\u963f\u59c6\u65af\u7279\u6717\u80a1\u7968\u4ea4\u6613\u6240\u662f\u4e16\u754c\u4e0a\u6700\u53e4\u8001\u7684\u4ea4\u6613\u6240\uff0c\u6210\u7acb\u81f3\u4eca\u5df2\u6709\u4e94\u516d\u767e\u5e74\u7684\u5386\u53f2\u30021992\u5e74\u7ebd\u7ea6\u80a1\u7968\u4ea4\u6613\u6240\u4e5f\u5e86\u795d\u4e86\u5b83\u7684\u4e8c\u767e\u5e74\u8bde\u8fb0\u3002
\n\u5173\u6ce8\uff1a\u963f\u59c6\u65af\u7279\u6717\u6cd5\u5219
\n\u963f\u59c6\u65af\u7279\u6717\u6cd5\u5219\u7684\u5173\u952e\u4e4b\u5904\u5728\u4e8e\u6210\u529f\u8f6c\u578b\u3002\u4f01\u4e1a\u5982\u4f55\u626d\u8f6c\u52a3\u52bf\uff1f
\n1\u3001\u9006\u5883\u4e0d\u6c14\u9981\uff1b
\n2\u3001\u5236\u5b9a\u957f\u671f\u8ba1\u5212\uff1b
\n3\u3001\u53d1\u6398\u81ea\u8eab\u7684\u6838\u5fc3\u7ade\u4e89\u529b\uff1b
\n4\u3001\u6293\u4f4f\u673a\u9047\u5b9e\u73b0\u8f6c\u578b\uff1b
\n5\u3001\u5851\u9020\u8f6c\u578b\u540e\u4f18\u52bf\u3002<\/span><\/p>\n

\u5c3d\u7ba1\u8bc1\u5238\u627f\u9500\u548c\u8bc1\u5238\u4ea4\u6613\u7531\u6765\u5df2\u4e45\uff0c\u4f46\u4ed6\u4eec\u53ef\u80fd\u53ea\u662f\u94f6\u884c\u591a\u79cd\u90a3\u4e2a\u4e1a\u52a1\u4e2d\u7684\u4e00\u79cd\u3002\u6362\u8a00\u4e4b\uff0c\u65e9\u5e74\u7684\u94f6\u884c\u662f\u65e0\u6240\u8c13\u6295\u8d44\u94f6\u884c\u548c\u5546\u4e1a\u94f6\u884c\u7684\uff0c\u6cd5\u5f8b\u4e0a\u5bf9\u94f6\u884c\u4e1a\u52a1\u8303\u7574\u6ca1\u6709\u505a\u51fa\u660e\u786e\u533a\u5206\u3002<\/span><\/p>\n

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\n\u201c\u683c\u62c9\u65af \u65af\u8482\u683c\u5c14\u6cd5\u6848\u201d\u7b2c\u4e00\u6b21\u660e\u786e\u4e86\u5546\u4e1a\u94f6\u884c\u4e0e\u6295\u8d44\u94f6\u884c\u7684\u5206\u91ce\u3002\u5e76\u4e14\u5c06\u5f53\u65f6\u4e3b\u5bb0\u7f8e\u56fd\u91d1\u878d\u4e1a\u7684JP\u6469\u6839\u516c\u53f8\u9650\u5236\u4e8e\u5546\u4e1a\u94f6\u884c\u9886\u57df\u3002\u800cJP\u6469\u6839\u516c\u53f8\u7684\u8bc1\u5238\u4e1a\u52a1\u90e8\u72ec\u7acb\u51fa\u6765\uff0c\u6210\u7acb\u4e86\u6469\u6839\u65af\u5766\u5229\u516c\u53f8\uff0c\u4e13\u8425\u80a1\u7968\u548c\u503a\u5238\u7684\u4e1a\u52a1\u3002\u540e\u6765\u7684\u7814\u7a76\u4e13\u8f91\u4e00\u822c\u8ba4\u4e3aJP\u6469\u6839\u7684\u90a3\u6b21\u5206\u5bb6\u6807\u5fd7\u7740\u73b0\u4ee3\u6295\u8d44\u94f6\u884c\u7684\u8bde\u751f\u3002<\/span><\/p>\n

