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OTCBB市场的出现,对于众多艳羡向往纳斯达克而不得其门而入的中国企业而言,无疑是一种难以抗拒的诱惑,OTCBB俨然成了暗渡海外资本市场的秘密通道.沉寂的OTCBB上激荡着中国概念的涟漪,一家家中国企业憧憬着登陆海外资本市场的迷梦 相似文献
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所谓“或有”,就是可能发生或存在,是一种潜在的、不确定的,以未来可能发生的某种情况为前提条件而发生或存在。在会计中,由于将来可能发生某种情况而发生的债务,称为“或有负债”;由于将来可能发生某种情况而存在的资产,称为“或有资产”;由于或有负债所形成的损失,称为“或有损失。”会计中的“或有”概念,在西方财务会计中早已 相似文献
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一种最乐观的情景是中国政策在二季度后偏多,与美国建筑业周期同时向上,则2013年是趋势性行情。而一种最悲观的情形是,上半年伴随着美国经济的回落,中国经济再次回落,资本逃离中国。股市下跌。我们认为这两种极端情形都不大可能发生,而2013年的此消彼长将导致中国的股市中枢上移。 相似文献
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吴筠 《湖北农村金融研究》2002,(11):58-58
当前金融竞争空前激烈,各家商业银行正使出浑身解数扩大自己的市场份额,而获得市场准入资格的外资金融机构也正摩拳擦掌,准备在未来的中国银行业中一展身手。在如此激烈而残酷的竞争态势下,商业银行纷纷意识到转变经营观念、调整业务发展策略的重要性和紧迫性。而新业务、新产品的开发、推广、应用在商业银行扩大市场份额、延伸服务半径、增强竞争优势方面日益起着至关重要的作用。也越来越被关注和重视,因此对其 相似文献
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成就与问题:上海、深圳证券市场的发展证券市场一般包括债券市场和股票市场两大类。但单有债券市场而没有股票市场,则这种证券市场是不完整的。我国证券市场的孕育、发展是从债券市场开始的,而股票市场的建立和发展则仅限于上海、深圳两地。1984年11月,上海飞乐音响公司首次向社会公开发行股票,标志着上海股票市 相似文献
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Paula Hill† 《Journal of Business Finance & Accounting》2006,33(1-2):102-126
Abstract: Stoughton and Zechner (1998) and Brennan and Franks (1997) argue that underpricing can be employed to determine post IPO ownership structure, and thereby to influence monitoring and/or control of the company post issue. This paper employs unique data relating to shareholdings of firms listing on the London Stock Exchange, and provides compelling evidence that IPO underpricing does not arise from efforts to determine the ownership structure of the post IPO firm. It is suggested that research is directed elsewhere to find an answer to the underpricing phenomenon, and for means other than IPO underpricing to affect post IPO ownership structure. 相似文献
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This study seeks to determine the reasons behind original shareholder sales of particular numbers of shares at the IPO date. It also examines whether share transfer behaviour reveals specific characteristics of blockholders and if a non-linear relationship emerges between the variable representing the shares held by controlling shareholders immediately prior to the transaction and the share transfer variable. The sample consists of 46 Tunisian companies listed on the Tunis Stock Exchange during the period 1992–2012. Results show that the original shareholders sale decision depends significantly on company growth opportunities. Assignee shareholders benefit from favourable stock market conditions when they sell their shares at the IPO time. Share transfer behaviour depends on whether company ownership consists of a family or not, and on whether the shareholders are blockholders or not. Besides, controlling shareholders benefit from IPO to enhance their ownership. 相似文献
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基于2006年至2008年6月之间新上市公司数据,考量分析师跟踪和新上市公司股价表现,结果表明,分析师对公司的跟踪越多,说明分析师看好该公司,对某公司进行跟踪的分析师数量传递了分析师对公司价值未来的预期。利用 Fama-Frcnch 三因素模型的截距项表征新上市公司超额收益,发现超额分析师跟踪越多的公司其新股超额收益越大。 相似文献
