Click to edit Master title style,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,*,美国瑞星思达投资控股公司,*,Going Public in US Stock Markets,中国公司美国上市,2024/11/14,1,美国瑞星思达投资控股公司,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?,2024/11/14,2,美国瑞星思达投资控股公司,I.,为什么要上市？（上市的好处）,Why to Go Public?(Benefits of Listing),2024/11/14,3,美国瑞星思达投资控股公司,为什么要上市？（上市的好处）,Why to Go Public?(Benefits of Listing),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 Companys P/E is usually 5,whereas a public companys 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）,Employees 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 companys 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。,2024/11/14,4,美国瑞星思达投资控股公司,在美国上市对中国企业的挑战（上市的,“,不利,”,因素）,Challenges of Listing,企业的营运成本（费用和时间）增加,Cost of Listing and Consummation of Management Time,：,审计和律师费用：,公司需要聘用相关行政人员和独立懂事等、,各项申报：,企业的透明度增加,Disclosure Requirements,：,严格的信息披露政策，可能会影响到企业的业务。上市之后，如果在信息披露上不能达到要求，则要付出高昂的代价。,作为上市企业，公众可以了解企业的各项财务数据、重大变更、主要客户的名称和交易量,主要股东和高层管理人员的利益分配,(salaries,perquisites,etc),。,公司治理增强,Corporate Governance,Requirements,在安然事件发生后，美国加强了对上市企业的监管力度，企业必须增加透明度和加强内部监管程序。,财务和管理纪律化,Financial and Management Discipline,受托责任,Fiduciary Responsibilities,投资人多样化,Diverse Investor Base,外部环境的影响增加,Pressure from public,：,任何国际形势的变化、汇率的变化都会对跨国经营企业的价值产生重大影响。例如，如果人民币对美元的汇率大幅下降，那么即使企业的盈利和增长率表现良好，企业的市场价值仍然可以是负面的表现。,保密,Confidentiality,提供股东价值的压力,Pressure to deliver“Shareholder Value”.,培训需要,Staff/Management Training Needs,被告的风险,Risks of having lawsuit,Sued by Stockholders,失去独立经营及对公司的控制权,Losing control of the business,You might find 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),2024/11/14,5,美国瑞星思达投资控股公司,II.美国股市US Stock Markets,2024/11/14,6,美国瑞星思达投资控股公司,US Security Markets美国的证券市场,纽约股票交易所,New York Stock Exchange,美国证券交易所,American Stock Exchange,Pink Sheets,粉红单交易市场,National Market,SmallCap Market,Over-The-Counter(OTC)Markets,4,1,2,场外交易市场,3,Other Stock Exchanges,美国其他资本市场,Chicago Stock Exchange,Boston Stock Exchange,Cincinnati Stock Exchange,Pacific Exchange,Philadelphia Stock Exchange,2024/11/14,7,美国瑞星思达投资控股公司,New York Stock Exchange(NYSE),纽约股票交易所,2024/11/14,8,美国瑞星思达投资控股公司,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 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 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.,2024/11/14,9,美国瑞星思达投资控股公司,American Stock Exchange(AMEX),美利坚证券交易所,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 American Stock Exchange was the first exchange to elect women members in 1965.,2024/11/14,10,美国瑞星思达投资控股公司,AMEX,美国证券交易所,Originally known as The Curb 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,的成立已经有,100,多年的历史，那时交易商们在纽约的街道上进行自由交易，直到,1921,年交易所才从大街上搬进位于纽约市中心的交易大厅内。,Amex,是采用拍卖成交,(Auction),的方式来交易证券，拍卖方式一般采用“价格和数量优先”的成交方式，这一点是和纳斯达克所采用的做市商制度,(Market Maker),很不一样的。,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 U.S.market to trade three different products:stocks,options and exchange-traded funds.,Floor-based auction market that specializes in equities,options and exchange-traded funds(ETFs).,AMEX has been particularly successful with such products as SPDRs(S&P 500 depository receipts),DIAMON