【正文】 Interestingly, despite their dramatic initial investment performance, IPOs have been poor longterm investments.有趣的是，盡管有戲劇性的初次投資的上演，但是首次公開發(fā)行的證券并不適合長期投資。包銷商剩下來的無法適應(yīng)市場的證券被迫以損失為代價在二級市場上銷售。Pricing of IPOs is not trivial, and all IPOs turn out to be underprice . Some stocks do poorly after the initial issue and cannot even be fully sold to the market. Underwriters left with unmarketable securities are forced to sell them at a loss on the secondary market. Therefore, the investment banker bears the price risk of an underwritten issue.首次公開發(fā)行的定價并不是一件小事，并且所有的首次公開發(fā)行都被證明是低估的。While the explicit costs of an IPO trend to be around 7% of the funds roused, such underpricing should be viewed as another cost of the issue. For example, if had sold its million shares for the$ that investors obviously were willing to pay for them. Its IPO would have raise $197 million instead of only $ million .The money “l(fā)eft on the table” in this case far exceeded the explicit cost of the stock issue.清楚明確的首次公開發(fā)行成本是所籌集資金的7%左右，然而這種價格的低估也可以看作發(fā)行的另一種成本。The most dramatic case of underpricing occurred in December 1999 when shares in VA Linux were sold in an IPO at $30 a share and closed on the first day of treading at $, a 698% oneday return. Similarly, in November 1998, million shares in were sold in an IPO at a price of $9 a share. In the first day of treading the price reached $97 before closing at $ a share. 很多戲劇性的價格被低估的案例發(fā)生在1999年的12月，當(dāng)時VA Linux 公司的股票首次發(fā)行價格是每股30美元，一天就有698%的匯報率。相反，承銷人需要報出較低的證券價格給這些以誘使他們加入登記并分享他們的信息。首次公開發(fā)行的股份是根據(jù)投資者對此發(fā)行的興趣程度進行分配。Why would investors truthfully reveal their interest in an offering to the investment banker? Might they be better off expressing little interest in the hope that this will drive down the offering price? Truth is the better policy in this case because truthtelling is rewarded. Shares of IPOs are allocated to investors in part based on the strength of each investor’s expressed interest in the offering. If a firm wishes to get a larger allocation when it is optimistic about the security, it needs to reveal its optimism. In turn, the underwriter needs to offer the security at a bargain price to these investors to induce them to participate in bookbuilding and share their information. Thus IPOs monly are under priced pared to the price at which they could be marketed. Such underpricing is reflected in price jumps on the date when the shares are first treaded in public security markets.為什么投資者誠實地把自己對一種證券發(fā)行的興趣告訴給投資銀行呢？如果他們表現(xiàn)出沒有多大興趣，并希望借此來壓低發(fā)行價格或許對他們更好。 這本書給堅定發(fā)行公司提供有價值的信息，因為大機構(gòu)投資者經(jīng)常將有關(guān)于大約市場需求以及公司前景和其競爭者的有用洞察力。 其次，他們對于發(fā)行公司和它的承銷人大約將能銷售證券的價格的信息來進行收集。 這些巡回服務(wù)于兩種目的。 these indications of interest are called a book and the process of polling potential investors is called bookbuilding. The book provides valuable information to the issuing firm because larger institutional investors often will have useful insights about the market demand for the security as well as the prospects of the firm and its petitors. It is mon for investment bankers to revise both their initial estimates of the offering price of a security and the number of shares offered based on feedback form the investing munity. 