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国开(中央电大)本科《商务英语4》形考任务(单元自测1至8)试题及答案范文

国开(中央电大)本科《商务英语4》形考任务(单元自测1至8)试题及答案范文国开(中央电大)本科《商务英语4》形考任务(单元自测1至8)试题及答案(电大网上形考必备资料) 说明：课程代码：04012。

适用专业及层次：会计学、金融学、市场营销和物流管理本科。

平台考试网址：http：//。

单元自测1 试题及答案题目顺序是随机的，使用查找功能（Ctrl＋F）进行搜索[题目]— How would you like to go？—__________________. [答案]I＇d like to fly to Frankfurt for a stay of two days [题目]____________ behalf of VancouverC&S Int＇l Trade Corp., I am pleased to invite you and your colleagues to visit us. [答案]On [题目]—__________________？— I expect to depart for Frankfurt on Sunday, September 1st, any time after 13：00 pm. [答案]When do you plan to leave [题目]—__________________？— Sure, no problem. First, go see Cindy and tell her where you＇re going and when. [答案]Can you fill me in [题目]—__________________？— Yes, business class. [答案]Will you fly business class [题目]Can youfill me ____________ ？I need some detailed information. [答案]in [题目]—Hey Kyle, guess what! The boss is sending me to Europe for a marketing seminar next month.—__________________You＇ve been itching to go on a business trip for months. [答案]Great! You must be happy. [题目]If you are intending ____________ just one Schengen country, you will need to apply for the Schengen visa directly with the embassy or consulate of that particular country. [答案]to visit [题目]Many of the banks and travel services in the western countries provide convenience for the travellers by issuing traveller＇s ____________. [答案]checks [题目]Please ____________ an open return flight from Barcelona to Frankfurt. [答案]book [题目]The processing time____________ per embassy. [答案]varies [题目]Traveller＇s checks are generally ____________ small face value. [答案]of [题目]Travellers, when ____________ the checks, have to sign the checks in the presence of the bank or service clerks. [答案]buying [题目]We used to ____________ cash advances. [答案]have [题目]You can download and print off the____________ online. [答案]form 翻译：为句子选择正确的翻译（每题10分）。

综合教程2Unit-7-Letter-to--a-B-Student解析

She often speaks with a superior air. 她常常带着傲慢的态度说话。
Free Template from
9
serve (as/for)
be suitable for, satisfy (a need or purpose); play the role of 适合于，可做…用
e.g. 1)The balcony can serve as a perfect drawing room on a sunny afternoon.
这个阳台在阳光灿烂的下午成了极好的客厅。
2) The judge said that the fine would serve as a warning
Liz shocked us all by
running off with a married man.（利兹和一个已婚男士私奔了，我们都震惊了。）
Free Template from
3
Letter to a B Student
Robert Oliphant
the norm: a situation or type of behavior that is expected and considered to be typical e.g. One child per family is fast becoming the norm in some countries.
ห้องสมุดไป่ตู้
Free Template from
2
文中的“Elopement”就是 “私奔”的意思，其动词形式是“elope”，“与某人私奔”就是“elope with sb.”，类似的短语还有“run away with sb.”和 “run off with sb.”如：

昆明“PEP”2024年10版小学四年级上册U卷英语第1单元期末试卷[含答案]

昆明“PEP”2024年10版小学四年级上册英语第1单元期末试卷[含答案]考试时间：90分钟（总分:120）A卷考试人：_________题号一二三四五总分得分一、综合题(共计100题)1、填空题：A _____ (果园) has many fruit trees.2、听力题：The __________ can provide insights into the health of the environment.3、填空题：The hamster spins on its _________. (轮子)4、What is the capital of Malaysia?A. Kuala LumpurB. PenangC. Johor BahruD. Malacca5、fossil) found in rocks gives clues about Earth's past. 填空题：The ____6、听力题：The Earth experiences seasons because of its axial ______.7、听力题：I want to ___ (go/visit) the zoo.8、填空题：Leonardo da Vinci painted the famous artwork __________. (蒙娜丽莎)9、听力题：The chemical formula for sodium sulfide is ______.10、听力题：The _____ (钥匙) is on the counter.11、Read and match.(看图连对话.)12、Which vegetable is orange and long?A. PotatoB. CarrotC. TomatoD. Cucumber答案:B13、填空题：The artist, ______ (艺术家), expresses emotions through his work.14、填空题：I want to _______ (学习) piano.15、听力题：The chemical formula for nitrogen trioxide is ______.16、听力题：The _____ (书柜) is filled with books.17、填空题：The _______ (The Great Migration) saw African Americans move north for jobs.18、What do we call the person who leads a country?A. PresidentB. Prime MinisterC. King/QueenD. All of the above答案: D19、听力题：My cousin is a very good ____ (swimmer).20、听力题：The _______ of light can create shadows of different shapes and sizes.21、填空题：The __________ is a famous region for wine production in France. (波尔多)22、选择题：What is the name of the famous mountain in South America?A. AndesB. RockiesC. AlpsD. Himalayas23、填空题：A kitten pounces on ______ (玩具).24、填空题：I watched a _______ (小鸟) find food.25、选择题：What do we call a large, round fruit that is typically orange?A. AppleB. BananaC. OrangeD. Grape26、What is the term for a young goose?A. GoslingB. ChickC. DucklingD. Nestling答案:A. Gosling27、填空题：We learn about animals in ______ (科学) class.28、听力题：We will _____ (play/study) after school.I want to _______ a picture for my mom.30、听力题：The Great Red Spot on Jupiter is a permanent ______.31、填空题：I like to take long walks in the ______ (大自然). It helps me feel peaceful and connected to the world.32、What do we call the act of conserving resources?A. SustainabilityB. PreservationC. ConservationD. Recycling答案: C33、填空题：A _____ (34) can be hot or cold.34、填空题：I can ______ (保持) a curious mindset.35、听力题：A phase change is a transition between different states of ______.36、填空题：My ___ (小狗) enjoys going for walks.37、选择题：What do we call the imaginary line that divides the Earth into Northern and Southern Hemispheres?A. Prime MeridianB. EquatorC. Tropic of CancerD. Tropic of Capricorn38、填空题：My uncle shares his __________ (知识) about cooking.39、填空题：I play board games with my ________ (玩具名称).40、听力题：The _______ can be a great source of inspiration for art.The ancient Greeks created beautiful ________ (雕塑).42、听力题：An emulsion is a mixture of two ________ that do not usually mix.43、听力题：The chemical formula for calcium carbonate is ______.44、填空题：I find ________ (古典文学) very inspiring.45、听力题：The __________ is where freshwater meets saltwater.46、Which planet is known for its rings?A. EarthB. MarsC. SaturnD. Jupiter答案:C47、 (72) is a famous waterfall in North America. 填空题：The ____48、What is the capital of Portugal?A. LisbonB. MadridC. RomeD. Paris答案: A49、听力题：An acid can turn litmus paper _____.50、What is the smallest continent?A. AsiaB. AfricaC. AustraliaD. Europe51、What do you call a group of lions?A. PackB. PrideC. FlockD. Herd答案:B52、填空题：I like to _______ (听音乐) in my room.53、听力题：The tree is _______ (covered) in blossoms.54、填空题：In the fall, trees shed their ______ (叶子).55、听力题：Gases fill the entire _____ they are in.56、听力题：The flowers bloom in _____ (spring/winter).57、听力题：She is ______ her toys in the box. (putting)58、What do we call a sound that is high-pitched?A. LoudB. LowC. SoftD. Sharp59、听力题：A _______ can be a great educational tool.60、填空题：A seahorse is a type of ______ (鱼).61、听力题：A _______ is a measurement of the concentration of hydrogen ions in a solution.62、听力题：The chemical symbol for neon is ________.63、听力题：The symbol for iron is _____.64、填空题：_____ (热带) plants require warm temperatures.65、What is the name of the famous Italian explorer who discovered America?A. Christopher ColumbusB. Marco PoloC. Ferdinand MagellanD. Vasco da Gama答案: A66、What is the term for a baby horse?A. ColtB. FoalC. CalfD. Kid答案:B67、填空题：My favorite snack is _______ (薯片).68、填空题：The __________ (文艺复兴) brought about changes in art and science.69、What type of tree produces acorns?A. PineB. OakC. MapleD. Birch答案:B70、What do you call the time it takes for the Earth to rotate once?A. YearB. MonthC. DayD. Hour答案:C71、What is the tallest mountain in the world?A. K2B. Mount EverestC. KilimanjaroD. Denali答案:B72、What is the capital of Papua New Guinea?A. Port MoresbyB. LaeC. MadangD. Mount Hagen答案: A. Port Moresby73、What do we call the study of animals?A. BotanyB. ZoologyC. GeologyD. Ecology答案: B74、填空题：The starfish has many colorful ______ (颜色).75、Which month is known for April Fools’ Day?A. MarchB. AprilC. MayD. June76、填空题：The ______ (青蛙) croaks near the pond at night.77、听力题：Martin Luther King Jr. is known for his role in the ________ movement.78、填空题：A _____ (植物栽培) can lead to a sustainable lifestyle.79、听力题：The pizza is very _____. (yummy)80、填空题：My ________ (玩具) is very lightweight.81、听力题：I can _____ my bed every morning. (make)82、What is the opposite of "up"?A. DownB. LeftC. RightD. Around83、听力题：I can _____ (count) to ten.84、What is the term for a person who studies animals?A. ZoologistB. BotanistC. BiologistD. Chemist答案:A. Zoologist85、听力题：A chemical change can produce gas, light, or ______.86、填空题：I love _______ (吃巧克力).87、What do we call a picture made by placing pieces of colored paper together?a. Drawingb. Paintingc. Collaged. Sculpture答案:C88、填空题：My friend is a _____ (艺术家) who creates comics.89、What do we call the layer of air surrounding the Earth?A. AtmosphereB. HydrosphereC. LithosphereD. Biosphere答案：A90、填空题：The ______ (小鸟) builds its nest high up in the tree branches.91、填空题：I found a _______ (古老的) coin.92、What is the capital of Latvia?a. Rigab. Daugavpilsc. Liepajad. Jelgava答案:a93、填空题：The _______ (Industrial Revolution) began in the 18th century in Britain.94、听力题：The part of the atom that has a negative charge is called an _______.95、填空题：The turtle is very _______ (耐心) and slow-moving.96、听力题：A ____ is often mistaken for a snail but has a hard exterior.97、听力题：My neighbor is a ______. He enjoys gardening.98、选择题：What do we call the frozen form of water?A. IceB. SteamC. LiquidD. Gas99、填空题：Certain plants can adapt to ______ environments over time.(某些植物可以随着时间的推移适应极端环境。

人力资本投资(investment in human capital)

The American Economic Review（美国经济评论）人力资本投资（investment in human capital）中文翻译版尽管人们获得有用的技能和知识很明显，但不明显的是，这些技能和知识是资本的一种形式,这种资本是在有意投资的大部分产品,它在西方社会以比传统(非人类的)资本更快的速度生长,其增长很可能是经济体系的最显著特征。

