and so you would end up taking on the worst loans

结果可能由你承担这些糟糕的贷款
--loans that would fail.

变成坏账的贷款
The same thing applies to underwriting because

承销与此类似
--but they do it in a different way.

但他们采用的是另一种形式
Instead of certifying--instead of creating deposits at a bank,

无需授信无需开立银行户头
they underwrite securities and they are not taking the money;

投资银行承销证券但并不取得募集资金
they're just an intermediary

他们只是
between you the public and the issuer of the security,

公众投资者和证券发行机构之间的中介
but it's much the same thing.

但这是一回事
It's the reputation of the bank

借由投行的声誉
that makes it possible for firms to issue securities.

使企业能够发行证券
The underwriting process is very important to understand

理解承销过程非常重要