[产房术语知多少]对于准妈妈来说 进产房的心情，用任何语言恐怕都难以形容，任你有再强的心里素质 也免不了一脸懵逼。而产房的医生张口闭口都是专业术语，作为一个外行人完全不知道接下来要面临什...+阅读
Narrow-based weighted erage ratchet: A type of anti-dilution mechanism. A weighted erage ratchet adjusts downward the price per share of the preferred stock of investor A due to the issuance of new preferred shares to new investor B at a price lower than the price investor A originally received. Investor A's preferred stock is repriced to a weighed erage of investor A's price and investor B's price. A narrow-based ratchet uses only mon stock outstanding in the denominator of the formula for determining the new weighed erage price. pare Broad-Based Weighted Average Ratchet and Chapter 2.9.4.d.ii of the Encyclopedia for specific examples.
NASD: The National Association of Securities Dealers. An mandatory association of brokers and dealers in the over the counter securities business. Created by the Maloney Act of 1938, an amendment to the Securities Act of 1934.
NASDAQ: An automated information work which provides brokers and dealers with price quotations on securities traded over the counter.
NDA （Non-disclosure agreement）: An agreement issued by entrepreneurs to potential investors to protect the privacy of their ideas when disclosing those ideas to third parties.
Asset Value （NAV）: NAV is calculated by adding the value of all of the investments in the fund and dividing by the number of shares of the fund that are outstanding. NAV calculations are required for all mutual funds （or open-end funds） and closed-end funds. The price per share of a closed-end fund will trade at either a premium or a discount to the NAV of that fund, based on market demand. Closed-end funds generally trade at a discount to NAV.
Financing Cost: Also called the cost of carry or, simply, carry, the difference between the cost of financing the purchase of an asset and the asset's cash yield. Positive carry means that the yield earned is greater than the financing cost; negative carry means that the financing cost exceeds the yield earned.
ine: The earnings of a corporation after deducting all costs of selling, depreciation, interest expense and taxes.
IRR: IRR if a portfolio or fund taking into account the effect of management fees and carried interest.
Present Value: An approach used in capital budgeting where the present value of cash inflow is subtracted from the present value of cash outflows. NPV pares the value of a dollar today versus the value of that same dollar in the future after taking inflation and return into account.
present value （NPV）: A firm or project's contribution to wealth. This is the present value of current and future ine streams, minus initial investment.
New Issue: A stock or bond offered to the public for the first time. New issues may be initial public offerings by previously private panies or additional stock or bond issues by panies already public. New public offerings are registered with the Securities and Exchange mission. （See Securities and Exchange mission and Registration）.
Newco: The typical label for any newly anized pany, particularly in the context of a leveraged buyout.
No Shop, No Solicitation Clauses: A no shop, no solicitation, or exclusivity, clause requires the pany to negotiate exclusively with the investor, and not solicit an investment proposal from anyone else for a set period of time after the term sheet is signed. The key provision is the length of time set for the exclusivity period.
No-fault divorce: A "no fault divorce" clause permits investors at a time after the final closing date, to remove the general partner of a fund and either terminate the Partnership or appoint a new general partner. This clause covers situations where the general partner has not defaulted or breached the terms and conditions of the Limited Partnership Agreement. Either an ordinary consent or a special consent may be required to effectuate the removal of the general partner and this clause will usually be subject to the general partner receiving pensation for its removal.
Non-pete Clause: An agreement often signed by employees and management whereby they agree not to work for petitor panies or form a new petitor pany within a certain time period after termination of employment. Governed by state law.
Nonaccredited: An investor not considered accredited for a Regulation D offering. （Accredited Investor）
NYSE: The New York Stock Exchange. Founded in 1792, the largest anized securities market in the United States. The Exchange itself does not buy, sell, own or set prices of stocks traded there. The prices are determined by public supply and demand. Also known as the Big Board.
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Open-end Fund: An open-end fund, or a mutual fund, generally sells as many shares as investor demand requires. As money flows in, the fund grows. If money flows out of the fund the number of the fund's outstanding shares drops. Open-end funds are sometimes closed to new investors, but existing investors can still continue to invest money in the fund. In order to sell shares an investor generally sells the shares back to the fund. If an investor wishes to buy additional shares in a mutual fund, the investor generally buys newly issued shares directly from the fund.
