讲义第四部分--美国资本市场介绍.ppt

1 us financial markets 2 the size of us financial markets n美国拥有目前世界上最大的金融市场，给投资者和借贷人提供多种金融服务。美国金融市场 的结构可简单概括如下。 n就规模来看，美国目前拥有五千多万个投资者和一万多个投资机构 (institution)。三大证 券交易所1999年股票交易量 (trading volume)就高达二十三万三千八百多亿美元。总共有 八千六百二十三股挂牌。市场总资本(market capitalization/mkt cap)为二十三万二千零 五百多亿美元。 n n美国金融管理机构分三个等级。最接近业务层的一级包括证券交易所( exchanges) 和全国 证券商协会 (nasd)。第二级包括两个政府机构：政券交易委员会和商品期货交易委员会 (the sec) 。最高一级则是美国国会。 n nthree national exchanges: 在美国主要有三个全国性的证券交易所： nnyse: 纽约证券交易所 - 总部和交易大堂设在纽约 nnasdaq: 那斯达克证券市场 - 无交易大堂，通过计算机网络进行交易 namex: 美国证券交易所 - 总部和交易大堂设在纽约 n 3 the size of us financial markets n 还有五个地区性的交易： n 太平洋股票交易所 - 总部在旧金山，交易大堂设在旧金山和洛杉矶 n 波斯顿股票交易所 - 总部和交易大堂设在波斯顿 n 辛辛那提股票交易所- 总部和交易大堂设在辛辛那提 n 中西部股票交易所 - 总部和交易大堂设在中西部 n 费城股票交易所 - 总部和交易大堂设在费城 n n 此外，芝加哥是世界最大的期货交易中心。 n 美国的证券行业除了上述的交易所外还包括以下机构： n -投资银行和经纪人公司 n -商业银行 n -保险公司，共同基金和退休基金之类的投资机构 n -结算系统 4 market capitalization 5 us and china 6 fund raising of foreign companies in the us 7 number of listed companies: nyse, amex, nasdaq 8 trading volume, nyse, amex, nasdaq 9 performance of major index 10 s&p500 p/e ratio 11 ipo, nyse, amex, nasdaq 12 secondary offering, nyse, amex, nasdaq 13 exhibit 1.2: aggregate percent of investment funds raised internally source: federal reserve flow of funds. us institutional investors 14 exhibit 1.5: top global underwriters, 1999 source: investment dealers digest. worldwide offerings (public + 144a), with full credit to book manager, january 24, 2000, p. 31. advisor merrill lynch salomon smith barney (citigroup) morgan stanley dean witter goldman sachs credit suisse first boston lehman brothers deutsche banc chase manhattan jp morgan abn amro bear stearns bank of america warburg dillon read donaldson lufkin jenrette bnp paribas industry total proceeds ($billions) 412.3 323.2 296.3 265.2 239.3 202.7 139.4 131.3 131.1 102.9 94.9 81.4 80.6 72.7 53.1 3,287.7 rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 percent 12.5 9.8 9.0 8.1 7.3 6.2 4.2 4.0 4.0 3.1 2.9 2.5 2.5 2.2 1.6 100.0 # deals 2,368 1,748 2,592 1,308 1,419 1,104 898 1,158 710 1,230 666 667 486 475 248 21,724 fees ($millions) 2,433 1,653 2,618 2,453 1,489 852 971 354 765 640 519 193 657 830 355 20,943 1999 ranking of underwriters 15exhibit 1.7:direct costs as a percentage of gross proceeds for equity (ipos and seos) and straight and convertible bonds offered by domestic operating companies, 1990-1994. note: a gsgross spreads as a percentage of total proceeds, including management fee, underwriting fee, and selling concession. b e other direct expenses as a percentage of total proceeds, including management fee, underwriting fee, and selling concession. c tdc total direct costs as a percentage of total proceeds (total direct costs are the sum of gross spreads and other direct expenses. source: reprinted with permission from the journal of financial research, vol. 19, no. 1 (spring 1996), pp. 59-74, “the costs of raising