【正文】 Going Public in US Stock Markets 中國(guó)公司美國(guó)上市 2023/3/17 1 美國(guó)瑞星思達(dá)投資控股公司 Table of Contents 目錄 I. 為什么要上市？（上市的好處） Why to Go Public? (Benefits of Listing) ? 美國(guó)股市 US Stock Markets ? 如何上市？ How to Go Public? ? 上市的成本 Cost to Go Public ? 上市后的運(yùn)作 After being Listed ? 我們是誰(shuí)？ Who Are We? 2023/3/17 2 美國(guó)瑞星思達(dá)投資控股公司 I. 為什么要上市？ （上市的好處） Why to Go Public? (Benefits of Listing) 2023/3/17 3 美國(guó)瑞星思達(dá)投資控股公司 為什么要上市？（上市的好處） Why to Go Public? (Benefits of Listing) 1. Fund Raising and Easier Access to Capital: 上市公司最大的優(yōu)勢(shì)是可以在證券市場(chǎng)上大規(guī)?；I集資金； 2. Maximize shareholders interests by higher P/E Ratio (higher valuations): 提升公司價(jià)值： ? A private Company’s P/E is usually 5, whereas a public pany’s P/E can be more than 10. ? 上市使公司股票有了流通性，并具有公認(rèn)的價(jià)格。大多數(shù)情況下，公司的整體市場(chǎng)價(jià)值會(huì)比未上市前高出許多。 3. More revenues for financing 拓寬公司融資渠道： ? 公司上市后由于知名度、透明度和信用度的提高，可以通過(guò)資本市場(chǎng)直接融資或進(jìn)行私募發(fā)行。 ? 容易從供應(yīng)商和銀行獲得信用。Sometimes shares can be used as collateral for loans. 4. Easy for potential Merge and Acquisition 開(kāi)展后繼資本運(yùn)作： ? 上市后公司很容易用增發(fā)股票的方式并購(gòu)其它企業(yè)、整合資源，而不需要?jiǎng)佑么罅康默F(xiàn)金。 5. Company Image and Marketing and PR Benefits 公司形象，市場(chǎng)推廣，公共關(guān)系的好處。（當(dāng)然也有公眾壓力的壞處） 6. Employee’s royalty and enthusiasm員工的股票期權(quán)激勵(lì) ： ? Make benefits package more attractive by offering stock or options to let employees work for the pany’s success. ? 由于公司股票有了市值和流通性，易用股票期權(quán)作為激勵(lì)方法和留住關(guān)鍵員工。 7. Liquidity 流通性 售股套現(xiàn)： ? 在過(guò)了限售期后股東可以拋股套現(xiàn)，對(duì)于企業(yè)創(chuàng)始人來(lái)說(shuō)這是個(gè)人（退休安排）的一個(gè)步驟。 8. Lowering risks by distributing risks to public market. 風(fēng)險(xiǎn)分散 9. Assists management succession 幫助管理層取得成功。 2023/3/17 4 美國(guó)瑞星思達(dá)投資控股公司 在美國(guó)上市對(duì)中國(guó)企業(yè)的挑戰(zhàn) （上市的 “不利 ”因素） Challenges of Listing 1. 企業(yè)的營(yíng)運(yùn)成本（費(fèi)用和時(shí)間）增加 Cost of Listing and Consummation of Management Time： ? 審計(jì)和律師費(fèi)用： ? 公司需要聘用相關(guān)行政人員和獨(dú)立懂事等、 ? 各項(xiàng)申報(bào)： 2. 企業(yè)的透明度增加 Disclosure Requirements： ? 嚴(yán)格的信息披露政策，可能會(huì)影響到企業(yè)的業(yè)務(wù)。上市之后，如果在信息披露上不能達(dá)到要求，則要付出高昂的代價(jià)。 ? 作為上市企業(yè)，公眾可以了解企業(yè)的各項(xiàng)財(cái)務(wù)數(shù)據(jù)、重大變更、主要客戶的名稱和交易量 ,主要股東和高層管理人員的利益分配 (salaries, perquisites, etc)。 3. 公司治理增強(qiáng) Corporate Governance Requirements ? 在安然事件發(fā)生后，美國(guó)加強(qiáng)了對(duì)上市企業(yè)的監(jiān)管力度，企業(yè)必須增加透明度和加強(qiáng)內(nèi)部監(jiān)管程序。 ? 財(cái)務(wù)和管理紀(jì)律化 Financial and Management Discipline 4. 受托責(zé)任 Fiduciary Responsibilities 5. 投資人多樣化 Diverse Investor Base 6. 外部環(huán)境的影響增加 Pressure from public： ? 任何國(guó)際形勢(shì)的變化、匯率的變化都會(huì)對(duì)跨國(guó)經(jīng)營(yíng)企業(yè)的價(jià)值產(chǎn)生重大影響。