买壳还是IPO

当前"为不同所有制企业上市建立公平竞争环境"已经成为明确的政策导向,民营上市公司确实存在利用国退民进、通过作为上市公司非流通股转让受让主体的方式,而呈现加速扩容的趋势.据有关统计资料显示,自2002年8月恢复"国转非"至2003年8月的1年内,除已公开标明受让方为国企的转让协议外,共有66家上市公司签订了105起股权转让协议,71起披露正在等待财政部批准.其中公开披露受让方来自民营企业的就已经达到了30起.     

高春辉:孤独的站长

挺过互联网的十年,一个创业者经历的幸运、得到、失去、挫折以及穿越谁还记得高春辉?网上搜索他的新闻,最新消息是2008年在网上谈创业,再往前的2006年,是他的一个好消息,手机之家被太平洋商业网络公司收购了,价格     

我国创业板IPO现象研究

本文在参考国内外文献的基础上,对于我国创业板IPO现象进行研究和论证.从文章的分析过程中可以看出,在我国创业板IPO中并不存在一级市场抑价和二级市场溢价的情况.而给大家造成这两种情况存在假象的原因是因为创业板股票一直都在创造和维持着一个高股价和高市盈率的局面.本文认为,这种高股价和高市盈率的存在主要是与我国创业板的发行要求过于严格以及投资者的不理性炒作有关.     

上市生变 达芬奇雪上加霜

在过去10天里,仅出现在国内富裕阶层生活中的北京达芬奇家居股份有限公司（下称“达芬奇”）,以一场接一场的“好戏”迅速成为了全民聚焦的热点。10天前,在央视《每周质量报告》节目的镜头中,达芬奇经理杨丽萍还自信满满地称,目前公司正在筹备上市,如果顺利的话明年就能上市成功。3天后,达芬奇CEO潘庄秀华便以“达芬奇的眼泪”失态于百家媒体的质疑面前。     

Efficiency in IPO Issuance Processes?

Is the online auction an efficient mechanism for pricing initial public offerings (IPOs)? Its intent was to minimize first day price surges in IPOs, which represented “money left on the table” for issuers. Evidence from Google's IPO suggests that the online auction process may not have minimized the first day price surge, since 82 percent of the IPOs issued in 2004 using the traditional process experienced less of an increase. Furthermore, a comparison of auction IPOs with traditional IPOs issued in the same year and in the same threedigit SIC code suggests that 44 percent of the auction IPOs have greater first day price surges than their traditional counterparts. A broader comparison of the pricing behavior of auction IPOs with traditional IPOs presents a mixed picture and suggests that the size of underwriter may be an important factor. The mispricing that occurs in auctions may be due to an informational asymmetry on the part of small investors. This informational gap could arise because small investors lack access to the information sources that institutional investors have or because companies are not required to provide detailed information in the online process, inasmuch as they don't undergo the rigorous scrutiny of investment banks in the traditional bookbuilding process. This informational gap may be alleviated by the SEC reforms of the “quiet period” and by the issuer providing more detailed information on the uses of the funds.     

NASD Rule 2110 and the VA Linux IPO

On December 9, 1999, VA Linux issued shares to the public and left over $900 million on the table for investors. In the prospectus, the investment banker Credit Suisse First Boston (CSFB) stated it would receive a 7% gross spread as its compensation for underwriting the shares. Yet the SEC alleges some investors paid enormous commissions to CSFB in the form of a kick-back immediately after obtaining the IPO shares. Hence, CSFB had an economic interest in the IPO and there was not a full distribution of shares. This apparent violation of NASD Rule 2110 raises questions as to the credibility of the financial markets.     

The path-to-profitability of Internet IPO firms

Extant empirical evidence indicates that the proportion of firms going public prior to achieving profitability has been increasing over time. This phenomenon is largely driven by an increase in the proportion of technology firms going public. Since there is considerable uncertainty regarding the long-term economic viability of these firms at the time of going public, identifying factors that influence their ability to attain key post-IPO milestones such as achieving profitability represents an important area of research. We employ a theoretical framework built around agency and signaling considerations to identify factors that influence the probability and timing of post-IPO profitability of Internet IPO firms. We estimate Cox Proportional Hazards models to test whether factors identified by our theoretical framework significantly impact the probability of post-IPO profitability as a function of time. We find that the probability of post-IPO profitability increases with pre-IPO investor demand and change in ownership at the IPO of the top officers and directors. On the other hand, the probability of post-IPO profitability decreases with the venture capital participation, proportion of outsiders on the board, and pre-market valuation uncertainty.     

