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The GEM(创业板)  

2009-10-25 11:13:17|  分类: 英语学习 |  标签: |举报 |字号 订阅

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The ceremony for the opening of GEM (growth enterprise market) was held on Oct. 23 in Shengzhen city, a city which has the bourse where the shares are traded publicly. The ceremony meant the GEM will run formally days later after years of consideration.

It is necessary for us share investors to have some knowledge concerning the GEM.

 

 

 创业板究竟该怎么玩?

 

How to play with GEM on earth?

  盼星星,盼月亮的创业板的脚步越来越近。以前那种只听楼梯响,不见人下来的等待就要破茧成蝶。3月31日证监会发布创业板IPO办法 自5月1日起实施。创业板从最初筹备至今,时间已长达9年。设置创业板最初的设想,是借鉴国外资本市场对科技创新公司的推进作用。由于上市门槛较低,吸引了大批科技类创业公司在此上市,让中小创业通过创业板得到了资本市场的支持,实现了快速成长,进而带动了整个经济向新经济转型。中国设置自己的创业板市场就是希望能够模仿这一成功的经验,促进中国创新企业的发展。特别是在金融危机下中小企业资金短缺的今天,创业板推出就如箭在弦上了。

The footstep of GEM is drawing very clear just like expecting the appearance of the stars and moon. The previous fact that could only hear the sound from stair but without a person coming out will end up with the butterfly cocoon-breaking from its nest. On March 31, the CSRC(中国证监会) issued the regulation for IPO of GEM, which will take effect on May 1. The GEM has undergone nine years of brewing from the initial preparation to current availability. The original purpose of establishing the GEM was to learn the experience from abroad that the capital market might impel the development of the companies engaging scientific innovation. Because of the low threshold of the GEM, it can attract a large number of companies, which are science and technology oriented, to be publicly traded. The middle and small enterprises could achieve their rapid growth through GEM by means of obtaining the support from the capital market. The achievement of those companies will take the lead in bringing about the economic transition as a whole. The gist of establishing the GEM in China is to assimilate the successful experience in GEM field, which will promote the development of Chinese innovative enterprises. The appearing of GEM has become so urgent that it is just like the arrow being fully-strained on the cord; in particular the middle and small enterprises are today staving for the capital in the current financial crisis.

 

  然而,创业板怎么玩?

Nonetheless, how to play with GEM?

  创业投资为何物?其本名叫风险投资。风险投资是一种风险最大回报最高的投资,说他风险大,因为投入后可能会颗粒无收。请看当年美国两家风险投资公司,因为陈逸飞先生的逸飞集团前景极被看好,投资了500万美元,但随着当年大师的骤然仙逝,这巨额风险投资也打了水漂,充分体现了风险投资的风险性;说他回报高,是因为一旦投资的公司上市,便能得到数倍甚至数十倍的回报,像盛大网络的风险投资公司投资5000万美元,该股在纳斯达克上市后,增值了数十倍。

What is meant by venture capital investment? Its original name was called risk investment, which is supposed to be a type of investment combined highest risk with highest return. Why is it considered high risk? It is because you might reap nothing after you have thrown the money into the business. It was borne out by then venture capital investment in two American companies. Five million dollars were diverted into Yifei Group which was considered rather promising. However, the unexpected decease of the charismatic entrepreneur caused the huge investment just like throwing into the water. This thus embodies its implication of risk. Then why it is also considered high return? It is because the return might be as high as several folds even tens of folds more than original investment after the venture capital company is being floated. For example, the original value of the venture capital investment worth 50 million dollars for Shanda Networking achieved dozens of folds increase after the share has been public list in Nastaq.

  然而,中国投资者对风险投资知之甚少,认为那是很遥远的事,其实它就在你眼前,并无时不在左右着你的钱袋。

    However, Chinese investors have little knowledge about venture investment, and they think it is for cry from now. In fact it is just before you, and controls your purse all the time.

