At the same time, investors are shunning initial public offerings of venture-backed firms (see chart), which have fallen to their lowest level since 1977.

与此同时，投资者开始回避风投支持的公司的首次公开出价(见图表)，IPO数量已经跌至1977年以来的最低水平。

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BEFORE the summer, many in Silicon Valley and on Wall Street were expecting a bumper autumn of initial public offerings (IPOs) by young tech firms.

今年夏天之前，硅谷和华尔街的许多人士还在希望新兴科技公司的首次公募（IOP）能带来秋季大丰收。

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Third, exiting through large initial public offerings is unlikely in countries like Turkey and Brazil, where IPO activity is muted and investors like to buy well-known firms;

第三，在土耳其、巴西这些国家，没什么公司会在那里进行首次上市而且投资者喜欢购买知名公司的股票，所以风投公司不可能通过大型的初次上市活动抽身而退；

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Sales and initial public offerings of companies owned by buyout firms are slowing at an even faster pace, Preqin says.

WSJ: Private-Equity Firms Forced to Evolve

Just two technology firms have held initial public offerings this year: "smart grid" energy company Silver Spring Networks Inc. last week and social network Professional Diversity Network LLC the week before.

WSJ: Business Tech Deals Highlight IPO Slate

That some of the analysts are working for the same firms that underwrote the initial public offerings is not surprising the potential for conflict of interest is a time-honored Wall Street tradition.

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