硅谷银行（SVB）：2019年第三季度市场状况（英文版）(35页).pdf

1、State of the Markets Inside Views on the Health and Productivity of the Global Innovation Economy Third Quarter 2019 State of the Markets: Third Quarter 20192 2 State of the Markets: Third Quarter 2019 Finally, The IPOs Weve Been Waiting For! The innovation economy has been nothing if not resilient.

2、 Consider some of the recent hurdles: trade turmoil and tariffs, fears of slowing global growth, increased regulatory scrutiny and an inverted yield curve. Together, these factors tested investor confidence over the first six months of 2019. Nevertheless, entrepreneurs keep innovating, and markets c

3、ontinue to climb higher. Perhaps the best illustration has been the arrival of so many highly anticipated IPOs. After a brief U.S. federal government shutdown early in the year, March ushered in a flurry of high-profile unicorn IPOs. Enterprise businesses had success, while consumer-focused IPOs exp

4、erienced a more lukewarm reception. This years IPOs are expected to provide significant liquidity for employees and venture investors. It will be interesting to see how this release of capital and talent gets recycled back into the innovation economy. While we acknowledge the uncertainties and risks

5、, it remains an exciting time for tech. We still have a healthy backlog of unicorn companies looking to go public this year. As long as public markets remain buoyant, we expect venture to continue to thrive. Bob Blee Head of Corporate Finance Silicon Valley Bank State of the Markets: Third Quarter 2

6、0193 3 State of the Markets: Third Quarter 2019 4 Macro: Tech Dominates Despite Mounting Concerns 9 U.S. Venture: A Shifting Landscape 14 Spotlight: Sustainability 18 IPOs: The Year of Liquidity 25 International: Murky Waters State of the Markets: Third Quarter 20194 4 Macro: Tech Dominates Despite