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

首次公开募股(IPO)是任何打算或已经决定公开交易其股票的公司生命周期中的一个里程碑。IPO允许原始所有者(部分)退出，即公开出售他们在企业中的股份，也是为公司吸引额外融资的一种手段。虽然拥有上市公司地位还有其他好处，除了获得新的资金，如提高公司形象和知名度，激励管理层和员工，所提到的出售现有股份的可能性，或制定合规所需的明确定义的未来增长战略(见Röell(1996)进行全面调查)，也有相关成本。除了间接信息披露成本、对作出商业决策的行动自由的限制以及失去控制的危险外，还存在因所需的监管、法律和披露要求而导致的上市的直接成本。鉴于全球IPO的年价值高达数千亿美元，任何对潜在成本和收益的潜在错误估计都会产生重大的经济后果。全球主要市场的首次公开募股(IPO)都出现了放缓。从1991年到2000年，美国每年的IPO数量平均为436家，1996年达到677家的峰值。相比之下，从2001年到2020年，每年的IPO数量平均为113宗，峰值为2014年的206宗。(里特，2021年)。伦敦的IPO上市数量自2018年以来也有所下降，但在2021年出现了繁荣。在香港，IPO数量从2019年到2022年持续下降，从2019年的183个下降到2020年的154个，并进一步下降到2021年的98个和2022年前9个月的55个。虽然中国大陆是一个例外，并有增加的趋势，但已观察到较高的提款率，这部分可归因于试点注册制。

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.