99.經濟學人-If you see Sid, tell him-7

Direct listings are now creating a buzz in Silicon Valley.

Some big firms favour them because they already have lots of cash on their balance-sheets and have no need to raise more through an ipo.

Furthermore, direct listings do not require an underwriter, so are cheaper, and allow the sale of piles of shares quickly.

Investors are attracted by higher levels of liquidity than in an ipo. Banks are less keen. The fee pool is lower. Only Goldman and Morgan Stanley have shown much interest.

Shares of Spotify and Slack have performed poorly since listing, which has been discouraging.

Airbnb, a lettings agency, is considering a direct listing next year. The approach has yet to prove its worth.

這是《經濟學人》10月刊的一篇文章'If you see Sid, tell him'第9段，共6句。

1、

{'buzz':'轟隆，嗡嗡'}

直接翻譯：直接上市如今在硅谷引起了轟動。

2、

很多大企業傾向於直接融資是因為他們資產負債表上已經有很多現金，不需要再通過ipo來增加現金了。

3、

{'piles':'堆，疊'}

此外，因為直接上市不需要承銷商，所以會更便宜，而且會讓銷售這些成堆的股票更快速一些。

4、

{'liquidity':'資產流動性'}

投資者一般對於高級別的資產流動性的興趣比ipo高，銀行也鮮有熱情，諮詢費也低。只有高盛和摩根士丹利展現出許多興趣。

5、

這句話關鍵詞“which”，在這裡代指前文兩家公司的上市表現一般。直接翻譯：Spotify和Slack的股票自從上市之後表現的很一般，這比較讓人失望。

6、

直接翻譯：愛彼迎，這家出租機構正考慮明年直接上市。這一方法還沒有被證明是值得的。

--總結--

這段話沒有難度。

【詞彙部分】

{'buzz':'轟隆，嗡嗡'}

{'piles':'堆，疊'}

{'liquidity':'資產流動性'}