买壳上市.ppt

RTO: The Fastest and Most Efficient Way to Go to Market反向收购：速度最快、效率最高的上市模式2006年8月 北京 Table of Contents 目录 为什么要上市？（上市的好处）  Why to Go Public? (Benefits of Listing) 美国股市US Stock Markets 如何上市？How to Go Public? 上市的成本Cost to Go Public 上市后的运作After being Listed 我们是谁？Who Are We? I. 为什么要上市？（上市的好处）  Why to Go Public? (Benefits of Listing) 为什么要上市？（上市的好处）  Why to Go Public? Fund Raising and Easier Access to Capital: 上市公司最大的优势是可以在证券市场上大规模筹集资金； Maximize shareholders interests by higher P/E Ratio (higher valuations):提升公司价值： A private Company’s P/E is usually 5, whereas a public company’s P/E can be more than 10. 上市使公司股票有了流通性，并具有公认的价格。大多数情况下，公司的整体市场价值会比未上市前高出许多。 More revenues for financing 拓宽公司融资渠道： 公司上市后由于知名度、透明度和信用度的提高，可以通过资本市场直接融资或进行私募发行。 容易从供应商和银行获得信用。Sometimes shares can be used as collateral for loans. Easy for potential Merge and Acquisition 开展后继资本运作： 上市后公司很容易用增发股票的方式并购其它企业、整合资源，而不需要动用大量的现金。 Company Image and Marketing and PR Benefits公司形象，市场推广，公共关系的好处。（当然也有公众压力的坏处） Employee’s royalty and enthusiasm员工的股票期权激励： Make benefits package more attractive by offering stock or options to let employees work for the company’s success. 由于公司股票有了市值和流通性，易用股票期权作为激励方法和留住关键员工。 Liquidity 流通性--售股套现： 在过了限售期后股东可以抛股套现，对于企业创始人来说这是个人（退休安排）的一个步骤。 Lowering risks by distributing risks to public market. 风险分散 Assists management succession 帮助管理层取得成功。 II. 美国股市US Stock Markets US Security Markets美国的证券市场 New York Stock Exchange 纽约股票交易所 The New York Stock Exchange 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 companies listed on the NYSE is five times that of companies 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 comprised of five