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单击此处编辑母版标题样式,单击此处编辑母版文本样式,第二级,第三级,第四级,第五级,*,Venture Capital in the United States,美国的风险资本,The appeal to venture capitalists of investing in United States high technology companies is quite obvious;the technology industry is one of the largest and most rapidly growing industries in the United States today.According to the U.S.Department of Commerce,since 1994 technology-related revenues have grown at an estimated rate of 15%per year,approximately five times the growth rate of the U.S.economy.Today,technology is estimated to account for approximately 50%of all,private sector capital spending,in the United States.By the year 2000,technology industry revenues are expected to constitute more than 10%of the total United States Gross Domestic Product.,a.在美国，高科技企业对于风险资本家来说具有明显的吸引力。如今，科技产业是美国规模最大的，发展最快的产业之一。,b.技术产业是当今美国规模最大，发展最快的产业之一。毫无疑问，对于风险资本家来说，投资这些高技术公司是极具吸引力的。,考虑到后文的衔接。,私营部门资本总支出,1)Over the past two decades,venture capital has fostered the growth of many of the worlds leading high technology and other emerging growth companies in the United States./Corporations such as Microsoft,Compaq and Intel are but a few examples of American companies whose early growth was facilitated by venture capital investments./2)The availability of venture capital financing to young,high technology companies has been a primary contributor to the dramatic revenue growth enjoyed by,and the increased competitiveness of,Americas high technology industry and to the economic expansion and increased employment levels experienced in Californias Silicon Valley and other areas of high technology company concentration./3)It is estimated that over 3,000 companies(including non-technology companies)which have completed initial public offerings of stock in the United States over the past two decades have received venture capital at some point in their development.,1)Over the past two decades,venture capital has fostered the growth of many of the worlds leading high technology and other emerging growth companies in the United States./Corporations such as Microsoft,Compaq and Intel are but a few examples of American companies,whose early growth was facilitated by venture capital investments.,（定语从句）,a.在过去20年中，风险资本促进了美国许多处于世界领先地位的高技术公司和其他新兴公司的发展。像微软、康柏和英特尔这样的公司，仅仅是,那些早期发展得益于风险资本投资的,美国公司的几个例子而已。（前置定语）,b.在过去20年中，风险资本促进了美国许多处于世界领先地位的高技术公司和其他新兴公司的发展。,很多公司的早期发展都得益于风险资本投资,，微软，康柏和因特尔仅是这许多公司中的几个例子。(单独成句),2)The availability of venture capital financing to young,high technology companies,has been a primary contributor to,the dramatic revenue growth enjoyed by,and the increased competitiveness of,Americas high technology industry（措辞）,and to the economic expansion and increased employment levels experienced in Californias Silicon Valley and other areas of high technology company concentration.,a.新开业的高技术公司获得风险资本融资，这对美国高技术产业收入的大幅度增长和竞争力的提高，以及对加州硅谷和其他高技术公司集中地所取得的经济发展和就业水平的增长，都起了重要作用。,（对，对 都起到了重要作用。措辞能力更有挑战）,b.风险资本融资用于新兴的高科技产业，不仅促进了美国高技术产业总收入大幅度增长，竞争力日渐提高，同时也带动了加州硅谷和其它高技术公司密集地区的经济发展和就业水平的增长。,（不仅促进了同时也带动了）,理解,措辞+组句,As venture capital has grown in popularity,venture capital investing has emerged as a major financial investment vehicle./Traditionally,most venture capital firms consisted of small private limited partnerships utilizing capital furnished by wealthy individuals or corporations./Today,venture capital investing represents a significant focus of most institutional or corporate investment portfolios,and many of the largest venture funds are operated by major financial institutions,or by subsidiaries specifically designed for private equity investment./It is estimated that a majority of funding currently committed to venture capital entities has been provided by public or private pension funds,which are allocating increasing percentages of investment funds to alternative investment”such as venture capital.The remainder of investment funding is provided by insurance companies,banks,corporations,wealthy individuals,foreign investors,university or institutional endowments and private foundations.(语篇，长句，专业性),As venture capital has grown in popularity,venture capital investing has emerged as,a major financial investment vehicle.,由于风险资本越来越受欢迎，风险资本投资已成为金融投资的,重要手段。,Traditionally,most venture capital firms consisted of,small private limited partnerships,utilizing capital furnished by wealthy individuals or corporations.,以往，大多数风险资本公司是小型私人有限合伙制公司，利用富人或公司提供的资本。,Today,venture capital investing represents a significant focus of most,institutional or corporate investment portfolios,and many of the largest venture funds are operated by major financial institutions,or by subsidiaries specifically designed for,private equity investment.,今天，风险资本投资则是大多数机构投资证券组合或公司投资证券组合的一个重要的投资焦点，而且许多最大的风险基金是由主要的金融机构或专门从事私募投资的子公司运作的。,It is estimated that a majority of,funding,currently committed to venture capital entities has been provided by,public or private pension funds,which are allocating increasing percentages of investment funds to,alternative investment,”such as venture capital.The remai
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