Figure 4-5 also shows the money raised from initial public offerings of common stock (IPOs) from 1970 through 1997.
從1970年至1997年的首次公開發行普通股所募集到的資金也顯示在圖4-5。
Observe that despite all the attention given to IPOs of late, the aggregate amount of money raised is comparatively modest, amounting to about one-third of gross new equity proceeds and 4 percent of total corporate sources of capital in 1997
盡管最近都重點關註公開發行股票，但據觀察，所募集到的資金總額比較有限，只有新股本毛收益的三分之壹，以及公司於1997年的資金來源總額的4%。
these graphs are a testament to the dynamism of the American economy in which many firms are retiring equity at the same time others are selling new shares.
這些曲線圖證明了美國經濟的活力機制，其中有許多公司在減少股權，但同時也有許多公司在出售新股。
On balance, the appropriate conclusion appears to be that while the stock market is not an important source of capital to corporate America in the aggregate, it is critical to some companies
總而言之，適當的結論應該是：盡管股票市場對整個美國企業界來說，它並不是壹個重要的資金來源，但對於某些企業卻是至關重要的。
Companies making extensive use of the new equity market tend to be what brokers call "story paper," potentially high-growth enterprises with a particular product or concept that brokers can hype to receptive investors (the words biotech and internet come most readily to mind)
廣泛利用這新興股票市場的公司往往被股票經紀稱為“題材股”；這些潛在高增長的公司都有特殊產品或概念，可以讓股票經紀進行炒作吸引投資者（最容易想到的詞匯就是生物科技和互聯網）。
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