创业资本

The research discovered:(1) specialist human capital, cooperation social capital and mechanical organization capital support exploitation innovation, generalist human capital, entrepreneurial social capital and organic organization capital support exploration innovation;(2) two kind of intelligence capital structure, specialist human capital cooperative social capital, organic organizational capital and generalist human capital, entrepreneurial social capital, mechanistic organizational capital support contextual ambidexterity.

研究发现：(1)专才型人力资本。合作型社会资本和机械式组织资本支持利用式创新，通才型人力资本、创业型社会资本和有机式组织资本支持探索式创新；(2)两类智力资本结构，专才型人力资本、合作型社会资本、有机式组织资本，以及通才型人力资本、创业型社会资本、机械式组织资本都支持情境二元式创新。

It's helpful to the selection of the model of venture capital in our country.

这对于我国选择发展创业资本市场的模式具有一定的借鉴意义。

Try to colonize as close to your starting capital as possible unless you find some really good systems.

尝试拓殖接近你的创业资本，尽可能除非你找到一些真正好的制度。

In the meantime, the thesis argues that the establishment and perfection of exit mechanism is a gradual process. A market for "enterprise development" should be established to ensure sustained and healthy development of venture capital industry. This thesis consists of 9 parts, including introduction, the basic theory of venture capital and its exit, the main route of exit and comparison, introduction on some exit systems in USA, British, Taiwan and some developed regions, the effect on economic growth, summary and case study of the exit, progressional establishment of venture capital exit system in China, equity pricing patterns for stock transfer and the information to be disclosed, and conclusion etc.

本文分为九个部分，包括导论，创业投资及其股权退出的基本理论，创业投资股权退出的基本方式，美国、英国和台湾多层次资本市场建设及对创业投资股权退出的影响，国内创业投资股权退出的现状及影响股权退出的因素分析，多层次资本市场体系是我国创业投资股权退出机制建设的重要内容，改善创投公司机制和提高被投资企业的质量是我国创业投资股权退出机制建设的重要基础，合理测算和制定转让价格及披露相关信息是当前实现创业投资股权退出的重要措施，主要观点和结论等。

The source of venture capital of China is also discussed in this part.

第二部分分析了高新技术企业在融资需求和供给方面的特性，并阐述了我国创业资本的主要来源问题。

Therefore, in order to achieve a healthy and orderly development the Chinese venture capital must innovate a series of systems ranging from the financing system, financing mode to enterprise organization in order to accelerate the transformation of scientific and technological achievements into productive forces and promote the rapid development of hi-tech enterprises from small to large and vitalize the economy as a whole.

中国创业资本要实现健康、有序的发展，只有进行从融资制度到融资模式再到企业组织的一系列制度创新，创业资本才能加速科技成果向生产力的转化，推动高科技企业从小到大、从弱到强的长足发展，进而带动整个经济的蓬勃与兴旺。

It makes both the entrepreneur and the investor enter into an implicit contract over control, which gives a successful entrepreneur the option to reacquire control from the venture capitalist by using an initial public offering as the means by which the venture capitalist exists from a portfolio investment.

本文从对比这两个国家具有代表性的创业资本市场入手，进一步阐述股票市场和创业资本市场的紧密联系，它使创业者和投资者进入针对控制权的隐性合同，该隐性合同使得一个成功的创业者能够通过首次公开发行的方式使创业投资家退出投资从而促使创业者重新获得控制权。

Nowadays the venture capital in China is not mature, its incentives and restriction system is unperfected.

目前中国的创业资本还不成熟，尚未形成较完善的激励与约束体系。

As a capital market which sustain the middle-scaled and small-scaled high-tech enterprises to establish and develop, The Growth enterprise market is a free capital market in nature

创业板市场作为一个以支持中小企业、支持高新技术企业创业的资本市场，本质上是一个自由资本市场

HAD it not been for the humble typewriter, Austin might have been all politics and football, and no venture capital. In 1967 IBM opened a plant in the city to make Selectric typewriters. It then moved on to mainframe circuit-boards and terminals and eventually to personal computers.

要不是因为不起眼的打字机，奥斯汀市恐怕就只剩下政治和橄榄球了，根本不会吸引到创业资本。1967年， IBM 在这里开办了一家工厂制造电动打字机，之后发展到生产主机板和终端机，直至个人电脑。

Neither the killing of Mr Zarqawi nor any breakthrough on the political front will stop the insurgency and the fratricidal murders in their tracks.

在对危险的南部地区访问时，他斥责什叶派民兵领导人对中央集权的挑衅行为。

In fact,I've got him on the satellite mobile right now.

实际上 我们已接通卫星可视电话了