摘要
本文以国内企业在境内外资本市场首次公开发行股票(Initial Public Offerings,简称IPO)路径选择为研究对象,以比较研究的方法,从发行上市费用、发行上市便利程度等成本因素和募集资金数量、发行市盈率等收益因素对境内、香港、美国、新加坡等不同资本市场进行了系统分析,对企业如何结合自身特点权衡利弊,相机抉择IPO路径提出了具体建议,并建议政府相关部门转变角色,大力扶持国内券商发展,加快构建多层次资本市场体系,提高国内资本市场竞争力,为企业发行上市提供支持和服务。
In this paper, comparative anslysis was conducted to study IPO paths of domestic enterprises in capital markets. The securi- ties markets, such as Shanghai and Shenzhen, Hong Kong, US, and Singapore are compared systematically in terms of IPO cost, degree of IPO convenience, the amount of fund, and Issue price - earnings ratio. Some suggestions are given to the enterprises on how to choose IPO path after valuating the pros and cons basing on their own strengths and weaknesses. It is also advised that the government should take a different role to support development of domestic stock brokerage, construct a multi - level capital market, improve the competition capacity of domestic capital market, and provide backup for the enterprises＇ IPO.
出处
《中国行政管理》
CSSCI
北大核心
2008年第4期85-87,共3页
Chinese Public Administration
