经济学人下载:首次公开发行股票(2)

The LTSE wants to give entrepreneurs stability and smaller investors 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 shareholders 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 negotiations 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 discretion" in how they reward investors' loyalty.
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 commissioner 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 ploy to entrench the power of founders, 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 Silicon Valley elite, 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, incumbent 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, transparent 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？