【正确答案】 A

【答案解析】[解析] 23-30
Woman: Welcome to this week"s programme. I have with me in the studio Mark Fletcher, a business angel. Mark, can you explain what a business angel is?
Man: Yes, well it sounds like someone who is altruistic, but in fact a business angel expects to make a good return on their money. We usually invest in start-ups and small businesses looking to expand. When the company does well we expect our capital back with a substantial return. Sometimes we group together to make a syndicated deal.
Woman: Who act as business angels usually?
Man: Well, angel investors are often retired entrepreneurs or executives, who may be interested in angel investing for reasons that go beyond pure monetary return. These include wanting to keep abreast of current developments in a particular business arena, mentoring another generation of entrepreneurs, and making use of their experience and networks on a less-than-full-time basis.
Woman: How do private companies and angle investors meet each other?
Man: Because there are no public exchanges listing their securities, private companies meet angel investors in several ways, including referrals from the investors" trusted sources and other business contacts; at investor conferences and symposia; and at meetings organised by groups of angels where companies pitch directly to investors in face-to-face meetings.
Woman: How do these investments differ from bank loans?
Man: In my case I like to lend between ten and a hundred thousand pounds to a business. I don"t charge interest, so I"m taking a risk with my money. But within five years I expect to get a good return on this investments about 50 or 60 percent.
Woman: How do you get your money back?
Man: The company either raises money by floating on the stockmarket, or by selling. I will have all agreement with the owners as to how much of the money raised goes to me.
Woman: How do you find a company to invest in?
Man: I belong to a network of business angels, and business owners contact us to find an investor. Typically, they give a presentation to a group of prospective investors, and if anyone likes what they see, they put money into the business. We accept an average of 3 deals for every 10 considered. The most common reasons given for rejecting a deal are insufficient growth potential, overpriced equity, lack of sufficient talent of the management, or lack of information about the entrepreneur or key personnel.
Woman: How do you decide who to invest in?
Man: I go very much by gut feeling. Of course I need to see business plans, but if I think the company is producing something that there"s a market for, and if I think the owners have the drive and ambition to do well, then I"ll put my money in.
Woman: Are all the businesses you invest in successful?
Man: (Laughs)No, of course not. If I invest in ten companies, I expect three or four to go bust, two or three to do OK and a couple to be really good. Those are the ones I make my money on. Earlier this year I got back ten times the amount I"d invested in one company. This makes up for the investments where I make a complete loss.
Woman: And once you"ve invested your money, is that it or do you have any further involvement in the company?
Man: I"m very much a hands-on investor. Before I became a business angel, I ran several successful businesses which I then sold on, so I"ve got plenty of experience and I like to help companies develop and expand. Sometimes I"ll expect to become a director of the company. Other times I concentrate on giving financial advice. The great advantage is that I can see what is happening to my money.
Woman: Thanks very much, Mark. Now if anyone is interested in contacting a business angel, you can find out more information on our website.

[答案精解] 该题所问的是投资天使都把资金投向哪些人。Mark Fletcher回答“We usually invest in start-ups and small businesses looking to expand.”据此判定为A项为正确答案。

【正确答案】 B

【答案解析】[解析] 本题的题干是“投资天使一般是……”，Mark Fletcher回答“angel investors are often retired entrepreneurs or executives，who…”所以B项应是正确答案。

【正确答案】 C

【答案解析】[解析] 该题问的是下列哪项不是个人做投资天使的原因?在对话中Mark Fletcher提到投资天使的目的并不仅仅是赚钱，且根据关键句“These include wanting to keep abreast of current developments in a particular business arena, mentoring another generation of entrepreneurs, and making use of their experience and networks on a less-than-full-time basis.”由此可知正确答案应是C项。

【正确答案】 B

【答案解析】[解析] 该题问的是下列哪个不是投资天使与私人公司结识的渠道?关键句是“…private companies meet angel investors in several ways, including referrals from the investors" trusted sources and other business contacts; at investor conferences and symposia; and at meetings organised by groups of angels where companies pitch directly to investors in face-to-face meetings.”这一关键句点出了答案。

【正确答案】 A

【答案解析】[解析] 该题问及投资天使投资跟银行借贷的不同。根据关键句“I don"t charge interest, so I"m taking a risk with my money”，因此应选A项。

【正确答案】 C

【答案解析】[解析] 该题问天使投资者期望多久就从所投资的公司得到很好的收益。根据关键句“But within five years I expect to get a good return on this investment…”，因此应选C项。

【正确答案】 C

【答案解析】[解析] 哪个不是投资天使拒绝借款给一个公司的理由?关键句是“The most common reasons given for rejecting a deal are insufficient growth potential, overpriced equity, lack of sufficient talent of the management, or lack of information about the entrepreneur or key personnel.”所以C项才是正确选项。

【正确答案】 B

【答案解析】[解析] 该题所问的是投资天使在所投资的企业里所扮演的角色。根据关键句“I"m very much a hands-on investor…so I"ve got plenty of experience and I like to help companies develop and expand. Sometimes I"ll expect to become a director of the company. Other times I concentrate on giving financial advice…”故B项为正确选项。