论CFO在企业IPO过程中的作用和地位

在企业的发展过程中,为了赢得更多的运行资金和获得更加广阔的平台以便更好地发展,上市融资逐渐成为各大企业的首选方法。然而在企业IPO的过程中,一名经验丰富严谨务实的财务总监（CFO）将会在企业上市过程中发挥关键并且不可替代的作用。众所周知CFO是企业IPO阶段中企业在财务方面的第一负责人,CFO不仅对公司内部的财务清算等问题要全面负责,还要对外负责联络沟通问题,最后还要协助整个企业内部的资金募集与路演推销等各方面的工作,CFO已经成为企业资本募集过程中的有力推手。然而由于国内市场环境有待完善,以及国内企业的运营机制和层级权力结构的滞后性,使得国内企业IPO过程中存在诸多问题有待改善。     

论CFO在企业IPO过程中的作用和地位

在企业的发展过程中,为了赢得更多的运行资金和获得更加广阔的平台以便更好地发展,上市融资逐渐成为各大企业的首选方法。然而在企业IPO的过程中,一名经验丰富严谨务实的财务总监(CFO)将会在企业上市过程中发挥关键并且不可替代的作用。众所周知CFO是企业IPO阶段中企业在财务方面的第一负责人,CFO不仅对公司内部的财务清算等问题要全面负责,还要对外负责联络沟通问题,最后还要协助整个企业内部的资金募集与路演推销等各方面的工作,CFO已经成为企业资本募集过程中的有力推手。然而由于国内市场环境有待完善,以及国内企业的运营机制和层级权力结构的滞后性,使得国内企业IPO过程中存在诸多问题有待改善。     

CFO谈上市之路

保荐机构、会计师事务所、评估机构、律师事务所、媒体公关,以及企业内部方方面面都是IPO链条中的重要环节,CFO则是紧扣这些环节的关键。作为企业的CFO,应当如何正确带领企业冲刺IPO?为此《新理财》采访了江苏江淮动力CFO向志鹏。重点转向财务报表之外《新理财》:今年A股IPO企业的预披露时间提前到1个月,无形中增加了企业被投诉的风险,降低了过会的可能性,您如何看?向志鹏:预披露时间提前是证监会在加     

海外IPO三大准备

海外IPO是一项复杂而繁琐的工程，能否实现“完美一跃”的关键在于上市前的精心准备和一个经验丰富的CFO为上市铺好路。     

资产重估下的价值创造2007 CHINA TOP CFO

2008年3月28日,北京世纪金源大酒店。由《首席财务官》杂志社举办的"CFO价值创造论坛暨2007年中国杰出CFO评选颁奖典礼"如期召开。在"资产重估下的价值创造"的评选主题下,当10位来自内地、香港和美国等不同资本市场的本土CFO捧起"2007年中国杰出CFO"的奖杯之际,置身于全面金融开放的大背景之中,"价值创造"已经毫无悬念地成为这个快速崛起的企业高管阶层当仁不让的主要职责。而在颁奖典礼之前进行的"CFO价值创造圆桌论坛"上,由于有10余位重量级CFO的倾力参与,使得台下40余家上市公司CFO和80余家集团公司CFO专注倾听,鲜见有人离去。为了让国内CFO读者们更直观地分享论坛中的精彩观点,《首席财务官》杂志特别摘编了本次论坛演讲嘉宾的重要发言。同时,本刊特别制作了针对"2007年中国杰出CFO评选"的"封面人物专辑",我们相信,细心品读这一专属于全体本土CFO阶层光辉瞬间,也将是一次最好的业务交流机会。本土企业在全球工商业界的真正崛起注定无法离开资本的强大推力,当然也离不开资本推力后面那只至关重要的点金手指——用专业和诚信打造而成的杰出CFO们。     

第一次上市

韩颖女士是亚新科技副总裁兼CFO,全面负责管理工作.她讲述了亚信的第一次上市.她说,非常高兴向读者朋友介绍亚信在纳斯达克成功上市的经验和体会.     

