硅谷

Leader: Tech’s cash glut leaves public markets behind
FT社评:硅谷“风投派对”把公开市场甩在后面


这或许只是一场科技泡沫,但如果事实是成长型科技公司正逐渐退出公开市场,市场与民主之间的联系将会被削弱。

A year or two ago, there were warnings that the party was ending in Silicon Valley. “The crazy money is drying up,” one observer claimed. This newspaper cited “growing caution” among venture capitalists. The party may have ended, but it has been followed by a wilder, if more exclusive, after-party. While venture investment overall has been more or less constant over the past few years, slugs of cash have been shovelled into established start-ups.

一两年前,有人警告称,硅谷“派对”即将结束。“疯狂资金正在枯竭,”一位观察家称。本报提到了风投圈子中“谨慎情绪加重”。那场派对或许已经结束,但紧接着又有一场更狂热——可能也更排外的——余兴派对。近几年,虽然风险投资总量大体保持稳定,但有大量资金流向了那些已经羽翼丰满的创业企业。

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