投資銀行管理對公眾的新證券的發(fā)行。 這大大地降低了它們的流動性和投資者愿意支付的可假定的發(fā)行價格。另一方面，由于私募發(fā)行不能接觸廣大公眾，所以它們一般不那么適于非常大的發(fā)行。 這樣的話，公司(通過一家投資銀行)直接把股票出售給一個小組機構(gòu)投資者或者富有的投資者。 證券在這付架子上，準(zhǔn)備被發(fā)布，這已經(jīng)歸因于架子注冊。 因為證券已經(jīng)被注冊，它們可能再以附加小的文書工作就可以馬上被出售。 除以購買價和向公眾發(fā)行價之間的差價作補償以外， 一位投資銀行家還可能得到公司的普通股或者其他證券。Corporations engage investment bankers either by negotiation or petitive bidding. Negotiation is for more mon. Besides being pensated by the spread between the purchase price and the public offering price, an investment banker may receive shares of mon stock or other securities of the firm.公司聘請投資銀行可以通過談判或者由競爭性招標(biāo)兩種方式。 銀行家僅僅擔(dān)任在公眾和公司之間的一個中間人， 因此不承擔(dān)不能以開價轉(zhuǎn)賣所購買證券的風(fēng)險。An alternative to firm mitment is the bestefforts agreement. In this case the investment banker agrees to help the firm sell the issue to the public but does not actually purchase the securities. The banker simply act as an intermediary between the public and the firm and thus does not bear the risk of being unable to resell purchase securities at the offering price. The bestefforts procedure is more mon for initial public offerings of mon stock, for which the appropriate share price is less certain. 除包銷之外的另一種選擇是最大努力的同意。 發(fā)行公司是以一個低于發(fā)行價格的價格吧證券出售給承銷辛迪加，這個差價就是對承銷商的補償，這種發(fā)行程序貝稱為包銷。在公司的注冊沒有被通過之前是不允許發(fā)行證券的，當(dāng)這個說明書定稿后得到SEC的同意，就是所謂的公開說明書，在這個時候證券發(fā)行的價格就該公示。 一份初步的注冊報告書必須包括證券交易委員會(證交會)對發(fā)行問題和公司的前景的說明。 一個牽頭投資銀行和其他投資銀行組成一個承銷辛迪加來分擔(dān)對股票發(fā)行的責(zé)任。Investment Bankers and underwriting投資銀行和承銷Public offerings of both stocks and bonds typically are marketed by investment bankers, who in this role are called underwriters. More than one investment banker usually markets the securities. A lead firm forms an underwriting syndicate of other investment bankers to share the responsibility for the stock issue.這個被叫為承銷人的投資銀行的角色通常是銷售股票和債券給公眾。We also distinguish between two types of primary market issues: a public offering, which is an issue of stock or bonds sold to the general investing public that can then be traded on the secondary market。 周期性的新發(fā)行由已經(jīng)使收益浮動的公司提供。 在私人投資者中購買和銷售已經(jīng)發(fā)行的證券是在二級市場上進行的There are two types of primary market issues of mon stock. Initial public offerings, or IOPs, are stocks issued by a formerly privately owned pany selling stock to the public for the first time. Seasoned new issues are offered by panies that already have floated equity. A sale by IBM of new shares of stock, for example, would constitute a seasoned new issue.在初級市場上有兩種形式發(fā)行普通股。參考文獻（1）盛廣恒，施國慶：《我國證券市場怪現(xiàn)象及其根源》04年12月（2）沈　林，王　鵬：《我國證券市場中介機構(gòu)在信息披露中所起的作用研究》 04年8月（3）唐秀琴，李友華：《我國證券市場存在的主要問題及對策選擇》 04年11月（4）姚祿仕，潘立生，黃莉玲：《我國證券市場面臨的問題及政策建議》 04年6月（5）黎四奇：《析我國證券市場中信息披露制度的不足與完善》 04年1月（6）趙　雁：《我國證券市場會計信息披露失真問題的成因及對策》 04年4月（7）羅紅英：《對我國證券市場資源配置功能缺失的思考》 04年2月（8）吳正光：《對我國證券市場的結(jié)構(gòu)性缺陷及矯正策略》 04年3月（9）程磊，周運森：《我國證券市場誠信問題的探討》 04年2月（10）王開國：《我國資本市場發(fā)展中的瓶頸問題及對策》 04年7月（11）Topofchina：《資本市場功能和效率問題及制度缺陷》05年4月（12）《