私募股权投资【外文翻译】

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1、本科毕业论文外文原文外文题目：PrivateEquity出处：InvestmentBanking,2010:19-43,DOI:10.1007/978-3-540-93765-4-2作者：ProfessorGiulianoIannotta原文：1.IntroductionOnemaywonderwhyabookaboutinvestmentbankingincludesachapteronprivateequity.Icanprovidetwodifferentanswers.First,privateequityfundsareincr

2、easinglyimportantclientsofinvestmentbanks.Fruhan(2006)reportsthatprivateequityfirmsaccountforabout25%oftotalrevenuesformajorinvestmentbanks.In2005about20%oftotalUSM&Asvolumewasrelatedtoprivateequity.InGermanythepercentagewasevenhigher(about35%).Inthe2001–2006periodoutofth

3、e701USIPOsabout70%wereprivateequitybacked.Second,investmentbanksareincreasinglyimportantplayersoftheprivateequityindustry.Virtuallyallmajorinvestmentbanksmanagesomeprivateequityfunds.Forexample,MorrisonandWilhelm(2007)reportsthatGoldmanSachshasmorecapitalinvestedinprivate

4、equitythananyotherprivateequityplayer.Thesetworeasonsalsoexplaintheincreasingmobilityofhumanresourcesfrominvestmentbankstotheprivateequityindustry.Thischapteraimsatanalyzingthemaintechnicalaspectsoftheprivateequitybusiness.Thechapterproceedsasfollows.Section2.2providesacl

5、assificationoftheprivateequityactivity.Section2.3analyzestheagreementbetweentheinvestors,whoputthemoney,andtheprofessionalswhomanagethatmoney.Section2.4describeshowtomeasuretheperformanceofprivateequityfunds.Section2.5summarizesthemainfeaturesofthetermsheetthatregulatepri

6、vateequityinvestments.Sections2.6and2.7illustratethevaluationmethodsusedbyprivateequityprofessionalstodecideabouttheirinvestments.Section2.8concludes.2.DefinitionsWithintheprivateequityindustryitispossibletoclassifytwomainareas:(a)venturecapital(VC)and(b)buy-out.Thekeyfea

7、turedefiningVCisexpectedrapid“internalgrowth”ofthebackedcompanies:thatisproceedsareusedtobuildnewbusiness,nottoacquireexistingbusiness.TheVCindustrycanbefurtherbrokendowninto:(a)early-stage,(b)expansion-stage,and(c)late-stage.Early-stageinvestmentsincludeeverythingthrough

8、theinitialcommercializationofaproduct.Acompanymightnotevenbeexistentyet.Withintheearlystagetwoki