IPO开闸后的躁动

经过12个月的蓄势整理,中国股市开始迎接超级航母与小舢板的联合冲击。今年前5个月,涨幅达42％的中国股 7市堪称2006年全球表现最佳的证券市场。然而,6月7日国内A股股市出现了4年多来最大的暴跌,沪市综合指数暴跌89．27点,单日跌幅达5．3％。面对     

全球IPO创纪录 中国居榜首

在刚刚过去的2010年,虽然西方市场经济复苏并不稳固,但是中国过去的经济增长和多次破纪录的交易,推动了全球IPO市场在金融危机之后强劲复苏,全球IPO预计将超越2007年全球融资额2950亿美元的历史高位纪录。全球IPO或超3000亿美元,大中华区占46%根据安永会计师事务所的调查,2010年的前11个月,全球各地共有1199宗IPO,共筹集了2553亿美元。预计2010年,全球首次公开发行募股的融资活动将再创新高,融资的总额可望超过3000亿美元,这也全面回到全球金融危机前的水平了。受益于国内强劲的经济增长和市场上庞大的流动资金,2010年大中华区引领全球IPO活动,1月到11月期间共有442宗IPO,占全球37%;融资总额1179亿美元,比2009年同期增加了170%,占全球46%。两项统计数据均居世界第一。     

投资者信息获取与企业IPO决策

企业的ＩＰＯ决策是指符合规定条件的企业按法定程序首次向社会公众公开发行股票。对于企业来说 ,成功的ＩＰＯ融资是通过出让较少比例的股权融得较多的资金。从过程来看 ,成功的ＩＰＯ融资有赖于企业、承销商和广大投资者之间的有效互动。我们知道 ,信息是决策的基础。一般而言 ,投资者和发行企业各自掌握的企业信息是有差异的。这种信息不对称会使投资者产生选择困惑 ,并对企业公开发售的股票价格产生不利的影响 ,反映在为了能够出售股票而不得不适当降低股价。由此可见 ,投资者的信息获取在企业的ＩＰＯ决策中起着非常重要的作用 ,对其进…     

30余家中国企业拟赴美IPO2012再现海外上市热？

美国证券交易委员会（SEC）的最新数据显示,截至2011年12月24日。共有14家中国企业赴美上市,比2010年的34家大幅锐减。不过,根据SEC资料以及纳斯达克和纽交所公布的信息,2012年可能会有超过30家中国企业赴美IPO。纳斯达克亚太区总裁高睿博近期透露：目前有超过30家中国企业处于纳斯达克的IPO动态管道中,预计2012年年初将有一小部分企业重启IPO以测试市场反应,     

首季度110家中国企业IPO创3年来同期新高

据著名创业投资与私募股权研究机构清科研究中心4月14日发布的最新报告显示,在清科研究中心关注的境外13个市场和境内3个市场上,201O年第一季度中国企业表现最为抢眼,多达110家中国企业在境内外市场上市,其中,19家企业在海外市场上市,91家企业在境内市场上市,境内上市的企业仍以中小企业为主。     

IPO过程中的公司治理——IPO的过程实际上就是企业完善公司治理的过程

记者曾不止一次地参观过南京依维柯的生产线，但每一次看的都是总装线，因为总装线上的车都已成型，拍出照片很有“画面感”。日前记者又一次参观了南京依维柯的生产线，这次是在冲压车间开始参观的，一圈走下来，它让我脑海中突然闪出这么一篇文章的题目《“造车”与“敲车”的区别》。也就是说在这里让我明白了一部从“里子”到“面子”都过得硬的轻型客车与那些“蒙皮”轻客的区别。     

