Liquidation Preferences，指“优先清算权”。优先清算权是指具有该等权利的股东在公司清算、创始人控制权或公司主要资产转移等情况下，优先于创始人及其他股东分配公司清算财产或转让价款的权利。一般情况下，优先清算权是公司股东为PE/VC等投资者所设置的权利。简单来说，优先清算权就是决定公司在清算后蛋糕怎么分配，即资金如何优先分配给持有公司某特定系列股份的股东，然后再分配给其他股东。

A liquidation preference is one of the primary economic terms of a venture finance investment in a private company. The term describes how various investors' claims on dividends or on other distributions are queued and covered. Liquidation preference establishes that certain investors receive their investment money back first before other company owners in the event the company is sold, has a public offering, pays dividends, or has another liquidation (payout) event. （来自Wikipedia）

例句：

And, as we’ve seen, certain clauses can make a huge difference (such as the liquidation preferences and anti-dilution clauses).

正如我们所见，某些条款能造成巨大的差异(比如优先清算权和反稀释条款)。

These securities have a variety of protections-such as liquidation preferences and voting rights-that provide VCs with downside protection and control.

这些证券有多种保护性措施，比如优先清算权和投票权-这给风投提供了下行保护和控制。