什么是风险投资？ What is venture capital?

听到风险投资，大家通常首先想到的是高风险，高回报。

Hearing about venture capital, the first thing people usually think of is high risk and high return.

在投资上，低风险很难有高回报，这一点不假，但是高风险未必等于高回报， 在硅谷48%的风险投资基金是亏钱的。在中国，挣钱的风险投资据估计只有5%-10%，也就是说大部分都在亏钱。

In terms of investment, it is true that it is difficult to have high returns with low risk, but high risk does not necessarily mean high returns. 48% of venture capital funds in Silicon Valley lose money. In China, it is estimated that only 5%-10% of venture capital makes money, which means that most of them are losing money.

什么是风险投资呢？

What is venture capital?

从资金管理的性质上讲，它是一种特殊的私募基金。 所谓私募，就是说不公开针对大众募集资金，当然在管理上，也采用封闭式管理，既不对外公布业绩和投资回报的细节，也不能在市场上随意交易。

In terms of the nature of fund management, it is a special private equity fund. The so-called private equity refers to not publicly raising funds for the public. Of course, in management, closed management is also adopted. It does not disclose the details of performance and investment returns to the public, nor can it be traded at will in the market.

风险投资总是和创业联系起来的。任何人办公司都离不开资金， 传统上创业资金的合法来源只有两种：一种是靠积累或者继承。中国改革开放后第一代企业家中的很多人都是先靠给大公司打工，积累了一些资本，然后创业成功的。

Venture capital is always associated with entrepreneurship. No one can set up a company without capital. Traditionally, there are only two legal sources of venture capital: one is accumulation or inheritance. After China's reform and opening up, many of the first generation of entrepreneurs relied on working for large companies, accumulated some capital, and then succeeded in starting their own businesses.

第二种是靠借贷。比如从家人、亲戚和朋友那里凑钱，或者把房子抵押出去贷款。如果要求创业者将全部积蓄倾囊而出进行创业，很多人可能会知难而退。而从银行贷款必须要有财产抵押，这也不是所有人都能办到的。

The second is to rely on borrowing. For example, pool money from family, relatives and friends, or mortgage the house for a loan. If entrepreneurs are required to pour out all their savings to start a business, many people may get out of the way. And borrowing from a bank must have property to be mortgaged, which is not something everyone can do.

因此，在很多国家，资金就成了创业的瓶颈。整个欧洲，几乎很少能看到新的公司兴起，很重要的原因是没有风险投资。

Therefore, in many countries, capital has become a bottleneck for entrepreneurship. In Europe, it is rare to see the rise of new companies. The important reason is that there is no venture capital.

风险投资的特点 Characteristics of venture capital

除了某些特殊约定，风险投资一般具备以下特点：

Except for some special agreements, venture capital generally has the following characteristics:

1. 风险投资无需抵押，也不需要偿还。 如果投资成功，风投资本家将获得几倍、几十倍，甚至上百倍的回报，如果投资失败，钱就算打水漂了。

Venture capital does not require collateral or repayment. If the investment is successful, the venture capitalist will get several times, tens of times, or even hundreds of times in return. If the investment fails, the money will be in vain.

今天，中国很多风险投资基金说起来是学习硅谷的这种做法，但实际上生怕创业者把钱给弄丢了，所以加了很多限制条款，比如说“如果几年内不能上市，要每年支付10%的利息”，这样的风险投资已经变味了。

Today, many venture capital funds in China say they are learning from Silicon Valley’s practice, but in fact they are afraid that entrepreneurs will lose their money, so they have added a lot of restrictions, such as "If they can’t be listed within a few years, they have to pay 10% per year. % Interest", this kind of venture capital has changed its flavor.

2. 无论是对投资人，还是对创业者来讲，风险投资的资金，是让创业者在一定时期内，能够专心致志做自己想做的事情，不必为收入和成本发愁，而不是用来烧钱购买市场。

Whether it is for investors or entrepreneurs, venture capital funds are to allow entrepreneurs to concentrate on doing what they want within a certain period of time, without worrying about income and costs, rather than using it to burn Money buys the market.

3. 虽然风险投资人因为占股，甚至占了大部分股份，有权影响所投公司的经营，甚至有时会更换公司的管理层， 但是风险投资人总的角色是“甩手掌柜”。 他们的资金对创业是辅助作用，项目真正成功与否，是看创始人、项目本身，以及运气。如果真到了风险投资人要自己跳进去干预，说明投资已经失败了八九成了。

Although venture capitalists have the right to influence the operation of the company they invest in because they own shares, or even occupy most of the shares, and sometimes even change the company's management, the overall role of venture capitalists is to "shove their hands away." Their funds play a supporting role in starting a business. The real success of the project depends on the founder, the project itself, and luck. If it is true that venture capitalists have to jump in and intervene by themselves, it means that the investment has already failed.

4. 风险投资的规模相比股市、私募基金、房地产、债券等市场，是非常非常小的。 美国在过去的十多年里，每年风险投资的规模只有300-500亿美元左右。相比之下，中国的各种扶持新产业的基金规模要大得多。

Compared with the stock market, private equity fund, real estate, bond and other markets, the scale of venture capital is very, very small. In the past decade or so, the annual venture capital investment in the United States was only about 30-50 billion U.S. dollars. In contrast, China's various funds supporting new industries are much larger.

5. 风险投资的管理者，不论原来从事什么职业，最终都成为了技术专家，而不是财务专家， 他们擅长发现有潜力的创业者和项目，而不需要专注于资本运作。

Venture capital managers, regardless of their original occupation, eventually become technical experts, not financial experts. They are good at discovering potential entrepreneurs and projects without having to focus on capital operations.