人们普遍注意到，与土地、工时和有形可再生资本的增长相比，国民产出的增长很大。

对人力资本的投资可能是造成这种差异的主要原因。

我们所说的消费大部分构成了对人力资本的投资。

为获得更好的就业机会，在教育、卫生和国内移徙方面的直接支出就是明显的例子。

上学的成熟学生和接受在职培训的工人所放弃的收入也是同样明显的例子。

然而，这些并没有进入我们的国民账户。

利用闲暇时间来提高技能和知识的做法很普遍，也没有被记录下来。

通过这些和类似的方式，人的努力的质量可以大大提高，生产力也可以提高。

我认为，这种对人力资本的投资，是每个工人实际收入发生令人印象深刻的增长的主要原因。

首先，我要说明经济学家不愿对人力资本投资进行明确分析的原因，然后，我要说明人力资本投资能够解释许多有关经济增长的谜团。

然而，我将主要集中于人力资本的范围和实质及其形成。

最后，我将考虑一些社会和政策影响。

I.回避对人的投资经济学家早就知道，人是国家财富的重要组成部分。

以劳动对产出的贡献来衡量，人类的生产能力现在比所有其他形式的财富加起来都要大得多。

经济学家没有强调的是一个简单的事实:人们投资于自己，而且这些投资是非常大的。

尽管经济学家很少会怯于进行抽象分析，而且常常以不切实际为傲，但他们在把握这种投资形式方面却没有勇气。

每当他们靠近的时候，他们都小心翼翼地向前走，就好像他们正步入深水。

毫无疑问，我们有理由保持警惕。

根深蒂固的道德和哲学问题一直存在。

自由的人首先是经济努力服务的目标；他们不是财产或市场资产。

尤其重要的是，在边际生产率分析中，把劳动力看作是完全不受资本约束的独特的先天能力，实在是太方便了。

2022年一二三卷大学英语四级考试真题及答案汇总

2. 请将试题册背面条形码粘贴条揭下后粘贴在答题卡1 旳条形码粘贴框内，并将姓名和准考证号填写在试题册背面相应位置。

3．请在答题卡1和答题卡2 指定位置用黑色签字笔填写准考证号、姓名和学校名称，并用HB-2B 铅笔将相应准考证号旳信息点涂黑。

二、在考试过程中，请注意如下内容：1. 所有题目必须在答题卡上规定位置作答，在试题册上或答题卡上非规定位置旳作答一律无效。

2. 请在规定期间内在答题卡指定位置依次完毕作文、听力、阅读、翻译各部分考试，作答作文期间不得翻阅该试题册。

听力录音播放完毕后，请立即停止作答，监考员将立即回收答题卡1 ，得到监考员指令后方可继续作答。

3. 作文题内容印在试题册背面，作文题及其她主观题必须用黑色签字笔在答题卡指定区域内作答。

4．选择题均为单选题，错选、不选或多选将不得分，作答时必须使用HB-2B铅笔在答题卡上相应位置填涂，修改时须用橡皮擦净。

三、如下状况按违规解决：1. 不对旳填写(涂)个人信息，错贴、不贴、毁损条形码粘贴条。

2. 未按规定翻阅试题册、提前阅读试题、提前或在收答题卡期间作答。

3. 未用所规定旳笔作答、折叠或毁损答题卡导致无法评卷。

4. 考试期间在非听力考试时间佩戴耳机。

Section A Litstening Comprehension (30 minutes)Directions: In this section, you will hear 8 short conversations and 2 long conversations. At the end of each conversation. one or more questions will be asked about what was said. Boththe conversation and the questions will be spoken only once. After each question therewill be a pause. During the pause, you must read the four choices marked A), B), C) andD), and decide which is the best answer. Then mark the corresponding letter on AnswerSheet 1 with a single line through the centre.注意：此部分试题请在答题卡1 上作答1. A) They admire the courage of space explorersB) They enjoyed the movie on space explorationC) They were going to watch a wonderful movieD) They like doing scientific exploratron very much2. A)At a gift shopB) At a graduation ceremony.C) In the office of a travel agencyD) In a school library3. A) He used to work in the art galleryB) He does not have a good memoryC) He declined a job offer from the art galleryD) He is not interested in any part-time jobs4.A) Susan has been invited to give a lecture tomorrowB) He will go to the birthday party after the lectureC) The woman should have informed him earlierD) He will be unable to attend the birthday party5. A) Reward those having made good progressB) Set a deadline for the staff to meetC) Assign more workers to the project.D) Encourage the staff to work in Small groups6. A) The way to the visitor's parkingB) The rate for parking in Lot CC) How far away the parking lot is.D) Where she can leave her car.7. A) He regrets missing the classesB) He plans to take the fitness classes.C) He is looking forward to a better lifeD) He has benefited from exercise8. A) How to raise work efficiency.B) How to select secretariesC) The responsibilities of secretanesD) The secretaries in the man’s company.Questions 9 to 11 are based on the conversation you have just heard. 9A) It Is more difficult to learn than EnglishB) It is used by more people than English.C) It will be as commonly used as EnglishD) It will eventually become a world language10. A) Its loan words from many languagesB) Its popularity with the common people.C) The influence of the British EmpireD) The effect of the Industrial Revolution11. A) It includes a lot of words from other languagesB) It has a growing number of newly coined wordsC) It can be easily picked up by overseas travellersD) It is the largest among all languages in the worldQuestions 12 to 15 are based on the conversation you have just heard.12. A) To return some goodsB) To apply for a job.C) To place an order.D) To make a complaint13. A) He has become somewhat impatient with the womanB) He is not familiar with the exact details of the goodssC) He has not worked in the sales department for long.D) He works on a part-time basis for the company14.A) it is not his responsibilityB) It will be free for large ordersC) It costs ￡15 more for express deliveryD) It depends on a number of factors15. A) Report the information to her superiorB) Pay a visit to the saleswoman in chargegeC) Ring back when she comes to a decisionD) Make inquiries with some other companiesSection BDirections: In this section, you will hear 3 short passages. At the end of each passage, you will hear some questions. Both the passage and the questions will be spoken only once.Afteryou hear a queslion, you must choose the best answer from the four choices markedA), B), C) and D). Then mark the corresponding leltert on Answer Sheet 1 with a singleline through the centre注意：此部分试题请在答题卡1 上作答。

创业投资英语

创业投资英语Entrepreneurship Investment;Entrepreneurship investment refers to the financial support provided to entrepreneurs and startups to help them establish and grow their businesses. This type of investment is crucial for fostering innovation, creating new job opportunities, and driving economic growth.Investors who participate in entrepreneurship investment typically seek high returns on their investment, but they also understand the risks involved in supporting early-stage ventures. These investors may include venture capital firms, angel investors, crowdfunding platforms, and government agencies dedicated to supporting entrepreneurship.Entrepreneurship investment can take various forms, such as equity financing, debt financing, convertible notes, or grants. Each type of investment has its own terms and conditions, and entrepreneurs need to carefully consider the implications of each option before deciding on the best funding source for their business.Successful entrepreneurship investment requires a combination of financial acumen, market knowledge, and a willingness to take calculated risks. Entrepreneurs seeking investment should be prepared to pitch their business ideas convincingly, demonstrate a solid business plan, and show potential investors that they have the vision and capability to turn their ideas into successful ventures.In conclusion, entrepreneurship investment plays a vital role in supporting the growth of innovative businesses and driving economic development. By providing financial support to promising entrepreneurs, investors can help create a thriving ecosystem of startups that contribute to job creation, technological advancement, and overall prosperity.I hope this provides you with a basic understanding of entrepreneurship investment in English. Let me know if you need more information on this topic!。

罗斯《公司理财》英文习题答案DOCchap014

公司理财习题答案第十四章Chapter 14: Long-Term Financing: An Introduction14.1 a. C om m on Stock A ccountPar V alue$135,430$267,715 shares ==b. Net capital from the sale of shares = Common Stock + Capital SurplusNet capital = $135,430 + $203,145 = $338,575Therefore, the average price is $338,575 / 67,715 = $5 per shareAlternate solution:Average price = Par value + Average capital surplus= $2 + $203,145 / 67,715= $5 per sharec. Book value = Assets - Liabilities = Equity= Common stock + Capital surplus + Retained earnings= $2,708,600Therefore, book value per share is $2,708,600 / 67,715= $40.14.2 a. Common stock = (Shares outstanding ) x (Par value)= 500 x $1= $500Total = $150,500b.Common stock (1500 shares outstanding, $1 par) $1,500Capital surplus* 79,000Retained earnings 100,000Total $180,500* Capital Surplus = Old surplus + Surplus on sale= $50,000 + ($30 - $1) x 1,000=$79,00014.3 a. Shareholders’ equityCommon stock ($5 par value; authorized 500,000shares; issued and outstanding 325,000 shares)$1,625,000 Capital in excess of par* 195,000Retained earnings** 3,794,600Total $5,614,600*Capital surplus = 12% of Common Stock= (0.12) ($1,625,000)= $195,000**Retained earnings = Old retained earnings + Net income - Dividends= $3,545,000 + $260,000 - ($260,000)(0.04)= 3,794,600b. Shareholders’ equity$1,750,000Common stock ($5 par value; authorized 500,000shares; issued and outstanding 350,000 shares)Capital in excess of par* 170,000Retained earnings 3,794,600Total $5,714,600*Capital surplus is reduced by the below par sale, i.e. $195,000 - ($1)(25,000) =$170,00014.4 a. Under straight voting, one share equals one vote. Thus, to ensure the election of onedirector you must hold a majority of the shares. Since two million shares areoutstanding, you must hold more than 1,000,000 shares to have a majority of votes.b. Cumulative voting is often more easily understood through a story. Remember thatyour goal is to elect one board member of the seven who will be chosen today.Suppose the firm has 28 shares outstanding. You own 4 of the shares and one otherperson owns the remaining 24 shares. Under cumulative voting, the total number ofvotes equals the number of shares times the number of directors being elected,(28)(7) = 196. Therefore, you have 28 votes and the other stockholder has 168 votes.Also, suppose the other shareholder does not wish to have your favorite candidateon the board. If that is true, the best you can do to try to ensure electing onemember is to place all of your votes on your favorite candidate. To keep yourcandidate off the board, the other shareholder must have enough votes to elect allseven members who will be chosen. If the other shareholder splits her votes evenlyacross her seven favorite candidates, then eight people, your one favorite and herseven favorites, will all have the same number of votes. There will be a tie! If shedoes not split her votes evenly (for example 29 28 28 28 28 28 27) then yourcandidate will win a seat. To avoid a tie and assure your candidate of victory, youmust have 29 votes which means you must own more than 4 shares.Notice what happened. If seven board members will be elected and you want to becertain that one of your favorite candidates will win, you must have more than one-eighth of the shares. That is, the percentage of the shares you must have to win ismore than1.(The num ber of m em bers being elected The num ber you w ant to select)Also notice that the number of shares you need does not change if more than oneperson owns the remaining shares. If several people owned the remaining 168shares they could form a coalition and vote together.Thus, in the Unicorn election, you will need more than 1/(7+1) = 12.5% of theshares to elect one board member. You will need more than (2,000,000) (0.125) =250,000 shares.Cumulative voting can be viewed more rigorously. Use the facts from the Unicornelection. Under cumulative voting, the total number of votes equals the number of公司理财习题答案第十四章shares times the number of directors being elected, 2,000,000 x 7 = 14,000,000. Let x be the number of shares you need. The number of shares necessary is7x14,000,0007x7x250,000.>-==>> You will need more than 250,000 shares.14.5 She can be certain to have one of her candidate friends be elected under the cumulativevoting rule. The lowest percentage of shares she needs to own to elect at least one out of 6candidates is higher than 1/7 = 14.3%. Her current ownership of 17.3% is more thanenough to ensure one seat. If the voting rule is staggered as described in the question, shewould need to own more than 1/4=25% of the shares to elect one out of the three candidatesfor certain. In this case, she will not have enough shares.14.6 a. You currently own 120 shares or 28.57% of the outstanding shares. You need to control 1/3 of the votes, which requires 140 shares. You need just over 20 additionalshares to elect yourself to the board.b. You need just over 25% of the shares, which is 250,000 shares. At $5 a share it willcost you $2,500,000 to guarantee yourself a seat on the board.14.7 The differences between preferred stock and debt are:a. The dividends of preferred stock cannot be deducted as interest expenses whendetermining taxable corporate income. From the individual investor’s point of view,preferred dividends are ordinary income for tax purposes. From corporate investors,80% of the amount they receive as dividends from preferred stock are exempt fromincome taxes.b. In liquidation, the seniority of preferred stock follows that of the debt and leads thatof the common stock.c. There is no legal obligation for firms to pay out preferred dividends as opposed tothe obligated payment of interest on bonds. Therefore, firms cannot be forced intodefault if a preferred stock dividend is not paid in a given year. Preferred dividendscan be cumulative or non-cumulative, and they can also be deferred indefinitely.14.8 Some firms can benefit from issuing preferred stock. The reasons can be:a. Public utilities can pass the tax disadvantage of issuing preferred stock on to theircustomers, so there is substantial amount of straight preferred stock issued byutilities.b. Firms reporting losses to the IRS already don’t have positive income for taxdeduction, so they are not affected by the tax disadvantage of dividend vs. interestpayment. They may be willing to issue preferred stock.c. Firms that issue preferred stock can avoid the threat of bankruptcy that exists withdebt financing because preferred dividends are not legal obligation as interestpayment on corporate debt.14.9 a. The return on non-convertible preferred stock is lower than the return on corporatebond for two reasons:i. Corporate investors receive 80% tax deductibility on dividends if they hold thestock. Therefore, they are willing to pay more for the stock; that lowers its return.ii. Issuing corporations are willing and able to offer higher returns on debt since theinterest on the debt reduces their tax liabilities. Preferred dividends are paid outof net income, hence they provide no tax shield.b. Corporate investors are the primary holders of preferred stock since, unlikeindividual investors, they can deduct 80% of the dividend when computing their taxliability. Therefore, they are willing to accept the lower return which the stockgenerates.14.10 The following table summarizes the main difference between debt and equity.Debt EquityRepayment is an obligation of the firm Yes NoGrants ownership of the firm No YesProvides a tax shield Yes NoLiquidation will result if not paid Yes NoCompanies often issue hybrid securities because of the potential tax shield and thebankruptcy advantage. If the IRS accepts the security as debt, the firm can use it as a tax shield. If the security maintains the bankruptcy and ownership advantages of equity, the firm has the best of both worlds.14.11 The trends in long-term financing in the United States were presented in the text. If CableCompany follows the trends, it will probably use 80% internal financing, net income of the project plus depreciation less dividends, and 20% external financing, long term debt and equity.。

