来自《耶鲁大学开放课程：金融市场 第17集 第17集》
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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 -
because it's a process that allows issuers of securities to因为这是让证券发行机构 -
take advantage of the reputation of the underwriters.充分利用承销商声誉的过程 -
The issuer of the security may not be so well-known证券发行机构或许没那么知名 -
or not so well-understood,或是无人问津的公司 -
so the--what happens is, the underwriter--所以承销商 -
What's a good analogy? I was going to say,打个比方 我要说的是