公司为了筹集资金而出售证券（图中的箭头1）产生了现金流。

The flow starts when the firm sellssecurities to raise cash (arrow 1 in the figure).

youdao

没有招股说明书就不可以，出售证券给潜在买家，而且招股书需要通过证交会审核。

You could not sell a security without giving a prospectus to the potential buyers and the prospectus would be something approved by the SEC.

youdao

其目的是释放目前信贷市场的流通，在房产市场改善之时，再出售证券。

The aim is to unblock the flow of credit markets now, then sell the securities later, when the housing market improves.

youdao

So, you'd have a whole bunch of people selling securities down there and they could vacate quickly if the authorities challenged you.

接下来,你雇了一群人,在这间地下室里帮你出售证券,如果政府想要发难,他们可以快速撤离

耶鲁公开课 - 金融市场课程节选

You could not sell a security without giving a prospectus to the potential buyers and the prospectus would be something approved by the SEC.

没有招股说明书就不可以,出售证券给潜在买家,而且招股书需要通过证交会审核

耶鲁公开课 - 金融市场课程节选