2020年CFA考试练习题精选2(含解析)

2020年CFA考试练习题精选2(含解析)1、A hedge fund with an initial value of $100 million has a management fee of 2% and an incentive fee of 20%. Management and incentive fees are calculated independently using end-of-period valuation. The value must reach the previous high water mark before incentive fees are paid. The table below provides end-of-period fund values over the next three years.The total amount of fees earned by the hedge fund in Year 3 is closest to:【单选题】A.$4.8 million.B.$5.5 million.C.$5.9 million.正确答案:A答案解析:The incentive fee is based on the performance relative to the previous high-water mark after fees.Section 3.32、Venture capital investments used to provide capital for companies initiating commercial manufacturing and sales are most likely to be considered a form of:【单选题】A.first-stage financing.B.mezzanine financing.C.second-stage financing.正确答案:A答案解析:“Alternative Investments,”Bruno Solnik and Dennis McLeaveyVenture capital investments provided to initiate commercial manufacturing and sales is considered a form of first-stage financing.3、The following information is available about a hedge fund:No deposits to the fund or withdrawals from the fund occurred during the year. Management fees arecalculated using end-of-period valuation. Management fees and incentive fees are calculatedindependently. The net-of-fees return of the investor is closest to:【单选题】A.5.8%.B.7.4%.C.7.8%.正确答案:A答案解析:The soft hurdle rate is surpassed, because the return of the fund is 10%. For that reason, the full fee,based on the full performance, is due.Section 3.34、An analyst does research about alternative investments.With respect to alternativeinvestments, a long time horizon and intense investor participation are mostlikely to be required for successful investing in both:【单选题】A.hedge funds and exchange traded funds.B.venture capital and distressed securities.modities and commodity derivatives.正确答案:B答案解析:3个选项中只有风险投资（venture capital）和处于困境中的证券（distressed securities）要求投资者要有长期投资期限，并且投资者紧密参与所投资的对象。

商务英语课堂听写

1. start-up : New business venture. In venture capital parlance(说法,用语), start-up is the earliest stage at which a venture capital investor or investment pool will provide funds to an enterprise, usually on the basis of a business plan detailing the background of the management group along with market and financial projections.2. Venture capital(风险资本): Important source of financing for start-up companies or those embarking(从事,着手) on new or turnaround ventures that entail(包有)some investment risk but offer the potential for above-average future profits. Prominent among firms seeking venture capital are those classified as merging-growth or high-technology companies.3. Tangible asset(有形资产): Any asset having physical existence, like real estate, gold or machinery.4. Intangible asset(无形资产): Right or non-physical resource, including copyrights, patents, trademarks, goodwill, computer programs, capitalized advertising costs(资本化的广告费用), organization costs, licenses, leases(租赁),franchise(特许权), exploration permits(开采权), and import and export permits(进出口许可证).5. Accounts payable(应付账款): An invoice(发票,账单)that has yet to be paid, and therefore represents money owed by the business to somebody else.6. Accounts receivable(应收账款): A sum of money due to be received from a customer in the ordinary course of trade but not yet paid.7. GDP(国内生产总值): Total final value of goods and services produced in a national economy over a particular period of time, usually one year. The GDP growth rate is the primary indicator of the status of the economy. The US GDP includes the private and governmental sectors and foreign business operations within the confines(界限,边界) of the United States; it doesn’t include overseas operations of domestic corporations.8.PPP(购买力平价Purchasing Power Parity): The theory (not accepted by some economist) put forward by Gustav Cassel in 1916 that the rate of exchange between two currencies(货币) which are not both on a metallic standard(金属本位)is related to the degree of purchasing power of each currency in its own country.9. Junk bond(垃圾债券): Bond with a speculative credit rating of BB or ower by standard &pools and Moody’s(穆迪公司) rating systems. Junk bonds are issued in LeveragedBuyouts and other takeovers(收购), by companies without long-track records of sales and earnings, or by those with questionable credit strength.10. Leveraged Buyouts(杠杆收购): Take over of a company, using borrowed funds. Most often, the target companies assets serve as security for the loans taken out by the acquiring firm or investors, who repay the loans out of the cash flow of the acquired company.11. Strategy: Refer to management plan or method for completing objectives.12. Tactic: A short-term method for resolving a particular problem. For example, a tactic for quickly increasing a product market share maybe a television advertising blitz(闪电战).13. Soft landing(软着陆): Used to describe a rate of growth sufficient to avoid recession but slow enough to prevent high inflation and interest rates. When the economy is growing very strongly, the Federal Reserve typically tries to engineer a soft landing by using interest rates to head off(迎击) inflation.14. Capital market: Market where capital funds---debt and equity---are traded. The capital market is generally for maturities(到期) of greater than one year.15. Inflation: Refer to rise in the prices of goods and services, as happens when spending increases relative to the supply of goods on the market; in other words, too much money chasing too few goods.16. Financial Markets(资本市场): Market for the exchange of capital and credit in the economy. Examples of financial markets are stock markets, bond markets, commodities(商品市场), and foreign exchange markets.正教授full professor副教授associate professor教授助理adjunct professor。

venture capital英文解释

venture capital英文解释Venture capital is a form of financing that is provided by investors to startups and small businesses that are considered to have high growth potential. This type of funding is usually provided in exchange for equity in the company. Venture capital is often used by entrepreneurs who are looking to scale up their businesses, launch new products, or enter new markets.In order to secure venture capital funding, a company typically needs to have a solid business plan and a strong management team in place. Investors who provide venture capital are looking for companies that have the potential to achieve significant growth and profitability in a relatively short period of time. They are willing to take on a high level of risk in exchange for the potential for high returns on their investment.Venture capital is different from traditional forms of financing, such as bank loans or grants, in that it typically involves a higher level of risk and a longer timeframe for a return on investment. Venture capital investors are typically looking for companies in sectors that are considered to be high-growth, such as technology, biotech, and clean energy.One of the key advantages of venture capital funding is that it can provide startups and small businesses with the capital they need to grow and expand their operations. In addition to providing funding, venture capital investors often provide valuable expertise and connections that can help the company succeed.However, venture capital funding also comes with some drawbacks. For example, investors may require a significant equity stake in the company, which can dilute the ownership of the founders. In addition, venture capital investors often have a say in the strategic direction of the company, which can lead to conflicts with the founders.Overall, venture capital is a valuable source of funding for startups and small businesses that have the potential for high growth. By providing capital and expertise, venture capital investors can help these companies achieve their full potential and become successful businesses.。

风险投资协议TERM SHEET(英文版)

