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文章来源:本站   发布时间:2010/4/8   浏览次数:4698


英译汉
      Asia''s booming initial-public-offering market is a sure sign that solid economic recovery is growing deeper roots. The rush to list shares on the region''s stockmarkets signals that Asia''s entrepreneurs are back in the game. And it''s not all internet company fever, though there''s plenty of that; companies in many industries are lining up to issue shares.
     

      In Hong Kong China, eight companies have listed on the Growth Enterprise Market, which opened in late November. The latest to join GEM, China Data Broadcast Holdings, rose 310% on its first day of trading on January 24. As in the United States, stock valuations sometimes don''t make much sense to traditional-minded investors. But the stockmarket isn''t about making sense, it''s about making money.

      For many companies selling shares, the stockmarket is primarily about raising money for new investment. The new-issues boom—if it doesn''t fizzle out—could help Asia sustain and accelerate economic recovery. Many public-sector and private economists, including those at the International Monetary Fund, have argued that Asian economies were too dependent on financing by banks, which often lent money to the best-connected companies instead of the best-run. When the
banks ran into trouble, the effects immediately filtered down into the real economy.

      Some economists argue that stockmarkets can better discipline corporate management than local banks, although it remains to be seen whether the creation of an “equity culture” will improve performance. The ability of stockmarkets to deliver capital and stimulate private industry will make it much easier for governments to take away the deficit crutches and bring their budgets
back into balance.


 
 
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