IPOs - Process of Going Public 上市流程
1 Developing a Prospectus 編制招股說明書：
– The issuer must develop a prospectus containing detailed information about the firm, including financial statements and a discussion of risks. The prospectus is filed with the Securities and Exchange Commission (SEC).
–發行人必須制定包含公司詳細信息的招股說明書，包括財務報表和風險討論。
2
招股說明書已提交證券交易委員會（SEC）。
3 Pricing and bookbuilding 定價和簿記：
– The valuation of the firm is heavily determined by the lead underwriter, and the lead underwriter relies heavily on the bookbuilding process to determine the offer price at the time of the IPO.
–公司的估值在很大程度上由主承銷商決定，主承銷商在IPO時非常依賴簿記過程來確定發行價。
4 Allocation of IPO shares: 首次公開發行股票的分配：
– The lead underwriter may rely on a group (called a syndicate) of other securities firms to participate in the underwriting process and share the fees to be received for the underwriting.
–主承銷商可以依賴其他證券公司的一個集團（稱為財團）參與承銷過程，並分享承銷收取的費用。
Monitoring Publicly Traded Companies – Role of Analysts
監控上市公司——分析師的角色
•Analysts are often employed by securities firms and assigned to monitor a small set of publicly traded firms.
•分析師通常受僱於證券公司，負責監督一小部分上市公司。
– Analysts cannot be supervised by the division that provides advisory services, and their compensation cannot be based on the amount of advisory business they generate.
–分析師不能由提供諮詢服務的部門監管，他們的薪酬也不能基於他們產生的諮詢業務量。
– Securities firms must disclose summaries of their analysts’ ratings for all the firms that they rate so that investors can determine whether the ratings are excessively optimistic.
–證券公司必須披露其分析師對所有評級公司的評級摘要，以便投資者能夠確定評級是否過於樂觀。
•阻止公司審計委員會的成員從公司獲得諮詢或建議費或其他報酬，超過在董事會任職所獲得的報酬。
Monitoring Publicly Traded Companies – Sarbanes-Oxley Act
監管上市公司-薩班斯-奧克斯利法案
•Requires that the CEO and CFO of firms of a specified size (or larger) certify that the audited financial statements are accurate.
•要求特定規模（或更大）公司的首席執行官和首席財務官證明經審計的財務報表是準確的。
•Specifies major fines or imprisonment for employees who mislead investors or hide evidence.
•規定對誤導投資者或隱瞞證據的僱員處以重大罰款或監禁。
•Allows public accounting firms to offer nonaudit consulting services to an audit client if the client’s audit committee pre-approves the nonaudit services to be rendered before the audit begins.
•如果客戶的審計委員會事先批准在審計開始前提供的非審計服務，允許公共會計師事務所向審計客戶提供非審計諮詢服務。
•Cost of Being Public - Establishing a process that satisfies the Sarbanes- Oxley provisions can be very costly. For many firms, the cost of adhering to the guidelines of the act exceeds $1 million per year.
•公開的成本-建立一個滿足薩班斯-奧克斯利條款的流程可能會非常昂貴。對於許多公司來說，遵守該法案的指導方針的成本每年超過100萬美元。
Monitoring Publicly Traded Companies – Shareholder Activism
監控上市公司——股東積極性
•If shareholders are displeased with the way managers are managing a firm, they have three choices: (1) Do nothing and retain their shares; (2) Sell the stock; (3) Engage in shareholder activism.
•如果股東對管理者管理公司的方式感到不滿，他們有三種選擇：（1）什麼也不做，保留自己的股份；（2）出售股票；（3）參與股東活動。
•Communication with the Firm: Shareholders can communicate their concerns to other investors in an effort to place more pressure on the firm’s managers or its board members.
•與公司的溝通：股東可以將他們的擔憂傳達給其他投資者，以便對公司的管理人員或董事會成員施加更大的壓力。
•Proxy Contest: Shareholders may also engage in proxy contests in an attempt to change the composition of the board.
•代理權爭奪：股東也可以參與代理權爭奪，試圖改變董事會的組成。
•Shareholder Lawsuits: Investors may sue the board if they believe that the directors are not fulfilling their responsibilities to shareholders.
•股東訴訟：如果投資者認為董事會沒有履行對股東的責任，他們可以起訴董事會。
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