IPOs - Process of Going Public 上市流程
1 Developing a Prospectus 编制招股说明书：
– 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).
–发行人必须制定包含公司详细信息的招股说明书，包括财务报表和风险讨论。
2
招股说明书已提交证券交易委员会（SEC）。
3 Pricing and bookbuilding 定价和簿记：
– 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销商决定，主承销商在IPO时非常依赖簿记过程来确定发行价。
4 Allocation of IPO shares: 首次公开发行股票的分配：
– 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.
–主承销商可以依赖其他证券公司的一个集团（称为财团）参与承销过程，并分享承销收取的费用。
Monitoring Publicly Traded Companies – Role of Analysts
监控上市公司——分析师的角色
•Analysts are often employed by securities firms and assigned to monitor a small set of publicly traded firms.
•分析师通常受雇于证券公司，负责监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.
–分析师不能由提供咨询服务的部门监管，他们的薪酬也不能基于他们产生的咨询业务量。
– 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.
–证券公司必须披露其分析师对所有评级公司的评级摘要，以便投资者能够确定评级是否过于乐观。
•阻止公司审计委员会的成员从公司获得咨询或建议费或其他报酬，超过在董事会任职所获得的报酬。
Monitoring Publicly Traded Companies – Sarbanes-Oxley Act
监管上市公司-萨班斯-奥克斯利法案
•Requires that the CEO and CFO of firms of a specified size (or larger) certify that the audited financial statements are accurate.
•要求特定规模（或更大）公司的首席执行官和首席财务官证明经审计的财务报表是准确的。
•Specifies major fines or imprisonment for employees who mislead investors or hide evidence.
•规定对误导投资者或隐瞒证据的雇员处以重大罚款或监禁。
•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.
•如果客户的审计委员会事先批准在审计开始前提供的非审计服务，允许公共会计师事务所向审计客户提供非审计咨询服务。
•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.
•公开的成本-建立一个满足萨班斯-奥克斯利条款的流程可能会非常昂贵。对于许多公司来说，遵守该法案的指导方针的成本每年超过100万美元。
Monitoring Publicly Traded Companies – Shareholder Activism
监控上市公司——股东积极性
•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.
•如果股东对管理者管理公司的方式感到不满，他们有三种选择：（1）什么也不做，保留自己的股份；（2）出售股票；（3）参与股东活动。
•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.
•与公司的沟通：股东可以将他们的担忧传达给其他投资者，以便对公司的管理人员或董事会成员施加更大的压力。
•Proxy Contest: Shareholders may also engage in proxy contests in an attempt to change the composition of the board.
•代理权争夺：股东也可以参与代理权争夺，试图改变董事会的组成。
•Shareholder Lawsuits: Investors may sue the board if they believe that the directors are not fulfilling their responsibilities to shareholders.
•股东诉讼：如果投资者认为董事会没有履行对股东的责任，他们可以起诉董事会。
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