例如，如果人民幣對(duì)美元的匯率大幅下降，那么即使企業(yè)的盈利和增長(zhǎng)率表現(xiàn)良好，企業(yè)的市場(chǎng)價(jià)值仍然可以是負(fù)面的表現(xiàn)。 7. 保密 Confidentiality 8. 提供股東價(jià)值的壓力 Pressure to deliver ―Shareholder Value‖. 9. 培訓(xùn)需要 Staff/Management Training Needs 10. 被告的風(fēng)險(xiǎn) Risks of having lawsuit ? Sued by Stockholders 11. 失去獨(dú)立經(jīng)營(yíng)及對(duì)公司的控制權(quán) 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) 2023/3/17 5 美國(guó)瑞星思達(dá)投資控股公司 II. 美國(guó)股市 US Stock Markets 2023/3/17 6 美國(guó)瑞星思達(dá)投資控股公司 US Security Markets 美國(guó)的證券市場(chǎng) 紐約股票交易所 New York Stock Exchange 美國(guó)證券交易所 American Stock Exchange Pink Sheets 粉紅單交易市場(chǎng) National Market SmallCap Market OverTheCounter (OTC) Markets 4 1 2 場(chǎng)外交易市場(chǎng) 3 Other Stock Exchanges 美國(guó)其他資本市場(chǎng) 1. Chicago Stock Exchange 2. Boston Stock Exchange 3. Cincinnati Stock Exchange 4. Pacific Exchange 5. Philadelphia Stock Exchange 2023/3/17 7 美國(guó)瑞星思達(dá)投資控股公司 New York Stock Exchange (NYSE) 紐約股票交易所 2023/3/17 8 美國(guó)瑞星思達(dá)投資控股公司 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 panies listed on the NYSE is five times that of panies listed on NASDAQ. ? The NYSE is operated by NYSE Group, which was formed by merger with the fully electronic stock exchange Archipelago Holdings. ? The NYSE trading floor is located at 11 Wall Street and is prised of five rooms used for the facilitation of trading. The main building is located at 18 Broad Street, between the corners of Wall Street, and Exchange Pl., in New York City. 2023/3/17 9 美國(guó)瑞星思達(dá)投資控股公司 American Stock Exchange (AMEX) 美利堅(jiān)證券交易所 ? The hectic exchange floor of The American Stock Exchange, Trinity Place, New York, NY, painted by Leroy Neiman ? The traders wear brightly colored jackets blue, yellow, green, orange and red with each color corresponding to a specific trading house. ? There are women on the floor。 the American Stock Exchange was the first exchange to elect women members in 1965. 2023/3/17 10 美國(guó)瑞星思達(dá)投資控股公司 AMEX 美國(guó)證券交易所 ? Originally known as 39。The Curb39。 because its business was conducted on the street, the Exchange began in 1849. It first moved indoors in 1921 and adopted its present name in 1953. Amex的成立已經(jīng)有 100多年的歷史，那時(shí)交易商們?cè)诩~約的街道上進(jìn)行自由交易，直到1921年交易所才從大街上搬進(jìn)位于紐約市中心的交易大廳內(nèi)。 Amex是采用拍賣成交(Auction)的方式來(lái)交易證券，拍賣方式一般采用“價(jià)格和數(shù)量?jī)?yōu)先”的成交方式，這一點(diǎn)是和納斯達(dá)克所采用的做市商制度 (Market Maker)很不一樣的。 ? In the United States, the American Stock Exchange (AMEX) is second only in size to the New York Stock Exchange. The Amex is the only . market to trade three different products: stocks, options and exchangetraded funds. ? Floorbased auction market that specializes in equities, options and exchangetraded funds (ETFs). ? AMEX has been particularly suc