liquidation preference

简明释义

残余财产分配优先

英英释义

例句

1.Startups often negotiate their liquidation preference during funding rounds to protect early investors.

初创公司在融资过程中通常会谈判他们的清算优先权以保护早期投资者。

2.A higher liquidation preference can deter potential investors from participating in a funding round.

较高的清算优先权可能会阻止潜在投资者参与融资轮。

3.In the event of a sale, the liquidation preference will dictate how much each shareholder receives.

在出售事件中，清算优先权将决定每位股东能获得多少收益。

4.The term sheet included a clause about the liquidation preference for Series A investors.

条款清单中包括了关于A轮投资者的清算优先权的条款。

5.The investors agreed on a 1x liquidation preference to ensure they would get their initial investment back first.

投资者同意设定1倍的清算优先权，以确保他们能够首先收回初始投资。

作文

In the world of finance and investment, terms like liquidation preference play a crucial role in understanding how investors are compensated in the event of a company's liquidation. To put it simply, liquidation preference refers to the order in which different classes of investors are paid out when a company is sold or goes bankrupt. This concept is particularly significant for venture capitalists and private equity investors, as it determines their level of risk and potential return on investment.When a startup raises funds, it often issues different types of shares, usually common and preferred shares. Preferred shares typically come with a liquidation preference, which means that in the event of liquidation, these shareholders will be paid back their initial investment before any distributions are made to common shareholders. For example, if a company is sold for $10 million and has $5 million in preferred shares with a liquidation preference of 1x, the preferred shareholders would receive their $5 million first, while the remaining $5 million would be distributed among common shareholders.The liquidation preference can vary depending on the terms agreed upon during the investment round. Some preferred shares might have a multiple preference, meaning they could receive two or three times their initial investment before common shareholders see any returns. This arrangement can significantly impact the financial outcomes for both preferred and common shareholders, especially in scenarios where the liquidation value is low.Understanding liquidation preference is essential for entrepreneurs as well. When negotiating investment terms, founders must consider how these preferences affect their ownership stakes and future earnings. If a startup has a high liquidation preference for its investors, it may lead to less favorable outcomes for the founders and employees holding common stock. Therefore, balancing the interests of investors with those of the company’s team is vital for long-term success.Moreover, the presence of a liquidation preference can also influence the behavior of investors during a sale. Investors with a strong preference may push for a sale even if it is not in the best interest of the company’s long-term growth. They might prefer a quick exit that guarantees their return rather than waiting for the company to reach its full potential. This dynamic can create tension between stakeholders who have different priorities.In conclusion, liquidation preference is a fundamental concept in venture capital and private equity that affects how investments are structured and how risks are managed. Both investors and entrepreneurs must understand its implications to navigate the complexities of funding and ownership effectively. By recognizing the importance of liquidation preference, stakeholders can make informed decisions that align with their financial goals and strategic interests. Ultimately, a clear understanding of this term can lead to better negotiation outcomes and healthier business relationships in the competitive landscape of startups and investments.

在金融和投资的世界中，像清算优先权这样的术语在理解公司清算时投资者如何获得赔偿方面起着至关重要的作用。简单来说，清算优先权指的是在公司出售或破产时，不同类别的投资者获得支付的顺序。这个概念对于风险投资家和私募股权投资者尤为重要，因为它决定了他们的风险水平和潜在的投资回报。当一家初创公司筹集资金时，通常会发行不同类型的股票，通常是普通股和优先股。优先股通常附带清算优先权，这意味着在清算事件中，这些股东将在任何分配给普通股东之前收回他们的初始投资。例如，如果一家公司以1000万美元的价格出售，并且有500万美元的优先股，其清算优先权为1倍，则优先股东将首先获得他们的500万美元，而剩余的500万美元将分配给普通股东。清算优先权可以根据投资轮期间达成的条款而有所不同。一些优先股可能具有倍数优先权，这意味着他们可以在普通股东看到任何回报之前，获得其初始投资的两倍或三倍。这种安排可以显著影响优先股东和普通股东的财务结果，尤其是在清算价值较低的情况下。理解清算优先权对企业家来说也至关重要。在谈判投资条款时，创始人必须考虑这些优先权如何影响他们的所有权份额和未来收益。如果一家初创公司的投资者拥有较高的清算优先权，这可能会导致持有普通股的创始人和员工的结果不利。因此，平衡投资者与公司团队利益之间的关系对于长期成功至关重要。此外，清算优先权的存在还可能影响投资者在出售过程中的行为。拥有强大优先权的投资者可能会推动快速出售，即使这并不符合公司长期增长的最佳利益。他们可能更喜欢确保回报的快速退出，而不是等待公司达到其全部潜力。这种动态可能会在拥有不同优先事项的利益相关者之间产生紧张关系。总之，清算优先权是风险投资和私募股权中的一个基本概念，它影响投资结构和风险管理方式。投资者和企业家都必须理解其影响，以有效地应对资金和所有权的复杂性。通过认识到清算优先权的重要性，利益相关者可以做出明智的决策，与其财务目标和战略利益保持一致。最终，对这一术语的清晰理解可以带来更好的谈判结果和更健康的商业关系，在竞争激烈的初创企业和投资环境中。