风险投资常用术语中的英文解释 (5)

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/ Q. Y7 G5 `" _2 n7 O3 x8 u　　 Early Stage: A state of a company that typically has completed its seed stage and has a founding or core senior management team, has proven its concept or completed its beta test, has minimal revenues, and no positive earnings or cash flows.
, c1 @! F$ |# o4 ?* M% H; s　　 EBITDA: "Earnings Before Interest, Taxes, Depreciation and Amortization": A measure of cash flow calculated as: Revenue - Expenses （excluding tax, interest, depreciation and amortization）. EBITDA looks at the cash flow of a company. By not including interest, taxes, depreciation and amortization, we can clearly see the amount of money a company brings in. This is especially useful when one company is considering a takeover of another because the EBITDA would cover any loan payments needed to finance the takeover.
　　 Economies of Scale: Economic principle that as the volume of production increases, the cost of producing each unit decreases.
' l! u+ d5 ~1 S( G　　 Elevator Pitch: An extremely concise presentation of an entrepreneur's idea, business model, company solution, marketing strategy, and competition delivered to potential investors. Should not last more than a few minutes, or the duration of an elevator ride.
9 H) l3 o/ \# m4 H+ S3 c' d　　 Employee Stock Option Plan （ESOP）: A plan established by a company whereby a certain number of shares is reserved for purchase and issuance to key employees. Such shares usually vest over a certain period of time to serve as an incentive for employees to build long term value for the company.
8 @) o$ X1 M2 [　　 Employee Stock Ownership Plan: A trust fund established by a company to purchase stock on behalf of employees.
　　 Equity: Ownership interest in a company, usually in the form of stock or stock options.
　　 Equity Kicker: Option for private equity investors to purchase shares at a discount. Typically associated with mezzanine financings where a small number of shares or warrants are added to what is primarily a debt financing.
8 S1 n' d4 g8 h- B1 s　　 ERISA: ERISA shall mean the United States Employee Retirement Income Security Act of 1974, as amended, including the regulations promulgated thereunder.
　　 ERISA Significant Participation Test: A test that is satisfied if the General Partner determines in its reasonable discretion that Persons that are "benefit plan investors" within the meaning of Section （f）（2） of the Final Regulation constitute or are expected to constitute at least 25 percent in interest of the Limited Partners. Note that the test is 25% of the interests of all the limited partners, which means 20% （+/-） in the partnership as a whole, taking into account the general partner's interest.
& J( a' r( k# D' S) W1 g　　 Evergreen Promise: This occurs when the company agrees to pay an employee's salary for a number of years, regardless of when termination occurs, the day after he or she is employed or 10 years after.
/ z. c9 a4 A1 O2 E　　 Exercise price: The price at which an option or warrant can be exercised.
　　 Exit Strategy: A fund's intended method for liquidating its holdings while achieving the maximum possible return. These strategies depend on the exit climates including market conditions and industry trends. Exit strategies can include selling or distributing the portfolio company's shares after an initial public offering （IPO）, a sale of the portfolio company or a recapitalization.
　　 Exiting climates: The conditions that influence the viability and attractiveness of various exit strategies.
3 E$ U# R5 p% K5 L0 ^　　 Exits （AKA divestments or realizations）: The means by which a private equity firm realizes a return on its investment. Private equity investors generally receive their principal returns via a capital gain on the sale or flotation of investments. Exit methods include a trade sale （most common）, flotation on a stock exchange （common）, a share repurchase by the company or its management or a refinancing of the business （least common）. A Secondary purchase of the LP interest by another private equity firm are becoming an increasingly common phenomenon.