecapitalinvestingmayallowthelargecorporation,withminimalinvestment,tobenefitfromtheresearchandproductdevelopmentactivitiesoftheemergingcompany.Inaddition,largecorporationscanbenefitfromexposuretoentrepreneurialcompaniesanddifferentmanagementapproaches./3)Fortheemergingcompany,theassociationwithacorporatepartnermaynotonlyenhancetheemergingcompany’sbalancesheet,butmayenhanceitscredibilitywithcustomers,suppliers,investorsandothers,aswellascreateopportunitiesforthecompanytoleverageoffofthecorporatepartner’smarketinganddistributionnetworkoradministrativeservices.(语篇，长句)Inrecentyears,ithasbecome151)Inrecentyears,ithasbecomeincreasinglypopularforlargecorporationstoformtheirownventurecapitalsubsidiariesorinvestmentvehicles.CorporationssuchasMicrosoft,AT&T,andMotorolaarebutafewofmanyUnitedStatescorporationsthatactivelymaketheirownventureinvestment,oftenco-investingwithprivateventurecapitalfirms.(定语从句)a.近年来，大公司组建自己的风险资本子公司或投资机构的做法越来越普遍，微软、美国电话电报公司和摩托罗拉，仅仅是积极从事自己的风险投资(常常和私人风险资本公司共同投资)的许多美国公司中的几个例子。（前置定语）b.近年来，大公司组建自己的风险资本子公司或投资机构的做法越来越普遍,它们积极从事风险投资，常常和私人风险资本公司共同投资，微软、美国电话电报公司和摩托罗拉，仅仅是许多公司中的几个例子。（独立成句，铺垫）1)Inrecentyears,ithasbec162)Venturecapitalinvestmentbyalargecorporationinasmaller,emerginggrowthcompanycanprovidevariousbenefitsbeyondtheopportunityforsuperiorinvestmentreturns.Forexample,corporateventurecapitalinvestingmayallowthelargecorporation,withminimalinvestment,tobenefitfromtheresearchandproductdevelopmentactivitiesoftheemergingcompany.Inaddition,largecorporationscanbenefitfromexposuretoentrepreneurialcompaniesanddifferentmanagementapproaches.2)Venturecapitalinvestment17大公司对新兴增长型公司进行风险资本投资，除了能带来可观的投资回报外，还有种种其它的好处。例如，(风险资本投资)可以使大公司以最小的投资从创业公司的研究和产品开发活动中获益。此外，大会司还能因接触创业公司和不同的管理方法而获益。大公司对新兴增长型公司进行风险资本投资，除了能带来可观的投资183)Fortheemergingcompany,theassociationwithacorporatepartnermaynotonlyenhancetheemergingcompany’sbalancesheet,butmayenhanceitscredibilitywithcustomers,suppliers,investorsandothers,aswellascreateopportunitiesforthecompanytoleverageoffofthecorporatepartner’smarketinganddistributionnetworkoradministrativeservices.leverageoffAmtechnicaltomakemoneyavailable,usingaparticularmethod举债经营，借贷经营usingpublicfundstoleverageprivateinvestment利用……优势，便利条件3)Fortheemergingcompany,t19对于新兴的公司来说，与大公司合作的好处甚多，不仅可以改善公司的资产负债表，也可以增强公司在消费者、供应商、投资者等方面的信用度，而且还能为公司创造机会来顺势分享合作伙伴的市场、销售网络或经销服务。（曹东篱）对于新兴的公司来说，与大公司合作的好处甚多，不仅可以改善公司20Legislative,ExecutiveandJudicialPower立法、行政、司法三权Legislative,ExecutiveandJud21法律文件严谨，采取各种语言手段防止误解或歧义；同时，法律语言贵在简洁，用词精炼。在翻译时，既要避免含糊不清，又要力克累言赘语。法律文件严谨，采取各种语言手段防止误解或歧义；同时，法律语言22(一)在用词方面，法律语篇使用大量的专业或准专业术语，这些词的处理要规范，对应译成准确的术语。尤其是一些较为平常的词汇，在法律语篇中，可能会有特定的意义，这类此的处理尤其要注意。Someruleslaiddownbystatute,andbycaselawaswell,aremandatoryorcompulsoryandcannotbeavoidedbytheparties,whileotherareimplicative,interpretative,orsupplementaryandcanbevariedbyagreement.(一)在用词方面，法律语篇使用大量的专业或准专业术语，这些词23某些由成文法（以及案例法）规定的规则是强制的，当事人不得回避；而另一些规则是含蓄的，解释性的，补充性的，因而是可以由协议改变的。某些由成文法（以及案例法）规定的规则是强制的，当事人不得回避24除了使用专门术语外，还常用一部分古词：hereto,herein,hereunder,thereby等等。以示文字精炼，文体正式。翻译时，要注意使用正式的词汇。除了使用专门术语外，还常用一部分古词：hereto,her25(二)在句法方面，法律文件长句多，几十字、上百字的长句司空见惯。为了把意思表达得圆满精确，不至于产生歧义，大量添加附加语、修饰语、说明语，以致句子结构复杂，枝杈横生，读来晦涩。行文中少用代词，宁可重复名词。翻译时，要先理清句子内部的逻辑关系，适当切分，才能准确清晰地予以表达。(二)在句法方面，法律文件长句多，几十字、上百字的长句司空见26

