If you want to know whether capitalism is alive and kicking, watch company share launches. Initial public offerings allow investors to profit from business success stories, provide finance for job creation and economic growth, and reinvigorate global equities markets.
如果你想知道资本主义是否活力尚存,观察一下公司股票发行情况就能略知一二。首次公开发行(initial public offering,简称IPO)给投资者们提供了分享企业成功的机会,为创造就业和经济增长提供了资金,并为全球股票市场注入活力。
The latest news is not encouraging. Yesterday’s $1.7bn London debut of Megafon showed European equity capital markets still have a heartbeat. But the poor reception for the Russian mobile phone operator’s shares, which fell below the offer price soon after trading started, will only fuel fears that the runaway IPO success has become an endangered species.
最新的消息很难令人感到振奋。近日Megafon在伦敦首发融资17亿美元的例子表明,欧洲股权资本市场一息尚存。但这家俄罗斯手机运营商新股上市以后的疲软表现(在开盘交易后迅速跌破发行价),加剧了市场有关成功的IPO项目已经成为濒危物种的担忧。
Global IPO volumes have fallen this year to levels scarcely better than in 2008 and 2009, when the world economy reeled from the collapse of Lehman Brothers investment bank. Even in a weak market, Europe is underperforming, accounting for just 11 per cent of global IPO proceeds so far this year. That is less than half last year’s proportion, Thomson Reuters data show. The result has been soul-searching among banks and stock exchanges. The future of the IPO is not just about how well capital markets are functioning. At stake is the sustainability of banks’ equity markets departments, which depend on IPOs spinning off other business but face severe competition in a shrinking industry.
【后危机时代IPO市场大幅萎缩】相关文章:
★ 数字时代的零售业
最新
2020-09-15
2020-09-15
2020-09-15
2020-09-15
2020-09-15
2020-09-15