米卢式CFO

“米卢式CFO”是一个酝酿了五年的选题。自《首席财务官》杂志创刊之日起，编辑部同仁就在策划和思考这个话题。当时频频看到四大或投行出身的CFO带领某某公司上市的新闻，我们就在揣测，当IPO的需求愈演愈烈的时候，是否会出现以专司IPO推手的CFO？     

CFO“涨”薪

6460万美元!这是维亚康姆公司CFO托马斯杜利(Thomas E.Dooley)2010年的薪酬,他是去年美国标准普尔500指数成本股公司CFO的收入冠军。除了杜利之外,《华尔街日报》的一项调查显示,去年标准普尔500指数成分股公司的首席财务官(CFO)的收入中     

资本

理性追捧"最兴奋的时刻是在集合竞价敲钟环节,当开盘价定在27美元那一刻,内心的激动很难用语言表达出来。"加入蓝汛已经将近六年的沙涌,见证了公司从30多人发展到300多人,营业收入在过去五年里增长了15倍,并且蓝汛是其在CFO职业生涯中带的第一个IPO,感触自然很深。     

理财辞典

IPO IPO是英文Initial Public Offering的首字母缩写,意思是"股票首次公开发行"。上市公司在一个证券交易所第一次公开出售其股份,就叫做IPO。路演"路演"是从英文Roadshow直译过来的,是指在股票公开发行前,     

Initial Public Offerings: An Analysis of Theory and Practice

We survey 336 chief financial officers (CFOs) to compare practice to theory in the areas of initial public offering (IPO) motivation, timing, underwriter selection, underpricing, signaling, and the decision to remain private. We find the primary motivation for going public is to facilitate acquisitions. CFOs base IPO timing on overall market conditions, are well informed regarding expected underpricing, and feel underpricing compensates investors for taking risk. The most important positive signal is past historical earnings, followed by underwriter certification. CFOs have divergent opinions about the IPO process depending on firm‐specific characteristics. Finally, we find the main reason for remaining private is to preserve decision‐making control and ownership.     

Why Do European Firms Go Public?

We survey chief financial officers (CFOs) from 12 European countries regarding the determinants of going public and exchange listing decisions. Most CFOs identify enhanced visibility and financing for growth as the most important benefits of an IPO, but other motivations for IPOs differ significantly across firms, countries, and legal systems. We find strong support for the IPO theories that emphasise financial and strategic considerations, such as enhanced reputation and credibility, and financial flexibility as a major advantage of an IPO. At the same time, we find moderate support for theories that focus on exit strategy, balance of power with creditors, external monitoring, and merger and acquisition motivations. European CFOs' views on the major benefits of an IPO are generally similar to those of US managers as reported in Brau and Fawcett (2006) , but differ significantly on outside monitoring; outside monitoring is considered a major benefit by European CFOs but a major cost by US CFOs. Our evidence suggests that the decision to go public is a complex one, and cannot be explained by one single theory because firms seek multiple benefits in going public. These motivations are influenced by the firm's ownership structure, size and age as well as by the home country's institutional and regulatory environment.     

Evidence on What CFOs Think About the IPO Process: Practice,Theory, and Managerial Implications

Many privately held companies aspire to go public through an initial public offering. But the IPO process is time‐consuming, expensive, and fraught with uncertainty. With the aim of shedding light on the process and reducing at least some of the uncertainty, the authors asked several hundred CFOs to share their experiences and perceptions with regard to six specific aspects of the IPO process: (1) motives for going public; (2) the timing of IPOs; (3) criteria for choosing an underwriter; (4) cause of IPO underpricing; (5) IPO signaling; and (6) reasons to stay private. The main findings from the survey are summarized below:

• ? The primary motive for going public is to create a currency‐publicly traded shares‐that can be used to fund acquisitions.
• ? CFOs strongly base the timing of their IPOs on overall stock market conditions, while paying relatively little attention to IPO market conditions.
• ? CFOs choose underwriters based on their overall reputation and industry expertise. Somewhat surprisingly, issuers did not express much concern about the underwriter fee structure.
• ? CFOs view underpricing mainly as a means of compensating investors for taking on the risk of IPOs in the after‐market.
• ? The two strongest perceived positive signals for issuer quality are a history of strong earnings and the use of a reputable investment bank. The strongest negative signal is the sale of insider shares in the IPO.
• ? The primary reason for staying private cited by the CFOs of private companies is the desire to maintain decision‐making control.