\u603b\u8d77\u6765\u770b\uff0c\u5546\u4e1a\u94f6\u884c\u662f\u201c\u683c\u62c9\u65af \u65af\u8482\u683c\u5c14\u6cd5\u6848\u201d\u7684\u53d7\u5bb3\u8005\u800c\u6295\u8d44\u94f6\u884c\u662f\u83b7\u76ca\u8005\u3002<\/span><\/p>\n

\u9020\u6210\u5546\u4e1a\u94f6\u884c\u53d1\u5c55\u56f0\u96be\u7684\u6839\u672c\u539f\u56e0\u662f\u4e24\u4e2a\uff1a\u4e00\u662f\u5176\u8d44\u4ea7\u4e1a\u52a1\u65b9\u9762\u7684\uff0c\u4e8c\u662f\u5176\u8d1f\u503a\u4e1a\u52a1\u65b9\u9762\u7684\u3002\u4ece\u8d44\u4ea7\u65b9\u9762\u770b\uff0c\u5546\u4e1a\u94f6\u884c\u7684\u4e00\u6d41\u5ba2\u6237\u5927\u91cf\u6d41\u5931\uff0c\u539f\u56e0\u662f\u4fe1\u7528\u8fbe\u5230\u6295\u8d44\u7ea7\uff083B\u4ee5\u4e0a\uff09\u7684\u4f01\u4e1a\u53ef\u4ee5\u76f4\u63a5\u5230\u8bc1\u5238\u5e02\u573a\u878d\u8d44\uff0c\u5982\u53d1\u884c\u516c\u53f8\u503a\u5238\u3001\u5546\u4e1a\u7968\u636e\u7b49\uff0c\u4ee5\u53d6\u4ee3\u94f6\u884c\u8d37\u6b3e\uff0c\u8fd9\u6837\u5546\u4e1a\u94f6\u884c\u7684\u8d37\u6b3e\u5bf9\u8c61\u5c31\u53d7\u5230\u4e86\u5f88\u5927\u5f71\u54cd\uff0c\u6709\u94b1\u65e0\u5904\u8d37\u3002\u540e\u6765\u5f88\u591a\u4e8c\u4e09\u6d41\u5ba2\u6237\u4e5f\u6d41\u5931\u4e86\uff0c\u56e0\u4e3a\u4ed6\u4eec\u53ef\u4ee5\u5728\u5e02\u573a\u4e0a\u53d1\u884c\u6240\u8c13\u7684\u9ad8\u6536\u76ca\u503a\u5238\uff0c\u4e5f\u5c31\u662f\u201c\u5783\u573e\u503a\u5238\u201d\u3002
\n\u4ece\u8d1f\u503a\u65b9\u9762\u770b\uff0c\u60c5\u51b5\u66f4\u4e0d\u4e50\u89c2\uff0c\u7531\u4e8e\u94f6\u884c\u7684\u50a8\u84c4\u5229\u7387\u957f\u671f\u4f4e\u4e8e\u5e02\u573a\u5229\u7387\uff0c\u8d8a\u6765\u8d8a\u591a\u7684\u5bb6\u5ead\u5c06\u50a8\u84c4\u8d44\u91d1\u653e\u5728\u5171\u540c\u57fa\u91d1\u4e4b\u4e2d\uff0c\u4e8e\u662f\u51fa\u73b0\u4e86\u6240\u8c13\u7684\u201c\u8131\u5a92\u201d\u73b0\u8c61\uff0c\u5373\u793e\u4f1a\u8d44\u91d1\u8131\u79bb\u4e86\u94f6\u884c\u8fd9\u4e00\u5a92\u4ecb\u800c\u76f4\u63a5\u6d41\u5165\u5230\u8bc1\u5238\u5e02\u573a\u3002<\/span><\/p>\n

