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[经济学人] [2010.4.29] Recovery, very early stage 复苏,仅仅刚刚开始

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发表于 2010-5-6 12:49 | 显示全部楼层 |阅读模式
Venture capital
风险投资


Recovery, very early stage
复苏,仅仅刚刚开始

Venture capitalists are licking their wounds—and their lips
风险投资者们正在重整旗鼓,蓄势待发

Apr 29th 2010 | SAN FRANCISCO | From The Economist print edition

HOW can you spot the venture capitalists at a business conference? They’re the people who are always hunting for the exits. Today that joke makes financiers of start-up companies wince rather than smile. Venture firms hope to mint money when the fledgling businesses they back eventually stage an initial public offering (IPO) or are bought by other firms. But these “exits”, as they are called in the industry’s jargon, pretty much slammed shut when the global financial crisis broke. Now the number of IPOs and acquisitions is rising again, but not fast enough to help many struggling venture funds.
在一个商业会议上怎样认出哪些人是风投家?只要看看谁在不停的寻找出口(退出机会)。今天这个笑话在新兴企业的投资者听来只会让他们感到挫败而非会心一笑。风险投资公司必然希望他们投资的那些羽翼未丰的企业最终走向上市(首次公开发行股票)或是被其他公司收购的结局,并在那是大赚一笔。但是他们业内行话称之为的那些“退出”大门在金融危机爆发时很多都砰的关上了。虽然现在新上市公司(首次公开发行股票)和并购交易数量有所回升,但是上升的速度还没有快到使多数苦苦挣扎的风险投资资本脱离苦海。

To some observers, America’s venture industry is going through a nasty correction from which it will inevitably bounce back. To others, it is in the midst of a structural change that could end up damaging America’s ability to create the next Google or Microsoft. The National Venture Capital Association (NVCA), whose annual meeting kicks off on May 4th, reckons the industry faces “unprecedented challenges”.
一些观察员认为美国的风险投资行业正在经历一场痛苦的纠正期并必定会回到往日的辉煌。其他人看来,它正处于结构变化之中,最终的结果可能会有损美国市场创造出下一个谷歌和微软的能力。将在5月4日举行年会的美国风险投资协会则认为该行业正面对着“前所未有的挑战”。

Arguably the most important of these is achieving more exits. In the first quarter of the year there were almost as many IPOs of venture-backed firms as in all of 2009 (see chart). At the end of March another 43 venture-funded businesses had registered with America’s Securities & Exchange Commission to go public. Encouraging stuff, though some fret that any hiccup in equity markets could scupper these plans.
毫无疑问,最重要的是寻找更多的退出机会。今年第一季度,由风投注资的新上市(首次公开发行股票)公司数量几乎与2009年全年的数量差不多(请看图)截止到3月底时还有43家风投注资公司向美国证券交易委员会提出上市申请。这些都是振奋人心的消息,然而一些人担心,如果股票市场稍有下跌,这些计划将付之东流。

The prospects for M&A deals are more robust. According to the NVCA a record 111 deals involving venture-backed firms were inked in the first three months of the year and the average value of the 31 transactions that revealed purchase prices hit $180m, more than 20% higher than the equivalent average for all of 2009. “Valuations have definitely gone up over the past few months,” says IBM’s Deborah Magid, who tracks venture-financed start-ups. Big technology firms have lots of cash to spend: on April 28th HP announced that it was buying Palm, a venture-backed maker of smart-phones, for $1.2 billion.
并购交易的前景更为乐观些。根据美国风险投资协会记录,包括风投注资公司在内的共111笔并购交易在今年的第一季度内敲定。其中31笔交易的平均价值达到1.8亿美金,比2009年全年的平均价值高出20%多。在IBM负责分析风投注资新兴企业的Deborah Magid说:“并购交易定价在过去的几个月内直线上升。”大型科技公司要大出血了:4月28日惠普宣布其以12亿美金的价格收购了由风投注资的智能手机生产商palm公司。

The snag is that valuations may not have risen enough to make juicy returns for venture firms. This matters because institutional investors battered by the downturn are already wary of committing additional cash to relatively illiquid venture funds. Poor returns give them another excuse to keep their coffers closed.
问题在于现在的定价并没有高到能让风投公司大快朵颐的程度。这很重要因为由于经济不景气而接连受创的机构投资者们已经开始对向流动性相对不怎么高的风投资本中头前小心翼翼了,而少的可怜的投资回报则又给了他们一个拒绝投资的理由。

Indeed, many finance folk reckon the fund-raising environment is the worst since the industry was born in the late 1960s. One result is that more and more venture firms are winding down their activities. Pascal Levensohn, the boss of Levensohn Venture Partners in San Francisco, says his firm will not raise a new fund “for the foreseeable future” and is concentrating on its existing assets.
事实上,许多金融同僚们认为自从该行业在19世纪60年代末产生以来,现阶段的融资环境是最恶劣的。导致的结果之一是越来越多的风投公司减少他们的投资活动。位于三藩市的Levensohn Venture Partners(风投公司)老板Pascal Levensohn说由于可预见的市场前景他们现在不会筹集新的资金,仅仅专注于现存的资本。