对于创业者来讲，风险投资是雪中送炭，是天使，事实上风险投资的早期阶段就被称为天使投资。那么对于创业者来讲，条款这么优厚，风险投资人的利益靠什么保障呢？其实并没有什么严格的保障，而是靠创业者的个人信誉和投资人的眼光（既包括识人，也包括对技术方向的把握）来保障。

For entrepreneurs, venture capital is an angel in the snow. In fact, the early stage of venture capital is called angel investment. So for entrepreneurs, with such generous terms, how can the interests of venture capitalists be protected? In fact, there is no strict guarantee, but it depends on the entrepreneur's personal reputation and the investor's insight (both knowing people and grasping the direction of technology).

因此，风险投资能够成功的社会，需要是一个有完善的信用制度（Credit System）的社会。

Therefore, a society where venture capital can succeed requires a society with a sound credit system.

风险投资是如何运作的？ How does venture capital work?

风险投资追求的是几倍、几十倍甚至几百倍的回报，要取得高额的回报，风险投资基金就必须和世界上最聪明的人打交道，同时他们又是更聪明的人。

Venture capital pursues returns of several times, tens of times or even hundreds of times. In order to obtain high returns, venture capital funds must deal with the smartest people in the world, and at the same time they are smarter people.

那么，风险投资是如何运作的呢？

So, how does venture capital work?

如果是国外的风险投资公司，一般是由风险投资公司出面，邀请投资者组成一个有限责任公司。为了避税，这些公司通常设立在开曼群岛、维尔京群岛或巴哈马等无企业税的地区。

If it is a foreign venture capital company, the venture capital company usually comes forward and invites investors to form a limited liability company. In order to avoid taxation, these companies are usually established in areas where there is no corporate tax such as the Cayman Islands, the Virgin Islands or the Bahamas.

风险投资公司一般会设定“最高融资金额”和“最低投资额”。比如10亿美元为最高融资金额，又比如要求每个投资人至少投入200万美元作为“最低投资额”。

Venture capital companies generally set the "maximum financing amount" and "minimum investment amount". For example, the top 1 billion US dollars is the highest financing amount, and for example, each investor is required to invest at least 2 million US dollars as the "minimum investment amount".

然后，风险投资公司还要公告“投资的去处和目的”。比如确定了必须投中国大陆的科技公司，就不能用于其他目的。

Then, the venture capital company will also announce "the destination and purpose of the investment." For example, if it is determined that it must invest in a technology company in China, it cannot be used for other purposes.

接着要约定“返还期限”。美国的风险投资基金通常是“7+3”，即一般情况下7年时间全部返还，但特殊情况基金有权利要求延长三年时间。不过，在基金返还的期限内，投资人的钱通常拿不回来，除非某些投资的公司上市了，或者被收购了。

Then it is necessary to agree on a "return period". Venture capital funds in the United States are usually "7+3", that is, under normal circumstances, all returns are returned within 7 years, but special circumstances funds have the right to request an extension of three years. However, during the fund return period, investors' money usually cannot be returned unless some of the invested companies are listed or acquired.

最后，就是风险投资基金会有“管理费”和“利润分配比例”。基金通常会收2%的管理费，如果投资有了利润，通常是投资人拿80%，基金拿20%。

Finally, the venture capital fund has a "management fee" and a "profit distribution ratio." Funds usually charge a 2% management fee. If the investment is profitable, investors usually get 80% and the fund gets 20%.

风险投资基金和各种私募基金之所以要拿比较高的管理费，因为它们投资的成本，特别是做投资研究和尽职调查（Due Diligence，简称DD）的成本很高。每年2%的管理费，也只够基金工作人员出差，办公和发基本工资。

Venture capital funds and various private equity funds require relatively high management fees because of their high investment costs, especially the high cost of investment research and due diligence (DD). The annual management fee of 2% is only enough for fund staff to travel, work and pay basic salary.

参与风险投资的人被称为有限合伙人（LP），之所以说有限，是因为他们不需要承担投资失败的连带责任， 大不了自己的钱赔光了就完了。

Those who participate in venture capital are called limited partners (LP). The reason they are said to be limited is because they do not need to bear joint and several liability for investment failure, and it is a big deal that they will lose their money.

风险投资基金的管理者被称为普通合伙人GP（General Partner）。GP不是一个人，而是基金的法人主体，或者说是一群人的整体。 他们除了管理基金做投资，出了问题他们还要负责任。比如说，说好了基金是投晚期的项目，结果GP投资了一个非常早期的项目，如果这个项目投资失败，出资人其实是可以追究他们责任的。 因此，做基金的人要非常非常守纪律。

The managers of venture capital funds are called GP (General Partner). GP is not a person, but the legal entity of the fund, or a group of people as a whole. In addition to managing funds for investment, they are also responsible for problems. For example, if it is said that the fund is investing in a late-stage project, GP invests in a very early-stage project. If the investment in this project fails, the funder can actually hold them accountable. Therefore, the funders must be very, very disciplined.

风险投资提升了创业者成功以及快速成功的可能性，也让风险投资人有了一个名利双收的机会，风险投资对整个社会进步有积极意义。今天我们解释了什么是风险投资？它们具有什么特点？以及是如何运作的？希望对需要风险投资加持的创业者有帮助。

Venture capital enhances the possibility of entrepreneurs' success and rapid success, and also gives venture capitalists another opportunity to earn both fame and fortune. Venture capital has a positive meaning for the progress of the entire society. Today we explained what is venture capital? What are their characteristics? And how does it work? I hope it will be helpful to entrepreneurs who need the blessing of venture capital.