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第一阶段 为需要扩展初始资本和需要资金的公司企业进行的融资，一般用于开展制造或销售业务。 First Stage Financing provided to companies that have expended their initial capital and require funds, often to initiate commercial manufacturing and sales。 第二阶段 对已经实现初期资本扩张的公司提供营运资金，公司此时应具有生产运输能力，拥有不断增长的财务性收入和存货。虽然公司已取得明显进展，但多半还未能产生利润。 Second Stage Funds provided for the major growth of a company whose sales volume is increasing and that is beginning to break even or turn profitable. These funds are typically for plant expansion, marketing and working capital development of an improved product. 第三阶段 主要为业务增长提供资金，在这一阶段的公司销售量呈不断增长趋势并已实现盈亏相抵或开始有盈利。这些资金主要是用来对改良后的产品进行扩大生产、拓展市场营销渠道和扩大运营资本。 Third Stage Funds provided for the major growth of a company whose sales volume is increasing and that is beginning to break even or turn profitable. These funds are typically for plant expansion, marketing and working capital development of an improved product. 后续投资 由一个已对公司进行前期投资的投资者继续投资，总的说来是与初始（种子）投资相对应。 Follow-on/Later Stage A subsequent investment made by an investor who has made a previous investment in the company -- generally a later stage investment in comparison to the initial investment. 全部资金 用来为生产管理中所需购买生产线、收购其他业务所提供的资金，它可以处于公司发展中的任何阶段，资金的来源可以是任何上市公司或私人的企业。 Buyout Funds provided to enable operating management to acquire a product line or business, which may be at any stage of development, from either a public or private company. 二购级买 从公司现有的股东手中收购股票，而不是直接从发行股票的公司购买。 Secondary Purchase Purchase of stock in a company from a shareholder, rather than purchasing stock directly from the company. 种子投资 为希望在６个月到１年的期间内公开上市的公司进行融资，以支付上市准备期间所发生的费用。通常融资是由机构组织进行的，以便将来可以从公开发行的承销过程中获得收益回报。 （责任编辑：晨鸿） |
