8. Both equity and debt bring special
challenges to the investor,
and to the company.
Sometimes, the risk and reward are
not in harmony.
产权和债务这两种形式都会给投资
人，
和公司带来挑战 。
有的时候，风险和回报不能协调 。
9. This causes imbalance, and
potential problems
for investors, companies,
employees and society.
这就造成不平衡的原因，和有可能
对投资者，公司，
职工和社会产生的问题
13. Can often be better than
Equity = Ownership
Debt = Borrowing
这个方法较好于
产权＝拥有
债务＝借贷
14. Royalty method is based on traditional
Chinese business principles.
Friends and relatives helped each other
in exchange for a share of their revenues.
No ownership or lending was needed.
分享方法是中国商业传统的要领为基础
亲朋好友互相帮助
交换来分享他们的收入
不需要拥有或借贷
15. The REX system adapts this simple
traditional formula to modern, fast-moving
international capital markets.
龙狮系统引用了这一简单的传统公
式
它适用于国际资金现代快速发展的
市场
16. Royalties are often better
for early stage and private
companies.
分享时常对
早期和私人公司较为有利
17. Equity and debt will still have an important role
but royalties offer a fresh option;
design is based on years of analysis
of investor and company needs.
产权和债务仍然有一定的重要作用
然而分享给予一个新鲜的选择；
它是为投资者和公司的需求
为基础而设计的 。
18. Analysis
Center of the problem:
Reported profit is not the best
measure of a company’s value.
分析
问题的中心
利润报告不是一个最好衡量
个公司的价值
19. Investors want to sell their shares
at a higher price than they paid,
usually as soon as possible.
投资者通常是将他们买进的股票
以较高的价格
尽可能快速的转卖出去 。
20. Therefore:
Equity investing requires accurate
prediction of future events
over which people have limited control:
this is not possible.
因此：
产权投资需要准确的预测未来事件
人的控制是有限的
21. “Heaven’s calculation is beyond human
understanding.”
“Natural law is deeper than human law.”
« 人算不如天算 »
« 道法的力量大于人所制定的法 »
22. But markets --
other investors, companies, banks,
government, analysts --
determine price and timing.
可是市场以及
其它投资者，公司，银行，政府，
分析师等
取决于价格和时间
23. Markets measure
the profit the company earns today, and
project the expected profit into the
future.
衡量市场
是从公司当今的营利，到
未来所预期的利润
24. If profit does not match projections,
the company’s value is lower
and the time to receive a return is
longer.
如果预计的利润达不到比例，
公司的价值就降低
并且回收的时间就较长
25. Company management may use a wide range
of accounting and other techniques
to determine the profit reported in the
company’s financial statement.
企业管理或许使用一个宽广的
财会和其它技巧来取决
公司财政利润的报告
26. The profits reported do not always fit
the real or best longer term interests
of investors.
利润报告不是永远符合于
真实，也并不是对投资者的一
个最好的长久条件
27. Profit reported may be designed to influence
the timing and price of financial events --
for example: a new sale of stock,
purchase of another company
or the payment of taxes.
利润报告或许是对时间和价格的影响
所设计的金融事态 －－比如：
一个新股票出售，
购买另一家公司
或所交税务
30. Royalties can be paid on any
regular schedule, from a
percentage of a company’s revenues.
分享可以在任何正常的情况下支付的，
从公司营业额的百分比支出
31. Revenues = the company’s sales revenue,
from the first penny to the last
营业额＝公司营销的收入，
从营业额的第一分钱到最后一分钱的收入
32. The company agrees to pay a percentage
of its revenues to the investor.
Whether the company is making or
reporting a profit or not,
royalties always get paid, first priority.
该公司同意以营业额的百分比支付给投资者
无论公司营利或报告如何，
分享部份永远是，首先的支付的。
33. Royalty investors receive an annual audit
of revenues and a clear understanding
of their rights if the company
cannot meet its commitments.
