Is the Current Design of the Initial Public Offering Process Optimal for the Markets and the Relevant Stakeholder Groups?

当前首次公开募股流程的设计是否最适合市场和相关利益相关者群体？

• 批准号: 2865722
• 金额: --
• 依托单位: Lancaster University
• 依托单位国家: 英国
• 项目类别: Studentship
• 财政年份: 2023
• 资助国家: 英国
• 起止时间: 2023 至 无数据
• 项目状态: 未结题
• 来源: https://gtr.ukri.org/projects?ref=studentship-2865722
• 关键词: Current; Design; Initial; Public; Offering

The initial public offering (IPO) is a milestone over the lifecycle of any company that hascontemplated or already decided to publicly trade its shares. The IPO allows for the (partial) exit ofthe original owners, that is, a public sale of their stake in the business as well as is a means ofattracting additional financing to the firm. Although there are other benefits of having a publiccompany status, apart from access to new finance, such as enhanced company image and publicity,motivating management and employees, the mentioned possibility of selling the existing stake, or aformulation of a clearly defined strategy for future growth, required for compliance (see, e.g., Röell(1996) for a comprehensive survey), there are also associated costs. Apart from indirect informationdisclosure costs, constraints on freedom of action in making business decisions and the danger ofthe loss of control, among others, there is also a direct cost of flotation resulting from required regulatory, legal and disclosure requirements. Given that, globally, the annual value of IPOs amountsto hundreds of billions of dollars, any potential miscalibration of the potential costs and benefits hassignificant economic consequences.An initial public offering (IPO) slowdown has been witnessed in major markets around the world.The number of annual IPOs in the United States averaged 436 from 1991 through 2000, peaking at677 in 1996. By contrast, from 2001 through 2020, annual IPO counts averaged 113, with a peak of206 in 2014. (Ritter, 2021). London's IPO listings have also declined since 2018, except for a boom in2021 . In Hong Kong, IPO numbers decreased continuously from 2019 to 2022, from 183 in 2019 to154 in 2020, and further to 98 in 2021 and 55 in the first 9 months of 2022 . Although MainlandChina is an exception and experiences an increasing trend, a high withdrawal rate has beenobserved and the increase can be partly attributed to the pilot registration system.

首次公开募股（IPO）对于任何已经考虑或已经决定交易其股票的公司来说都是生命周期中的一个里程碑。首次公开募股允许原始所有者（部分）退出，即公开出售其公开持有的股份。尽管上市公司地位除了获得新的融资之外还有其他好处，例如增强公司形象和宣传、激励管理层和员工，但还是为公司吸引额外融资的一种手段。出售的可能性合规所需的现有股份或制定明确的未来增长战略（例如，参见 Röell（1996）的全面调查），除了间接的信息披露成本、对行动自由的限制之外，还存在相关成本。鉴于在全球范围内，首次公开募股的年度价值高达数千亿美元，因此，除其他外，还存在因所需的监管、法律和披露要求而产生的直接上市成本。美元，潜在成本和收益的任何潜在错误校准都会产生严重的经济后果。全球主要市场的首次公开募股 (IPO) 放缓。从 1991 年到 2000 年，美国每年平均 IPO 数量为 436 起， 1996 年达到峰值 677 起。相比之下，从 2001 年到 2020 年，每年 IPO 数量平均为 113 起，峰值为 206 起2014 年。（Ritter，2021）。自 2018 年以来，伦敦 IPO 数量也有所下降，但香港 IPO 数量从 2019 年到 2022 年持续增加，从 2019 年的 183 起增至 2020 年的 154 起，并进一步降至 2021 年的 98 起。 2022 年前 9 个月为 55尽管中国大陆是个例外，呈上升趋势，但退出率较高，部分原因在于试点注册制度。