公眾股的發(fā)行方案探討-展示頁
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【正文】 ys the securities outright from the issuing firm. ? Obviously, they need to make a profit, so they buy at “wholesale” and try to resell at “retail”. ? To minimize their risk, the investment bankers bine to form an underwriting syndicate to share the risk and help sell the issue to the public. McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 195 Alternative Issue Methods ? There are two kinds of public issues: – The general cash offer – The rights offer ? Almost all debt is sold in general cash offerings. McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 193 The Process of A Public Offering Steps in Public Offering Time 1. Preunderwriting conferences 2. Registration statements 3. Pricing the issue 4. Public offering and sale 5. Market stabilization Several months 20day waiting period Usually on the 20th day After the 20th day 30 days after offering McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 191 Chapter Outline The Public Issue Alternative Issue Methods The Cash Offer The Announcement of New Equity and the Value of the Firm The Cost of New Issues Rights The Rights Puzzle Shelf Registration The Private Equity Market Summary and Conclusions McGrawHill/Irwin Copyright 169。McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 190 Executive Summary ? This chapter looks at how corporations issue securities to the investing public. ? The basic procedure for selling debt and equity securities are essentially the same. This chapter focuses on equity. McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 192 The Public Issue ? The Basic Procedure – Management gets the approval of the Board of Directors. – The firm prepares and files a registration statement with the SEC. – The SEC studies the registration statement during the waiting period. – The firm prepares and files an amended registration statement with the SEC. – If everything is copasetic with the SEC, a price is set and a fullfledged selling effort gets underway. McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 194 An Example of a Tombstone Advertise
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