Mr Levensohn warns that “the significant liquidity bottleneck” could well reduce the number of new firms created each year in America and hold back job growth. He is not the only one who is worried that innovation may be stymied. “My concern is that there will be fewer people interested in finding the next big idea,” says Sallie Shuping-Russell, a managing director at BlackRock Alternative Advisors, which invests in venture funds. Some also worry that regulatory and fiscal issues, such as a proposal to change how venture capitalists’ profits are taxed, could further damage the industry’s prospects.
Mr Levensohn警告道“严重的流动性瓶颈”不仅会大大减少美国每年新创立的公司数量,还会减缓工作岗位数量的增长。他也不是唯一一个担心改革将成为障碍的人。黑岩集团的投资顾问部门的常务董事Sallie Shuping-Russell说:“我所担心的是越来越少的人会有兴趣投资下一个好主意了。”还有一部分人担心如改变风险投资利润税率提案等调控和财政问题将会使行业的前景更暗淡。

Others are more optimistic. In a recent paper entitled “It Ain’t Broke: The Past, Present and Future of Venture Capital”, Steven Kaplan of the University of Chicago’s Booth School of Business and Josh Lerner of Harvard Business School rightly point out that venture funds raised when capital is scarce have outperformed those put together when venture firms were flush with cash. They also argue that changes in the corporate world will give a boost to M&A deals. In particular, many big companies are scrapping large, centralised R&D teams in favour of smaller in-house units and alliances with promising start-ups.
另外的人则更乐观些。最近由芝加哥大学布斯商学院的Steven Kaplan和哈弗商学院的Josh Lerner合作的一份名为《它不会垮:风险投资的昨天,今天和明天》的报告指出当资金稀缺时筹集的风险投资基金表现比风险公司资金充裕时的业绩都出色。他们还认为公司世界格局的改变将会使并购交易猛增。特别的,许多大公司正将大的集中的研究与实验开发团队精简成小型内部组织,并与前景看好的新兴企业为伍。

Venture firms are certainly feeling more bullish. A regular survey of 36 Silicon Valley venture capitalists, due to be published on April 30th by Mark Cannice of the University of San Francisco, shows that their confidence has risen steadily since the start of 2009. In recent weeks there have been reports of venture capitalists bidding up valuations of hot start-ups in order to get a stake in them. For some firms with deep pockets, it seems that the worry is how to get into deals. For the rest, locating the exit remains the priority.
风险投资公司确实感受到了一丝春风。4月30日由旧金山大学Mark Cannice公布的一份针对36位硅谷风险投资者的调查报告显示他们从2009年开始就信心逐增了。最近几周,有报道说风投们正哄抬几家赤手可热的新公司的估值,以便从中获利。对于那些资历雄厚的公司,看上去问题的关键在于怎样参与到交易当中,至于其他的么,找到退出机会仍然是最重要的。
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发表于 2010-5-6 12:54 | 显示全部楼层
我喜欢随意浏览文章。
最终的结果可能会有损美国市场创造出下一个Google或Microsoft的能力。
---谷歌和微软。虽然“谷歌”已经消失了,这个名字也已经荡然无存,但是还是有必要英译汉;
芝加哥大学布斯商学院(Booth School of Business);
University of San Francisco---旧金山大学;三藩市大学---这个名字有日本风格。
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发表于 2010-5-6 12:59 | 显示全部楼层
我来看看,code兄五一玩的可好
In recent weeks there have been reports of venture capitalists bidding up valuations of hot start-ups in order to get a stake in them.
在最近几周,有报道指出风投们正为了几个赤手可热的新兴企业打得火热。
感觉“打得火热”说得有些笼统
试译:最近几周,有报道说风投们正哄抬几家赤手可热的新公司的估值,以便从中获利。
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 楼主| 发表于 2010-5-6 13:04 | 显示全部楼层
我比较懒,下回改正,这回也改~~全部英译中
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发表于 2010-5-6 13:09 | 显示全部楼层
恩~兄D说的在理~改正!

五一金程。。累得要死,等明天过了我去看看能不能找你的茬现在要睡觉了
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发表于 2010-5-6 13:14 | 显示全部楼层
仅仅刚刚开始 读起来不太顺口 不如叫 才刚刚开始的好
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发表于 2010-5-6 13:19 | 显示全部楼层
但是他们业内行话称之为的那些“退出”大门在金融危机爆发时很多都砰的关上了
                              出口
To others, it is in the midst of a structural change that could end up damaging America’s ability to create the next Google or Microsoft
其他人看来,美国的风险投资也正经历一场结构性的变革(这里我觉得把it译为它意思不够明确)还有就是or应译为“或”
Arguably 试译:或许
had registered with America’s Securities & Exchange Commission to go public.
是已经登记上市了吧
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发表于 2010-5-6 13:24 | 显示全部楼层
先看到这里 明天继续看 睡觉很重要
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发表于 2010-5-6 13:29 | 显示全部楼层
According to the NVCA a record 111 deals involving venture-backed firms were inked in the first three months of the year
根据美国风险投资协会记录,包括风投注资公司在内的共111笔并购交易在今年的第一季度内敲定。
试译:据美国风险投资协会称,今年第一季度包括风险投注公司在内创纪录的达成111笔交易
这里是a record 不是record 二者有区别
其中31笔交易的平均价值达到1.8亿美金——  平均交易额
大型科技公司要大出血了 大出血????与原文意思不符 是说公司手头拥有了更多的资金
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发表于 2010-5-6 13:34 | 显示全部楼层
Others are more optimistic
而另一些人则要乐观些
从2009年开始就信心逐增了
逐渐找回了信心
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