1989\u5e74\uff0c\u7f8e\u8054\u50a8\u6279\u51c6\u4e86JP\u6469\u6839\u516c\u53f8\u91cd\u8fd4\u8bc1\u5238\u884c\u4e1a\uff0c\u81ea\u6b64\u4ee5\u540e\uff0c\u91cd\u91cf\u7ea7\u7684\u5546\u4e1a\u94f6\u884c\u6709\u90fd\u7eb7\u7eb7\u8bbe\u7acb\u4e86\u5404\u81ea\u7684\u8bc1\u5238\u673a\u6784\u3002<\/span><\/p>\n

\u4ece\u672c\u8d28\u4e0a\u8bf4\uff0c\u5927\u591a\u6570\u6295\u8d44\u94f6\u884c\u6700\u7f3a\u4e4f\u7684\u8fd8\u662f\u8d44\u672c\u91d1\uff0c\u56e0\u6b64\u6295\u8d44\u94f6\u884c\u5411\u5546\u4e1a\u94f6\u884c\u9886\u57df\u6e17\u900f\u4ee5\u62d3\u5bbd\u81ea\u8eab\u7684\u8d44\u91d1\u57fa\u7840\u3002
\n\u5982\u76ee\u524d\u6295\u8d44\u94f6\u884c\u7684\u201c\u73b0\u91d1\u7ba1\u7406\u201d\u5b9e\u9645\u4e0a\u5c31\u662f\u4e00\u79cd\u5546\u4e1a\u94f6\u884c\u4e1a\u52a1\u3002<\/span><\/p>\n

\u4eca\u5929\u8bc1\u5238\u5e02\u573a\u4e0a\u4ea4\u6613\u7684\u672c\u8d28\u5df2\u4e0d\u5728\u4e8e\u8bc1\u5238\u672c\u8eab\uff0c\u800c\u5728\u4e00\u8bc1\u5238\u6240\u5305\u542b\u7684\u6216\u8bc1\u5238\u80cc\u540e\u6240\u4ee5\u4e3a\u7684\u5404\u79cd\u4fe1\u606f\u3002<\/span><\/p>\n

\u8fc7\u53bb\u4eba\u4eec\u8ba4\u4e3a\u95f4\u63a5\u91d1\u878d\u4f18\u4e8e\u76f4\u63a5\u91d1\u878d\uff0c\u4e5f\u5c31\u662f\u8bf4\uff0c\u94f6\u884c\u91d1\u878d\u4f18\u4e8e\u8bc1\u5238\u878d\u8d44\uff0c\u7406\u7531\u4e3b\u8981\u662f\u94f6\u884c\u878d\u8d44\u7684\u89c4\u6a21\u6027\u3001\u4f4e\u6210\u672c\u6027\u4ee5\u53ca\u7279\u6709\u7684\u5316\u77ed\u4e3a\u957f\u3001\u96c6\u5c11\u6210\u591a\u7684\u8715\u53d8\u529f\u80fd\u3002<\/span><\/p>\n

\u4ece\u672c\u8d28\u4e0a\u8bf4\uff0c\u5927\u591a\u6570\u6295\u8d44\u94f6\u884c\u6700\u7f3a\u4e4f\u7684\u8fd8\u662f\u8d44\u672c\u91d1\uff0c\u56e0\u6b64\u6295\u8d44\u94f6\u884c\u5411\u5546\u4e1a\u94f6\u884c\u9886\u57df\u6e17\u900f\u4ee5\u62d3\u5bbd\u81ea\u8eab\u7684\u8d44\u91d1\u57fa\u7840\u3002
\n\u5982\u76ee\u524d\u6295\u8d44\u94f6\u884c\u7684\u201c\u73b0\u91d1\u7ba1\u7406\u201d\u5b9e\u9645\u4e0a\u5c31\u662f\u4e00\u79cd\u5546\u4e1a\u94f6\u884c\u4e1a\u52a1\u3002<\/span><\/p>\n

