青島希尼爾翻譯公司（www.myfavoritepainters.net）整理發(fā)布2017-08-04

希尼爾翻譯公司（www.myfavoritepainters.net）2017年8月4日了解到：The US market in public share listings is ailing; over the past two decades, the number of initial offerings has plunged 45 per cent. That is one reason Barack Obama, then president, passed the Jumpstart Our Business Startups Act, which allowed listing companies worth less than $1bn to keep their finances private for longer.

美國(guó)首次公開發(fā)行(IPO)市場(chǎng)出現(xiàn)了問題；過去20年里，IPO數(shù)量暴跌了45%。這也是時(shí)任美國(guó)總統(tǒng)巴拉克?奧巴馬(Barack Obama)簽署《創(chuàng)業(yè)企業(yè)融資法案》（Jumpstart Our Business Startups,簡(jiǎn)稱JOBS）的一個(gè)原因——該法案允許價(jià)值不足10億美元的擬上市公司延長(zhǎng)其財(cái)務(wù)數(shù)據(jù)的保密時(shí)間。
The Trump administration recently loosened those standards to include any company of any size, the idea being that less onerous reporting standards would encourage more public offerings.
特朗普(Trump)政府最近進(jìn)一步放松了標(biāo)準(zhǔn)，把所有規(guī)模的公司都包括進(jìn)來，想法是為繁瑣的財(cái)務(wù)報(bào)告標(biāo)準(zhǔn)減負(fù)能鼓勵(lì)更多的企業(yè)上市。
Jay Clayton, US Securities and Exchange Commission chair, positioned it as a big win for the little guy. The extent, he said, to which companies are eschewing public markets in the US makes most individual investors unable to benefit from their growth.
美國(guó)證交會(huì)(SEC)主席杰伊?克萊頓(Jay Clayton)認(rèn)為這是散戶的重大勝利。他說，越來越多的公司回避在美國(guó)上市，讓大多數(shù)散戶投資者無法受益于它們的發(fā)展。
It is a laudable goal, not only when viewed through the lens of wealth sharing but also because companies that go public create jobs faster than those that remain private.
這是一個(gè)值得稱贊的目標(biāo)，不僅是從財(cái)富分享的角度來看是這樣，而且還因?yàn)樯鲜泄緞?chuàng)造就業(yè)的速度要超過那些未上市公司。
Yet the logic of loosening standards to increase the number of companies seeking to list is wrong. It is true that the regulatory burden for public companies has risen, in part because of greater reporting demands following scandals such as Enron and the financial crisis.
然而，通過放松標(biāo)準(zhǔn)來增加擬上市公司數(shù)量的邏輯是錯(cuò)誤的。的確，上市公司的監(jiān)管負(fù)擔(dān)有所增加，這在一定程度上是在安然(Enron)等丑聞和金融危機(jī)之后會(huì)計(jì)報(bào)告要求提升所致。
But by and large, companies are not eschewing public markets because of what happens during the IPO process, but because of what happens before and after. An increase in private funding sources, looser patent enforcement, added pressure for short-term results and a fraying social safety net that stymies risk-taking have reduced willingness to seek an IPO.
但總的來說，公司逃避上市，問題并不出在IPO期間，而出在IPO之前與之后。私人融資來源增加，專利執(zhí)法力度減弱，短期業(yè)績(jī)壓力上升，以及捉襟見肘、抑制冒險(xiǎn)的社保體系，都降低了企業(yè)上市的意愿。
As Steve Case, chief executive of Revolution, a Washington-based venture capital group, and founder of AOL, recently pointed out, “companies used to go public to actually raise operating capital”.
正如華盛頓風(fēng)險(xiǎn)資本集團(tuán)Revolution首席執(zhí)行官、美國(guó)在線(AOL)創(chuàng)始人史蒂夫?凱斯(Steve Case)最近指出的那樣，“公司過去上市真的是為了籌集運(yùn)營(yíng)資本”。
Now the goal of an IPO is all too often for investors to “exit” with as high a valuation as possible. Many sources of private money, from hedge funds and private equity firms to sovereign wealth funds, are eager for a cut of a hot sector. Facebook raised $2.2bn in private equity funding over seven years ahead of its IPO.
如今，對(duì)投資者來說，IPO的目標(biāo)往往是獲得盡可能高的估值“退出”。從對(duì)沖基金到私人股本公司和主權(quán)財(cái)富基金，許多私人資金來源都渴望從熱門行業(yè)中分得一杯羹。Facebook在上市前的7年里從私人股本資金那里籌得了22億美元。
Uber has raised five times that as well as more than $3bn in debt funding thanks to low interest rates.
優(yōu)步(Uber)經(jīng)歷了5輪融資，此外還得益于低利率，通過債務(wù)融資逾30億美元。
This means that, even as the number of IPOs has decreased, the average size of companies that go public has increased dramatically. This has the effect of keeping more money in private hands: even large asset managers know they may not receive all the shares they want from a hot IPO in a constrained market, so they buy in early, acquiring a stake in the pre-public phase. A winner-takes-all dynamic is created in which a small number of institutional investors get in early on hot new companies, and fewer such companies need to come to market.
這意味著，即便IPO數(shù)量減少了，上市公司的平均體量卻大幅增加。結(jié)果是讓更多的錢保留在私人手中：即便大型資產(chǎn)管理公司也知道，它們?cè)谝粋€(gè)受限制的市場(chǎng)中可能拿不到熱門IPO公司的所有股份，因此它們提早買入，在公司上市前收購(gòu)股份。由此造成了一種“贏家通吃”的局面：少數(shù)幾家機(jī)構(gòu)投資者早早獲得熱門上市公司的股份，而需要上市融資的此類公司越來越少。
Other reasons lie behind the dramatic decline in IPOs, such as weaker patent protection over the past 10 years, which makes it tougher for start-ups to protect their intellectual property and thus garner investment.
IPO數(shù)量大幅下降還有其他原因，比如過去10年專利保護(hù)力度減弱，這讓初創(chuàng)企業(yè)更難保護(hù)自己的知識(shí)產(chǎn)權(quán)，從而獲得投資。
Macro issues such as decreasing public spending and a threadbare social security system play a role. The lack of single payer healthcare, for example, makes it more difficult for Americans to leave their jobs to start companies. A 2008 Harvard study estimated 11m workers were caught in “job lock” because they were dependent on employer-based healthcare.
公共支出不斷下降和社保體系日顯陳腐等宏觀問題也是原因之一。例如，缺少全民醫(yī)保制度讓美國(guó)人更難離職創(chuàng)業(yè)。哈佛大學(xué)(Harvard)在2008年的一項(xiàng)研究估計(jì)，有1100萬人由于依賴雇主繳納醫(yī)保而卡在現(xiàn)有工作里。
An increase in student debt, thanks in part to lower state funding of college costs, has held back would-be entrepreneurs. “With that [$1.4tn] student debt burden on their shoulders, many millennials don’t feel empowered to take the risk of striking out on their own,” says David Jolley, Americas growth markets leader at EY, the accounting firm.
學(xué)生債務(wù)增長(zhǎng)——部分歸因于政府削減了對(duì)大學(xué)開銷的資助——阻止了未來的創(chuàng)業(yè)家。會(huì)計(jì)公司安永(EY)的美國(guó)增長(zhǎng)市場(chǎng)主管大衛(wèi)?喬利(David Jolley)表示：“背負(fù)著（1.4萬億美元的）學(xué)生債務(wù)負(fù)擔(dān)，許多千禧一代人覺得沒有勇氣冒險(xiǎn)創(chuàng)業(yè)?！?span id="88339achw" class="style54">
What is to be done? In lieu of a debt jubilee or healthcare reform, pushing back against short-term market pressure is a good start. Making share buybacks illegal, for example, as they were before 1982, would be a step in the right direction, as would limiting the amount of performance pay that can be awarded in stock options. These give business leaders major incentives to think more about the short rather than long term.
那么應(yīng)該怎么辦？應(yīng)該從抵制短期市場(chǎng)壓力做起，而不是債務(wù)豁免或者醫(yī)療改革。例如，就像1982年以前那樣，讓股份回購(gòu)不合法是向正確方向邁出的一步，限制以期權(quán)形式獲得的績(jī)效薪酬額也是正確之舉。這些做法讓企業(yè)高管更有動(dòng)力考慮短期而非長(zhǎng)期利益。
Chief executives and investors such as Jamie Dimon, Larry Fink and Warren Buffett have spoken out about the need to shift standards of corporate governance so that boards can focus less on “tick the box” legal demands and more on management, strategy and risk evaluation. That would probably require major tort reform. One of the reasons boards spend so much time on such issues is the amount of corporate litigation in the US.
杰米?戴蒙(Jamie Dimon)、拉里?芬克(Larry Fink)和沃倫?巴菲特(Warren Buffett)等首席執(zhí)行官和投資者們公開表示有必要改變企業(yè)治理標(biāo)準(zhǔn)，從而讓董事會(huì)少去在意那些只需“打勾”的法律要求，而更多地關(guān)注管理、戰(zhàn)略和風(fēng)險(xiǎn)評(píng)估。這可能需要對(duì)民事侵權(quán)法進(jìn)行重大改革。董事會(huì)之所以花這么多時(shí)間關(guān)注此類事情，原因之一就是美國(guó)的企業(yè)訴訟非常多。
美國(guó)IPO數(shù)量為何暴跌.jpg