Act.Ⅲ,Sec.1oftheConstitutionofCaliforniaprovides:"ThepowersofthegovernmentoftheStateofCaliforniashallbedividedintothreeseparatedepartments--theLegislative,Executive,andJudicial;andnopersonchargedwiththeexerciseofpowersproperlybelongingtooneofthesedepartmentsshallexerciseanyfunctionsappertainingtoeitheroftheothers,exceptasinthisConstitutionexpresslydirectedorpermitted."Moststateconstitutionshavesimilarprovisions,andtheseparationofpowersprinciplealsounderliesthefabricofthefederalConstitution.Act.Ⅲ,Sec.1oftheConsti27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。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28

Suchconstitutionaldivisionsofgovernmentalpowersintolegislative,executive,andjudicialpowersmakeitnecessarytodefineoratleastcircumscribethemeaningofthesebasicconceptsofourpubliclaw.Thistaskisnotaneasyone,becausethereexistborderlineortwilightzonesinwhichtheseconceptsoverlaporshadeintooneanother.Itispossible,however,todefineatleastthehardcoreofthesenotions.Suchconstitutionaldivisions29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。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30Legislationis,essentially,themakingofnewlawbymeansofformalizedpronouncementofalaw-makingbody.Thelawenactedbyalegislativeorganconsiststypicallyofgeneralrules,principles,orothernormativepronouncementswhichpermit,command,ordisallowacertaincourseofconduct.Adispositionorcommandwhichdealsmerelywithoneindividual,concretesituationisnotalegislativeactinthegenuinesenseoftheterm.Legislationis,essentially,t31Thelawenactedbyalegislativeorganconsiststypicallyofgeneralrules,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。Thelawenactedbyalegislati32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。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33Anexecutiveoradministrativeactmaybedefinedasanexerciseofgovernmentalpowerinaconcretesituationtoaccomplishsomepublicpurpose.IfthePresidentoftheUnitedStatessendsanotetoaforeigngovernmentprotestingagainstaninimicalactdirectedagainsttheUnitedStates,heactsinanexecutivecapacity.IftheDepartmentoftheInteriorauthorizedtheconstructionofanewsix-lanehighway,itproceedsinanadministrativefashion.风险资本和三权分立34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。风险资本和三权分立35Executiveoradministrativepowerisinitsessencethepowertoactaccordingtodiscretionforthepublicadvantage.Underapurelyexecutivetypeofgovernment,thepublicofficialsofthestatewouldhaveunlimiteddiscretiontoactforthesakeofwhattheyconceivetobethepublicgood.Undera"governmentoflaws",suchasours,executiveandadministrativediscretionislimitedbyalargeandintricatenetworkoflegalrulesandregulations.Underoursystemofgovernment,executiveandadministrativepowermustbeexercisedaccordingtolaw.风险资本和三权分立36执法权力或行政权力本质指以公众利益为目的行使自由裁量权。在一个纯粹的执法型政府下，政府公务员可以在个人认为对公众有利的前提下无限制地行使其自由裁量权。然而在如我们这样的“法治政府”下，执法和行政自由裁量权要受到一整套复杂庞大的法律法规的制约。在我们的政府体系下，执法权和行政权必须依法施行。执法权力或行政权力本质指以公众利益为目的行使自由裁量权。在一37Judicialpowerisemployedforthepurposeofsettlingcontroversiesbetweenprivateindividualsorgroups,orbetweenprivatepersonsandthegovernment,orbetweendifferentunitsofgovernment.InthewordsofJusticeHolmes,"judicialinquiryinvestigations,declares,andenforcesliabilitiesastheystandonpresentorpastfactandunderlawssupposedalreadytoexist."a.