硅谷银行的单谁来买？美国VC和PE的代价：5000亿美元

华尔街见闻2023-03-25

据彭博智库(Bloomberg Intelligence)最新报告，硅谷银行破产后，总规模达2万亿美元的风险投资行业或面临25%至30%的投资组合减值，总损失规模或高达5000亿美元。本周五，彭博智库分析师Gaurav Patankar在一份报告中写道： “在SVB破产之后，我们预计会有更严格的估值审查和信息披露，尤其是在养老基金的一大部分‘信托’资金流入这些市场的情况下——同捐赠基金和家族...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2322176521?lang=zh_CN&edition=full","thumbnail":"https://wpimg-wscn.awtmt.com/14d41791-5ab9-4be9-934d-7e59834e205e.jpeg?imageView2/1/w/340/h/340","is_english":false,"pubTime":"2023-03-25 12:02","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2322176521","market":"hk","top_or_hot":-1,"title":"硅谷银行的单谁来买？美国VC和PE的代价：5000亿美元","media":"华尔街见闻","content":"<div>\n<p>据彭博智库(Bloomberg Intelligence)最新报告，硅谷银行破产后，总规模达2万亿美元的风险投资行业或面临25%至30%的投资组合减值，总损失规模或高达5000亿美元。\n本周五，彭博智库分析师Gaurav Patankar在一份报告中写道：\n\n“在SVB破产之后，我们预计会有更严格的估值审查和信息披露，尤其是在养老基金的一大部分‘信托’资金流入这些市场的情况下——同捐赠基金和家族...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3684869\">网页链接</a>\n\n</div>\n","source":"wallstreetcn_api","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>硅谷银行的单谁来买？美国VC和PE的代价：5000亿美元</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n硅谷银行的单谁来买？美国VC和PE的代价：5000亿美元\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-03-25 12:02 北京时间&nbsp;&nbsp;&nbsp;<a href=https://wallstreetcn.com/articles/3684869><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>据彭博智库(Bloomberg Intelligence)最新报告，硅谷银行破产后，总规模达2万亿美元的风险投资行业或面临25%至30%的投资组合减值，总损失规模或高达5000亿美元。\n本周五，彭博智库分析师Gaurav Patankar在一份报告中写道：\n\n“在SVB破产之后，我们预计会有更严格的估值审查和信息披露，尤其是在养老基金的一大部分‘信托’资金流入这些市场的情况下——同捐赠基金和家族...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3684869\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4124","symbol_name":"机动车零配件与设备","start_time":0,"source_url":"https://wallstreetcn.com/articles/3684869","article_id":"2322176521","we_media_id":null,"thumbnails":["https://wpimg-wscn.awtmt.com/14d41791-5ab9-4be9-934d-7e59834e205e.jpeg?imageView2/1/w/340/h/340"],"rights":{"source":"wallstreetcn_api","url":"https://wallstreetcn.com/articles/3684869","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2322176521","pubTimestamp":1679716936,"columns":[],"sourceInfo":{"source_id":"wallstreetcn_api","name":"华尔街见闻"},"weMediaInfo":null,"summary":"\"有足够多的'僵尸公司'估值过高，它们需要重组、价格发现。当然，他们还要调整业务模式，以适应紧缩的信贷、收入不景气和更高的利率的世界。\"","collect":0,"end_time":0,"defaultTopTitle":"wallstreetcn.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"BK4124":"机动车零配件与设备","BK4589":"SVB概念","SIVBQ":"硅谷银行","BK4585":"ETF&股票定投概念","LU0390134368.USD":"FRANKLIN GLOBAL GROWTH \"A\" (USD) ACC","LU1861217088.USD":"贝莱德金融科技A2","LU1815336091.USD":"THREADNEEDLE (LUX) GLOBAL SMALLER COMPANIES \"AUP\" (USD) INC","VC":"伟世通","LU0757428866.USD":"THREADNEEDLE (LUX) GLOBAL SMALLER COMPANIES \"AE\" (USD) ACC","BK4588":"碎股","LU1861220207.SGD":"Blackrock FinTech A2 SGD-H","BK4211":"区域性银行"},"translate_title":"Who will buy the order of Silicon Valley Bank? The cost of VC and PE in the United States: $500 billion","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"PE":1,"SIVB":1,"SIVBQ":1,"VC":1},"content_text":"据彭博智库(Bloomberg Intelligence)最新报告，硅谷银行破产后，总规模达2万亿美元的风险投资行业或面临25%至30%的投资组合减值，总损失规模或高达5000亿美元。\n本周五，彭博智库分析师Gaurav Patankar在一份报告中写道：\n\n“在SVB破产之后，我们预计会有更严格的估值审查和信息披露，尤其是在养老基金的一大部分‘信托’资金流入这些市场的情况下——同捐赠基金和家族办公室不同，这些机构并没有展期和假装（extend and pretend）的渠道。”\n\n在本周五的采访中，Patankar补充说，一些风险投资和私募股权公司正在采用这种“extend and pretend”的策略，这意味着他们将继续持有资产，以避免真正的价格发现。\n这方面的例子还包括资产净值贷款(允许普通合伙人从基金内的投资组合公司池借款)、gp牵头的二级结构(基金发起人将其管理的基金中的一项或多项资产出售给新基金)，以及通过私人信贷进行的另类融资。\n但他表示，这些方法只能延缓而不能否认风险投资估值所面临的“站不住脚”和“不切实际”的本质问题。Patankar称:\n\n\"有足够多的'僵尸公司'估值过高，它们需要重组、价格发现。当然，他们还要调整业务模式，以适应紧缩的信贷、收入不景气和更高的利率的世界。\"\n\n金融界的“缓兵之计”：extend and pretend\n有时候，在借贷合同的原始条件下要求偿还贷款的时候，银行和借款人会将偿还期限延长，以便借款人继续偿还贷款。这就是所谓的“展期”（extend）。\n而“假装”（pretend）的部分则是在人们理解到，即使进行了慷慨的调整，贷款接收方也不太可能能够全额还清贷款。\n在短期内，贷方可以享受这种虚构，以避免对资产进行减记；而借款方则可以延迟偿还债务的日子。\n这种看似缓兵之计的做法，在金融界被称为“extend and pretend”。\n简单总结，extend and pretend就是延长贷款期限，将成本或风险推迟到未来，现在假装一切都好。风险提示及免责条款\n\n            市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何意见、观点或结论是否符合其特定状况。据此投资，责任自负。","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2322176521"}