The policies are preferential ones, resulting in pooling equilibrium of the financial reports from the corporations, and further causing inefficiency of stock market.

配股政策是一种优惠政策，造成了公司业绩披露的混同均衡，进而造成市场效率的下降。

youdao

If innovation is something akin to pooling the most amount of cash on the books (around a trillion and a half dollars in market cap), then yeah, Silicon Valley is the mecca.

FORBES: Facebook Is More Proof Innovation Is Thriving In Silicon Valley