用霍姆斯法官的话说就是：“司法调查，宣判和履行义务都应基于过去或现在的事实，并遵守已有法律。”b.用霍姆斯法官的话说就是“司法审问或讯问是以被认为业已存在的法律为准绳、以过去或现在的事实为根据，对各种责任进行调查、宣布并强制履行。”Judicialpowerisemployedfor38司法权主要针对解决私人或团体之间，或私人与政府之间，或政府的不同部门之间的争端。引用霍姆斯大法官的话来说，“司法审问或讯问是以被认为业已存在的法律为准绳、以过去或现在的事实为根据，对各种责任进行调查、宣布并强制履行。”司法权主要针对解决私人或团体之间，或私人与政府之间，或政府的39VentureCapitalintheUnitedStates美国的风险资本VentureCapitalintheUnited40TheappealtoventurecapitalistsofinvestinginUnitedStateshightechnologycompaniesisquiteobvious;thetechnologyindustryisoneofthelargestandmostrapidlygrowingindustriesintheUnitedStatestoday.AccordingtotheU.S.DepartmentofCommerce,since1994technology-relatedrevenueshavegrownatanestimatedrateof15%peryear,approximatelyfivetimesthegrowthrateoftheU.S.economy.Today,technologyisestimatedtoaccountforapproximately50%ofallprivatesectorcapitalspendingintheUnitedStates.Bytheyear2000,technologyindustryrevenuesareexpectedtoconstitutemorethan10%ofthetotalUnitedStatesGrossDomesticProduct.Theappealtoventurecapitali41a.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。421)Overthepasttwodecades,venturecapitalhasfosteredthegrowthofmanyoftheworld'sleadinghightechnologyandotheremerginggrowthcompaniesintheUnitedStates./CorporationssuchasMicrosoft,CompaqandIntelarebutafewexamplesofAmericancompanieswhoseearlygrowthwasfacilitatedbyventurecapitalinvestments./2)Theavailabilityofventurecapitalfinancingtoyoung,hightechnologycompanieshasbeenaprimarycontributortothedramaticrevenuegrowthenjoyedby,andtheincreasedcompetitivenessof,America'shightechnologyindustryandtotheeconomicexpansionandincreasedemploymentlevelsexperiencedinCalifornia'sSiliconValleyandotherareasofhightechnologycompanyconcentration./3)Itisestimatedthatover3,000companies(includingnon-technologycompanies)whichhavecompletedinitialpublicofferingsofstockintheUnitedStatesoverthepasttwodecadeshavereceivedventurecapitalatsomepointintheirdevelopment.1)Overthepasttwodecades,v431)Overthepasttwodecades,venturecapitalhasfosteredthegrowthofmanyoftheworld'sleadinghightechnologyandotheremerginggrowthcompaniesintheUnitedStates./CorporationssuchasMicrosoft,CompaqandIntelarebutafewexamplesofAmericancompanieswhoseearlygrowthwasfacilitatedbyventurecapitalinvestments.（定语从句）1)Overthepasttwodecades,44a.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)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452)Theavailabilityofventurecapitalfinancingtoyoung,hightechnologycompanieshasbeenaprimarycontributortothedramaticrevenuegrowthenjoyedby,andtheincreasedcompetitivenessof,America‘shightechnologyindustry（措辞）andtotheeconomicexpansionandincreasedemploymentlevelsexperiencedinCalifornia'sSiliconValleyandotherareasofhightechnologycompanyconcentration.2)Theavailabilityofventure46a.