Option Pool: The number of shares set aside for future issuance to employees of a private pany.
Original Issue Discount: OID. A discount from par value of a bond or debt-like instrument. In structuring a private equity transaction, the use of a preferred stock with liquidation preference or other clauses that guarantee a fixed payment in the future can potentially create adverse tax consequences. The IRS views this cash flow stream as, in essence, a zero coupon bond upon which tax payments are due yearly based on "phantom ine" imputed from the difference between the original investment and "guaranteed" eventual payout. Although plex, the solution is to include enough clauses in the investment agreements to create the possibility of a material change in the cash flows of owners of the preferred stock under different scenarios of events such as a buyout, dissolution or IPO.
OTC: Over-the-Counter. A market for securities made up of dealers who may or may not be members of a formal securities exchange. The over-the-counter market is conducted over the telephone and is a negotiated market rather than an auction market such as the NYSE.
Outstanding Stock: The amount of mon shares of a corporation which are in the hands of investors. It is equal to the amount of issued shares less treasury stock.
Oversubion: Occurs when demand for shares exceeds the supply or number of shares offered for sale. As a result, the underwriters or investment bankers must allocate the shares among investors. In private placements, this occurs when a deal is in great demand because of the pany's growth prospects.
Oversubion Privilege: In a rights issue, arrangement by which shareholders are given the right to apply for any shares that are not purchased.
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Paid-in Capital: The amount of mitted capital a limited partner has actually tranferred to a venture fund. Also known as the cumulative takedown amount.
Pari Passu: At an equal rate or pace, without preference.
Participating Preferred: A preferred stock in which the holder is entitled to the stated dividend, and also to additional dividends on a specified basis upon payment of dividends to the mon stockholders. The preferred stock entitles the owner to receive a predetermined sum of cash （usually the original investment plus accrued dividends） if the pany is sold or has an IPO. The mon stock represents additional continued ownership in the pany.
Participation: Describes a right of a holder of Preferred Stock to enjoy both the rights associated with the Preferred Stock and also participate in any benefit ailable to mon Stock, without converting to mon Stock. This may occur with Liquidation Preferences, for example, a series of Preferred Stock may he the right to receive its Liquidation Preference and then also share in whatever money is left to be distributed to the holders of mon Stock. Dividends may also be "Participating" where after a holder of Preferred Stock receives its Cumulative Dividend it also receives any dividend paid on the mon Stock.
Partnership: A nontaxable entity in which each partner shares in the profits, loses and liabilities of the partnership. Each partner is responsible for the taxes on its share of profits and loses.
Partnership agreement: The contract that specifies the pensation and conditions governing the relationship between investors （LP's） and the venture capitalists （GP's） for the duration of a private equity fund's life.
Pay to Play : A "Pay to Play" provision is a requirement for an existing investor to participate in a subsequent investment round, especially a Down Round. Where Pay to Play provisions exist, an investor's failure to purchase its pro-rata portion of a subsequent investment round will result in conversion of that investor's Preferred Stock into mon Stock or another less valuable series of Preferred Stock.
Penny Stocks: Low priced issues, often highly speculative, selling at less than $5/share.
Piggyback Registration: A situation when a securities underwriter allows existing holdings of shares in a corporation to be sold in bination with an offering of new public shares.
PIK Debt Securities: （Payment in Kind） PIK Debt are bonds that may pay bondholders pensation in a form other than cash.
PIV: Pooled Investment Vehicle. A legal entity that pools various investor's capital and deploys it according to a specific investment strategy.
Placement Agent: A pany that specializes in finding institutional investors that are willing and able to invest in a private equity fund or pany issuing securities. Sometimes the "issuer" will hire a placement agent so the fund partners can focus on management issues rather than on raising capital. In the U.S., these panies are regulated by the NASD and SEC.
Plain English Handbook: The Securities and Exchange mission online version of Plain English Handbook: How to Create Clear SEC Disclosure Documents
Plum: An investment that has a very healthy rate of return. The inverse of an old venture capital adage （see Lemons） claims that "plums ripen later than lemons."
