2019年经济学人 首次公开发行股票(2)

 

The LTSE wants to give entrepreneurs stability and smaller investors¹ more of the upside.

LTSE希望给企业家带来稳定，让较小的投资者获得更多的好处。

It aims for listing requirements that will encourage long-term thinking.

其目标是可鼓励长期思考的上市条件。

One idea is to give longer-term shareholders² more voting power.

一种想法是给更长期的股东更多投票权。

Instead of charging for transactions or data, as most stock exchanges do (though some offer rebates),

莱斯表示，它没有像大部分交易所那样对交易或数据收费（虽然有些提供回扣），

it will charge for add-ons that appeal to startups, says Mr Ries,

但它将对吸引初创企业的附加服务收费，

such as software enabling them to track which shareholders are "tourists" moving in and out and which are "citizens of the republic".

比如能使他们追踪哪些股东是进进出出的“游客”，哪些是“共和国公民”的软件。

He is cagey about specifics, for fear of derailing negotiations³ with the SEC,

他对具体细节讳莫如深，担心会破坏与SEC的谈判

which must approve them before the LTSE's launch later this year or early next.

他们必须在今年晚些时候或明年初LTSE推出之前获得SEC的批准。

Within the limits set by the regulator and the LTSE's philosophy, he says,

他表示，在监管机构和LTSE理念设定的范围内

companies should have "maximum discretion⁴" in how they reward investors' loyalty⁵.

公司应该在如何奖励投资者的忠诚上拥有“最大的自由裁量权”。

The biggest difficulty, says Joseph Grundfest, a former SEC commissioner⁶ now at Stanford University,

现就职于斯坦福大学的前SEC委员约瑟夫 格朗得费斯特表示，

will be finding the right mix of listing requirements—a "sweet spot" where firms' desire for stability meets investors' desire for attractive returns.

最大的困难将会是寻找上市条件的正确组合—一个公司对稳定性的渴望与投资者对可观回报的渴望相匹配的“甜蜜点”。

Some see the LTSE as a disguised ploy⁷ to entrench⁸ the power of founders⁹, early investors and,

一些人认为LTSE是一种巩固创始人、初期投资者以及

ultimately, the Silicon¹⁰ Valley elite¹¹, who would like to take over public markets.

硅谷精英这些想要接管公共市场之人权力的伪装手段。

But if it becomes attractive established bourses, such as the New York Stock Exchange and NASDAQ,

但如果它变得有吸引力，那么像纽约证券交易所和纳斯达克这样的老牌交易所

are likely to launch "panels" of firms that sign up to similar listing requirements while continuing to be traded on these exchanges.

可能会成立“委员会”，由签署类似上市条件的公司组成，同时继续在这些交易所交易。

Indeed, instead of fighting the newcomer, incumbent¹² exchanges should be rooting for it.

确实，与其与新来者竞争，现有交易所应该支持它。

Since a peak in 1996 the number of publicly traded companies in America has fallen by nearly half.

自1996年达到巅峰以来，美国公开上市交易公司的数量下降了近一半。

The experience of Uber and Lyft, a smaller competitor whose share price has fallen by even more since it floated in March,

优步和来福车（这家规模较小的竞争对手，其股价自3月份上市以来下跌幅度更大）的经历

will have done nothing to make IPOS more appealing.

将不会让IPO变得更具吸引力。

Rather, it is likely to speed up efforts under way in both Silicon Valley and New York to avoid IPOS altogether.

相反，它可能会加速硅谷和纽约为避免IPO而共同进行的努力。

Listings these days mostly happen to enable early investors and employees with stock options to cash out.

如今的上市大多是为了让早期投资者和拥有股票期权的员工能够套现。

But financial whizz-kids are already working on a fair, transparent¹³ way

但金融奇才们已经在以一种公平、透明的方式工作

to value the shares of fast-growing private companies without taking them public. How about calling it NOIPO?

以在不上市的情况下评估快速增长的私营企业的股票。称这种方式为NOIPO怎样？

1 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

2 shareholders   

n.股东( shareholder的名词复数 )

参考例句：

• The meeting was attended by 90% of shareholders. 90%的股东出席了会议。
• the company's fiduciary duty to its shareholders 公司对股东负有的受托责任

3 negotiations   

协商( negotiation的名词复数 )； 谈判； 完成（难事）； 通过

参考例句：

• negotiations for a durable peace 为持久和平而进行的谈判
• Negotiations have failed to establish any middle ground. 谈判未能达成任何妥协。

4 discretion   

n.谨慎；随意处理

参考例句：

• You must show discretion in choosing your friend.你择友时必须慎重。
• Please use your best discretion to handle the matter.请慎重处理此事。

5 loyalty   

n.忠诚，忠心

参考例句：

• She told him the truth from a sense of loyalty.她告诉他真相是出于忠诚。
• His loyalty to his friends was never in doubt.他对朋友的一片忠心从来没受到怀疑。

6 commissioner   

n.（政府厅、局、处等部门）专员，长官，委员

参考例句：

• The commissioner has issued a warrant for her arrest.专员发出了对她的逮捕令。
• He was tapped for police commissioner.他被任命为警务处长。

7 ploy   

n.花招，手段

参考例句：

• I think this is just a government ploy to deceive the public.我认为这只是政府欺骗公众的手段。
• Christmas should be a time of excitement and wonder,not a cynical marketing ploy.圣诞节应该是兴奋和美妙的时刻，而不该是一种肆无忌惮的营销策略。

8 entrench   

v.使根深蒂固；n.壕沟；防御设施

参考例句：

• A series of measures were designed to entrench democracy and the rule of law.采取一系列措施旨在巩固民主和法制。
• These dictators have entrenched themselves politically and are difficult to move.这些独裁者在政治上已经站稳了脚跟，很难推翻他们。

9 founders   

n.创始人( founder的名词复数 )

参考例句：

• He was one of the founders of the university's medical faculty. 他是该大学医学院的创建人之一。 来自辞典例句
• The founders of our religion made this a cornerstone of morality. 我们宗教的创始人把这看作是道德的基石。 来自辞典例句

10 silicon   

n.硅(旧名矽)

参考例句：

• This company pioneered the use of silicon chip.这家公司开创了使用硅片的方法。
• A chip is a piece of silicon about the size of a postage stamp.芯片就是一枚邮票大小的硅片。

11 elite   

n.精英阶层；实力集团；adj.杰出的，卓越的

参考例句：

• The power elite inside the government is controlling foreign policy.政府内部的一群握有实权的精英控制着对外政策。
• We have a political elite in this country.我们国家有一群政治精英。

12 incumbent   

adj.成为责任的，有义务的；现任的，在职的

参考例句：

• He defeated the incumbent governor by a large plurality.他以压倒多数票击败了现任州长。
• It is incumbent upon you to warn them.你有责任警告他们。

13 transparent   

adj.明显的，无疑的；透明的

参考例句：

• The water is so transparent that we can see the fishes swimming.水清澈透明，可以看到鱼儿游来游去。
• The window glass is transparent.窗玻璃是透明的。