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47Asventurecapitalhasgrowninpopularity,venturecapitalinvestinghasemergedasamajorfinancialinvestmentvehicle./Traditionally,mostventurecapitalfirmsconsistedofsmallprivatelimitedpartnershipsutilizingcapitalfurnishedbywealthyindividualsorcorporations./Today,venturecapitalinvestingrepresentsasignificantfocusofmostinstitutionalorcorporateinvestmentportfolios,andmanyofthelargestventurefundsareoperatedbymajorfinancialinstitutions,orbysubsidiariesspecificallydesignedforprivateequityinvestment./Itisestimatedthatamajorityoffundingcurrentlycommittedtoventurecapitalentitieshasbeenprovidedbypublicorprivatepensionfunds,whichareallocatingincreasingpercentagesofinvestmentfundsto"alternativeinvestment”suchasventurecapital.Theremainderofinvestmentfundingisprovidedbyinsurancecompanies,banks,corporations,wealthyindividuals,foreigninvestors,universityorinstitutionalendowmentsandprivatefoundations.(语篇，长句，专业性)Asventurecapitalhasgrowni48Asventurecapitalhasgrowninpopularity,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。Asventurecapitalhasgrowni49Today,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。Today,venturecapitalinvesti50Itisestimatedthatamajorityoffundingcurrentlycommittedtoventurecapitalentitieshasbeenprovidedbypublicorprivatepensionfunds,whichareallocatingincreasingpercentagesofinvestmentfundsto"alternativeinvestment”suchasventurecapital.Theremainderofinvestmentfundingisprovidedbyinsurancecompanies,banks,corporations,wealthyindividuals,foreigninvestors,universityorinstitutionalendowmentsandprivatefoundations.Itisestimatedthatamajorit51alternativeinvestment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alternativeinvestment非传统投资e52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.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53Inrecentyears,ithasbecomeincreasinglypopularforlargecorporationstoformtheirownventurecapitalsubsidiariesorinvestmentvehicles.CorporationssuchasMicrosoft,AT&T,andMotorolaarebutafewofmanyUnitedStatescorporationsthatactivelymaketheirownventureinvestment,oftenco-investingwithprivateventurecapitalfirms./2)Venturecapitalinvestmentbyalargecorporationinasmaller,emerginggrowthcompanycanprovidevariousbenefitsbeyondtheopportunityforsuperiorinvestmentreturns.Forexample,corporateventurecapitalinvestingmayallowthelargecorporation,withminimalinvestment,tobenefitfromtheresearchandproductdevelopmentactivitiesoftheemergingcompany.Inaddition,largecorporationscanbenefitfromexposuretoentrepreneurialcompaniesanddifferentmanagementapproaches./3)Fortheemergingcompany,theassociationwithacorporatepartnermaynotonlyenhancetheemergingcompany’sbalancesheet,butmayenhanceitscredibilitywithcustomers,suppliers,investorsandothers,aswellascreateopportunitiesforthecompanytoleverageoffofthecorporatepartner’smarketinganddistributionnetworkoradministrativeservices.(语篇，长句)Inrecentyears,ithasbecome541)Inrecentyears,ithasbecomeincreasinglypopularforlargecorporationstoformtheirownventurecapitalsubsidiariesorinvestmentvehicles.CorporationssuchasMicrosoft,AT&T,andMotorolaarebutafewofmanyUnitedStatescorporationsthatactivelymaketheirownventureinvestment,oftenco-investingwithprivateventurecapitalfirms.(定语从句)a.近年来，大公司组建自己的风险资本子公司或投资机构的做法越来越普遍，微软、美国电话电报公司和摩托罗拉，仅仅是积极从事自己的风险投资(常常和私人风险资本公司共同投资)的许多美国公司中的几个例子。（前置定语）b.近年来，大公司组建自己的风险资本子公司或投资机构的做法越来越普遍,它们积极从事风险投资，常常和私人风险资本公司共同投资，微软、美国电话电报公司和摩托罗拉，仅仅是许多公司中的几个例子。