This sample document is the work product of a coalition of attorneys who specialize in venture capital financings, working under the auspices of the NVCA. See the NVCA website for a list of the Working Group members. This document is intended to serve as a starting point only, and should be tailored to meet your specific requirements. This document should not be construed as legal advice for any particular facts or circumstances. Note that this sample presents an array of (often mutually exclusive) options with respect to particular deal provisions.TERM SHEETPreliminary NotesThis Term Sheet maps to the NVCA model documents, and for convenience the provisions are grouped according to the particular model document in which they may be found. Although this Term Sheet is perhaps somewhat longer than a "typical" VC Term Sheet, the aim is to provide a level of detail that makes the Term Sheet useful as both a road map for the document drafters and as a reference source for the business people to quickly find deal terms without the necessity of having to consult the legal documents (assuming of course there have been no changes to the material deal terms prior to execution of the final documents).TERM SHEETFOR SERIES A PREFERRED STOCK FINANCING OF[INSERT COMPANY NAME], INC.[ __, 200_]This Term Sheet summarizes the principal terms of the Series A Preferred Stock Financing of [___________], Inc., a [Delaware] corporation (the “Company”). In consideration of the time and expense devoted and to be devoted by the Investors with respect to this investment, the No Shop/Confidentiality and Counsel and Expenses provisions of this Term Sheet shall be binding obligations of the Company whether or not the financing is consummated. No other legally binding obligations will be created until definitive agreements are executed and delivered by all parties. This Term Sheet is not a commitment to invest, and is conditioned on the completion of due diligence, legal review and documentation that is satisfactory to the Investors.1Modify this provision to account for staged investments or investments dependent on the achievement of milestones by the Company.CHARTER2Dividends: [Alternative 1: Dividends will be paid on the Series A Preferred onan as-converted basis when, as, and if paid on the Common Stock][Alternative 2: Non-cumulative dividends will be paid on the SeriesA Preferred in an amount equal to $[_____] per share of Series APreferred when and if declared by the Board.][Alternative 3: The Series A Preferred will carry an annual [__]%cumulative dividend [compounded annually], payable upon aliquidation or redemption. For any other dividends or distributions,participation with Common Stock on an as-converted basis.] 32The Charter is a public document, filed with the [Delaware] Secretary of State, that establishes all of the rights, preferences, privileges and restrictions of the Preferred Stock. Note that if the Preferred Stock does not have rights, preferences, and privileges materially superior to the Common Stock, then (after Closing) the Company cannot defensibly grant Common Stock options priced at a discount to the Preferred Stock.3In some cases, accrued and unpaid dividends are payable on conversion as well as upon a liquidation event. Most typically, however, dividends are not paid if the preferred is converted. Another alternative is to give the Company the option to pay accrued and unpaid dividends in cash or in common shares valued at fair market value. The latter are referred to as “PIK” (payment-in-kind) dividends.Liquidation Preference: In the event of any liquidation, dissolution or winding up of theCompany, the proceeds shall be paid as follows:[Alternative 1 (non-participating Preferred Stock): First pay [one]times the Original Purchase Price [plus accrued dividends] [plusdeclared and unpaid dividends] on each share of Series A Preferred.The balance of any proceeds shall be distributed to holders ofCommon Stock.][Alternative 2 (full participating Preferred Stock): First pay [one]times the Original Purchase Price [plus accrued dividends] [plusdeclared and unpaid dividends] on each share of Series A Preferred.Thereafter, the Series A Preferred participates with the CommonStock on an as-converted basis.][Alternative 3 (cap on Preferred Stock participation rights): Firstpay [one] times the Original Purchase Price [plus accrued dividends][plus declared and unpaid dividends] on each share of Series APreferred. Thereafter, Series A Preferred participates with CommonStock on an as-converted basis until the holders of Series APreferred receive an aggregate of[_____] times the OriginalPurchase Price.]A merger or consolidation (other than one in which stockholders ofthe Company own a majority by voting power of the outstandingshares of the surviving or acquiring corporation) and a sale, lease,transfer or other disposition of all or substantially all of the assets ofthe Company will be treated as a liquidation event (a “DeemedLiquidation Event”), thereby trig gering payment of the liquidationpreferences described above [unless the holders of [___]% of theSeries A Preferred elect otherwise].Voting Rights: The Series A Preferred Stock shall vote together with the CommonStock on an as-converted basis, and not as a separate class, except(i) the Series A Preferred as a class shall be entitled to elect[_______] [(_)] members of the Board (the “Series A Directors”),(ii) as provided under “Protective Provisions” below or (iii) asrequired by law. The Company’s Certificate of Incorporation willprovide that the number of authorized shares of Common Stock maybe increased or decreased with the approval of a majority of thePreferred and Common Stock, voting together as a single class, andwithout a separate class vote by the Common Stock.44For California corporations, one cannot “opt out” of the statutory requirement of a separate class vote by Common Stockholders to authorize shares of Common Stock.Protective Provisions: So long as[insert fixed number, or %, or “any”] shares of Series APreferred are outstanding, the Company will not, without the writtenconsent of the holders of at least [__]% of the Company’s Se ries APreferred, either directly or by amendment, merger, consolidation,or otherwise:(i) liquidate, dissolve or wind-up the affairs of the Company, oreffect any Deemed Liquidation Event; (ii) amend, alter, or repealany provision of the Certificate of Incorporation or Bylaws [in amanner adverse to the Series A Preferred];5 (iii) create orauthorize the creation of or issue any other security convertibleinto or exercisable for any equity security, having rights,preferences or privileges senior to or on parity with the Series APreferred, or increase the authorized number of shares of SeriesA Preferred; (iv) purchase or redeem or pay any dividend on anycapital stock prior to the Series A Preferred, [other than stockrepurchased from former employees or consultants in connectionwith the cessation of their employment/services, at the lower offair market value or cost;] [other than as approved by the Board,including the approval of [_____] Series A Director(s)]; or(v) create or authorize the creation of any debt security [if theCompany’s aggregate indebtedness would exceed $[____][otherthan equipment leases or bank lines of credit][other than debtwith no equity feature][unless such debt security has received theprior approval of the Board of Directors, including the approvalof [________] Series A Director(s)]; (vi) increase or decrease thesize of the Board of Directors.Optional Conversion: The Series A Preferred initially converts 1:1 to Common Stock atany time at option of holder, subject to adjustments for stockdividends, splits, combinations and similar events and as describedbelow under “Anti-dilution Provisions.”Anti-dilution Provisions: In the event that the Company issues additional securities at apurchase price less than the current Series A Preferred conversionprice, such conversion price shall be adjusted in accordance with thefollowing formula:[Alternative 1: “Typical” weighted average:CP2 = CP1 * (A+B) / (A+C)5Note that as a matter of background law, Section 242(b)(2) of the Delaware General Corporation Law provides that if any proposed charter amendment would adversely alter the rights, preferences and powers of one seriesof Preferred Stock, but not similarly adversely alter the entire class of all Preferred Stock, then the holders of that seriesare entitled to a separate series vote on the amendment.CP2= New Series A Conversion PriceCP1= Series A Conversion Price in effect immediatelyprior to new issueA = Number of shares of Common Stock deemed to beoutstanding immediately prior to new issue (includesall shares of outstanding common stock, all shares ofoutstanding preferred stock on an as-converted basis,and all outstanding options on an as-exercised basis;and does not include any convertible securitiesconverting into this round of financing)B = Aggregate consideration received by the Corporationwith respect to the new issue divided by CP1C = Number of shares of stock issued in the subjecttransaction][Alternative 2: Full-ratchet – the conversion price will be reduced tothe price at which the new shares are issued.][Alternative 3: No price-based anti-dilution protection.]The following issuances shall not trigger anti-dilution adjustment:6(i) securities issuable upon conversion of any of the Series APreferred, or as a dividend or distribution on the Series APreferred; (ii) securities issued upon the conversion of anydebenture, warrant, option, or other convertible security;(iii) Common Stock issuable upon a stock split, stock dividend,or any subdivision of shares of Common Stock; and (iv) sharesof Common Stock (or options to purchase such shares ofCommon Stock) issued or issuable to employees or directors of,or consultants to, the Company pursuant to any plan approved bythe Company’s Board of Directors [including at least [_______]Series A Director(s)] [(v) shares of Common Stock issued orissuable to banks, equipment lessors pursuant to a debtfinancing, equipment leasing or real property leasing transactionapproved by the Board of Directors of the Corporation [,including at least [_______] Series A Director(s)].Mandatory Conversion: Each share of Series A Preferred will automatically be convertedinto Common Stock at the then applicable conversion rate in theevent of the closing of a [firm commitment] underwritten publicoffering with a price of [___]times the Original Purchase Price(subject to adjustments for stock dividends, splits, combinations andsimilar events) and [net/gross] proceeds to the Company of not less6Note that additional exclusions are frequently negotiated, such as issuances in connection with equipment leasing and commercial borrowing.than $[_______] (a “QPO”), or (ii) upon the written consent of theholders of [__]%of the Series A Preferred.7[Pay-to-Play: [Unless the holders of [__]% of the Series A elect otherwise,] on anysubsequent down round all [Major] Investors are required toparticipate to the full extent of their participation rights (as describedbelow under “Investor Rights Agreement – Right to Participate ProRata in F uture Rounds”), unless the participation requirement iswaived for all [Major] Investors by the Board [(including vote of [amajority of] the Series A Director[s])]. All shares of Series APreferred8 of any [Major] Investor failing to do so will automatically[lose anti-dilution rights] [lose right to participate in future rounds][convert to Common Stock and lose the right to a Board seat ifapplicable].9Redemption Rights:10The Series A Preferred shall be redeemable from funds legallyavailable for distribution at the option of holders of at least[__]% ofthe Series A Preferred commencing any time after the fifthanniversary of the Closing at a price equal to the Original PurchasePrice [plus all accrued but unpaid dividends]. Redemption shalloccur in three equal annual portions. Upon a redemption requestfrom the holders of the required percentage of the Series APreferred, all Series A Preferred shares shall be redeemed [(exceptfor any Series A holders who affirmatively opt-out)].117The per share test ensures that the investor achieves a significant return on investment before the Company can go public. Also consider allowing a non-QPO to become a QPO if an adjustment is made to the Conversion Price for the benefit of the investor, so that the investor does not have the power to block a public offering.8Alternatively, this provision could apply on a proportionate basis (e.g., if Investor plays for ½ of pro rata share, receives ½ of anti-dilution adjustment).9If the punishment for failure to participate is losing some but not all rights of the Preferred (e.g., anything other than a forced conversion to common), the Charter will need to have so-called “blank check preferred” provisionsat least to the extent necessary to enable the Board to issue a “shadow” class of preferred with diminished rights in the event an investor fails to participate. Note that as a drafting matter it is far easier to simply have (some or all of) the preferred convert to common.10Redemption rights allow Investors to force the Company to redeem their shares at cost [plus a small guaranteed rate of return (e.g., dividends)]. In practice, redemption rights are not often used; however, they do providea form of exit and some possible leverage over the Company. While it is possible that the right to receive dividends on redemption could give rise to a Code Section 305 “deemed dividend” problem, many tax practitioners take the view thatif the liquidation preference provisions in the Charter are drafted to provide that, on conversion, the holder receives the greater of its liquidation preference or its as-converted amount (as provided in the NVCA model Certificate of Incorporation), then there is no Section 305 issue.11Due to statutory restrictions, it is unlikely that the Company will be legally permitted to redeem in the very circumstances where investors most want it (the so-called “sideways situation”), investors will sometimes requestthat certain penalty provisions take eff ect where redemption has been requested but the Company’s available cash flow does not permit such redemption - - e.g., the redemption amount shall be paid in the form of a one-year note to each unredeemed holder of Series A Preferred, and the holders of a majority of the Series A Preferred shall be entitled to elect a majority of the Company’s Board of Directors until such amounts are paid in full.。

