【正文】 rivatives directly between two parties. It is the opposite of exchange trading which occurs on futures exchanges or stock exchanges. ? An overthecounter contract is a bilateral contract in which two parties agree on how a particular trade or agreement is to be settled in the future. For derivatives, these agreements are usually governed by an International Swaps and Derivatives Association agreement. ? An overthecounter market is a financial market where products are traded overthecounter. ? Public securities issues not traded on any domestic stock exchange are traded in the OTC market. The OTC market is a negotiated market, whereas most stock exchanges such as NYSE are auction markets. ? market in which securities transactions are conducted through a telephone and puter work connecting dealers in stocks and bonds, rather than on the floor of an exchange. ? OTC is a decentralized market (as opposed to an exchange market) where geographically dispersed dealers are linked by telephones and puter screens. ? The OTC market is subdivided into Pink Sheets, the Bulletin Board, the NASDAQ, and the National Market System (NMS, An informational system that is part of the NASDAQ system ). ? The OTC market is regulated by the NASD. ? The OTC market is a main market for bonds. 2023/3/17 12 美國瑞星思達(dá)投資控股公司 NASDAQ 納斯達(dá)克 ? The National Association of Securities Dealers (NASD) introduced the National Association of Securities Dealers Automated Quotation (Nasdaq) service in 1971, the world’s first electronic stock market and one of the largest stock market in the world. 1971年全國證券交易員協(xié)會引入“全美證券商協(xié)會自動報(bào)價(jià)系統(tǒng)”，世界上最早的電子股市，世界上最大的股市之一。 ? 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 successful with such products as SPDRs (SP 500 depository receipts), DIAMONDS (a unit investment trust that tracks the Dow Jones Industrial Average), and HOLDRs (holding pany depository receipts). It also has a growing business in listing structured products and closedend funds. ? 美國證券交易所是全美第二大的大廳叫價(jià)式 (floorbased)的證券交易所，其在股票和衍生證券方面的交易都非常突出。 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)交易商們在紐約的街道上進(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)。 the American Stock Exchange was the first exchange to elect women members in 1965. 2023/3/17 10 美國瑞星思達(dá)投資控股公司 AMEX 美國證券交易所 ? Originally known as 39。例如，如果人民幣對美元的匯率大幅下降，那么即使企業(yè)的盈利和增長率表現(xiàn)良好，企業(yè)的市場價(jià)值仍然可以是負(fù)面的表現(xiàn)。 3. 公司治理增強(qiáng) Corporate Governance Requirements ? 在安然事件發(fā)生后，美國加強(qiáng)了對上市企業(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。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)。 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。（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 ： ? 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)作為激勵方法和留住關(guān)鍵員工。Sometimes shares can be used as collateral for loans. 4. Easy for potential Merge and Acquisition 開展后繼資本運(yùn)作： ? 上市后公司很容易用增發(fā)股票的方式并購其它企業(yè)、整合資源，而不需要動用大量的現(xiàn)金。 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，可以通過資本市場直接融資或進(jìn)行私募發(fā)行。 Going Public in US Stock Markets 中國公司美國上市 2023/3/17 1 美國瑞星思達(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？ Who Are We? 2023/3/17 2 美國瑞星思達(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)勢是可以在證券市場上大規(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，公司的整體市場價(jià)值會比未上市前高出許多。 ? 容易從供應(yīng)商和銀行獲得信用。 5. Company Image and Marketing and PR Benefits 公司形象，市場推廣，公共關(guān)系的好處。 7. Liquidity 流通性 售股套現(xiàn)： ? 在過了限售期后股東可以拋股套現(xiàn)，對于企業(yè)創(chuàng)始人來說這是個(gè)人（退休安排）的一個(gè)步驟。 2023/3/17 4 美國瑞星思達(dá)投資控股公司 在美國上市對中國企業(yè)的挑戰(zhàn) （上市的 “不利 ”因素） Challenges of Listing 1. 企業(yè)的營運(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，可能會影響到企業(yè)的業(yè)務(wù)。 ? 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)。 ? 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： ? 任何國際形勢的變化、匯率的變化都會對跨國經(jīng)營企業(yè)的價(jià)值產(chǎn)生重大影響。 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)營及對公司的控制權(quán) Losing control of the business ? You might find