There is lower hanging fruit, namely focusing on the types of businesses in the US that need funding. Most of them are not those that would list but those that are making ends meet via founders’ personal credit cards and loans from community banks, which have been unfairly constrained by Dodd-Frank rules. Community banks represent 13 per cent of banking industry assets but 43 per cent of all small business funding.

還有一種更容易獲得成功的做法，即聚焦于美國(guó)需要融資的企業(yè)種類。其中大多數(shù)公司不會(huì)去上市，而是通過創(chuàng)始人的個(gè)人信用卡和社區(qū)銀行貸款來實(shí)現(xiàn)收支平衡，后者不公平地受到《多德-弗蘭克法案》(Dodd-Frank Act)的限制。社區(qū)銀行僅占銀行業(yè)總資產(chǎn)的13%，但貢獻(xiàn)了所有小企業(yè)融資的43%。
If the Trump administration wants to repeal regulation, it would do better to focus efforts, not around making public markets more opaque, but on helping bolster the institutions that encourage start-ups to market in the first place.
如果特朗普政府希望解除監(jiān)管，那么最好不要讓公開市場(chǎng)變得更加不透明，而是首先要幫助改善那些鼓勵(lì)初創(chuàng)企業(yè)進(jìn)入市場(chǎng)的機(jī)制。

來源:可可英語