平均股价变动幅度%
2010年-2013年第一季度获得风险资本支持并在美国证交所首发上市的股票。数据来源：摩根凯瑞资本管理
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如果你是一家在风险资本支持下准备首发上市的公司，你最好至少有两家承销商。 投资公司摩根凯瑞资本管理（Morgan Creek Capital Management）最近对2010年到2013年第一季度首发上市的公司进行了研究，比较了采用独家承销和联合承销的公司，最终得出了上述结论。
摩根凯瑞资本管理研究了117家在纽约证券交易所（NYSE）和纳斯达克证券交易所（NASDAQ）上市的公司，其中102家公司采用了联合承销方式。研究结论是，独家承销公司占比较小，它们的首发价格比联合承销公司高15%左右；但整体而言，它们的股价波动较大，表现也较差。 2010年-2013年第一季度获得风险资本支持并在美国证交所首发上市的股票。数据来源：摩根凯瑞资本管理 上述采用独家承销方式上市的公司中，较引人注目的包括消费者点评网站Angie’s List、房地产价值评估网站Zillow和网上租车公司Zipcar。（财富中文网） 译者：Charlie |
If you're a VC-backed company planning to go public, it's best that you have at least two IPO underwriters. That's the finding of Morgan Creek Capital Management in a recent study of offerings led by sole bookrunners versus offerings led by joint bookrunners, between 2010 and the first quarter of 2013. Morgan Creek examined 117 offerings that priced on either the NYSE or NASDAQ, 102 of which were joint led. It found that the smaller pot of sole-led offerings priced approximately 15% higher than their counterparts, but also had greater volatility and worse overall performance. Notable sole-bookrunner offerings in the sample included Angie's List (ANGI), Zillow (Z) and Zipcar. The full report is below: |
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