中国行政管理
中國行政管理
중국행정관리
Chinese Public Administration
2008年
4期
85~87
,共null页
IPO路径 成本 收益
IPO路徑 成本 收益
IPO로경 성본 수익
IPO path, cost, return
本文以国内企业在境内外资本市场首次公开发行股票(Initial Public Offerings,简称IPO)路径选择为研究对象,以比较研究的方法,从发行上市费用、发行上市便利程度等成本因素和募集资金数量、发行市盈率等收益因素对境内、香港、美国、新加坡等不同资本市场进行了系统分析,对企业如何结合自身特点权衡利弊,相机抉择IPO路径提出了具体建议,并建议政府相关部门转变角色,大力扶持国内券商发展,加快构建多层次资本市场体系,提高国内资本市场竞争力,为企业发行上市提供支持和服务。
本文以國內企業在境內外資本市場首次公開髮行股票(Initial Public Offerings,簡稱IPO)路徑選擇為研究對象,以比較研究的方法,從髮行上市費用、髮行上市便利程度等成本因素和募集資金數量、髮行市盈率等收益因素對境內、香港、美國、新加坡等不同資本市場進行瞭繫統分析,對企業如何結閤自身特點權衡利弊,相機抉擇IPO路徑提齣瞭具體建議,併建議政府相關部門轉變角色,大力扶持國內券商髮展,加快構建多層次資本市場體繫,提高國內資本市場競爭力,為企業髮行上市提供支持和服務。
본문이국내기업재경내외자본시장수차공개발행고표(Initial Public Offerings,간칭IPO)로경선택위연구대상,이비교연구적방법,종발행상시비용、발행상시편리정도등성본인소화모집자금수량、발행시영솔등수익인소대경내、향항、미국、신가파등불동자본시장진행료계통분석,대기업여하결합자신특점권형리폐,상궤결택IPO로경제출료구체건의,병건의정부상관부문전변각색,대력부지국내권상발전,가쾌구건다층차자본시장체계,제고국내자본시장경쟁력,위기업발행상시제공지지화복무。
In this paper, comparative anslysis was conducted to study IPO paths of domestic enterprises in capital markets. The securi- ties markets, such as Shanghai and Shenzhen, Hong Kong, US, and Singapore are compared systematically in terms of IPO cost, degree of IPO convenience, the amount of fund, and Issue price - earnings ratio. Some suggestions are given to the enterprises on how to choose IPO path after valuating the pros and cons basing on their own strengths and weaknesses. It is also advised that the government should take a different role to support development of domestic stock brokerage, construct a multi - level capital market, improve the competition capacity of domestic capital market, and provide backup for the enterprises' IPO.