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）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允许原所有者（部分）退出，即公开销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。尽管拥有上市公司地位还有其他好处，除了获得新的融资，如提高公司形象和宣传，激励管理层和员工，上述出售现有股份的可能性，或制定明确的未来增长战略，这是合规所需的（见，例如，Röell（1996年，全面调查），还有相关费用。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之外，还有监管、法律的和披露要求所产生的直接成本。在全球范围内，IPO的年价值高达数千亿美元，任何对潜在成本和收益的错误估计都会产生严重的经济后果。全球主要市场都见证了首次公开募股（IPO）的放缓。从1991年到2000年，美国每年的IPO数量平均为436起，1996年达到顶峰，为677起。相比之下，从2001年到2020年，年度IPO数量平均为113家，2014年达到峰值206家。（Ritter，2021）。伦敦的IPO上市数量自2018年以来也有所下降，但2021年出现了一波热潮。在香港，2019年至2022年的IPO数量持续下降，从2019年的183宗下降至2020年的154宗，2021年进一步下降至98宗，2022年首9个月为55宗。虽然中国大陆是一个例外，并经历了增加的趋势，高撤回率已被观察到，增加可以部分归因于试点登记制度。