Poison Pill: A right issued by a corporation as a preventative antitakeover measure. It allows rightholders to purchase shares in either their pany or in the bined target and bidder entity at a substantial discount, usually 50%. This discount may make the takeover prohibitively expensive.
Pooled IRR: A method of calculating an aggregate IRR by summing cash flows together to create a portfolio cash flow. The IRR is subsequently calculated on this portfolio cash flow.
Portfolio panies: panies in which a given fund has invested.
Post-Money Valuation: The valuation of a pany immediately after the most recent round of financing. For example, a venture capitalist may invest $3.5 million in a pany valued at $2 million "pre-money" （before the investment was made）. As a result, the startup will he a post-money valuation of $5.5 million.
Pre-Money Valuation: The valuation of a pany prior to a round of investment. This amount is determined by using various calculation models, such as discounted P/E ratios multiplied by periodic earnings or a multiple times a future cash flow discounted to a present cash value and a parative analysis to parable public and private panies.
Preemptive Right: A shareholder's right to acquire an amount of shares in a future offering at current prices per share paid by new investors, whereby his/her percentage ownership remains the same as before the offering.
Preference shares: Shares of a firm that enpass preferential rights over ordinary mon shares, such as the first right to dividends and any capital payments.
Preferred Dividend: A dividend ordinarily accruing on preferred shares payable where declared and superior in right of payment to mon dividends.
Preferred return （AKA Hurdle Rate）: The minimum return to investors to be achieved before a carry is permitted. A hurdle rate of 10% means that the private equity fund needs to achieve a return of at least 10% per annum before the profits are shared according to the carried interest arrangement.
Preferred Stock: A class of capital stock that may pay dividends at a specified rate and that has priority over mon stock in the payment of dividends and the liquidation of assets. Many venture capital investments use preferred stock as their investment vehicle. This preferred stock is convertible into mon stock at the time of an IPO.
Private Equity: Equity securities of panies that he not "gone public" （are not listed on a public exchange）. Private equities are generally illiquid and thought of as a long-term investment. As they are not listed on an exchange, any investor wishing to sell securities in private panies must find a buyer in the absence of a marketplace. In addition, there are many transfer restrictions on private securities. Investors in private securities generally receive their return through one of three ways: an initial public offering, a sale or merger, or a recapitalization.
Private investment in public equities （PIPES）: Investments by a hedge fund or private equity fund in unregistered （restricted） securities of a publicly traded pany, usually at a discount to the then-prevailing price of the pany's registered mon stock.
Private Placement : Also known as a Reg. D offering. The sale of a security （or in some cases, a bond） directly to a limited number of investors. Avoids the need for S.E.C. registration if the securities are purchased for investment as opposed to being resold. The size of the issue is not limited, but its sale is limited to a maximum of thirty-five nonaccredited investors.
Private Placement Memorandum : Also known as an Offering Memorandum or "PPM". A document that outlines the terms of securities to be offered in a private placement. Resembles a business plan in content and structure. A formal deion of an investment opportunity written to ply with various federal securities regulations. A properly prepared PPM is designed to provide specific information to the buyers in order to protect sellers from liabilities related to selling unregistered securities. Typically PPMs contain: a plete deion of the security offered for sale, the terms of the sales, and fees; capital structure and historical financial statements; a deion of the business; summary biographies of the management team; and the numerous risk factors associated with the investment. In practice, the PPM is not generally used in angel or venture capital deals, since most sophisticated investors perform thorough due diligence on their own and do not rely on the summary information provided by a typical PPM.
Private Securities: Private securities are securities that are not registered and do not trade on an exchange. The price per share is set through negotiation between the buyer and the seller or issuer.
Prospectus: A formal written offer to sell securities that provides an investor with the necessary information to make an informed decision. A prospectus explains a proposed or existing business enterprise and must disclose any material risks and information according to the securities laws. A prospectus must be filed with the SEC and be given to all potential investors. panies offering securities, mutual funds, and offerings of other investment panies including Business Development panies are required to issue prospectuses describing their history, investment philosophy or objectives, risk factors and financial statements. Investors should carefully read them prior to investing.
Put option: The right to sell a security at a given price （or range） within a given time period.
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