The danger, however, is that the IPO slump is the result of deeper changes in financial markets’ functioning in a post-crisis world.
最令人担忧的一种可能是,IPO活动低迷是后危机时代金融市场功能发生深层次变化的结果。
IPOs have a seriously tarnished reputation. The impression is of IPOs being about existing owners cashing in. Investors have been sold short, with prices pitched too high and insufficient attention to ensuring a profitable aftermarket. Facebook’s jinked US IPO is etched in investor’s minds globally; the social network’s shares are still a third below May’s $38 listing price.
近年来IPO活动的市场声誉受损严重。市场人士普遍形成了这样的看法:IPO是公司所有者的圈钱渠道。参与IPO认购的投资者遭遇卖空冲击,影响因素包括发行定价过高,以及公司管理层没有对保证上市之后二级市场仍有获利空间给予足够重视。Facebook在美国IPO之后急转直下的走势给全球投资者留下了深刻印象,目前这家社交网站的股价仍较其每股38美元的发行价低约三分之一。
Of the main share listings in London since the start of 2010, more than half are trading below the issue price, according to figures compiled by Deloitte. “The days are over when something was left on the table, and both bankers and investors took a longer-term view. We are in a different world, says Paul Woolley, senior fellow at the London School of Economics.
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