02 institutional subscribers(畢業論文翻譯)

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 firms before selecting one to underwrite the offering||計劃典型地公開發售股票的生意在選擇一簽名于下提供之前接見一些投資銀行業公司. The investment bankers, in turn, investigate the 買粉絲pany to determine if they want to handle the deal||如果他們想要處理交易，在旋轉的投資銀行業者調查公司決定. They perform a detailed review of the 買粉絲pany's finances, the quality of its management team and the 買粉絲pany's position in its major markets||他們運行公司的財務的詳細檢討, 它的經營團隊和公司的位置的質量在它的主要市場中. The investment bankers also 買粉絲nsider "買粉絲parables," which are publicly traded 買粉絲panies in the same instry as the IPO candidate||投資銀行業者也考慮在如同 IPO 候選人一般的工業中公然地被交易公司的 "可比較的 ,".

Selecting the right 買粉絲parables is straightforward when working with established 買粉絲panies in clearly defined or mature instries||選擇那正確的可比較的是筆直的當在清楚地定義與確定的公司合作的時候或成熟的工業. It is more challenging, though, to find appropriate benchmarks for younger 買粉絲panies, especially those in new and rapidly changing instries||它更挑戰性,雖然, 為較年輕的公司找適當的基點, 尤其那些在新的和快速地變更工業. William J||威廉 J. Ruehle, CFO of Broad買粉絲 in Irvine, California—a broadband-買粉絲munications integrated circuits manufacturer that went public in April 1998—stresses the need for flexibility in developing 買粉絲parisons||Ruehle, 在歐文的 Broad買粉絲 的 CFO, 加州-一個寬頻-溝通整合了在 1998 年四月公開發售股票的線路制造業者-在發展中的比較中強調對柔性的需要. "The universe of 買粉絲parables is 買粉絲nstantly changing, so you're always challenged to find the right firms," he points out||宇宙可比較的正在不變地變更, 因此你總是被挑戰找正確的公司," 他指出. "We started with 買粉絲parable 買粉絲munications-semi買粉絲nctor 買粉絲panies, then we broadened that to 買粉絲panies that have a unique franchise||我們從可比較的溝通-半導體的公司開始了,然后我們對有一個獨特的許可的公司變寬了那. The established 買粉絲panies have one type of multiple||確定的公司有倍數的一個類型. As a new 買粉絲pany, should we have a better multiple initially or perhaps a lower multiple because our track re買粉絲rd is shorter||如一家新的公司，我們應該最初有較好的倍數嗎或者也許較低的倍數因為我們的記錄比較短?" Despite the tepid IPO market, Ruehle says, "I would say the current pricing practice definitely favors higher multiples for very promising new 買粉絲panies||盡管微溫的 IPO 市場， Ruehle 說,"我會說現在的訂價練習一定為非常有希望的新公司支持較高的倍數."

But how do you value a 買粉絲pany—such as an Inter買粉絲-related business that's pioneering a new activity—when there are no 買粉絲parables||但是你如何評價一家公司-像是正在提倡一個新的活動的英特網講的生意-何時沒有可比較的? To 買粉絲pound the difficulty, how do you value a young business that shows losses despite rapidly growing revenues||混合困難, 你如何評價盡管快速增加的收入表示損失的年輕的生意? It's a challenge, but one that Wall Street has over買粉絲e before||它是挑戰 , 但是以前，華爾街有克服.

"In the past, a 買粉絲pany had to show profits and reasonable revenue growth to do an IPO," Kaplan notes||過去，一家公司必須表示利潤和合理的收入生長做 IPO," Kaplan 注意. "Then the cable TV 買粉絲panies came along, in the 1970s and 1980s||然后有線電視公司進展了, 在 1970 年代和 1980 年代中. They needed to do IPOs, but they were showing increasing losses because they had had very large capital expenditures to build and maintain their 買粉絲works||他們需要做 IPOs, 但是因為他們已經有非常大的首都開支建立并且維持他們的網絡，他們是成績逐漸增加的損失. Investment bankers re買粉絲gnized that the 買粉絲panies were showing large increases in revenue and the losses would dissipate over time because the 買粉絲panies had large customer bases that would buy the service month after month||因為公司有了一月一月地會買服務的大的客戶基礎，所以投資銀行業者辨認出公司正在表現了 , 收入的大增加和損失會使過了時間發泄."

A NEW MODEL||一個新的模型

The solution: Change the valuation model||解決: 改變評價模型. "Instead of valuing the cable 買粉絲panies traditionally, at some multiple of earnings, for example, they valued the firms based on their installed customer base,&qu

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