（独立成句，铺垫）1)Inrecentyears,ithasbec552)Venturecapitalinvestmentbyalargecorporationinasmaller,emerginggrowthcompanycanprovidevariousbenefitsbeyondtheopportunityforsuperiorinvestmentreturns.Forexample,corporateventurecapitalinvestingmayallowthelargecorporation,withminimalinvestment,tobenefitfromtheresearchandproductdevelopmentactivitiesoftheemergingcompany.Inaddition,largecorporationscanbenefitfromexposuretoentrepreneurialcompaniesanddifferentmanagementapproaches.2)Venturecapitalinvestment56大公司对新兴增长型公司进行风险资本投资，除了能带来可观的投资回报外，还有种种其它的好处。例如，(风险资本投资)可以使大公司以最小的投资从创业公司的研究和产品开发活动中获益。此外，大会司还能因接触创业公司和不同的管理方法而获益。大公司对新兴增长型公司进行风险资本投资，除了能带来可观的投资573)Fortheemergingcompany,theassociationwithacorporatepartnermaynotonlyenhancetheemergingcompany’sbalancesheet,butmayenhanceitscredibilitywithcustomers,suppliers,investorsandothers,aswellascreateopportunitiesforthecompanytoleverageoffofthecorporatepartner’smarketinganddistributionnetworkoradministrativeservices.leverageoffAmtechnicaltomakemoneyavailable,usingaparticularmethod举债经营，借贷经营usingpublicfundstoleverageprivateinvestment利用……优势，便利条件3)Fortheemergingcompany,t58对于新兴的公司来说，与大公司合作的好处甚多，不仅可以改善公司的资产负债表，也可以增强公司在消费者、供应商、投资者等方面的信用度，而且还能为公司创造机会来顺势分享合作伙伴的市场、销售网络或经销服务。（曹东篱）对于新兴的公司来说，与大公司合作的好处甚多，不仅可以改善公司59Legislative,ExecutiveandJudicialPower立法、行政、司法三权Legislative,ExecutiveandJud60法律文件严谨，采取各种语言手段防止误解或歧义；同时，法律语言贵在简洁，用词精炼。在翻译时，既要避免含糊不清，又要力克累言赘语。法律文件严谨，采取各种语言手段防止误解或歧义；同时，法律语言61(一)在用词方面，法律语篇使用大量的专业或准专业术语，这些词的处理要规范，对应译成准确的术语。尤其是一些较为平常的词汇，在法律语篇中，可能会有特定的意义，这类此的处理尤其要注意。Someruleslaiddownbystatute,andbycaselawaswell,aremandatoryorcompulsoryandcannotbeavoidedbytheparties,whileotherareimplicative,interpretative,orsupplementaryandcanbevariedbyagreement.(一)在用词方面，法律语篇使用大量的专业或准专业术语，这些词62某些由成文法（以及案例法）规定的规则是强制的，当事人不得回避；而另一些规则是含蓄的，解释性的，补充性的，因而是可以由协议改变的。某些由成文法（以及案例法）规定的规则是强制的，当事人不得回避63除了使用专门术语外，还常用一部分古词：hereto,herein,hereunder,thereby等等。以示文字精炼，文体正式。翻译时，要注意使用正式的词汇。除了使用专门术语外，还常用一部分古词：hereto,her64(二)在句法方面，法律文件长句多，几十字、上百字的长句司空见惯。为了把意思表达得圆满精确，不至于产生歧义，大量添加附加语、修饰语、说明语，以致句子结构复杂，枝杈横生，读来晦涩。行文中少用代词，宁可重复名词。翻译时，要先理清句子内部的逻辑关系，适当切分，才能准确清晰地予以表达。(二)在句法方面，法律文件长句多，几十字、上百字的长句司空见65

Act.Ⅲ,Sec.1oftheConstitutionofCaliforniaprovides:"ThepowersofthegovernmentoftheStateofCaliforniashallbedividedintothreeseparatedepartments--theLegislative,Executive,andJudicial;andnopersonchargedwiththeexerciseofpowersproperlybelongingtooneofthesedepartmentsshallexerciseanyfunctionsappertainingtoeitheroftheothers,exceptasinthisConstitutionexpresslydirectedorpermitted."Moststateconstitutionshavesimilarprovisions,andtheseparationofpowersprinciplealsounderliesthefabricofthefederalConstitution.Act.Ⅲ,Sec.1oftheConsti66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。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67

Suchconstitutionaldivisionsofgovernmentalpowersintolegislative,executive,andjudicialpowersmakeitnecessarytodefineoratleastcircumscribethemeaningofthesebasicconceptsofourpubliclaw.Thistaskisnotaneasyone,becausethereexistborderlineortwilightzonesinwhichtheseconceptsoverlaporshadeintooneanother.Itispossible,however,todefineatleastthehardcoreofthesenotions.Suchconstitutionaldivisions68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。依照宪法规