漢譯英

中國成為第二大風(fēng)險(xiǎn)投資目的國

昨日公布的一項(xiàng)調(diào)查顯示，盡管去年英國初創(chuàng)企業(yè)的融資額增長了27%，達(dá)到約14億英鎊，但中國仍取代英國，成為世界第二大風(fēng)險(xiǎn)投資目的國。

總部位于劍橋的創(chuàng)業(yè)研究中心Library House表示，如果印度的風(fēng)險(xiǎn)資本投資延續(xù)2006年90%的增速，到2009年，印度的排名也將超過英國。

這項(xiàng)調(diào)查是由瑞銀財(cái)富管理(UBS Wealth Management)委托進(jìn)行的。調(diào)查預(yù)計(jì)，英國今年的風(fēng)險(xiǎn)資本投資可能降至10億至12億英鎊，相當(dāng)于2003年的水平。

培育創(chuàng)業(yè)文化一直是“新工黨(New Labour)”的宏偉藍(lán)圖之一，但此項(xiàng)調(diào)查將引發(fā)人們擔(dān)憂英國的創(chuàng)業(yè)活動(dòng)不僅落后于美國，還落后于以更快速度增長的亞洲經(jīng)濟(jì)體。

調(diào)查報(bào)告指出，中國和印度的崛起分流了英國初創(chuàng)企業(yè)的資金。這與英國風(fēng)險(xiǎn)投資家所謂該領(lǐng)域正在強(qiáng)勁復(fù)蘇的說法大相徑庭。

英國領(lǐng)先風(fēng)險(xiǎn)投資公司DFJ Esprit的首席執(zhí)行官西蒙?庫克(Simon Cook)表示：“風(fēng)險(xiǎn)資本已走向全球。美國資金向印度和中國進(jìn)行了大量投資，我預(yù)計(jì)歐洲資金

近年來，大規(guī)模杠桿收購基金的快速興起令風(fēng)險(xiǎn)資本相形見絀。英國風(fēng)險(xiǎn)投資家在互聯(lián)網(wǎng)泡沫破裂后遭受嚴(yán)重虧損，他們一直未能擺脫人們的這種觀念：他們的回報(bào)比大型杠桿收購基金低。

Library House高級分析師羅杰?弗蘭克林(Roger Franklin)表示，從今年上半年的風(fēng)險(xiǎn)資本投資水平推斷，英國2007年的風(fēng)險(xiǎn)資本投資可能會(huì)減少10%至20%。這可能直接源自中國和印度風(fēng)險(xiǎn)投資活動(dòng)的快速增長。中國去年的風(fēng)險(xiǎn)資本投資增長了50%至60%。

弗蘭克林表示：“中國和印度的增長水平如此之高，可能會(huì)從更成熟的市場吸引部分資金。特別是美國的風(fēng)險(xiǎn)投資，也許已經(jīng)將資金從歐洲轉(zhuǎn)向了亞洲。”

參考譯文

China overtook the UK as the world's second-biggest destination for venture capital investments last year, in spite of a 27 per cent rise in British early-stage company funding to about ￡1.4bn, a survey revealed yesterday.

Library House, the Cambridge-based entrepreneurship research centre, said India was also due to overtake the UK by 2009 if Indian venture capital investments continued to grow at the 90 per cent rate seen in 2006.

The report, commissioned by UBS Wealth Management, forecast that UK venture capital could decline to ￡1bn-￡1.2bn this year, equivalent to 2003 levels.

Fostering an entrepreneurial culture has been one of New Labour's main ambitions and the report will raise concerns that the country is falling behind not only the US but also faster growing Asian economies.

By arguing that funding for British start-up companies is being cannibalised by the rise of China and India, the report clashes with claims from British venture capitalists that their sector is recovering strongly.

Simon Cook, chief executive of DFJ Esprit, a leading UK-based venture capitalist, said: "Venture capital has gone global. There has been a lot of capital invested in India and China by US funds and I expect that to come to Europe next year."

Venture capital has been overshadowed in recent years by the rapid rise of big leveraged buy-out funds. Haunted by losses suffered after the bursting of the dotcom bubble, venture capitalists in Britain have struggled to escape the idea they make lower returns than their bigger LBO cousins.

Roger Franklin, senior analyst at Library House, said extrapolations from venture capital investment levels in the first half of 2007 suggested the UK was on track to see a decline of 10 to 20 per cent this year. This could be a direct result of the rapid growth in Chinese and Indian venture capitalist activity. Chinese VC investments rose by 50 to 60 per cent last year.

"With that high level of growth in China and India it is possible that they could be sucking some money out of more mature markets," said Mr Franklin. "US venture capital funds, in particular, may have been moving money from Europe to Asia."