【正文】 helf,” ready to be issued, which has given rise to the term shelf registration. 在1982年，證券發(fā)行的方法方面的一個(gè)重要的革新被引進(jìn)， 證交會(huì)批準(zhǔn)415號(hào)規(guī)定，這允許公司注冊(cè)證券，并且可以在最初登記兩年之后逐漸把它們出售給公眾。 因?yàn)樽C券已經(jīng)被注冊(cè)，它們可能再以附加小的文書工作就可以馬上被出售。 另外，它們的出售因?yàn)闆](méi)有基本的浮動(dòng)費(fèi)用就是成本降低到一個(gè)很小數(shù)目。 證券在這付架子上，準(zhǔn)備被發(fā)布，這已經(jīng)歸因于架子注冊(cè)。Private Placement 私募發(fā)行Primary offering can also be sold in a private rather than public offering. In this case, the firm (using an investment banker) sells shares directly to a small group of institutional or wealthy investors. Private placements can be far cheaper than public offerings. This is because Rule144A of the SEC allows corporations to make these placements without preparing the extensive and costly registration statements required of a public offering. On the other hand, because private placements are not made available to the general public, they generally will be less suited for very larger offerings. Moreover, private placements do not trade in secondary markets such as stock exchange. This greatly reduces their liquidity and presumable reduces the prices that investors will pay for the issue.主要發(fā)行證券也能被在私人而不是公開(kāi)銷售里出售。 這樣的話，公司(通過(guò)一家投資銀行)直接把股票出售給一個(gè)小組機(jī)構(gòu)投資者或者富有的投資者。 私募可能比公開(kāi)發(fā)行便宜得多，這是因?yàn)樽C交會(huì)的144A規(guī)定允許公司做這些安排而沒(méi)有準(zhǔn)備對(duì)普通民眾需要的廣大和昂貴的注冊(cè)報(bào)告書。另一方面，由于私募發(fā)行不能接觸廣大公眾，所以它們一般不那么適于非常大的發(fā)行。此外，私募發(fā)行不能在二級(jí)市場(chǎng)上進(jìn)行交易，如股票市場(chǎng)。 這大大地降低了它們的流動(dòng)性和投資者愿意支付的可假定的發(fā)行價(jià)格。Initial Public Offerings首次公開(kāi)發(fā)行Investment bankers manage the issuance of new securities to the public. Once the SEC has mented on the registration statement and a preliminary prospectus has been distributed to interested investors, the investment bankers organize road shows in which they travel around the country to publicize the imminent offering. These road shows serve two purposes. First, they attract potential investors and provide them information about the offering. Second, they collect for the issuing firm and its underwriters information about the price at which they will be able to market the securities. Large investors municate their interest in purchasing shares of the IPO to the underwriter。 these indications of interest are called a book and the process of polling potential investors is called bookbuilding. The book provides valuable information to the issuing firm because larger institutional investors often will have useful insights about the market demand for the security as well as the prospects of the firm and its petitors. It is mon for investment bankers to revise both their initial estimates of the offering price of a security and the number of shares offered based on feedback form the investing munity. 投資銀行管理對(duì)公眾的新證券的發(fā)行。 一旦證交會(huì)已經(jīng)對(duì)注冊(cè)報(bào)告書作評(píng)論，一本初步的計(jì)劃書已經(jīng)被分配給感興趣的投資者， 投資銀行組織他們?nèi)珖?guó)旅行宣布即將來(lái)臨的報(bào)價(jià)的巡回。 這些巡回服務(wù)于兩種目的。 首先，他們吸引潛在的投資者并且為他們提供關(guān)于報(bào)價(jià)的信息。 其次，他們對(duì)于發(fā)行公司和它的承銷人大約將能銷售證券的價(jià)格的信息來(lái)進(jìn)行收集。 大的投資者傳達(dá)他們的對(duì)購(gòu)買的對(duì)承銷人的股票初次發(fā)行的興趣； 所關(guān)心的這些跡象被叫為一本書，調(diào)查的潛在的投資者的過(guò)程被叫為登記。 這本書給堅(jiān)定發(fā)行公司提供有價(jià)值的信息，因?yàn)榇髾C(jī)構(gòu)投資者經(jīng)常將有關(guān)于大約市場(chǎng)需求以及公司前景和其競(jìng)爭(zhēng)者的有用洞察力。 對(duì)于投資銀行來(lái)說(shuō)，根據(jù)投資氣氛的反饋信息，修正一種證券的發(fā)行價(jià)格和發(fā)行數(shù)量是很普遍的事情。