罗斯《公司理财》英文习题答案DOCchap015

公司理财习题答案第十五章Chapter 15: Capital Structure: Basic Concepts15.1 a. The value of Nadus’ stock is ($20)(5,000) = $100,000. Since Nadus is an all-equityfirm, $100,000 is also the value of the firm.b. The value of any firm is the sum of the market value of its bonds and the marketvalue of its stocks, i.e. V=B+S, For Logis, the value of the stock is not yet known,nor is the value of the firm. The market value of Logis’ bonds is $25,000. Thus,the value of Logis’ stock isS=V - $25,000.c. Costs:Nadus: 0.20 ($100,000) = $20,000Logis: 0.20 (V - $25,000)Returns: You are entitled to 20% of the net income of each firm.Nadus: 0.20 ($350,000) = $70,000Logis: 0.20 [$350,000-0.12($25,000)] = $69,400d. From the standpoint of the stockholders, Logis is riskier. If you hold Logis stock,you can receive returns only after the bondholders have been paid.e. In this problem, positive signs denote negative signs denote all cash inflows and alloutflows. You should expect the immediate flows to be on net negative (anoutflow). The future flows should be on net positive (an inflow).Immediate flows:Borrow from the bank an amount equal to 20% of Logis’ debt$5,000Buy 20% of Nadus’ stock -20,000Total Immediate Flows -$15,000Future flows:Pay the interest on the loan 0.12 ($5,000) -$600Receive 20% of Nadus’ net income 70,000Total Future Flows $69,400f. Since the returns from the purchase of the Logis stock are the same as the returns inthe strategy you constructed in part e, the two investments must cost the same.Cost of the strategy = Cost of Logis stock$15,000 = 0.20 (V-$25,000)Therefore, V=$100,000Note: This is an application of MM-Proposition I, In this MM world with no taxesand no financial distress costs, the value of an levered firm will equal the value ofan un-levered firm. Thus, capital structure does not matter.g. If the value of the Logis firm is $135,000 then the value of Logis stock is $110,000(= $135,000 - $25,000). If that is true, purchasing 20% of Logis’ stock would costyou $22,000 ( = 0.20 x $110,000). You will receive the same return as before($69,400). You can receive the same return for only $15,000 by following thestrategy in part e. Thus, if Logis is worth $135,000, you should borrow on yourown account an amount equal to 20% of Logis’ debt and purchase 20% of Nadus’stock.15.2 a. B=$10 million S=$20 millionTherefore, B/S=$10 / $20 = 1/2b. The required return is the firm’s after-tax overall cost of capital. In this no tax world,that is simplyrBVrSVr 0B S =+Use CAPM to find the required return on equity. Sr = 8% + (0.9)(10%) = 17%The cost of debt is 14%.Therefore,r$10 m illion$30 m illion0.14$20 m illion$30 m illion0.1716% 0=+=15.3 You expect to earn a 20% return on your investment of $25,000. Thus, you are earning$5,000 (=$25,000 x 0.20) per year. Since you borrowed $75,000, you will be makinginterest payments of $7,500 (=$75,000 x 0.10) per annum. Your share of the stock must earn $12,500 (= $5,000 + $7,500). The return without leverage is 0.125 (=$12,500 /$100,000).15.4 The firms are identical except for their capital structures. Thus, under MM-Proposition Itheir market values must be the same regardless of their capital structures. If they are not equal, the lower valued stock is a better purchase.Market values:Levered: V=$275 million + $100 x 4.5 million = $725 millionUnlevered: V= $80 x 10 million = $800 millionSince Levered’s market value is less than Unlevered’s market value, you should buyLevered’s stock. To understand why, construct the strategies that were presented in thetext. Suppose you want to own 5% of the equity of each firm.Strategy One: Buy 5% of Unlevered’s equityStrategy Two: Buy 5% of Levered’s equityStrategy Three: Create the dollar returns of Levered through borrowing an amount equal to 5% of Levered’s debt and purchasing 5% of Unlevered’s stock. If youfollow this strategy you will own what amounts to 5% of the equity ofLevered. The reason why is that the dollar returns will be identical topurchasing 5% of Levered outright.Dollar Investment Dollar Return Strategy One: -(0.05)($800) (0.05)($96)Strategy Two: -(0.05)($450) (0.05)[$96 - (0.08)($275)]Strategy Three:Borrow (0.05)($275) -[(0.05) ($275)] (0.08)Buy Unlevered -(0.05)($800) (0.05)($96)Net $ Flows -(0.05)($525) (0.05)[$96 - (0.08)($275)] Note: Dollar amounts are in millions.Note: Negative signs denote outflows and positive denotes inflows.Since the payoffs to strategies Two and Three are identical, their costs should be the same.Yet, strategy three is more expensive than strategy two ($26.25 million versus $22.5公司理财习题答案第十五章million). Thus, Levered’s stock is underpriced relative to Unlevered’s stock. You should purchase Levered’s s tock.15.5 a. In this MM world, the market value of Veblen must be the same as the market valueof Knight. If they are not equal, an investor can improve his net returns throughborrowing and buying Veblen stock. To understand the improvement, construct thestrategies discussed in the text. The investor already owns 0.0058343 (=$10,000 /$1,714,000) of the equity of Knight. Suppose he is willing to purchase the sameamount of Veblen’s equity.Strategy One (SI): Buy 0.58343% of Veblen’s equit y.Strategy Two (SII): Continue to hold the 0.58343% of Knight’s equity.Strategy Three (SIII): Create the dollar returns of Knight through borrowing anamount equal to 0.58343% of Knight’s debt and purchasing0.58343% of Veblen’s stock. If you follow this strategy youwill own what amounts to 0.58343% of the equity of Knight.The reason why is that the dollar returns will be identical topurchasing 0.58343% of Knight outright.Dollar Investment Dollar Return SI: -(0.0058343)($2.4) (0.0058343)($0.3)SII: -(0.0058343)($1.714) (0.0058343)($0.24)SIII:Borrow (0.0058343)($1) -[(0.0058343) ($1)] (0.06)Buy Veblen -(0.0058343)($2.4) (0.0058343)($0.3)Net $ Flows -(0.0058343)($1.4) (0.0058343)($0.24) Note: Dollar amounts are in millions.Note: Negative signs denote outflows and positive denotes inflows.Since strategies Two and Three have the same payoffs, they should cost the same.Strategy three is cheaper, thus, Knight stock is overpriced relative to Veblen stock.An investor can benefit by selling the Knight stock, borrowing an amount equal to0.0058343 of Knights debt and buying the same portion of Veblen stock. Theinvestor’s dollar returns will be identical to holding the Knight stock, but the costwill be less.b. Modigliani and Miller argue that everyone would attempt to construct the strategy.Investors would attempt to follow the strategy and the act of them doing so willlower the market value of Knight and raise the market value of Veblen until theyare equal.15.6 Each lady has purchased shares of the all-equity NLAW and borrowed or lent to create thenet dollar returns she desires. Once NLAW becomes levered, the return that the ladiesreceive for owning stock will be decreased by the interest payments. Thus, to continue to receive the same net dollar returns, each lady must rebalance her portfolio. The easiestapproach to this problem is to consider each lady individually. Determine the dollarreturns that the investor would receive from an all-equity NLAW. Determine what she will receive from the firm if it is levered. Then adjust her borrowing or lending position tocreate the returns she received from the all-equity firm.Before looking at the women’s positions, look at the firm value.All-equity: V=100,000 x $50 = $5,000,000Levered: V=$1,000,000 + 80,000 x $50 = $5,000,000Remember, the firm repurchased 20,000 shares.The income of the firm is unknown. Since we need it to compute the investor’s returns, we will denote it as Y. Assume that the income of the firm does not change due to the capital restructuring and that it is constant for the foreseeable future.Ms. A before rebalancing: Ms. A owns $10,000 worth of NLAW stock. That ownership represents ownership of 0.002 (=$10,000/$5,000,000) of the all-equity firm. That ownership entitles her to receive 0.002 of the firm’s income; i.e. her dollar return is 0.002Y. Also, Ms. A has borrowed $2,000. That loan will require her to make an interest payment of $400 ($2,000 x 0.20). Thus, the dollar investment and dollar return positions of Ms. A are:Dollar Investment Dollar Return NLAW Stock -$10,000 0.002YBorrowing 2,000 -$400Net -$8,000 0.002Y-$400Note: Negative signs denote outflows and positive denotes inflows.Ms. A after rebalancing: After rebalancing, Ms. A will want to receive net dollar returnsof 0.002Y-$400. The only way to receive the 0.002Y is to own 0.002 of NLAW’s stock. Examine the returns she will receive from the levered NLAW if she owns 0.002 of thef irm’s equity. She will receive (0.002) [Y - ($1,000,000)(0.20)] = 0.002Y - $400. This is exactly the dollar return she desires! Therefore, Ms. A should own 0.002 of the levered firm’s equity and neither lends nor borrow. Owning 0.002 of the firm’s equi ty means she has $8,000 (= 0.0002 x $4,000,000) invested in NLAW stock.Dollar Investment Dollar Return NLAW stock -$8,000 0.002Y - $400Ms. B before rebalancing: Ms. B owns $50,000 worth of NLAW stock. That ownership represents ownership of 0.01 (=$50,000/$5,000,000) of the all-equity firm. That ownership entitles her to receive 0.01 of the firm’s income; i.e. her dollar return is 0.01Y. Also, Ms. B has lent $6,000. That loan will generate interest income for her of the amount $1,200 (=$6,000 x 0.20). Thus, the dollar investment and dollar return positions of Ms. B are:Dollar Investment Dollar Return NLAW Stock -$50,000 0.01YLending -6,000 $1,200Net -$56,000 0.01Y + $1,200Ms. B after rebalancing: After rebalancing, Ms. B will want to receive net dollar returns of 0.01Y + $1,200. The only way to receive the 0.01Y is to own 0.01 of NLAW’s stock. Examine the returns she will receive from the levered NLAW if she owns 0.01 of the firm’s equity. She will receive (0.01) [Y - ($1,000,000) (0.20)] = 0.01Y - $2,000. This is not the return which Ms. B desires, so she must lend enough money to generate interest income of $3,200 (=$2,000 + $1,200). Since the interest rate is 20% she must lend公司理财习题答案第十五章$16,000 (= $3,200 / 0.20). The 0.01 equity interest of Ms. B means she will have $40,000 (=0.01 x $4,000,000) invested in NLAW.Dollar Investment Dollar ReturnNLAW Stock -$40,000 0.01Y - $2,000Lending -16,000 $3,200Net -$56,000 0.01Y + $1,200Ms. C before rebalancing: Ms. C owns $20,000 worth of NLAW stock. That ownershiprepresents ownership of 0.004 (=$20,000 / $5,000,000) of the all-equity firm. Thatownership entitles her to receive 0.004 of the firm’s income; i.e. her dollar return is 0.004Y.The dollar investment and dollar return positions of Ms. A are:Dollar Investment Dollar ReturnNLAW Stock -$20,000 0.004YMs. C after rebalancing: After rebalancing, Ms. C will want to receive net dollar returns of0.004Y. The only way to receive the 0.004Y is to ow n 0.004 of NLAW’s stock. Examinethe returns she will receive from the levered NLAW if she owns 0.004 of the firm’s equity.She will receive (0.004) [Y - ($1,000,000) (0.20)] = 0.004Y - $800. This is not the dollar return she desires. Therefore, Ms. C must lend enough money to offset the $800 she loses once the firm becomes levered. Since the interest rate is 20% she must lend $4,000 (=$800 / 0.20). The 0.004 equity interest of Ms. C means she will have $16,000 (0.004 x$4,000,000) invested in NLAW.Dollar Investment Dollar ReturnNLAW Stock -$16,000 0.004Y - $800Lending -4,000 $800Net -$20,000 0.004Y15.7 a. Since Rayburn is currently an all-equity firm, the value of the firm’s assets equalsthe value of its equity. Under MM-Proposition One, the value of a firm will notchange due to a capital structure change, and the overall cost of capital will remainunchanged. Therefore, Rayburn’s overall cost of capital is 18%.b. MM-Proposition Two states r r(B/S)(r r)=+-.S00BApplying this formula you can find the cost of equity.r = 18% + ($400,000 / $1,600,000) (18% - 10%) = 20%Sc. In accordance with Proposition Two, the expected return on Rayburn’s equity willrise with the amount of leverage. This rise occurs because of the risk which the debt adds.15.8 a.b.i. According to efficient markets, Strom’s stock price will rise immediately toreflect the NPV of the project.ii. The NPV of the facilities that Strom is buying isNPV= -$300,000 + ($120,000 / 0.15) = $500,000The sum of the old assets and the NPV of the new facilities is the new value ofthe firm ($5.5 million). Since new shares have not yet been sold, the price of theoutstanding shares must rise. The new price is $5,500,000 / 250,000 = $22.iii. Strom needed to raise $300,000 through the sale of stock that sells for $22.Thus, Strom sold 13,636.364 (=$300,000 / $22) shares.iv.v.vi. The returns available to the shareholders are the sum of the returns from each portion of the firm.Total earnings = $750,000 + $120,000 = $870,000Return = ($870,000 / $5,800,000) = 15%Note: The returns to the shareholder had to be the same since r0 was unchangedand the firm added no debt.c.i.Under efficient markets the price of the shares must rise to reflect the NPV of thenew facilities. The value will be the same as with all-equity financing because1. Strom purchased the same competitor and2. In this MM world debt is no better or no worse than equity.