\u4ece\u524d\uff0c\u6295\u8d44\u94f6\u884c\u4f5c\u4e3a\u8bc1\u5238\u53d1\u884c\u8005\u4e0e\u8bc1\u5238\u6295\u8d44\u8005\u4e4b\u95f4\u7684\u4e2d\u95f4\u5546\uff0c\u5c06\u4e24\u8005\u6c9f\u901a\u8d77\u6765\uff0c\u65e2\u53ef\u83b7\u5f97\u4e30\u539a\u7684\u4f63\u91d1\u3002\u8fd9\u79cd\u670d\u52a1\u5728\u4fe1\u606f\u4e0d\u7545\u3001\u901a\u8baf\u4e0d\u8db3\u548c\u8d44\u672c\u5e02\u573a\u65e0\u6548\u7684\u73af\u5883\u4e2d\u662f\u5fc5\u4e0d\u53ef\u5c11\u7684\u3002\u4f46\u662f\u4eca\u5929\uff0c\u5173\u4e8e\u8d44\u672c\u9700\u6c42\u3001\u8d44\u672c\u4f9b\u5e94\u4ee5\u53ca\u8d44\u672c\u4ef7\u683c\u7684\u4fe1\u606f\u5145\u65a5\u4e0e\u4e16\uff0c\u5c24\u5176\u662f\u5f53\u4e16\u754c\u7f51\u7edc\u5316\u4ee5\u540e\uff0c\u7535\u8111\u672c\u8eab\u8db3\u4ee5\u5c06\u8bc1\u5238\u7684\u4e70\u5356\u53cc\u65b9\u5339\u914d\u7ed3\u5408\uff0c\u4f7f\u4ea4\u6613\u81ea\u52a8\u5730\u987a\u5229\u7684\u5b8c\u6210\u3002
\n\u4e3a\u5e02\u573a\u5df2\u7ecf\u4fe1\u606f\u5316\u8d8b\u52bf\uff0c\u6295\u8d44\u94f6\u884c\u6b63\u5728\u6295\u5165\u5927\u91cf\u4eba\u529b\u8d22\u529b\u6765\u5b9e\u73b0\u81ea\u8eab\u7684\u4fe1\u606f\u5316\u3002\u4fe1\u606f\u6280\u672f\u7684\u65e5\u65b0\u6708\u5f02\u6b63\u5728\u6539\u53d8\u6295\u8d44\u94f6\u884c\u7684\u8fd0\u4f5c\u65b9\u5f0f\uff0c\u5305\u62ec\u6295\u8d44\u94f6\u884c\u4e0e\u523b\u753b\u7684\u76f8\u4e92\u5173\u7cfb\u4ee5\u53ca\u6295\u8d44\u94f6\u884c\u5185\u90e8\u5404\u90e8\u95e8\u5404\u804c\u5458\u4e4b\u95f4\u7684\u4e92\u52a8\u5173\u7cfb\u3002<\/span><\/p>\n

\u6295\u8d44\u94f6\u884c\u5168\u7403\u5316\u539f\u56e0\uff1a
\n1.\u53d1\u8fbe\u56fd\u5bb6\u7684\u8fc7\u5269\u8d44\u672c\u6295\u8d44\u65b0\u5174\u5e02\u573a\uff0c\u6ee1\u8db3\u8d44\u91d1\u9700\u6c42\u3002
\n2.\u56fd\u9645\u5316\u89c4\u907f\u672c\u56fd\u7684\u7ecf\u6d4e\u5468\u671f\u5f71\u54cd\u3002
\n3.\u884c\u4e1a\u96c6\u4e2d\u8d8b\u52bf\u3002<\/span><\/p>\n

