2005/5/13 美国瑞星思达投资控股公司 Going Public in US Stock Markets中国公司美国上市 John ProbandtChairman of the Board Rising Star Holdings董事长美国瑞星思达投资控股公司www.risingstarholdings.comApril 16, 2006 Table of Contents 目录 为什么要上市?(上市的好处) Why to Go Public? (Benefits of Listing) 美国股市US Stock Markets 如何上市?How to Go Public? 上市的成本Cost to Go Public 上市后的运作After being Listed 我们是谁?Who Are We? I. 为什么要上市?(上市的好处) Why to Go Public? (Benefits of Listing) 为什么要上市?(上市的好处) Why to Go Public? (Benefits of Listing) Fund Raising and Easier Access to Capital: 上市公司最大的优势是可以在证券市场上大规模筹集资金; Maximize shareholders interests by higher P/E Ratio (higher valuations):提升公司价值: A private Company’s P/E is usually 5, whereas a public company’s P/E can be more than 10. 上市使公司股票有了流通性,并具有公认的价格。大多数情况下,公司的整体市场价值会比未上市前高出许多。 More revenues for financing 拓宽公司融资渠道: 公司上市后由于知名度、透明度和信用度的提高,可以通过资本市场直接融资或进行私募发行。 容易从供应商和银行获得信用。Sometimes shares can be used as collateral for loans. Easy for potential Merge and Acquisition 开展后继资本运作: 上市后公司很容易用增发股票的方式并购其它企业、整合资源,而不需要动用大量的现金。 Company Image and Marketing and PR Benefits公司形象,市场推广,公共关系的好处。(当然也有公众压力的坏处) Employee’s royalty and enthusiasm员工的股票期权激励: Make benefits package more attractive by offering stock or options to let employees work for the company’s success. 由于公司股票有了市值和流通性,易用股票期权作为激励方法和留住关键员工。 Liquidity 流通性--售股套现: 在过了限售期后股东可以抛股套现,对于企业创始人来说这是个人(退休安排)的一个步骤。 Lowering risks by distributing risks to public market. 风险分散 Assists management succession 帮助管理层取得成功。 在美国上市对中国企业的挑战 (上市的“不利”因素) Challenges of Listing 企业的营运成本(费用和时间)增加 Cost of Listing and Consummation of Management Time: 审计和律师费用: 公司需要聘用相关行政人员和独立懂事等、 各项申报: 企业的透明度增加 Disclosure Requirements: 严格的信息披露政策,可能会影响到企业的业务。上市之后,如果在信息披露上不能达到要求,则要付出高昂的代价。 作为上市企业,公众可以了解企业的各项财务数据、重大变更、主要客户的名称和交易量,主要股东和高层管理人员的利益分配 (salaries, perquisites, etc)。 公司治理增强 Corporate Governance Requirements 在安然事件发生后,美国加强了对上市企业的监管力度,企业必须增加透明度和加强内部监管程序。 财务和管理纪律化 Financial and Management Discipline 受托责任 Fiduciary Responsibilities 投资人多样化 Diverse Investor Base 外部环境的影响增加 Pressure from public: 任何国际形势的变化、汇率的变化都会对跨国经营企业的价值产生重大影响。例如,如果人民币对美元的汇率大幅下降,那么即使企业的盈利和增长率表现良好,企业的市场价值仍然可以是负面的表现。 保密 Confidentiality 提供股东价值的压力 Pressure to deliver “Shareholder Value”. 培训需要 Staff/Management Training Needs 被告的风险 Risks of having lawsuit Sued by Stockholders 失去独立经营及对公司的控制权 Losing control of the business You might find yourself not running the business they way you want to, but the way the stockholders want to. Hostile takeovers (put defensive clauses into your IPO charter) II. 美国股市US Stock Markets US Security Markets美国的证券市场 New York Stock Exchange (NYSE) 纽约股票交易所 The New York Stock Exchange (NYSE) also nicknamed the "Big Board", is by far the largest stock exchange in the world (by dollar volume) and second largest by number of listings. Its share volume was exceeded by that of NASDAQ during the 1990s, but the total market capitalization of companies listed on the NYSE is five times that of companies listed on NASDAQ. The NYSE is operated by NYSE Group, which was formed by merger with the fully electronic stock exchange Archipelago
中国企业美国上市.ppt
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