公司理财习题答案第十五章ii.iii. The cost of equity will be the earnings after interest and taxes divided by the market value of common. Since Strom pays no taxes, the cost of equity is simplythe earnings after interest (EAI) divided by the market value of common.EAI = $750,000 + $120,000 - $300,000 (0.10) = $840,000Cost of equity = $840,000 / $5,500,000 = 15.27%iv. The debt causes the equity of the firm to be riskier. Remember, stockholders are residual owners of the firm.v. MM-Proposition Two states,r r(B/S)(r r)15%($300,000/$5,500,000)(15%10%)15.27% =+-=+-=S00Bd. Examine the final balance sheet for the firm and you will see that the price is $22under each plan.15.9 a. The market value of the firm will be the present value of Gulf’s earning s after thenew plant is built. Since the firm is an all-equity firm, the overall required return isthe required return on equity.Annual earnings = Original plant + New Plant= $27 million + $3 million = $30 millionValue = $30 million / 0.1 = $300 millionb. Gulf Power is in an MM world (no taxes, no costs of financial distress). Therefore,the value of the firm is unchanged by a change in the capital structure.c. The overall required rate of return is also unchanged by the capital structurechange. Thus, according to MM-Proposition Two, r r(B/S)(r r)=+-. TheS00B firm is valued at $300 million of which $20 million is debt. The remaining $280million is the value of the stock.r S = 10% + ($20 million / $280 million) (10% - 8%) = 10.14%15.10 a. False. Leverage increases both the risks of the stock and its expected return. MMpoint out that these two effects exactly cancel out each other and leave the price ofthe stock and the value of the firm invariant to leverage. Since leverage is beingreduced in this firm, the risk of the shares is lower; however, the price of the stockremains the same in accordance with MM.b. False. If moderate borrowing does not affect the probability of financial distress,then the required return on equity is proportional to the debt-equity ratio [i.e.=+-]. Increasing the amount of debt will increase the return on r r(B/S)(r r)S00Bequity.15.11 a.i. Individuals can borrow at the same interest rate at which firms borrow.ii. There are no taxes.iii. There are no costs of financial distress.b.i. If firms are able to borrow at a rate that is lower than that at which individualsborrow, then it is possible to increase the firm’s value through borrowing. Asthe text discussed, since investors can purchase securities on margin, theindividuals’ effective rate is probably no higher than that of the firms.ii. In the presence of corporate taxes, the value of the firm is positively related to the level of debt. Since interest payments are deductible, increasing debtminimizes tax expenditure and thus maximizes the value of the firm for thestockholders. As will be shown in the next chapter, personal taxes offset thepositive effect of debt.iii. Because these costs are substantial and stockholders eventually bear them, they are incentives to lower the amount of debt. This implies that the capital structuremay matter. This topic will also be discussed more fully in the next chapter. 15.12 a and b.Total investment in the firm’s assets = $10 x 1million x 1% = $0.1 million3 choices of financing 20% debt 40% debt 60% debtTotal asset investment 0.1 0.1 0.1x ROA (15%) 0.015 0.015 0.015- Interest 0.2 x 0.1 x0.1 0.4 x 0.1 x 0.1 0.6 x 0.1 x 0.1Profit after interest 0.013 0.011 0.009/ Investment in equity 0.1 x 0.8 0.1 x 0.6 0.1 x 0.4ROE 16.25% 18.33% 22.5%Susan can expect to earn $0.013 million, $0.011 million, and $0.009 million,respectively, from the correspondent three scenarios of financing choices, i.e.borrowing 20%, 40%, or 60% of the total investment. The respective returns onequity are 16.25%, 18.33% and 22.5%.c. From part a and b, we can see that in an MM with no tax world, higher leveragebrings about higher return on equity. The high ROE is due to the increased risk ofequity while the WACC remains unchanged. See below.WACC for 20% debt = 16.25% x 0.8 + 10% x 0.2 = 15%WACC for 40% debt = 18.33% x 0.6 + 10% x 0.4 = 15%WACC for 60% debt = 22.5% x 0.4 + 10% x 0.6 = 15%This example is a case of homemade leverage, so the results are parallel to that of aleveraged firm.15.13 Suppose individuals can borrow at the same rate as the corporation, there is no needfor the firm to change its capital structure because of the different forecasts ofearnings growth rates, as investors can always duplicate the leverage by creatinghomemade leverage. Different expectation of earnings growth rates can affect theexpected return on assets. But this change is the result of the change in expectedoperating performance of the corporation and/or other macroeconomic factors. Theleverage ratio is irrelevant here since we are in an MM without tax world.公司理财习题答案第十五章15.14 a. current debt = 0.75 / 10% = $7.5 millioncurrent equity = 7.5 / 40% = $18.75 millionTotal firm value = 7.5 + 18.75 = $26.25 millionb. r s = earnings after interest/total equity value = $(3.75 - .75)/$18.75 = 16%r B =10%r 0 = (.4/1.4)(10%) + (1/1.4)(16%) = 14.29%r S after repurchase = 14.29% + (50%)(14.29% - 10%) = 16.44%So, the return on equity would increase from 16% to 16.44% with the completion of the planned stock repurchase.c. The stock price wouldn’t change because in an MM world, there’s no added value toa change in firm leverage. In other words, it’s a zero NPV transaction.15.15 a. Since V V T B L U C =+,V =V T B U L C -. L V = $1,700,000, B = $500,000 and C T =0.34. Therefore, the value of the unlevered firm isU V = $1,700,000 - (0.34)($500,000) = $1,530,000b. Equity holders earn 20% after-tax in an all-equity firm. That amount is $306,000(=$1,530,000 x 0.20). The yearly, after-tax interest expense in the levered firm is$33,000 [=$500,000 x 0.10 (1-0.34)]. Thus, the after-tax earnings of the equityholders in a levered firm are $273,000 (=$306,000 - $33,000). This amount is thefirm’s net income.15.16 The initial market value of the equity is given as $3,500,000. On a per share basis this is$20 (=$3,500,000 / 175,000). The firm buys back $1,000,000 worth of shares, or 50,000 (= $1,000,000 / $20) shares.In this MM world with taxes,V V T B L U C =+= $3,500,000 + (0.3) ($1,000,000) = $3,800,000Since V = B + S, the market value of the equity is $2,800,000 (= $3,800,000 - $1,000,000).15.17 a. Since Streiber is an all-equity firm,V = EBIT (1 - C T ) / 0r = $2,500,000 (1 - 0.34) / 0.20 = $8,250,000b. V V T B L U C =+= $8,250,000 + (0.34)($600,000) = $8,454,000c. The presence of debt creates a tax shield for the firm. That tax shield has value andaccounts for the increase in the value of the firm.d. You are making the MM assumptions:i. No personal taxesii. No costs of financial distressiii. Debt level of the firm is constant through time15.18 a. In this MM world with no financial distress costs, the value of the levered firm isgiven by V V T B L U C =+. The value of the unlevered firm is V = EBIT (1 - C T ) / r 0.The market value of the debt of Olbet is B = $200,000 / 0.08 = $2,500,000.Therefore, V = $1,200,000 (1 - 0.35) / 0.12 + ($2,500,000) (0.35) = $7,375,000b. Since debt adds to the value of the firm, it implies that the firm should be financedentirely with debt if it wishes to maximize its value.c. This conclusion is incorrect because it does not consider the costs of financialdistress or other agency costs that might offset the positive contribution of the debt. These costs will be discussed in further detail in the next chapter.15.19 a. Since Green is currently an all-equity firm, the value of the firm is the value of itsoutstanding equity, $10 million. The value of the firm must also equal the PV ofthe after-tax earnings, discounted at the overall required return. The after-taxearnings are simply ($1,500,000) (1 - 0.4) = $900,000. Thus, $10,000,000 =$900,000 / 0r0r = 0.09b. With 500,000 shares outstanding, the current price of a share is $20 (=$10,000,000 / 500,000). Green’s market value balance sheet isTherefore, at the announcement, the value of the firm will rise by the PV of the tax shield (PVTS). The PVTS is ($2,000,000) (0.4) = $800,000. Since the value of the firm has risen $800,000 and the debt has not yet been issued, the price of Green stock must rise to reflect the increase in firm value. Since the firm is worth $10,800,000 (=$10,000,000 + 800,000) and there are 500,000 shares outstanding,the price of a share rises to $21.60 (= $10,800,000 / 500,000). price of the stock rises to $21.60. Thus, Green will retire $2,000,000 / $21.60 = $92,592.59 shares. e. After the restructuring, the value of the firm will still be $10,800,000. Debt will be $2,000,000 and the 407,407.41 (=500,000 - 92,592.59) outstanding shares of stockwill sell for $21.60. )T -)(1r (B /S)(r r r C B 00S -+= = 0.09 + ($2,000,000 / $8,800,000) (0.09 - 0.06) (1 - 0.4) = 9.41%15.20 a.million $20.83$100.3515.0)65.0(4$B T r )T EBIT(1B T V V C 0C C U L =⨯+=+-=+= b.公司理财习题答案第十五章Answers to End-of-Chapter Problems B-15112.48%V )T EBIT(1r V S )T (1r V Br L C S L C B L WACC =-=+-= c. r r (B /S)(r r )(1-T S 00B C =+-)= 0.15 + [10 / (20.83 - 10)] (0.65) (0.15 - 0.10) = 18.01%15.21 a. r S = 0r + (B / S)( 0r – B r )(1 – C T )= 15% + (2.5)(15% – 11%)(1– 35%)= 21.50%b. If there is no debt, WACC r = r S = 15%c. S r = 15% + 0.75 (15% – 11%)(1 – 35%)= 16.95%B/S = 0.75, B = 0.75SB/(B+S) = 0.75S/(0.75S +S)= 0.75 /1.75S/(B+S) = 1– (0.75 /1.75) = (1/1.75)r WACC = (0.75/1.75)(0.11)(1– 0.35) + (1/1.75)(16.95%)= 12.75%S r = 15% + 1.5 (15% – 11%)(1 – 35%)= 18.90%B/S = 1.5, B = 1.5SB/(B+S) = 1.5S/(1.5S +S)= 1.5/2.5S /(B+S) = 1 – (1.5/2.5)WACC r = (1.5/2.5)(0.11)(1 – 0.35) + (1/2.5)(0.1890)= 11.85%15.22 Since this is an all-equity firm, the WACC = S r .$240,00025.0)4.01(000,100$r )T EBIT(1V S C U =-=-=If the firm borrows to repurchase its own shares, then the value of GT will be: L V = U V + C T B()$440,000000,500$4.025.0)6.0(000,100$=⨯+=。