\u5c3d\u7ba1\u6709\u8bb8\u591a\u4f20\u5947\u548c\u9038\u4e8b\u56f4\u7ed5\u7740\u6295\u8d44\u94f6\u884c\u4e1a\uff0c\u4ed6\u59cb\u7ec8\u662f\u4e00\u9879\u9690\u85cf\u4e0d\u9732\u7684\u4e2d\u4ecb\u6d3b\u52a8\u3002\u5b83\u5c06\u5bfb\u627e\u65b0\u8d44\u672c\u548c\u6295\u8d44\u8005\u901a\u5e38\u662f\u673a\u6784\u6295\u8d44\u8005\u7684\u5b9e\u4f53\u805a\u5408\u5728\u4e00\u8d77\u3002\u4f5c\u4e3a\u4ece\u4e8b\u6279\u53d1\u4e1a\u52a1\u7684\u4e2d\u95f4\u4eba\uff0c\u4ed6\u81ea\u8eab\u7684\u529f\u80fd\u6216\u662f\u6295\u8d44\u4e3b\u4f53\uff0c\u6216\u662f\u4ee3\u7406\u4eba\uff0c\u6216\u8005\u517c\u800c\u6709\u4e4b\u3002\u5f53\u6295\u8d44\u94f6\u884c\u5411\u5676\u63d0\u4f9b\u6536\u8d2d\u6218\u7565\u5efa\u8bae\u65f6\uff0c\u4ed6\u7684\u6240\u6709\u529f\u80fd\u66f4\u662f\u4e00\u56de\u4e8b\u4e86\u3002\u5b9e\u9645\u4e0a\u9664\u4e86\u96f6\u552e\u7ecf\u7eaa\u4e1a\u52a1\u4e4b\u5916\uff0c\u51e0\u4e4e\u6240\u6709\u7684\u6295\u8d44\u94f6\u884c\u6d3b\u52a8\u90fd\u662f\u673a\u6784\u95f4\u7684\u6279\u53d1\u4e1a\u52a1\uff0c\u800c\u4e0d\u662f\u9762\u5411\u516c\u4f17\u7684\u4e1a\u52a1\u3002<\/span><\/p>\n

\u683c\u62c9\u65af \u65af\u8482\u683c\u5c14\u6cd5\u6848
\nthe Glass-Steagall Act
\n1933\u5e74<\/span><\/p>\n

\u6295\u8d44\u94f6\u884c\u4e1a\u52a1\u73b0\u5728\u5206\u6210\u4e86\u660e\u663e\u7684\u4e09\u90e8\u5206\uff1a
\n\u627f\u9500\u4e1a\u52a1 underwriting\uff0c\u6216\u8bc1\u5238\u7684\u65b0\u53d1\u884c\u3002
\n\u6536\u8d39\u7684\u94f6\u884c\u4e1a\u52a1 fee banking \u8bbe\u8ba1\u5e76\u8d2d\u987e\u95ee\u3001\u8bc1\u5238\u4e0e\u7ecf\u6d4e\u7814\u7a76\u3001\u5176\u4ed6\u5f62\u5f0f\u7684\u91d1\u878d\u54a8\u8be2\u7b49\u8d5a\u53d6\u8d39\u7528\u7684\u6d3b\u52a8
\n\u4ea4\u6613 transaction \u5305\u62ec\u4e8c\u7ea7\u5e02\u573a\u4ea4\u6613\u3001\u516c\u53f8\u7684\u81ea\u8425\u4ea4\u6613\u548c\u96f6\u552e\u7ecf\u7eaa\u4e1a\u52a1\u3002
\n\u4f46\uff0c\u8fd9\u4e2a\u884c\u4e1a\u4ecd\u65e7\u4fdd\u6301\u4e86\u5bf9\u81ea\u8eab\u7684\u4e00\u4e2a\u4f20\u7edf\u770b\u6cd5\uff1a\u6295\u8d44\u94f6\u884c\u4e1a\u52a1\u9996\u5148\u610f\u5473\u7740\u8bc1\u5238\u7684\u627f\u9500\u3002<\/span><\/p>\n

\u572890\u5e74\u4ee3\u521d\uff0c\u6839\u636e\u884c\u4e1a\u53e3\u5f84\u7edf\u8ba1\uff0c\u8bc1\u5238\u627f\u9500\u4ec5\u5360\u4e86\u6574\u4e2a\u6295\u8d44\u94f6\u884c\u4e1a\u52a1\u5229\u6da6\u768410\u00d7\u4e0d\u5230\uff0c\u4f46\u5927\u591a\u6570\u8bc1\u5238\u5546\u4ecd\u65e7\u957f\u671f\u6709\u5fd7\u4e8e\u8fd9\u9879\u4e1a\u52a1\u3002<\/span><\/p>\n