中国企业入世后的挑战问题

今天和大家讨论中国企业入世后的挑战问题,包括三方面内容:一是中国在后WTO时代主要面临的挑战和风险;二是中国企业面对国际化竞争的主要不足;三是施工企业开拓国际市场的机遇和挑战。 联合国工业发展组织由于其性质及宪章所规定的“中立、多边、广泛、专业化”的立场,36年来在投资界、产业界,以及欧美金融界之间都建立了广泛而密切的合作关系,其中包括3万多家跨国投资机构。由于这种中立性,使得我们有机会了解西方国家的企业要在中国市场上做什么,他们对于消灭对手、削弱对手及消灭潜在竞争对象做了哪些工作,准备到了何种细致程度。因为几乎所有的在华投资企业在最终决定在华投资前都和工发组织进行过秘密会谈,也就是说,作为完全独立于中国以外的联合国系     

火爆的IPO

今年上半年沪深两市IP（新股发行）创同期历史新高，43家上市公司融资总额为1813．44亿元。据可查到资料显示，纺织类企业新民科技，上半年IPO成功上市。目前，浙江报喜鸟也已经“过会”，不出意外的话，下半年也会在A股市场登台亮相。[编者按]     

2013的IPO

《安永全球IPO趋势》调研报告显示,2013年IPO上市活动大幅回升,全年共有864宗交易,融资总额约1630亿美元,较2012年分别增长了3％和27％。2013年IPO宗数比2012年只增加了3％,但融资总额则上升了27％。     

中国女装路在何方? 从山东舒朗IPO被否探寻中国女装企业发展之路

4月20日,中国证监会发行审核委员会工作会议上,中国女装优秀企业——山东舒朗服装服饰股份有限公司(以下简称舒朗)首发申请未获通过,未能成为中国第一个上市的本土女装公司,此事引起行业内外一片叹息之声。资本市场不相信眼泪,在遗憾过后,我们不禁深思:一个坚持自主创新、以自营模式为主的优秀民族女装企业为何被挡在了资本市场大门之外?未来,中国女装企业的发展之路又在何方?     

Socioemotional wealth and IPO underpricing of family firms

Socioemotional wealth (SEW), i.e., the noneconomic utility a family derives from its ownership position in a firm, is the primary reference point for family firms. Family firms are willing to sacrifice economic gains in order to preserve their noneconomic utility. Thus, we argue that family firms sacrifice IPO proceeds by choosing higher IPO underpricing than nonfamily firms if underpricing helps them protect their SEW. Our empirical results, based on a sample of 153 German IPOs, support our hypothesis. On average, family firms have 10 percentage points more IPO underpricing than nonfamily firms. Copyright © 2014 John Wiley & Sons, Ltd.     

Geographic distance and corporate acquisitions: signals from IPO firms

This paper examines acquisitions of firms after they have undergone initial public offerings (IPOs). Combining insights from information economics with recent research on geographic distance in various market settings, the analysis investigates whether the presence or absence of different signals on IPO firms has an impact on the geographic proximity of acquirers. The central proposition we develop and test is that specific characteristics of IPOs—venture capitalist backing, investment bank reputation, and underpricing of issued shares—convey signals on these firms, which can facilitate acquisitions by more remote acquirers who are more likely to face the risk of adverse selection. Copyright © 2011 John Wiley & Sons, Ltd.     

Female leadership in contemporary Chinese family firms

Drawing on a case study of a three-generation family business, this paper explores the antecedents and consequences of female leadership in contemporary Chinese family business. Our findings suggest that institutional change in contemporary China affects the role of female family members in the family system, which eventually gave rise to female leadership in China’s family businesses. We also propose that in comparison to male leadership, female leadership in Chinese family business is more concerned with balancing work-family conflict; more dependent upon the family’s endowment of resources; and more likely to favor a participative (rather than authoritative) decision-making style.     

Board composition,share ownership,and ‘underpricing’ of U.K. IPO firms

Using a sample of 251 IPOs in the United Kingdom, this paper examines interlinks between executive and nonexecutive characteristics, share ownership, and short‐term performance measured in terms of share offer ‘underpricing.’ It argues that executives' power and previous experience directly affect ex ante choice of nonexecutive directors and their ownership interests in the firm. These endogenously developed governance factors may be used by IPO teams strategically to reduce the extent of underpricing. However, there is a selective response of investors to different board characteristics and share ownership structure. Copyright © 2002 John Wiley & Sons, Ltd.     