 

  风险投资者是初创高科技企业的衣食父母;而数亿计的股民又是风险投资者的衣食父母。此话怎讲?"风险投资"在资本市场上同"对冲基金"一样,是资本市场最活跃的弄潮儿之一。它的使命就是将一些无法确定风险的高科技成果转化为生产力,使那些原本没有多少机会变成小鸡崽的鸡蛋得以破壳。它是美国知识经济时代文化的发源地;同时它也是人类社会发展的推进器,它对社会的进步特别是高科技的发展功不可没。可以说,没有它的参与,就没有今日美国的硅谷以及微软、英特尔、苹果、辉瑞、甲骨文。

Venture investors are akin to the parents who feed the high-tech businesses in the beginning, whereas the thousands of shareholders are akin to the parents for the venture investors. How to understand it? Venture investment has the same function as the hedging funds in the capital market, playing the most active role as the tide-surfing. Its destination is to transfer those uncertain high technological breakthroughs being risk in nature to productivity, so much so that the chick that might not have more chance to incubate successfully could appear from the eggshell. Therefore, venture investment is the cultural genesis in America knowledge and economic time. Similarly, it is the propeller for the advancement of human society. Particularly it contributes much more to the development of high technology than that of the society. Definitely, its involvement relates closely to the development of today’s American Silicon Valley, Microsoft, Intel, Apple, Pfizer and carapace-bone-script.

  然而,自"风险投资"降生那一刻起,它就一直在扮演"美女与野兽"的双重角色。正因为它承担了超额的风险,便决定了它不能将"所有的痛苦都自己扛"。

   Nevertheless, venture investment is always playing the dual roles of belle and beast since its debut. It is because it has shouldered extraordinary risks before; it can not swallow all the pain down itself.

 

  那我们来看这个游戏怎么玩法:

Let’s be clear about how we can play the game.

  风险投资的运行模型为:向创业者注资(播种期)--让企业生产出适当的产品并设计好包装(孵化期)--在证券市场上市(收获期)--在二级市场上套现(退身期)。这就是风险投资的游戏规则,这个规则决定了风险投资的本性是投机。跟一般投资比较,风险投资不是通过让企业创造财富来盈利,而是在证券市场卖掉企业盈利。为此,它把企业当产品来开发,它只做"生产"企业的前端工作,生产出来就卖掉。因而如何将企业包装上市卖个好价钱是它考虑的首要目标,其它如企业能否健康成长,未来的发展等统统变得无关紧要。为了达到这个目标,它会挖空心思,不遗余力。急功近利也决定了注射"风险投资激素"催生的婴儿的先天不足,成活率极低。正因为太熟悉自己的婴儿,所以一生下来就要将他们遗弃。风险投资得以实现的基本条件是它必须找到一个释放风险的平台,基于这个模型只有一个出口:上市套现,于是股市便成了它唯一释放风险的场所--躲在幕后的风险"接棒者"便粉墨登场了。这人是谁?看看像不像你自己?不管你情不情愿,只要你在玩股票,只是你在追捧时下最热门的创投概念股,你便被拖入了这场游戏之中,而且还注定要扮演"将游戏进行到底"的角儿。

The paradigm of risk investment can be described as the following: infusing the capital to the start-up enterprise( sowing period), through package that the enterprise can produce proper products( incubating period), to being a public listed company(harvest period), and finally selling out the shares in the second market( bowing out period). It is the game rule of risk investment which signifies the nature of speculation relative to venture capital. Comparing with other general investment, the profits in risk capital are secured from selling the business in the stock market, rather than managing the company well to make the wealth accrue. The paramount objective is how to pack the enterprise to be listed and sold it afterwards; thus it treats the enterprise as its product that could be sold after that, with main focus on the initial work. Other considerations in terms of the healthy growth, and the future development seem all negligible. They will spare no efforts and means to achieve this goal. Consequently the short sighted nature has determined the natal shortage of the infant who is born depending on injecting venture investment hormone. So the survival rate is quite low. The infant is abandoned immediately soon after it was born because of being too familiar with the infant. There should be a fundamental condition for the venture investor to fall back on; that is they must find out a platform as only one outlet for releasing the risks. This outlet is very the stock market for which the risks are shed completely. Then the relays who hide behind the screen appear on the spotlight. Who are you? It is like you? Believe it or not, as long as you are playing the shares, and pursuing the current hottest notional shares relative to venture capital, you might be dragged in this type of game, and furthermore, you will be predetermined to enact the role playing the game till its end.