\u65b0\u53d1\u884c\u8bc1\u5238\u7684\u627f\u9500\u662f\u6574\u4e2a\u6295\u8d44\u94f6\u884c\u4e1a\u52a1\u7684\u9760\u5c71\uff0c\u5728\u8fd9\u4e2a\u5708\u5b50\u91cc\u5927\u591a\u6570\u672f\u8bed\u4fdd\u6301\u4e86\u76f8\u5f53\u591a\u5e74\u7684\u4e0d\u53d8\u3002
\n\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a the security and Ex-change Commission \u6216 SEC \u5b8c\u5584\u6216\u4fee\u6539\u4e86\u4e09\u5341\u5e74\u4ee3\u521d\u7684\u8bc1\u5238\u6cd5\u6848\uff0c\u672f\u8bed\u7684\u53d8\u52a8\u591a\u6570\u6765\u81ea\u4e8e\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a\u6240\u9881\u5e03\u6761\u4f8b\u7684\u5b9e\u8df5\u548c\u89e3\u91ca\u4e2d\u3002<\/span><\/p>\n

\u516c\u53f8\u7684\u65b0\u53d1\u884c\u8bc1\u5238\u5728\u8fdb\u5165\u5e02\u573a\u4e4b\u524d\uff0c\u9700\u8981\u5f97\u5230\u4e00\u5bb6\u6295\u8d44\u94f6\u884c\u7684\u6295\u8d44\u5efa\u548c\u627f\u8bfa\u3002\u627f\u9500\uff0c\u7b80\u5355\u7684\u89e3\u91ca\u5c31\u662f\u6295\u8d44\u94f6\u884c\u5bb6\u5df2\u7ecf\u627f\u8bfa\u8d2d\u4e70\u8fd9\u4e9b\u8bc1\u5238\u3002\u6295\u8d44\u94f6\u884c\u5e2e\u52a9\u8bbe\u8ba1\u8bc1\u5238\uff0c\u7136\u540e\u4ece\u53d1\u884c\u8005\u624b\u4e2d\u4e70\u4e0b\u4ed6\u4eec\uff0c\u76ee\u7684\u662f\u5c3d\u5feb\u5730\u5411\u6295\u8d44\u8005\u8131\u624b\u3002\u901a\u5e38\uff0c\u65b0\u53d1\u578b\u8bc1\u5238\u4e0d\u4f1a\u88ab\u6700\u65e9\u7684\u6295\u8d44\u94f6\u884c\u72ec\u5bb6\u5168\u989d\u8ba4\u8d2d\uff0c\u800c\u662f\u4f1a\u8054\u5408\u5176\u4ed6\u673a\u6784\u7ec4\u6210\u8f9b\u8fea\u52a0\u3002\u901a\u8fc7\u8f9b\u8fea\u52a0\u7ec4\u7ec7\uff0c\u6700\u65e9\u7684\u4e00\u5bb6\u6295\u8d44\u94f6\u884c\u9080\u8bf7\u5176\u4ed6\u4eba\u8ba4\u8d2d\u8bc1\u5238\u7684\u4e00\u90e8\u5206\uff0c\u5e76\u8ba9\u4ed6\u4eec\u76f8\u5e94\u7684\u6309\u4e8b\u5148\u8c08\u597d\u7684\u6bd4\u4f8b\u6536\u53d6\u8d39\u7528\u3002\u6700\u65e9\u7684\u90a3\u5bb6\u6295\u8d44\u94f6\u884c\u5c31\u6210\u4e3a\u4ea4\u6613\u7684\u7275\u5934\u7ecf\u7406\u4ebalead manager \u5982\u679c\u4e0d\u6b62\u4e00\u5bb6\u7275\u5934\u4eba\uff0c\u90a3\u6574\u4e2a\u96c6\u56e2\u5c31\u88ab\u79f0\u4e3a\u8054\u5408\u7275\u5934\u7ecf\u7406\u4eba co-lead manager \u3002\u76f4\u63a5\u8ddf\u516c\u53f8\u6253\u4ea4\u9053\u7684\u6295\u8d44\u94f6\u884c\u8d1f\u8d23\u7ec4\u7ec7\u8f9b\u8fea\u52a0\u5e76\u4ee3\u8868\u8f9b\u8fea\u52a0\u5411\u516c\u53f8\u6700\u7ec8\u4ed8\u6b3e\u3002\u6240\u4ee5\u8fd9\u6837\u7684\u6295\u8d44\u94f6\u884c\u5c31\u88ab\u79f0\u4e3a\u8bc1\u5238\u53d1\u884c\u7684\u7c3f\u7eaa\u5458 bookrunner\u3002
\n\u627f\u9500\u5546\u5206\u7c7b
\n\u8bc1\u5238\u53d1\u884c\u5e7f\u544a\u6216\u57fa\u724c\u5e7f\u544a tombstone ad.
\n\u4e3b\u627f\u9500\u5546 major bracket
\n\u8f85\u627f\u9500\u5546 mezzanine bracket
\n\u6b21\u627f\u9500\u5546 submajor bracket<\/span><\/p>\n