Why would investors truthfully reveal their interest in an offering to the investment banker? Might they be better off expressing little interest in the hope that this will drive down the offering price? Truth is the better policy in this case because truthtelling is rewarded. Shares of IPOs are allocated to investors in part based on the strength of each investor’s expressed interest in the offering. If a firm wishes to get a larger allocation when it is optimistic about the security, it needs to reveal its optimism. In turn, the underwriter needs to offer the security at a bargain price to these investors to induce them to participate in bookbuilding and share their information. Thus IPOs monly are under priced pared to the price at which they could be marketed. Such underpricing is reflected in price jumps on the date when the shares are first treaded in public security markets.為什么投資者誠(chéng)實(shí)地把自己對(duì)一種證券發(fā)行的興趣告訴給投資銀行呢？如果他們表現(xiàn)出沒(méi)有多大興趣，并希望借此來(lái)壓低發(fā)行價(jià)格或許對(duì)他們更好。在這種情況下，誠(chéng)實(shí)是一種較好的策略，因?yàn)槿鐚?shí)告知是有回報(bào)的。首次公開(kāi)發(fā)行的股份是根據(jù)投資者對(duì)此發(fā)行的興趣程度進(jìn)行分配。如果一家對(duì)其證券前景估計(jì)樂(lè)觀的公司希望得到大的份額，它需要讓公眾知道這種樂(lè)觀。相反，承銷人需要報(bào)出較低的證券價(jià)格給這些以誘使他們加入登記并分享他們的信息。因此，首次公開(kāi)發(fā)行的證券與市場(chǎng)價(jià)格相比通常被低估，這種低估被反映在在證券市場(chǎng)上一交易的那天出現(xiàn)價(jià)格的猛漲。The most dramatic case of underpricing occurred in December 1999 when shares in VA Linux were sold in an IPO at $30 a share and closed on the first day of treading at $, a 698% oneday return. Similarly, in November 1998, million shares in were sold in an IPO at a price of $9 a share. In the first day of treading the price reached $97 before closing at $ a share. 很多戲劇性的價(jià)格被低估的案例發(fā)生在1999年的12月，當(dāng)時(shí)VA Linux 公司的股票首次發(fā)行價(jià)格是每股30美元，一天就有698%的匯報(bào)率。相似地，在1998年的11月，在第一天的交易中，它的最高價(jià)達(dá)97美元/股。While the explicit costs of an IPO trend to be around 7% of the funds roused, such underpricing should be viewed as another cost of the issue. For example, if had sold its million shares for the$ that investors obviously were willing to pay for them. Its IPO would have raise $197 million instead of only $ million .The money “l(fā)eft on the table” in this case far exceeded the explicit cost of the stock issue.清楚明確的首次公開(kāi)發(fā)行成本是所籌集資金的7%左右，然而這種價(jià)格的低估也可以看作發(fā)行的另一種成本。例如，當(dāng)然投資者很樂(lè)意接受此價(jià)格，那么它的首次公開(kāi)發(fā)行所籌集的資金就是19700萬(wàn)美元，而不是2790萬(wàn)美元，在這種情況下，資金的流失遠(yuǎn)遠(yuǎn)超過(guò)股票發(fā)行的明確的成本。Pricing of IPOs is not trivial, and all IPOs turn out to be underprice . Some stocks do poorly after the initial issue and cannot even be fully sold to the market. Underwriters left with unmarketable securities are forced to sell them at a loss on the secondary market. Therefore, the investment banker bears the price risk of an underwritten issue.首次公開(kāi)發(fā)行的定價(jià)并不是一件小事，并且所有的首次公開(kāi)發(fā)行都被證明是低估的。有些股票在首次發(fā)行之后的表現(xiàn)很差，還有些甚至是無(wú)法全部售出。包銷商剩下來(lái)的無(wú)法適應(yīng)市場(chǎng)的證券被迫以損失為代價(jià)在二級(jí)市場(chǎng)上銷售。因此，投資銀行承擔(dān)了包銷發(fā)行的價(jià)格風(fēng)險(xiǎn)。Interestingly, despite their dramatic initial investment performance, IPOs have been poor longterm investments.有趣的是，盡管有戲劇性的初次投資的上演，但是首次公開(kāi)發(fā)行的證券并不適合長(zhǎng)期投資。IPOs can be expensive, especially for small firm. However, the landscape changed in 1995 when Spring Street Brewing Company, which produces Wit beer, came out with an Internet IPO. It posted a page on the World Wide Web to let investors know of the stock offering and distributed the prospectus alon