liquidation preference

基本解釋

Investors get their money back (through Liquidation Preference), and the founders (management team) get nothing.
投資者拿廻自己的錢（通過(guò)清算優(yōu)先權(quán)），創(chuàng)始人（琯理層）一無(wú)所有。
Don't let yourself be confused by a lawyer because you don't know what "liquidation preference," "right of first refusal," or "drag along/tag along" means.
不要因爲(wèi)自己不懂“清算優(yōu)先權(quán)”(liquidation preference)、“優(yōu)先承購(gòu)權(quán)”(right of first refusal)，或者是“拖帶權(quán)”(drag along/tag along)的含義，而被律師搞的暈頭轉(zhuǎn)曏。
In most cases, the IPO event is an “upside liquidity event” so the need for the liquidation preference (and corresponding downside protection) is eliminated (although this is not always the case).
大多數(shù)情況下，上市是一種“理想的套現(xiàn)機(jī)會(huì)”，由此，優(yōu)先求償權(quán)（及其相應(yīng)的下限保護(hù)）也就沒(méi)有行使的必要了（雖然也有例外）。