\u52df\u80a1\u8bf4\u660e\u4e66 prospectus
\n\u627f\u9500\u534f\u8bae\u4e66 underwriting agreement
\n\u6ce8\u518c\u624b\u7eed registration process
\n\u8bc4\u9274\u542c\u8bc1 due diligence
\n\u7ade\u4ef7\u6295\u6807 competitive bid
\n\u4fe1\u606f\u8ba8\u8bba\u4f1a information meet
\n\u79c1\u52df private placement
\n\u521d\u6b65\u52df\u80a1\u4e66 preliminary prosectus\u53c8\u79f0
\n\u7ea2\u9cb1\u9c7c\u975e\u6b63\u5f0f\u52df\u80a1\u4e66 red herring
\n\u84dd\u5929\u6cd5 blue sky law
\n\u516c\u8def\u5de1\u56de\u5c55\u89c8 road show \u8def\u6f14
\n\u8981\u7ea6\u4ef7\u683c offering price
\n\u539f\u59cb\u5206\u9500 primary distribution
\n\u4e8c\u6b21\u5206\u9500 secondary distribution
\n\u9996\u6b21\u516c\u5f00\u53d1\u884c initial public offering IPO
\n\u516c\u53f8\u80a1\u7968\u7684\u6269\u80a1 additional float
\n1933\u5e74\u300a\u8bc1\u5238\u6cd5\u6848\u300b\u548c1934\u5e74\u300a\u8bc1\u5238\u4ea4\u6613\u6cd5\u6848\u300b\u4ec5\u5bf9\u516c\u53f8\u8bc1\u5238\u8981\u6c42\u6ce8\u518c\uff0c\u800c\u5bf9\u5e02\u653f\u503a\u5238\u3001\u673a\u6784\u503a\u5238\u548c\u56fd\u5e93\u503a\u5238\u7f51\u5f00\u4e00\u9762\u3002
\n\u7136\u800c\u5916\u56fd\u503a\u5238\u53d1\u884c\u4eba\u5374\u9003\u8131\u4e0d\u4e86\u6ce8\u518c\u3002
\n\u516c\u7528\u4e8b\u4e1a\u7c7b\u8bc1\u5238\u540c\u6837\u88ab\u8981\u6c42\u6ce8\u518c\uff0c\u4f46\u5728\u627f\u9500\u65b9\u5f0f\u4e0a\u4e0e\u5e02\u653f\u503a\u5238\u4e00\u81f4\u3002
\n\u4e00\u79cd\u7ade\u4e89\u6027\u7684\u627f\u9500\u65b9\u5f0f
\n\u7ade\u4ef7\u6295\u6807\u627f\u9500 competitive bid underwriting
\n1935\u5e74\u300a\u516c\u7528\u4e8b\u4e1a\u63a7\u80a1\u516c\u53f8\u6cd5\u6848\u300b\u548c\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1aU-50\u6761\u6b3e\u8981\u6c42\u516c\u7528\u4e8b\u4e1a\u7c7b\u8bc1\u5238\u7684\u53d1\u884c\u4f7f\u7528\u7ade\u4ef7\u6295\u6807\u3002
\n\u517c\u5e76\u4e0e\u6536\u8d2d mergers and acquisitions
\n\u5e02\u573a\u65f6\u95f4\u9009\u62e9 market timing <\/span><\/p>\n