分享投资家获得一份年度营业额审计
并且清晰的理解如果公司不能履行他们的承诺时
投资人的权益
34. How Royalties Work:
The answers to 12 Common Questions
about royalties:
如何运用分享：
有关分享通常的问题有 12 个解答：
35. 1. Royalties can be issued for rights to use property,
such as real estate, equipment, intellectual
property, personal or corporate services
or for cash -- almost any purpose
useful to the company.
1 ，分享可以发行它的使用权，
如房地产、设备、智库、私人和企业服务或现金－－
几乎有助于该公司的任何目的
36. 2. Royalties are issued by a company
for an agreed period of time, requiring
the payment of a percentage of specified revenues.
2 ，分享发行是在某一个时间段的协议上
要求支付指定收入的百分比
37. 3. Royalties can be cancelled, if a pre-agreed
fee is paid by the company.
3 ，如果该公司支付全部协议上的费用，
分享可以取消 。
38. 4. Royalties can be paid for a minimum
amount during a specified period, or for a
total minimum amount
over the entire period.
4 ，分享可以在某个时期
支付最少的金额，或在整个时期中
最少的总金额
39. 5. Royalties can be convertible into shares
of the issuer,
or into various forms of debt.
5 ，分享可以转换为股份，
或各种贷款的格式
40. 6. Royalties can be secured by the transfer
or pledge of assets
or by the guarantee of others.
6 ，分享可以安全的转让或转让财产
或被其他人担保。
41. 7. Royalty payments are not affected by the
profitability of the issuer,
except under special pre-agreed
circumstances.
7 ，分享支付金不影响支付者的利润
除事先在协议讲明的特殊情况
42. 8. Royalties can be paid by the issuer daily,
monthly, quarterly or annually.
In the U.S. patent for REX, the royalties are paid
whenever the issuer receives revenue.
8 ，分享可以按天、月、季度或年度支付
龙狮系统在美国的专利上，企业营业额无论是在何时
即支付分享
43. 9. Royalties are not a debt.
At the end of the contract, the amount paid
to the company for the royalty
does not have to be repaid.
9 ，分享不是债务
在合同到期后，所有支付的分享
不用再重复支付
44. The royalty is an asset
of the investor for a period of time;
after that time, if all royalties have been paid,
nothing further is owed by the company.
分享是投资者
在一个时期的一份财产；
过了这个时期，如果所有分享付清
也就不继续拥有该公司的任何财产
45. The security interest is released, both
company and investor
are satisfied, and the relationship is complete.
投资者和企业家对财利关系已解除
双方受益，两者之间的关系圆满结束。
46. 10. Royalty investors have two
main considerations:
a. the likely survival of the company,
so that royalties can be paid as expected
10 ，分享投资者要考虑两个重点：
a ，企业基本是可以生存的，
所以分享可以得到预期支付
47. b. the prospect for revenue growth of the issuer
so that royalty payments may increase; this factor
should be considered when
considering purchase of the royalty
b ，企业家对营业额增长的预计
因而增加分享收入；这个关键
应在购买分享时考虑到
48. 11. Royalties are financial assets, like stocks,
bonds or property ownership,
and can be sold by one investor to another.
11 ，分享是财政财产，如股票，债卷或财产拥有，
它可以被一个投资者转卖给另一个投资者。
49. 12. When existing royalties are sold,
they would likely sell at a higher price
than originally paid
if the company has rising revenues.
12 ，如果卖掉现有的分享，
这份分享很有可能高于原支付的价格
这或许是该企业的营业额已上升
50. Summary:
Royalties are a solid alternative for investing
in early stage and privately owned companies
总结：
对一个早期和私人拥有的企业
分享对投资是一个实实在在的选择
52. Why?
1. they do not depend on the company’s
profit reports
2. they are a consistent, reliable source of
income for the investor
为什么？
1 ，他们不依赖公司的利润报告
2 ，他们是持续的，
对投资者有可靠的收入来源
53. 3. income increases as
company revenue increases
4. value increases as
company revenue increases
3 ，随之企业的营业额上升收入上升
4 ，随之公司的营业额上升价值上升