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本文以中国1993~2009年期间的1158家IPO(其中A+H公司36家)为样本,实证检验了A+H双重上市与公司IPO行为之间的关系。研究发现:A+H双重上市与单位权益发行价、IPO定价效率、融资规模效率均显著负相关,表明A+H双重上市非但没有给公司带来IPO溢价,反而导致更高的IPO抑价。进一步分析表明,A+H公司的更高IPO抑价与其大规模的股票发行数量显著正相关,正是A+H公司的大规模股票发行迫使发行人和承销商采取低价策略以保证成功IP0,并导致A+H公司具有偏好在热市期上市的择时行为。 相似文献
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本文以截至2011年6月30日在我国创业板上市的236家公司作为研究对象,研究风险投资对创业板IPO折价的影响。研究发现:(1)有风险投资参与的企业IPO折价显著高于无风险投资参与的企业,支持声誉效应假说,即风险投资机构以IPO折价来提早退出投资项目,以此来建立自己的声誉,从而吸引更多的资金流入;(2)在对有风投参股的投资公司做进一步分析后发现一一随着风投参与度的增大,IPO调整折价率并未出现明显的提升,创业板企业IPO时风险投资机构的数量、风险投资机构持股比例与调整折价率关系不显著。 相似文献
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We find evidence of income-increasing earnings management in Malaysian IPOs, which occurs primarily for IPOs during a period of severe economic stress (the East Asian crisis). Within the high-ownership-concentration Malaysian market, post-IPO control concerns also appear to constrain IPO earnings management: owners seem willing to accept reduced IPO proceeds and signaling opportunities to increase the likelihood of retaining control of the company post-IPO. The requirement to provide a profit guarantee does not seem to greatly affect earnings management. IPO companies engaging in aggressive income-increasing earnings management have significantly worse market-based performance than their more conservative counterparts, but again only for IPOs issued during the economic crisis period. Overall, the results suggest that personal liquidity concerns are an important factor in IPO decisions during the economic crisis. 相似文献
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FRANÇOIS DERRIEN 《The Journal of Finance》2005,60(1):487-521
This paper explores the impact of investor sentiment on IPO pricing. Using a model in which the aftermarket price of IPO shares depends on the information about the intrinsic value of the company and investor sentiment, I show that IPOs can be overpriced and still exhibit positive initial return. A sample of recent French offerings with a fraction of the shares reserved for individual investors supports the predictions of the model. Individual investors' demand is positively related to market conditions. Moreover, large individual investors' demand leads to high IPO prices, large initial returns, and poor long‐run performance. 相似文献
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台湾新上市柜(IPO)公司自2002年2月19日起须依照“上市上柜审查条例”设置二席以上独立董事和一席以上独立监察人,集团企业与总经理兼任董事长职务之公司依规定尚应聘任较多之席次。本研究探讨独立董监之适任性、影响力与IPO公司初期评价间之关系。实证结果指出,独立董事具执业会计师资格、曾担任上市柜公司的董事长、总经理或副总经理,以及相对于最终控制者之董事席次比率愈大,市场解读为适任性佳,愈具有影响力,对承销价制定、投资人初期评价有正向之作用。就独立监察人而言,并束发现独立监察人专业背景对IPO初期评价具攸关性。 相似文献
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This paper presents one of the first studies of earnings management by initial public offering (IPO) firms in a European country. Using a sample of 64 Dutch IPOs, we investigate the pattern of discretionary current accruals (DCA) over time. We find that managers manage their company's earnings in the first year as a public company but not in the years before the IPO. We also examine the impact of earnings management on the long-run stock price performance of IPOs. We find a negative relation between the size of the DCA in the first year as a public company and long-run stock price performance over the next 3 years. A number of additional tests support these findings. 相似文献