  风险投资者在悄无声息中"退身"时,也把所有的风险转让给了你。当然,也包括不能确定的高收益。

All the risks have been swerved towards you after the venture investors step down soundlessly. Of course it also promises the possible high return.

  创业板的创立和私募股权资本的繁荣,可以使一些优秀的新兴企业争脱融资约束,尽早脱颖而出,快速成长壮大。例如,原来至少需要5年才能实现的投资计划,现在3年内就实现了。因为创业板缩短了企业从创业到上市的时间,使那些在银行系统下难以获得融资的优秀新兴企业更早地输到血。美国企业从创业到上市的平均时间已由1980年代前的10年,缩短到5年。从创立到上市时间的缩短,还可以使一大批优秀的中小企业冲破大企业的打压,拒绝大企业的并购威胁,实现独立成长和壮大,有的甚至还能蛇吞象。

The establishment of GEM and the booming of privately called-on equity could make some excellent enterprise escape from blocking in finance, thus they can come to the light and grow much quickly. For instance, the investment plan that previously needed 5 years to be realized could be shortened to three years. Because GEM has narrowed the time for the enterprises from its establishing to being public, those excellent and emergent businesses that can not obtain the financial support from the banking system can secure the blood as early as possible. The time taken to being public for American enterprises has been encapsulated from 10 years in 1980’ to 5 years now. The shortened period from the establishment to trading publicly might also pave the way for a large number of middle and small enterprises which can confront the head-on competition from the large enterprises, and face the threat of merging or taking over; consequently, they grow independently and become much stronger, even some can play the game that the snake swallows the elephant.

  创业板的创立会给更多的企业带来挑战和威胁,必将加快新兴企业的竞争地位分化和优胜劣汰。创业板的创立和私募股权资本的繁荣,能使中小企业面临充裕的融资环境,让中小企业成长空间大、成长能力强、成长效率高、成长速度快、成长价值更高。

The set-up of GEM will bring about both challenges and threats for more enterprises, which will fuel the competitive position and variation among the newly-born enterprises as well as strengthen the mechanism that the excellent prevails whereas the worst dies out. The set-up of GEM and the flourish of privately called-on equity allow the middle and small enterprise to face an ample fund-raising environment, which makes the MSEs equip themselves with more growing space, stronger growing ability, higher growing efficiency, rapider growing speed, more value-added growth.

  玩的是什么?

What are we playing?

  中国要成为创新国家,需要不同的新金融机制。证券市场是使企业可以通过融资来实现收益。创业板降低了上市门槛,使新兴企业在自我积累不足、难以获得银行贷款的窘态下,尽早借助其预期的未来高成长价值获得资本。可以说,创业板是激发人们热衷于创新、推动企业自主创新的重要"加速器"。如果说主板市场被称为国民经济的晴雨表,创业板则是技术创新和商业模式创新的晴雨表,因为在创业板上市的企业可能还处于低盈利状态,但却是冉冉升起的朝阳,代表了未来的成长趋势。创业板还将激励私募投资商投入企业发展的幼稚期。创业板将给企业创始人和早期的投资者带来巨大财富,是创造社会财富和自身财富最快捷的方式,从而产生创业的巨大激励和示范效应。美国NASDAQ推动和激励了多少人着迷于创新!造就了像比尔盖茨一样的多少财富英雄?可以说,创业板是造就创新国家必不可少的融资平台。

