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）对于任何考虑或已经决定公开交易其股票的公司来说都是一个里程碑。首次公开募股允许原始所有者（部分）退出，即公开出售他们在企业中的股份，同时也是为公司吸引额外融资的一种手段。虽然拥有上市公司的地位还有其他好处，除了获得新的资金，如提高公司形象和宣传，激励管理层和员工，提到的出售现有股份的可能性，或制定一个明确定义的未来增长战略，需要遵守（见，例如，Röell（1996）全面调查），也有相关的成本。除了间接的信息披露成本、对商业决策行动自由的限制和失去控制权的危险等，上市还存在由所需的监管、法律和披露要求造成的直接成本。鉴于全球ipo的年度价值高达数千亿美元，任何对潜在成本和收益的潜在校准都将产生重大的经济后果。全球主要市场的首次公开募股（IPO）增长放缓。从1991年到2000年，美国每年的ipo数量平均为436宗，1996年达到677宗的峰值。相比之下，从2001年到2020年，每年的IPO数量平均为113宗，2014年达到206宗的峰值。(瑞特,2021)。自2018年以来，伦敦的IPO上市数量也有所下降，除了2021年的繁荣。在香港，IPO数量从2019年到2022年持续下降，从2019年的183家下降到2020年的154家，2021年进一步下降到98家，2022年前9个月下降到55家。虽然中国大陆是一个例外，并且有上升的趋势，但退出率很高，部分原因是试点注册制度。