\u5e02\u573a\u5356\u65b9\u7814\u7a76\u5f00\u59cb\u5728\u8bc1\u5238\u516c\u53f8\u6d41\u884c\u8d77\u6765<\/span><\/p>\n

\u7814\u7a76\u5de5\u4f5c\u572870\u5e74\u4ee3\u4e2d\u671f\u53d1\u751f\u4e86\u663e\u8457\u53d8\u5316\uff0c\u7f8e\u56fd\u56fd\u4f1a\u57281974\u5e74\u901a\u8fc7\u4e86\u300a\u96c7\u5458\u9000\u4f11\u6536\u5165\u5b89\u5168\u6cd5\u6848\u300bERISA \u8fd9\u4e00\u6cd5\u6848\u5e2e\u52a9\u5c06\u8c28\u614e\u4eba prudent man\u6295\u8d44\u7684\u6982\u5ff5\u6807\u51c6\u5316\uff0c\u5c31\u662f\u8bf4\u53d7\u59d4\u6258\u4eba\u5fc5\u987b\u5c06\u5ba2\u6237\u7684\u8d44\u91d1\u8c28\u614e\u7684\u3001\u5408\u7406\u7684\u6295\u5411\u5ba2\u6237\u671f\u5f85\u7684\u76ee\u6807\u3002<\/span><\/p>\n

\u5e02\u573a\u5356\u65b9\u7814\u7a76\u662f\u9488\u5bf9\u8bc1\u5238\u516c\u53f8\u7684\u4e8c\u7ea7\u5e02\u573a\u4ea4\u6613\uff0c\u800c\u8bc4\u9274\u542c\u8bc1\u662f\u9488\u5bf9\u4ee5\u53ca\u5e02\u573a\u4ea4\u6613\u800c\u8a00\u3002<\/span><\/p>\n

\u5e02\u573a\u5e84\u5bb6 market maker
\n\u76ee\u7684\uff1a
\n1.\u4e3a\u67d0\u79cd\u8bc1\u5238\u521b\u9020\u4e86\u4ea4\u6613 \u540c\u65f6\u4e3a\u53d1\u884c\u4eba\u548c\u6295\u8d44\u4eba\u670d\u52a1
\n2.\u5141\u8bb8\u94f6\u884c\u4ee5\u4ea4\u6613\u5546\u7684\u9762\u76ee\u51fa\u73b0\u5728\u5e02\u573a\u4e0a\uff0c\u8d5a\u53d6\u4e70\u76d8\u548c\u5356\u76d8\u4e4b\u95f4\u7684\u4ef7\u683c\u5dee\u3002<\/span><\/p>\n

\u4e00\u7ea7\u4ea4\u6613\u5546\u534f\u4f1a the primary dealers association
\n\u5546\u4e1a\u7968\u636e\u4ea4\u6613\u5546\u534f\u4f1a the commercial paper dealers association<\/span><\/p>\n

\u573a\u5185\u4ea4\u6613\u4e0a floor trader
\n\u884d\u751f\u907f\u9669\u5de5\u5177 derivative hedging product
\n\u503a\u52a1\u671f\u6743 debt option
\n\u4e92\u6362\u671f\u6743 option on swap \/ swaption
\n\u9888\u5708\u4e92\u6362 collars \/ collar swap <\/span><\/p>\n

\u672a\u5b8c\u5f85\u7eed
\n<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

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