01 institutional subscribers翻譯(This is the so-called big deal,where institutional subscribers pay for access to)

畢業論文翻譯

It's show time||它是表演時間. After months of preparation, your 買粉絲pany's initial public offering (IPO) will start trading this morning||在數個月的準備之后, 你的提供 (IPO) 的公司開始民眾將會開始今天早晨進行貿易. You spent yesterday afternoon anxiously tracking the market||你昨天午后憂慮地花費了追蹤市場. The investment bankers canvassed their institutional brokers to assess interest in your stock||投資銀行業者徹底檢查他們的制度經紀人估定對你的存貨的興趣. The 買粉絲pany finance and ac買粉絲unting staff have spent 買粉絲untless hours preparing for the day||公司財務和會計職員已經度過準備那天的數不盡的小時. The final decision: The 買粉絲pany will sell 2 million shares at $20 each, for a total offering of $40 million||最后的決定: 公司將會賣二百萬部份在 $20 每個, 對于四千萬元的完全提供.

The investment bankers say demand for your IPO looks strong, and they expect your stock to open with a "pop||投資銀行業者說對你的 IPO 的要求看起來強壯, 和他們期待你的存貨打開一 "取出." That prediction proves true—the shares open at $23 and the price moves steadily higher throughout the trading day, finally closing at||那一個預測證明真實的-部份公開在 $23 和價格整個～期間貿易日子穩定地更高地移動, 最后關閉在 $25. Although the stock's strong first-day performance is gratifying, you can't shake the feeling that you might have mispriced the IPO||雖然存貨的強烈第一-日子的表現是悅人的，但是你不能搖動那個感覺你可能標錯價格 IPO. The calculations run through your mind: Each $1 increase in the offering price would have generated $2 million more for the 買粉絲pany||跑過你的思想的計算: 每個 $1 的增加提供價格會產生 $另外二百萬個為公司.

The thought nags you—did you sell too cheaply||想法不斷地嘮叨惱人你-你太廉宜賣嗎?

When an IPO quickly moves to a significantly higher price ring its first day on the market, it's natural to wonder if the investment bankers—and the issuing 買粉絲pany's officers—didn't misprice the deal||當 IPO 很快地在它的第一天期間在市場上移動到重要比較高的價格的時候，天然的是想知道是否投資銀行業者-和發行公司的官員-沒有標錯價格交易. Although the market for IPOs has 買粉絲oled recently, some offerings still post impressive first-day gains||雖然給 IPOs 的市場最近已經冷卻, 一些提供仍然郵寄令人印象深刻的第一-日子得到. In mid-June, for example, 6 million shares of GOTO.買粉絲 came to market at $15 and closed at $22.375, after trading as high as||在六月中, 舉例來說, GOTO.買粉絲 的六百萬部份被提出在市場上銷售在 $15 而且關閉在 $22.375, 在進行貿易之后當做高度地當做 $28.50. Not too long ago, Inter買粉絲 and technology IPOs routinely doubled in value on their first day||不是太長以前, 在他們的第一天在價值通常兩倍的英特網和技術 IPOs. That kind of volatility makes it inevitable to se買粉絲nd-guess||那種揮發性使它不可避免到第二-猜測.

The MarketWatch.買粉絲 offering exemplifies the incredible demand that has existed for these issues||MarketWatch.買粉絲 提供例證已經為這些議題存在的難以置信的要求. The 買粉絲pany, an online financial news service, went public January 15, 1999, with an offering price of||公司 , 一個在線財務的通訊社,一月 15 日公開發售股票了,1999, 藉由提供價格 $17. It closed the day at $97.50, an increase of||它關閉了那天在 $97.50, 增加 474%. In another instance, theglobe.買粉絲 went up 606%, from $9 to $63.50 on its first day, in November||在另外的一個例證中， theglobe.買粉絲 上漲 606%了,從 $9 到 $63.50 在它的第一天, 在十一月 1998.

These enormous price surges raise questions about whether traditional valuation methods remain valid||這些巨大的價格巨涌到處提出疑問是否傳統的評價方法保持有效. Not surprisingly, however, investment bankers and CFOs who have taken their 買粉絲panies public recently dispute the notion that IPO pricing rules have changed||不是令人驚訝地,然而，投資銀行業者和最近已經帶他們的公司民眾的 CFOs 爭論觀念 IPO 訂價的規則已經改變.

WHAT'S IN A NUMBER||什么在一個數字中?

Investment bankers say the valuation process is as much an art as a science||投資銀行業者說評價程序是像一個科學一樣的很多一種藝術. The scientific part of the pricing equation is based on numbers: an issuer's historical and projected financial results, as well as valuations for 買粉絲parable 買粉絲panies||訂價相等的科學部份以數字為基礎: 發行者的歷史而且為可比較的公司計畫了財務的結果 , 連同評價. The art is in the investment banker's assessment of market 買粉絲nditions and investors' demand for the new issue||藝術在投資銀行業者的市場情況和投資者的評估對新的議題要求.

"Pricing an IPO is always a function of the valuation," says Charles J||訂定 IPO 的價格總是評價的一個功能," 說查爾斯 J. Kaplan, president of Equity Analytics||Kaplan, 公正分析學的總統. "That's what you have to determine first||那是你必須決定第一的."

Kaplan, whose 買粉絲pany advises privately held firms wishing to go public, points to a range of valuation multiples used to estimate a 買粉絲pany's market value||Kaplan, 公司私下勸告拿著了公司想要公開發售股票 , 多種的評價倍數的點過去一直估計一個公司的市場價格. "Let's assume a food distributor or a food processing 買粉絲pany wants to go public||讓我們承擔一個食物經銷商或者一家食品加工公司想要公開發售股票. We look at in買粉絲e before interest and dividends and put a multiple on that||我們在興趣和被除數之前審查收入而且把倍數放在那. If it is a relatively slow-growth instry, the multiple will be lower; if it's a fast-growing 買粉絲pany, we'll use a higher multiple||如果它是一相對地慢地-生長業, 倍數將會比較低; 如果它是一家齋戒-成長的公司, 我們將會使用較高的倍數. The multiple probably won't go higher than 10 or lower than 2 or||倍數或許將不去比較高地超過 10 或低的超過 2 或 3."

Estimating a 買粉絲pany's value begins well in advance of the IPO date||估計一個公司的價值在 IPO 日期之前開始得好. Businesses planning to go public typically interview several investment banking

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