Guanxi and organizational dynamics: organizational networking in Chinese firms

This paper focuses on the utilization of guanxi, which is an important cultural and social element in China, and the impact of guanxi on firm performance. Although guanxi is embedded in every aspect of Chinese social life, companies demonstrate different needs and capacity for guanxi cultivation. Chinese firms develop guanxi as a strategic mechanism to overcome competitive and resource disadvantages by cooperating and exchanging favors with competitive forces and government authorities. We develop an integrative framework theorizing guanxi utilization according to institutional, strategic, and organizational factors, and we explore the impact of guanxi on firm performance, primarily sales growth and net profit growth. Our findings, based on a survey of 128 firms in central China, provide strong support that institutional, strategic, and organizational factors are critical determinants of guanxi with competitive forces. However, only institutional and strategic factors are significant for guanxi utilization with government authorities. In general, guanxi leads to higher firm performance, but is limited to increased sales growth, and has little impact on profit growth. Guanxi benefits market expansion and competitive positioning of firms, but does not enhance internal operations. Copyright © 2001 John Wiley & Sons, Ltd.     

Governance,ownership structure,and performance of IPO firms: the impact of different types of private equity investors and institutional environments

This paper examines performance effects of ownership concentration and two types of private equity investors (venture capitalists and business angels) in firms that have recently undergone an initial public offering (IPO) in the United Kingdom and France. We expand and contextualize nascent understanding of multiple agency theory by examining heterogeneity of private equity investors and by suggesting that multiple agency relationships are affected by different institutional contexts. We employ a unique, hand‐collected dataset of 224 matched IPOs (112 in each country). Controlling for the endogeneity of private equity investors' retained share ownership, we find support for the agency theory argument that concentrated ownership improves IPOs' performance. The research also shows that the two types of private equity investors have a differential impact on performance, and the legal institutions in a given country moderate this impact. Copyright © 2009 John Wiley & Sons, Ltd.     

The succession process in Chinese family firms: A guanxi perspective

Intergenerational succession is a principal cause of the high failure rate among first- and second-generation family businesses. The purpose of this paper is to contribute to the understanding of the complexity and dynamics of the succession process by examining the role of guanxi. This paper uses an exploratory case study of six Chinese family firms. The results of this research indicate that (1) the succession process of entrepreneurs’ guanxi networks can be divided into four representative phases, namely, preheating, triggering, readjusting, and reconstructing; and (2) each phase requires performing some characteristic tasks. Such tasks include the cross-generational teaching and learning of guanxi philosophy, the deconstruction of the profile of guanxi networks, the introduction of the next generation to existing guanxi parties, the cross-generational role readjustment in guanxi building and management, the renewal of guanxi parties, and the rebuilding of guanxi net structures. The results of this study also provide an extended theoretical model that helps to explain the relationship between the intergenerational transfer of entrepreneurs’ guanxi networks and the transfer of leadership.     

A comparative analysis of the internationalization of Chinese and Japanese firms

This paper integrates institution-, industry-, and resource-based views of internationalization and demonstrates that industrial characteristics, firm resources, and institutional factors can significantly explain the differences and similarities of international expansion of Chinese and Japanese multinational enterprises (MNEs). In particular, this paper maps the growth of Chinese MNEs since economic reforms in 1978 and that of Japanese MNEs after World War II. We illustrate the similarities and differences between Chinese and Japanese MNEs with two case studies: foreign direct investment (FDI) of Haier and Matsushita. We suggest that how firms internationalize, in addition to being influenced by industry- and resource-based considerations, is inherently shaped by the domestic and international institutional frameworks governing these endeavors.