【正文】 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 美國瑞星思達(dá)投資控股公司 II. 美國股市 US Stock Markets 2023/3/17 6 美國瑞星思達(dá)投資控股公司 US Security Markets 美國的證券市場 紐約股票交易所 New York Stock Exchange 美國證券交易所 American Stock Exchange Pink Sheets 粉紅單交易市場 National Market SmallCap Market OverTheCounter (OTC) Markets 4 1 2 場外交易市場 3 Other Stock Exchanges 美國其他資本市場 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 Curb39。 Amex是采用拍賣成交(Auction)的方式來交易證券，拍賣方式一般采用“價(jià)格和數(shù)量優(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。全美證券交易所在大廳叫價(jià)的交易技術(shù)方面的革新一直處于前沿的地位，這不僅僅是因?yàn)槠涫紫仁褂昧似聊挥|摸的技術(shù)來使得交易得以更迅速地確認(rèn)，而且在于應(yīng)用無線網(wǎng)絡(luò)交易 (wireless trading)方面，這個(gè)交易所又一次走在了前列。 ? Unlike other traditional floor stock exchanges, Nasdaq has no central location where trading takes place. The Nasdaq is a puterbased quotation trading system with terminals in brokerdealers office all over the country, displaying quotes of the best bid and lowest offer, and all the market makers in each stock. Instead, its market makers are located all over the country and make trades by telephone and via the puter work. Because brokers and market makers trade stocks directly instead of on the floor of a stock exchange, NASDAQ is called an overthecounter market. The term overthecounter refers to the direct nature of the trading, as in a store where goods are handed over a counter. 與其他 傳統(tǒng)的場地 證券交易不同，納斯達(dá)克沒有股票交易的中心交易場所。由于股票交易是由經(jīng)紀(jì)人和市場期票出票人直接進(jìn)行，而不是在股票交易大廳內(nèi)進(jìn)行的，困此，納斯達(dá)克（ NASDAQ）被稱為買賣雙方直接交易市場。 ? Over 500 stock brokerage firms are listed market makers on the NASDAQ to trade mon stock issues in the OTC market. 2023/3/17 13 美國瑞星思達(dá)投資控股公司 NASDAQ Composite Index 納斯達(dá)克綜合指數(shù) 2023/3/17 14 美國瑞星思達(dá)投資控股公司 OTCBB History ? In June 1990, the OTCBB began operation, on a pilot basis, as part of important market structure reforms to provide transparency in the OTC equities market. ? The Penny Stock Reform Act of 1990 mandated SEC to establish an electronic system that met the requirements of Section 17B of the Exchange Act. The system was designed to facilitate the widespread publication of quotation and lastsale information. Since December 1993, firms have been required to report trades in all domestic OTC equity securities through the Automated Confirmation Transaction Service (ACTSM) within 90 seconds of the transaction. ? 1990年 6月為了便于交易并加強(qiáng) OTC市場的透明度，美國 SEC根據(jù) 1990年 《 低價(jià)股票改革法 》 的要求，命令 NASD為 OTC證券交易市場設(shè)立電子報(bào)價(jià)系統(tǒng)，開通了 OTCBB電子報(bào)價(jià)系統(tǒng)，并將一部分在粉單（ Pink Sheets）上的優(yōu)質(zhì)股票轉(zhuǎn)移到 OTCBB上來。s mon shares to public investors. ?The main purpose of an IPO is to raise capital for the corporation. ?The term only refers to the first public issuance of a pany39。 any later public issuance of shares is referred to as a Secondary Market Offering. 2023/3/17 19 美國瑞星思達(dá)投資控股公司 Reverse Merger or Downstream Merger or Reverse Take Over (RTO) 反向兼并，買殼上市 ? The acquisition of a public pany by a private pany, allowing the private pany to bypass the usually lengthy and plex process of going public. ?買殼上市：指一些非上市公司通過收購債權(quán)、控股、直接出資、購買股票等手段收購一些業(yè)績較差、籌資能力弱化的上市公司，剝離被購公司資產(chǎn)，注入自己的資產(chǎn)，從而實(shí)現(xiàn)間接上市的目的。 ? 中、小企業(yè)上市最為通常的方法。 ? File ? Trade ? Create Market Awareness ? Raising Money 2023/3/17 21 美國瑞星思達(dá)投資控股公司 Due Diligence 盡職調(diào)查 ? 審慎性調(diào)查主要內(nèi)容包括公司經(jīng)營史、財(cái)務(wù)表現(xiàn)、預(yù)期未來業(yè)務(wù)增長、管理人員的主要技能和品質(zhì)，以及主要股東或關(guān)聯(lián)人對企業(yè)的長期承諾，尤其是后一項(xiàng)，如企業(yè)主要管理人員和股東對上市后的公司無長期承諾，不但后續(xù)融資不會有，從長遠(yuǎn)看更會損害企業(yè)和管理人員在國際投資領(lǐng)域的整體形象。 ? 必須做到日后能證明現(xiàn)在已經(jīng)達(dá)到了合理調(diào)查，而且做到可以免責(zé)的地步。 ? 在進(jìn)行 IPO階段時(shí)，必須留下相關(guān)人員所有的工作日志、工作人員的工作底稿、甚至電子郵件往來等，一切能夠證明調(diào)查時(shí)已盡全力的證據(jù)。 ? 如果上市公司無法配合完全誠實(shí)的話，承銷商經(jīng)常寧可放棄案子，原因無他，只因?yàn)樘菀拙蜁性V訟發(fā)生，承銷商多不愿涉入。建議較有規(guī)模的公司打算在美國上市時(shí)，盡量以符合美國公認(rèn)會計(jì)準(zhǔn)則（ US GAAP）作為指導(dǎo)原則進(jìn)行報(bào)表編制。 ? US GAAP和 IAS盡管許多會計(jì)理念和原則類似，卻建立在完全不同的法律和文化環(huán)境中。其執(zhí)行基礎(chǔ)是“意圖”（ intention），即編制報(bào)表的人的意圖須善良，須最大限度地符合報(bào)表使用者的利益。而為防止公司利用這些靈活性來扭曲披露的信息，國際會計(jì)師組織希望企業(yè)財(cái)務(wù)人員和審計(jì)師們能夠更多地利用自己的職業(yè)判斷，使賬務(wù)處理符合準(zhǔn)則的精神實(shí)質(zhì)。美國會計(jì)準(zhǔn)則的特點(diǎn)是圍繞“條文”（ form）來工作，即美國的財(cái)務(wù)人員只要能在復(fù)雜的文件、注釋和解釋“海洋”里找到支持自己做法的條款，不管“意圖”是什么，都能與美國證監(jiān)會據(jù)理力爭。美國會計(jì)準(zhǔn)則隱含著“判例法”的精神，與 IAS薄薄的幾本不同，每一條 US GAAP都厚得像辭海，其中大