【正文】 will create higher value,‖ says Carnoy. An IPO remains the 6 Global IPO trends report 20xx Figure 4. Global IPO activity by quarter Capital raised (US$b) Number of deals 171 130 226 337339 386 337 455 333 403 347 454 344 458 342 585 381 567 440 591 236 $4 $7 $13 $26 $27 $33 $27 $37 $29 $37 $33 $68 $34 $62 $45 $105 $36 $90 $59 $102 $41 Q103 Q203 Q303 Q403 Q104 Q204 Q304 Q404 Q105 Q205 Q305 Q405 Q106 Q206 Q306 Q406 Q107 Q207 Q307 Q407 Q108 Source: Dealogic, Thomson Research, Ernst amp。 Young 12 major exchanges that dominated listings in the past. Almost all of the global top 20 IPOs in 20xx listed on their own domestic exchanges, including such farflung locales as Madrid, Dubai, Sao Paulo, Tokyo, Bogota, Frankfurt, Brussels, Dublin, Shanghai and Mumbai (see page 14). In contrast, a decade earlier these local stock markets weren‘t considered viable listing locations and most large international panies would be pelled to list either in the US or London. Rapid growth of emerging markets has led to the establishment of new worldclass financial centers. With the adoption of international corporate governance standards and new trading technology, local stock markets continue to bee better regulated, more liquid and transparent. Local exchanges are quickly catching up with the established top league exchanges in terms of knowhow and infrastructure. For example, the Sao Paolo Stock Exchange (BOVESPA) revealed itself to be a global IPO player, with liquidity ample enough to acmodate the 64 Brazilian IPOs which listed on BOVESPA in 20xx. The world’s stock exchanges continue to consolidate Whereas over 80 exchanges existed a decade ago, consolidation has diminished their numbers to 50 bourses worldwide today. In 20xx– 08, intense petition led major US exchanges to seek mergers with bourses in Europe, as the consolidation trend continues. In 20xx, NYSE merged with Parisbased Euronext for US$ billion, creating the world‘s first transatlantic stock exchange. ―NYSE Euronext is the world‘s largest and most liquid exchange group, with 4,000 listed issuers representing over US$29 trillion in market value,― says Culhane. Through the merger, the NYSE is linked with exchanges run by Euronext NV in Paris, Brussels, Amsterdam and Lisbon, as well as London‘s Liffe derivatives market. This merger provides the NYSE Euronext greater geographic and production diversification. The exchange seeks to maintain its brand image as the ―gold standard‖ in terms of both listing standards and the bluechip panies it hosts. In the first quarter of 20xx, NASDAQ, the world‘s first and largest electronic stock market, closed a US$ billion merger with OMX, the Nordic stock market operator and stateoftheart technology provider. In one stroke, NASDAQ doubled its size and created another transatlantic exchange which operates stock markets in eight countries within the Baltics, the Nordic countries and the US. The merger created the first exchange group to operate on 6 continents, 29 countries, and 4,000 listed issuers with an aggregate market capitalization of US$ trillion. The merger also supports NASDAQ‘s goal to gain greater efficiency as an electronic data work through expanded scale and scope. More mergers and acquisitions among exchanges can be anticipated as the world capital markets continue to globalize and grow even more interconnected. Companies can choose from many alternative capital sources These days, it‘s easier to get ideas valued and financed. Companies have many more alternative capital sources from which to choose, including private equity (PE), venture capital (VC), hedge funds, private placements and sovereign wealth funds (SWFs). ―We‘re seeing panies taking more time to decide on the best shareholder mix and investor base to support their business,‖ says John Jacobs, Executive Vice President, Worldwide Marketing and Financial Products, NADSAQ OMX. ―Companies have a choice. We can‘t generically talk about the flavor of the month for 5 Perspectives on global IPO markets Figure 3. Global IPO activity by industry 20xx Number of deals Telemunications: 3% Total capital raised Telemunications: 3% Retail: 3% Real estate: 6% Media and entertainment: 4% Materials: 19% Industrials: 14% Consumer products and services: 8% Consumer staples: 6% Energy and power: 8% Financials: 9% Healthcare: 7% High technology: 13% Retail: 3% Real estate: 10% Media and entertainment: 3% Materials: 12% Industrials: 17% High Technology: 5% Consumer products and services: 5% Consumer staples: 4% Energy and power: 11% Financials: 23% Healthcare: 4% Source: Dealogic, Thomson Research, Ernst amp。 Young, this review offers an indepth examination of the key trends for panies planning an IPO today. Trends in IPO activity can be difficult to predict, especially in times of market volatility. However, panies around the world continue to ready themselves to go public while waiting for market conditions to improve. We look forward to working with these panies and their teams in their transformation from a private entity to a public enterprise. Global IPO Trends Report 20xx Contents Perspectives on global IPO markets Global Emerging markets drive global IPOs despite ? nancial volatility . . . . . . . . . . . . . . .