     

CFO重新定义

CFO简简单单的三个字母,在中国却有不同的演绎。最标准的说法是,CFO是Chief Financial Officer的缩写,即公司首席财政官或财务总监,是现代公司中最重要、最有价值的职位,是掌握着企业的神经系统(财务信息)和血液系统(现金资源)的灵魂人物。曾几何时,CFO也一度成为过街老鼠,甚     

CFO gender and earnings management: evidence from China

We study the effect of chief financial officer (CFO) gender on earnings management (EM) in China’s listed firms from 1999 to 2011. In the cross-sectional analysis, we find that female CFO firm-years exhibit significantly lower discretionary accruals, lower total accruals, lower abnormal production costs, and higher abnormal discretionary expenditures, than the male CFO firm-years. We further examine the relation between CFO gender and EM surrounding CFO transitions. We find that the departing male CFOs are more aggressive than the departing female CFOs in managing up earnings during their last year with the firm and the newly appointed male CFOs are more aggressive than the new female CFOs in managing down earnings during their first year on the job. The evidence surrounding CFO transitions suggests that male CFOs are more aggressive than female CFOs in manipulating earnings, either in the last attempt to save their jobs or to take bigger credit for any future performance gains. Overall, our empirical evidence suggests that female CFOs engage in less EM and are more conservative in financial reporting than their male counterparts.     

International equities listed on the New York stock exchange: does type of issue or date of issue matter?

The initial short-term (21-day) and long-term (3-year) excess returns for foreign initial public offering (IPO) and seasoned equity offering (SEO) American depository receipts (ADRs) listed on the New York stock exchange from 1990 to 2009 are tested to determine differences in performance based on type of issue and date of issue for the decades of the 1990s and the 2000s. The overall sample outperformed the S&P 500 Index by over 5?% after the first 3?years of trading; however, SEO ADRs outperformed IPO ADRs by nearly 19?% (relative to the market index). Breaking IPO and SEO ADR returns down by decade of issue shows that those listed in the 2000s for both samples drastically outperformed those listed in the 1990s in the long term. Both samples of ADRs listed in the 2000s also significantly outperformed the S&P 500 index in the first 36?months of trading. In the short-term results, for the first 21?days of trading, the SEO ADRs significantly outperformed the market by 2.1?%, while IPO ADRs outperformed by 0.97?% (though not significant).     

The financial and operating performance of China's newly listed H-firms

This study compares pre- and post-listing financial and operating performance for a complete sample of H-firms that are incorporated in Mainland China and listed in Hong Kong between 1993 and 2000. Theoretically, there are two major opposing influences on the performance change of these newly listed firms: negative initial public offering (IPO) effect and positive privatization effect. Our major findings are: (1) the IPO effect dominates the privatization effect, so that the H-firms experienced a significant decrease in profitability and operating efficiency after listing, and (2) the performance of a control sample of newly listed private firms declined more than that of the H-firms, probably because the positive privatization effect somewhat offset the negative IPO effect for the H-firms. This paper is the first to document the positive effect of privatization in oversea listed Chinese companies.     

我国上市公司分拆上市的市场反应研究：基于东北高速的案例分析

随着我国资本市场的不断完善和发展,分拆上市越来越成为我国资产重组的重要方式,发展和完善我国上市公司分拆上市对我国资本市场的建设具有重要的意义。本文首先探讨了上市公司分拆上市的经济动机和分拆上市的市场表现以及我国上市公司分拆上市的发展路径,并以东北高速的案例采用事件研究法进行了分析,最后从监管机构和上市公司两个层面提出相关建议。     

创业板CFO研究报告

在股民眼中无限风光的创业板上市公司中，CFO的角色和地位是怎样的呢？     

Do anti-corruption campaigns affect IPO underpricing? Evidence from a central discipline inspection of the CSRC in China

The system of central discipline inspections has become a key anti-corruption governance tool in China since 2013. This paper investigates the impact of a central discipline inspection of the China Securities Regulatory Commission (CSRC) on initial public offering (IPO) underpricing. We find that IPO firms listed during the inspection period exhibit greater IPO underpricing than those listed outside the inspection period. The reason is the increased focus of the CSRC on maintaining capital market stability, which makes it more inclined to approve IPO firms with lower issue prices during the inspection period compared with other periods. We also find that IPO firms listed during the inspection period have better short-term market performance but poorer long-term returns than those listed outside the inspection period. Moreover, the effect of the anti-corruption inspection on IPO underpricing is more pronounced for non-state-owned enterprises, firms with low-quality auditors and firms located in regions with high corruption. Overall, our paper enriches the literature on IPO underpricing and the economic consequences of the central discipline inspection system.