公司理财(罗斯)第15章(英文

Multinational company capital budget
01
Foreign Project Evaluation
02
Capital Budgeting Decision
Capital Structure Decision
03
04
Divided Policy Decision
Foreign exchange risk management
Corporate Finance (Ross) Chapter 15
目录
• Introduction • Capital Structure and Cost of Capital • Financial stress and financial crisis • Finance of multinational
Bankruptcy or reception
In extreme cases, bankruptcy or reception may be necessary to resolve financial conflicts
Hale Waihona Puke Finance of04 multinational corporations
Master the analysis methods and influencing factors of capital structure decision-making.
Understand the impact of capital structure adjustment on enterprise value and financial condition.
Capital Structure of Multinational Corporations

ENTREPRENEURSHIP_AND_VENTURE_CAPITAL_-_Chapter_1

ENTREPRENEURSHIP AND VENTURE CAPITALChapter 1: Introduction to EntrepreneurshipThe subject of entrepreneurship is receiving considerable attention worldwide in recent years as more and more people have discovered the opportunities that entrepreneurship presents to them. Further, in many countries in the world, starting and running your own business is the first, and often only, option for most people. Literally tens of millions of small businesses exist in all parts of the world. These small businesses provide the economic viability and well-being for billions of people. This text is designed to introduce this important topic in a new way as we focus our attention on the special tactics required to bring new technology to market, largely through the development of new companies.There are many sources for explanations of entrepreneurship and we will look a t a few of these. However, the purpose of this text is to examine the topic from the perspective of those who have access to new technology and who desire to commercialize that technology. In many instances, but certainly not all cases, this commercialization will result in the formation and development of a new company. We will examine the process of opportunity evaluation, business planning, and financing the new venture is significant detail in the chapters that follow. A good number of worksheets and planning guides will be provided so that the interested entrepreneur can be thorough in the business evaluation and planning. As much as anything, this book is a tool to assist you in planning a new venture and for creating the strategic and business plans that will give direction and substance to your planning.Defining EntrepreneurshipMany definitions of entrepreneurship have been offered over the last century. The word “entrepreneur” comes from a French word meaning “to do” or “to go between”. Another way of describing that meaning is that an entrepreneur attempts to go between two groups and do something of value for both groups. A dictionary definition of an entrepreneur is one who organizes, manages, and assumes the risk of a business. A definition that is very useful is that an entrepreneur innovates or creates for personal gain; takes the initiative to create wealth, and accepts personal risk of the activities.Other definitions include the following from students at Cornell University in Ithaca, New York:“An entrepreneur is a person who is willing to take risks in order to obtain positive results.”“An entrepreneur is one who organizes, manages, and assumes the risks of a business or enterprise.”“An entrepreneur is a person who has the vision and the drive to make a project happen.”“An entrepreneur is a person who a ssembles and deploys resources in new combinations that disrupt an otherwise static market.”“Entrepreneurship is the discovery of new combinations of resources under uncertain situations that generate profits as a reward for risk-taking.”An additional way to look at entrepreneurship is as the Austrian Economist Joseph Schumpeter did nearly 100 years ago. He emphasized the role of innovation in entrepreneurship, focusing on:∙New products∙New production methods∙New markets∙New forms of corporate organizationAccording to Schumpeter, wealth is created when innovation results in new demand with the entrepreneur combining input factors such as new technology or new procedures to generate value for the customer. The hope is that the value created for customer will exceed the cost of the inputs factors, resulting in superior returns to the entrepreneur.Peter Drucker, famous American management advisor and author, said, “Entrepreneurs innovate. Innovation is the specific instrument of entrepreneurship. It is the act that gives resources a new capacity to create wealth. Innovation, indeed, creates a resource.”We will use these definitions because of the emphasis we will take in this book about new and innovative technologies or procedures that give rise to entrepreneurial opportunities.Entrepreneurship is where the excitement of business really occurs. While we will emphasize that entrepreneurship usually results in the formation of a new company, we also understand that new technologies may more appropriately be used by existing companies, so there is an important role for innovation within existing companies of all sizes. But whether a new company is formed or an existing company is expanded, entrepreneurship is the creative outlet for those who are willing to innovate, create value, and take risk.’Entrepreneurship is where dreams and reality meet – or collide! It is where large companies have their small beginnings. Every large company today had its start as the entrepreneurial dream of its founders. Pick any large corporation in the world, and at some point in its history it started as a small operation, usually under with one or two founders who had a dream and were not afraid of the risks. These companies come in various shapes and sizes, have differing reasons and results; it is where time and talent are put to the test in the marketplace. Guy Kawasaki, a successful entrepreneur and teacher in the US, emphasized the role of action in entrepreneurship when he wrote, “…doing, not learning to do, is the essence of entrepreneurship.”1 The Germa n author Goethe said, “What you can do, or dream you can do, begin it! Boldness has genius, power, and magic in it.”An example of such a new venture that has quickly grown to worldwide status is the Shanghai-based company called Focus Media. In 2002, Jason Jiang (**will need his Chinese name here**) observed that many Chinese will wait for elevators in the numerous buildings where they work and live. He decided that there would be an opportunity to advertise to these people as they wait for elevators. By 2003 he had secured contracts to put advertising screens next to these elevators in 50 locations in Shanghai. His risk taking innovation has proven to be auspicious! By 2008 Focus Media has nearly 200,000 screens in nearly 100 cities in China, resulting in revenues estimated to be about US$500 million with earnings of about US$150 million. The company is listed on NASDAQ (Ticker symbol FMCN) and has a market cap of nearly US$4 billion. This innovative idea has made Jason Jiang one of China’s richest young entrepreneurs.The example of Focus Media is exactly what Jeffry Timmons had in mind when he wrote his pioneering book on entrepreneurship entitled, New Venture Creation, Entrepreneurship for the 21st Century, “Entrepreneurs, as they invent, mold, recognize, and pursue opportunities, are the genius and energy behind this extraordinary value and wealth creation phenomenon: the entrepreneurial process.”2 Timmons further declared that, “Entrepreneurship…is arg uably the single most powerful force to create economic and social mobility.”3Entrepreneurship is both Art and ScienceArt and science are often thought of as very distinct disciplines. Artistic expression as exhibited in the arts is usually considered to be creative, impulsive, full of energy and emotion, and insightful. Science, on the other hand is more methodical, analytical, approached with a disciplined mind and a systematic approach. Just like the merging of two powerful rivers in Chongqing to form the mighty Chang Jiang, in entrepreneurship the merging of the two streamsof art and science are blended to form a powerful combination that stimulates economic growth worldwide. Entrepreneurship requires a good bit of artistry in creativity, energy, and insight. But accompanying such artistic flair is the disciplined, methodical analysis that must evaluate each opportunity and challenge in order to find solutions that will create value for customers and founders alike.The careful blending of both art and science in entrepreneurship is having tremendous results. “Entrepreneurs are driving a revolution that is transforming and renewing economies worldwide. Entrepreneurship is the essence of free enterprise, because the birth of new businesses gives a market economy its vitality. New and emerging businesses create a very large proportion of innovative products and services that transform the way we work and live, such as personal computers, software, the Internet…,biotechnology drugs…There has nev er been a better time to practice the art and science of entrepreneurship.”4One on-going study that shows the impact that entrepreneurship is having worldwide is the Global Entrepreneurship Monitor (GEM). Started in 1997, GEM looks at the economic impact and determinants of entrepreneurship in more than 50 countries worldwide. GEM defines two type of entrepreneurship: opportunity based and necessity based. In general, nations with high per capital income levels have more opportunity-based entrepreneurship and those nations with lower per capital income level see much more necessity driven entrepreneurship. GEM also reports that regardless of the income level of the countries, young people in the age group 25-34 years old are the most active in early stage ventures. But in all countries, except the Philippines, men are more likely to be the entrepreneurs, though women are gaining ground in the years since the study began. (For the full report for 2006 and prior years, go to/ and click on GEM Publications at the top of the page and then GEM Global Reports. You can then select the year of the report you want to read.)Entrepreneurship is about combining dreams and ambitions with analysis and discipline to achieve the best possible results for the customers and for the entrepreneurs. Art and science combine to make an opportunity emerge for the entrepreneur. The entrepreneur will identify a need or opportunity, create or develop a solution, and implement the solution in a way that creates value. Entrepreneurs perhaps take risks more than others, but they focus on the opportunity, have confidence in their dream and in their ability to make it happen. They prepare themselves carefully and systematically study the opportunity in order to reduce the risks to manageable levels. This combination of artistic flair and technical competence allows the entrepreneur to maximize the chances of success while minimizing the risk incurred. This bookwill help the entrepreneur unleash his or her creative powers while providing the tools for a systematic review of opportunities.。

《The Merits of Venture Capital》高考优秀英语作文

《The Merits of Venture Capital》高考优秀英语作文The Merits of Venture CapitalVenture capital (VC) is increasingly becoming an important source of funds for entrepreneurs. Unlike the traditional sources of financing, venture capital not only provides capital but also valuable advice and support to business start-ups in their early stages.One advantage of venture capital is that it provides entrepreneurs with access to a pool of financial resources. With the help of venture capitalists, entrepreneurs are better able to finance their projects. This can free up resources that can be used for other business operations.Secondly, venture capital provides valuable advice to entrepreneurs. Often, venture capitalists have significant experience in investment and entrepreneurship. As such, they can provide business owners with insights and advice on how to best manage their businesses.Finally, venture capital can lead to the growth of successful businesses. Companies that receive venture capital are often able to make rapid progress and develop innovative products and services faster compared to companies that rely solely on traditional sources of funding.In conclusion, venture capital is an important source of capital for entrepreneurs. It can provide entrepreneurs with access to financial resources, advice, as well as opportunities for rapid growth.Therefore, it has become an important way to fund business initiatives.。

中考英语趣味短语——天使投资人

中考英语趣味短语——天使投资人天使投资人又称为投资天使。

天使投资是权益资本投资的一种形式，指具有一定净财富的个人，对具有巨大发展潜力的初创企业进行早期的直接投资，属于一种自发而又分散的民间投资方式。

天使投资一词源于纽约百老汇，特指富人出资资助一些具有社会意义演出的公益行为。

对于那些充满理想的演员来说，这些赞助者就像天使一样从天而降，使他们的美好理想变为现实。

后来，天使投资被引申为一种对高风险，高收益的新兴企业的早期投资。

相应地，这些进行投资的富人就被称为投资天使，商业天使，天使投资者或天使投资家。

那些用于投资的资本就叫天使资本。

The term “angel” originally comes from England where it was used to describe wealthy individuals who provided money for theatrical productions. In 1978，William Wetzel，then a professor at the University of New Hampshire and founder of its Center for Venture Research，completed a pioneering study on how entrepreneurs raised seed capital in the USA，and he began using the term “angel” to describe the investors that supported them.Angel这个说法最早源自英国，用来指代那些为剧院演出出资的有钱人。

