Paraphrasing　(15th paragraph)

Text

The tech cycle is being exacerbated by the reliance of tech outfits on funding from venture capital, initial public offerings, and junk bonds. All three are highly sensitive to the overall mood of the financial markets. In the boom years, that was all to the good: The amount of venture capital rose from $3.5 billion in 1990 to $104 billion last year, according to Thomson Financial Securities Data’s Venture Economics unit. Beyond being sources of money, VCs sit on start-ups’ boards, help them find suppliers and customers, and redo their business plans when circumstances change. Economists Samuel S.Kortum and Josh Lerner of Harvard Business School estimate that a dollar of venture capital produces three to five times more patents than a dollar of corporate R & D spending.

The main idea of the paragraph

The New Economy depends on the hi-tech industry, and the latter on the investment from venture capital, initial public offerings and junk bonds. At the same time, venture capital, initial public offerings and junk bonds are quite sensitive to both the overall economic performance and the mood of financial markets. Besides, the investment from the three sources contribute much more to patents and inventions than the corporate research and development funds.

新经济的发展取决于高技术产业，而高技术产业的发展则取决于来自于风险资本、首次公开发售（股票）以及垃圾债券的投资，同时风险资本、首次公开发售（股票）以及垃圾债券对经济情况和金融市场的状况很敏感。另外，这三种投资所创造的专利和发明要多于公司研发资金创造的专利和发明。

词语解释

1、venture capital 风险资本

Financing for new businesses. In other words, money provided by investors to innovative enterprises or research, especially in high technology with perceived, long-term growth potential. This is a very important source of funding for startups that do not have access to capital markets. It typically entails high risk for the investor, but it has the potential for above-average returns.

2、junk bond 垃圾债券

Bond paying a high yield but also presenting greater risk than comparable securities. Junk bonds can be identified through the lower grades assigned by rating services （e.g., BBB instead of AAA for the highest quality bonds）. Because the possibility of default is great, junk bonds are usually considered too risky for investment by the large institutional investors （savings and loan associations, pension funds, insurance companies, and mutual funds） that provide U.S. corporations with much of their investment capital. Junk bonds are often issued by smaller, newer companies.

3、financial market 金融市场

A financial market is a mechanism which allows people to trade money for securities or commodities such as gold or other precious metals. In general, any commodity market might be considered to be a financial market, if the usual purpose of traders is not the immediate consumption of the commodity, but rather as a means of delaying or accelerating consumption over time. The financial markets can be divided into different subtypes:

1）Capital markets, trading in long-term debt and equity instruments, which consist of:
Stock markets, which provide financing through the issuance of shares or common stock, and enable the subsequent trading thereof.
Bond markets, which provide financing through the issuance of Bonds, and enable the subsequent trading thereof.

2）Commodity markets, which facilitate the trading of commodities.

3）Money markets, which provide short term debt financing and investment that mature in less than one year and are very liquid such as negotiable certificates of deposit, Eurodollar certificates of deposit, commercial paper, banker's acceptances, Treasury bills, etc.

4）Derivatives markets, which provide instruments for the management of financial risk.

5）Futures markets, which provide standardised forward contracts for trading products at some future date; see also forward market.

6）Insurance markets, which facilitate the redistribution of various risks.

7）Foreign exchange markets, which facilitate the trading of foreign exchange.

4、（to be）（all）to the good

used to say that something that happens is good, especially when it is in addition to or as the result of something else 对 … 有利 e.g. 1）If further improvements can be made, that would be all to the good. 如果能够做进一步的改进，那会很好。 2）The teacher did not see him come in late, which was all to the good. 好在老师没看见他迟到。

5、sit on a board, committee, etc.

be or serve as a member of a board, committee, etc. 当 … 的成员 e.g. 1）I'm going to be sitting on the committee for one more year. 我打算在这个委员会再干一年。 2）Mr. Brown sat on the jury at the trial. 布朗先生在审判该案件时担任陪审员。

6、start-up

A business or an undertaking that has recently begun operation 新兴公司