The diversified new financial systems are needed if China wants to be an innovative country. Stock market can act as the vehicle through which the benefit can be sourced from financing for the company. The GEM lowers the threshold for which the new emergent enterprises, because they are short of self accumulation and in the state predicament difficult to obtain the loans from bank, might gain the capital depending on the anticipated growing high value in the future. We can say GEM is a pivotal accelerator which incentivises people who are keen to be creative and focus on self innovation. If the main board is called the weather meter for the national economy, then the GEM can be called the weather meter for technologic innovation and business mode upgrade. The enterprises listed on GEM represent the rising sun and the future growing trend although currently they might still be in the phase of low profit. GEM will also motivate the privately called-on capital businessman to invest into enterprise being in the nascent period in a bid to give the remarkable wealth increase for the sponsor of the enterprise. It is because GEM is the most efficient short cut for the augmentation of either social or individual wealth, the large motivation and demonstrable effect brought by the business start-up come into play. How America Nastaq has impelled and galvanized host of people indulging in innovation! How can it make the wealth hero like Bill Gates? It is for sure the GEM is the prerequisite for fund-raising in order to build an innovative country.

 

无疑,中国很快便会有被称为风险投资者乐园的中国的纳斯达克--"创业板",资本市场的每一场游戏,都像一个无比美丽的梦境,紧要的是,在美梦成真之前,一定要弄清楚自己在游戏中所扮演的角色。我们曾看到去年大盘下跌中,拥有创投概念的紫光股份、大众公用等逆市走牛,成为熊市中亮点。被称为创投第一概念的鲁信高新,三个月时间实现最大涨幅476%,成为牛年第一最牛股,且中小板也水涨船高而成为牛股"批发市场"。不过,在全流通背景下爆炒尚未上市的创业投资概念,特别是购买未上市创业板原始股时,是不是该看紧自己的钱袋呢?毋庸置疑,中国特色的创业板因上市门槛低,既可能诞生出中国的微软、英特尔、苹果,甲壳虫;也能诞生出中国的中科创业、银广夏、亿安科技、ST金泰。在创业板试验阶段,由于没有估值的羁绊,市盈率会炒得很高,使得敢冒风险的炒家能如鱼得水。因而,防范风险和抑制过度投机就应得到参与各方的足够重视。

No doubt, Chine will at once have its own Chinese style Nastaq GEM called merry land by venture capital investors. Every game in the capital market is just like a beautiful dream. More importantly, we should ascertain the role to be played before the dream comes true. We ever saw those shares like Zhiguang Shares, Dazhong Utility that possessed the notion of venture capital and became shining against the bear market when last year the Chinese stock market was bogged down. Luoxin High-tech, which was crowned with the notion of venture capital, whose share price soared up 476 percent just during three months, was called the first Ox share in the Ox year. Furthermore, the middle and small board consequently became the wholesale of Ox shares as result of the commensurate effects of price-hiking. Should we pay close attention on ourself purse when in the context of whole circulation over-speculation in notional shares of venture capital are pursued, in particular for purchasing the shares still not being traded publicly? Without question, in Chinese style of GEM there may either have the chance for the birth of Chinese style of Microsoft, Intel, Apple, Beetle, or the emerging of Zhongke Changye, Yinguanxia, Yiankeji, and ST-jingtai, etc. due to the lower threshold in GEM. Because it is only in the experimental stage, the P/E ratio might be pushed too high due to lack of binding mechanism in evaluation, and the risk-taking speculators might risk themselves just like the fish in the water. Therefore enough attention should be paid for all quarters to prevent risk and constrain over-speculation.

  创业板是一个风险和机遇对等的全新中小企业融资场所,它可能使你一夜暴富;也可能使你一朝落泊。它是风险投资者的乐园,能使你在玩"蹦极跳"和"过山车"时能体验到无穷的快感和揪心的历险!

股票入门投资者明白创业板的股票知识及交易方法后,在今后的投资中多加实践。

 

The GEM is a complete new marketplace for the middle and small enterprise to source capital, which is balanced by risk and opportunity. You could be upstart overnight, or being broke one day. It is the paradise for the risk-takings, which might give you boundless orgasm and breathtaking venture experience during the course of playing the game Bungee Jumping and Roller Coaster.

The greenhand in share investing should practice more thereafter obtaining some knowledge about the share and trade method concerning the GEM.

 

 

 

 

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