1978年，新罕布什尔大学教授、该校风险研究中心创始人威廉·韦特泽尔完成了一项关于美国企业家如何筹集原始资本的研究，并且开始用angel这个词来形容扶持他们的那些投资人。

中考英语创业机会的识别与把握单选题40题

中考英语创业机会的识别与把握单选题40题1. In starting a business, having a good ______ is crucial.A.ideaB.planC.strategyD.method答案：A。

本题中，“idea”意为“想法、主意”，在创业中，一个好的想法是至关重要的；“plan”是“计划”，通常是在有了想法之后制定的具体行动方案；“strategy”是“策略”，更多是在实施过程中的整体谋划；“method”是“方法”，侧重于做事的具体方式。

在创业初期，首先要有一个好的想法。

2. A successful entrepreneur always looks for new ______.A.chancesB.opportunitiesC.possibilitiesD.prospects答案：B。

“chances”侧重于偶然的机会；“opportunities”意为“机会、时机”，在创业情境中通常指可以利用来发展业务的好时机；“possibilities”是“可能性”；“prospects”是“前景、前途”。

创业中需要寻找新的发展机会。

3. When considering a business venture, one should evaluate different ______.A.optionsB.choicesC.alternativesD.selections答案：C。

“options”和“choices”都表示“选择”，但比较宽泛；“alternatives”意为“可供选择的事物”，在创业中，要评估不同的替代方案；“selections”是“挑选、选拔”。

创业时需要考虑不同的方案。

4. A viable business needs a unique ______.A.featureB.attributeC.characteristicD.trait答案：C。

谁想当一名商人英语作文

谁想当一名商人英语作文In the ever-evolving global economy, the allure of entrepreneurship and the prospect of becoming a businessman has captured the imagination of many. This essay will explore the motivations behind the desire to enter the business world, the qualities that make a successful businessman, and the challenges that one might face along the way.The Allure of BusinessThe desire to become a businessman can stem from various factors. For some, it's the potential for financial independence that is the driving force. The opportunity to create a product or service that can generate wealth and provide for one's family is a powerful motivator. For others, it's the thrill of innovation and the chance to make a markon the world that is the real draw. The business world offers a platform where creativity and ambition can be turned into tangible realities.Qualities of a Successful BusinessmanSuccess in business is not accidental; it requires a specific set of skills and attributes. A successful businessman must possess a clear vision and the ability to articulate that vision to others. Leadership is also crucial; the ability to guide a team towards a common goal is a trait that separates the leaders from the followers. Additionally, resilience iskey. The business landscape is fraught with setbacks, andit's the ability to bounce back from failure that often determines who will ultimately succeed.The Challenges of Becoming a BusinessmanThe path to becoming a businessman is not without its challenges. The initial hurdle is often funding. Starting a business requires capital, and not everyone has the means to finance their own venture. There's also the risk of failure. Many businesses do not survive the first few years, and the fear of financial loss can be a significant deterrent. Moreover, the competitive nature of the market means that one must always be on their toes, adapting to changes and staying ahead of the competition.The Impact of TechnologyIn recent years, technology has played a significant role in shaping the business world. It has lowered the barriers to entry, allowing more people to start businesses with less initial investment. The internet, in particular, has opened up new avenues for commerce, with e-commerce platforms enabling entrepreneurs to reach a global audience without the need for a physical storefront.ConclusionThe desire to become a businessman is driven by a variety of factors, from the potential for financial gain to the excitement of innovation. While the path is fraught withchallenges, the rewards can be significant for those who possess the right qualities and are willing to put in the hard work. As the business landscape continues to evolve, particularly with the advent of new technologies, the role of the businessman will remain a compelling and dynamic career choice for many.。

汉译英 Unit 1

Unit 1 BOT投资模式
《商务英语翻译》（汉译英）
【Translation】
BOT（建设、经营、转让）投资方式在中国还是一个新的概念。该投资方式在外国受到重视的时间也不长。因为这个包括建设、经营、转让三个阶段都由一揽子的解决办法来完成的，自有其特点，主要适用于资金特别短缺，又急于改革开放的发展中国家或地区的基础设施项目，如公路、地铁、桥梁、码头、电厂等。同时，它还涉及政府、项目筹建集团、承建商、银行及融资机构、运营管理公司等，形成几乎是一条龙作业。并且在整个BOT项目中，需要签订各方面的大小合同将近10个。 BOT的风险需要由各方面来分担，而不是单独由一方承担。相对于其他各方来说，政府在整个BOT项目中所承担的风险显然是最小的。正因为如此，基于资金的严重短缺以及需要兴建的基础设施太多，政府才愿意采取BOT投资方式，把大型基建交给私人公司去承建和经营。政府决定把某个基础设施项目采取BOT的投资方式时，必须首先立法，发出许可证，寻找合作对象，展开谈判，然后签订合同。政府的风险就在于把许可证发给一个有可靠实力的私人项目公司筹划整个 BOT项目，而不要将许可证“发错人”。
【Tips for Translation】
增词：指根据英汉两种语言不同的思维方式、语言习惯和表达方式，在翻译时增添一些词、短句或句子，以便更准确地表达出原文所包含的意义。通过增词，一是保。
【Version for Reference】
BOT (Build, Operate, Transfer), as a way of investment, is still a new concept in China. It is also not long for BOT to gain importance in foreign countries. That is because this project which embraces the three stages of BOT (build, operate, transfer) is completed by a package arrangement so it has its own characteristic. BOT is mainly applicable to infrastructure projects such as highway, underground railway, bridge, dock and power plant in a developing country or zone which is especially short of capital but is eager to embark on reform and opening to the outside world. It involves at the same time government, group in charge of preparation for project construction, construction contractor, banking and financing institutions, operation management company and other, thus forming nearly integral coordinated operation. Besides, in the whole BOT project, about ten contracts, big and small, need to be concluded with various parties.

克里斯·道夫斯我只投风投机构的第三只

克里斯·道夫斯：我只投风投机构的第三只ionly invest in the third base of vCChris doffers《Super LP ：投资历险记》的博客作者里斯·道夫斯（Chris Douvos）曾任职风险投资管理公司（VIA，Venture Investment Associates）的董事总经理。

VIA 是一家管理着10亿美元资产的母基金机构，专注投资风投基金和一些初创企业。

2018年道夫斯离开了VIA，创立了AHOY 资本，继续作为LP 支持那些早期的风投机构和初创公司。

整理赵建勋海外【OCIO】overseasoCio79《FAMILY OFFICE》2020 DecemberO V E R S E A S O C I O海外OCIO道夫斯一直是一个投资的哲学家，追溯他从战略咨询、投资银行、大学捐赠基金到专注投资风险基金的职业路径，这位“Super LP”是如何长成的？他为什么对早期风险投资如此痴迷？他对投资风投基金中的风险感知和回报期待是怎样的？他会如何挑选基金经理人？他又是怎样判断投资方向，并做出最终决策的？专注投资风险投资基金“必须当球还没到那个位置的时候就要击中它！”道夫斯1994年毕业于耶鲁大学的历史专业，刚毕业的他有一个机会可以进入耶鲁大学投资办公室工作，但有着从政理想的道夫斯跑去参加国会竞选活动。

竞选失败后的他放下了理想主义加入了Monitor做战略咨询的工作。

在Monitor工作四年后，他想去读MBA。

道夫斯似乎一直在和投资界擦身而过，去读MBA之前，投资公司General Catalyst的创始人大卫·菲亚科邀请道夫斯加入，道夫斯婉言谢绝了。

进入耶鲁商学院的道夫斯依旧迷茫，暑期在摩根士丹利的投行工作简直让他抓狂，做到一半就做不下去了，他又回到了耶鲁大学投资办公室，在那里的实习让道夫斯开始对投资感兴趣，但耶鲁投资办公室只招本科毕业生，现在入职这里已经是不太可能的了。

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49%
从这三位被引用最多的研究者看来，他们都专注于各自学科的刊物，主要引用也是在所专注的学科领域，尽管也有很多其他学科的学者引用他们的观点。
• 被引用次数超过20的这些研究者可以被分为两类学科，金融经济类和管理类
• 但是从图上可以看出，有22%的作者是跨领域的，这些作者的被引用次数占到整体的40%
数据
• Web of Science- Citation Index 472 篇文献 “VC” 题名, 摘要, 关键字 • Science Direct database 128 篇文献下载阅读，进一步研究
• 重合部分：44 个作者/76个作者 • 分散分布 • 样本数据具有代表性
问题一：风投研究是否存在共同的核心奠基人或是不同学科有各自的奠基人 • 假设风投的知识基础存在学科特性
问题三
• 美国和欧洲的风险投资研究者在对定量研究方法或定性研究方法的运用上存在不同偏好吗？ • Answer:基本上不存在不同偏好，两个地区的研究者在对研究方法的选择倾向上差别很小，均更倾向于采用定量研究方法
问题四
• 论文的被引用率与其获得内部/外部基金支持的概率呈正相关吗？ • Answer:论文的被引用情况与其获得基金支持的可能性之间不存在必然联系
Who is Who in Venture Capital Research
小组成员名单：章彦姗贾雯屈亚星郭嘉乔子坤
4个研究问题
• Q1 : 共同的核心奠基人VS 不同学科有各自的奠基人？ • Q2：一个主导地位的研究范式 VS 各学科分别有各自的范式？ • Q3：美国和欧洲的VC研究者对定量和定性研究方法存在不同偏好？ • Q4：高引用率将提高获取外部/内部研究基金的可能性？
谢谢观赏
~O(∩_∩)O~
• 此外，研究还发现在某个领域的早期探索性、描述性研究阶段，从事该领域研究的学者获得基金支持的可能性较小，而随着对该领域研究的深入，学者们获得基金支持的可能性也逐渐增大
• 学科差别影响学者获得的基金支持的来源在新古典经济学领域，金融学科背景和管理学科背景的学者获得的基金支持来源差别明显，如图所示：
• 结论：学科基础是由共同的核心奠基人建立的，他们专注于各自的研究领域，但其观点被广泛引用于各个学科
问题二
• 风险资本研究人员是否形成了一种主流的范式来供他们的研究所使用？还是说存在独立的学科具体范例？
理论依据有范例吗？
• 金融学家所写的论文大部分是使用基于新古典主义经济学的理论观点，比如说代理理论、资本市场理论、信号理论、以及更为经典的供给与需求经济学、博弈论。 • 管理学家的论文，尤其是早期的研究中，是描述性或者说是探索性的研究，并没有很强的理论观点。
• 被引用次数多的作者会在其专注的学科领域期刊发表文章 • 他的文章也应该主要被该领域注领域
企业管理&创业
发表刊物
Journal of financial l economics
被该领域引用
53%
Gompers
金融&创业
金融经济相关杂 69% 志
Bygrave
创业
创业
研究方法有差异吗？
• 金融学家的这组论文和管理学家的那组论文，所使用的方法只有在创建模型方面有所差异，金融学科更频繁的使用创建模型这种方法。也就是说金融学的研究前沿似乎遵循着一条早已形成的定量分析的路径。 • 管理学家所使用的方法是更加混杂的。
结论
• 金融学研究人员所使用的研究范式是牢固树立的，并且主要是定量分析的方法； • 而管理学的研究人员使用不同的范式、方法，既有定量研究也有定性研究。