Forum on Overseas Financing and IPO Held in Nanning

Co-sponsored by CCPIT / CCOIC Guangxi and Singapore Universal Reliance (Holdings) Pte. Ltd., Forum on Guangxi Enterprises Overseas Financing and IPO was held in Nanning on August 30,2006. Some 100 delegates from companies and manufacturers around the province attended the conference.     

Changing underwriting practices on underpricing of U.S. global initial public offerings

We examine the underpricing of U.S. firms that went public globally (Global IPOs) between 1986 and 2003. Our results suggest that, when compared to their peers that went public at home, U.S. issuers did not enjoy an advantage in issue costs from their global offerings. Their offers experienced substantial increases in underpricing, which exceeded that of their peers since the late nineties. We observe that the increased underpricing was accompanied by an overwhelming proportion of Global IPOs being underwritten by prestigious underwriters and backed by venture capitalists. In addition, Global IPOs accounted for an increasing percentage of total issues of U.S. firms in the late nineties. Further findings suggest that Global IPOs may be motivated by expanding investor demand under favorable overseas market conditions and increasing visibility through global placement.     

消除海外上市的价值差异

面对各种沟通障碍的存在,中国上市公司应该采取更加积极的方式与海外投资者沟通,而不是仅仅依赖传统的财报发布和投资者大会。     

对互联网企业第二次上市热潮的思考

网络企业在经历了互联网的寒冬之后,依托新的业务模式大幅度发展,掀起了新一轮的上市热潮。在充分肯定网络企业成熟发展的同时,我们也不应该盲目乐观。在对两次上市热潮进行比较之后,我们发现网络企业仍然存在很多隐患。网络企业仍需要加强网站内容的建设,增强核心竞争力;优化成本,完善财务制度,增强企业盈利性;与传统产业相结合实现经营多元化;加强管理和技术创新能力培养。     

360上市仅仅是开始

IPO的顺利,让奇虎360董事长周鸿祎始料未及.美国东部时间3月30日,周鸿祎敲响了纽约证券交易所的大钟.奇虎360(NYSE:QIHU)正式在美国纽交所上市,融资2.256亿美元.     

新股发行定价的聚类分析方法研究

新股定价问题一直是国际金融界公认的最具迷惑性的难题之一。针对我国证券市场的特点 ,对现行国内外各种新股定价模型和理论进行了研究。在此基础上 ,将多元分析方法的聚类分析应用于新股定价中 ,并通过实证研究表明这种方法是一种比较实用的、客观有效的新股定价方法 ,该方法可以有效地解决新股抑价现象 ,并对我国新股发行定价的改革将产生重要的指导意义。     

Human and financial capital as determinants of biopharmaceutical IPO de-listings

The present study combines human capital theory with work on IPOs related to sources of financial capital of recent, publicly traded biopharmaceutical firms and relates this to the de-listing of these firms. The study follows the generally accepted view that more or better quality human capital is a positive factor in individual and firm performance to develop the hypotheses, positing a negative relationship between these factors and IPO de-listing. The results show that to a limited extent firms having CEOs with more or better human capital and strategic alliance partners are associated with biopharmaceutical IPOs’ de-listing. The study further finds that de-listing in this industry is due primarily to acquisitions (and not financial distress) and that the findings differ based upon whether examining financial distress or acquisition de-listings. The study draws upon the IPO motivation literature to help explain the results.     

Chinese Shipbuilder Yang Fan eyes Hong Kong IPO

Chinese shipbuilder Yang Fan Group, in which Goldman Sachs holds a 20 percent stake, is eying a stock market listing in Hong Kong in the first half of next year, said Chairman Xu Yu Kang. The group, which has registered capital of RMB 500 mil- lion, is China's eighth-largest shipbuilder.