capital,” by inmoo lee, scott lochhead, jay ritter, and quanshui zhao. proceeds ($millions) $ 2-9.99 10-19.99 20-39.99 40-59.99 60-79.99 80-99.99 100-199.99 200-499.99 500 and up average gsa 9.05% 7.24 7.01 6.96 6.74 6.47 6.03 5.67 5.21 7.31% eb 7.91% 4.39 2.69 1.76 1.46 1.44 1.03 0.86 0.51 3.69% tdcb 16.96% 11.63 9.70 8.72 8.20 7.91 7.06 6.53 5.72 11.00% gs 7.72% 6.23 5.60 5.05 4.57 4.25 3.85 3.26 3.03 5.44% e 5.56% 2.49 1.33 0.82 0.61 0.48 0.37 0.21 0.12 1.67% tdc 13.28% 8.72 6.93 5.87 5.18 4.73 4.22 3.47 3.15 7.11% gs 6.07% 5.48 4.16 3.26 2.64 2.43 2.34 1.99 2.00 2.92% e 2.68% 3.18 1.95 1.04 0.59 0.61 0.42 0.19 0.09 0.87% tdc 8.75% 8.66 6.11 4.30 3.23 3.04 2.76 2.18 2.09 3.79% gs 2.07% 1.36 1.54 0.72 1.76 1.55 1.77 1.79 1.39 1.62% e 2.32% 1.40 0.88 0.60 0.58 0.61 0.54 0.40 0.25 0.62% tdc 4.39% 2.76 2.42 1.32 2.34 2.16 2.31 2.19 1.64 2.24% iposseosconvertible bondsstraight bonds equitybonds cost of equity and debt 16 中国股市 17 exhibit 3.1: common stock and preferred stock issuances in the 1990s source: security data corporation years 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 proceeds from common stockproceeds from preferred stock issues (mils) 19,153.3 56,016.1 72,517.8 102,394.8 61.436.8 81,977.5 115,455.9 120,162.3 114,960.1 164.263.4 189.067.6 # of issues 402 868 1087 1489 1053 1175 1617 1365 971 1028 884 issues (mils) 4,696.4 19,881.8 29,317.9 28,442.4 15,466.9 15,083.0 36,472.5 33,268.4 37,760.3 27,483.1 15,397.1 # of issues 88 152 282 373 114 122 177 254 229 173 77 listing of common and preferred stocks in the 90 18 exhibit 3.2: percentage of u.s. equity held by institutions source: nyse fact book, 1999. 1950197019901999 equities held by u.s. pensions 1% 9% 25% 25% equities held by all u.s. institutions 6 27 43 50 the institutions 19exhibit 3.3: equity market capitalization (billion $ u.s.) of the 20 largest stock markets, september 2000 source: merrill lynch global economic trends, january 2001. us japan uk france germany canada switzerland netherlands italy sweden australia hong kong mexico korea taiwan south africa singapore brazil greece malaysia 10,547 2,394 1,903 1,014 760 543 524 488 387 272 244 195 109 107 103 93 90 88 62 58 top 20 stock markets in the world (2000，10亿) 20exhibit 3.4: number of offerings, average initial return, and gross proceeds of initial public offerings in 1960-1999 source: professor jay ritters university of florida web page /ritter year 1960-69 1970-79 1980-89 1990-99 total number of offerings 2,661 1,640 4,759 5,316 14,376 average initial return, % 21.2 9 15.3 20.6 17.4 gross proceeds, $millions 7,988 6,868 80,946 353,923 449,725 60-99 no. of ipo，average initial return & gross proceeds 21 exhibit 3.5: average initial returns of ipos in 25 countries source: reprinted from pacific basin finance journal. 1994. no. 2. loughran, ritter, and rydqvist, table 1, pp. 165-199, 1994 with kind permission of elsevier science-nl, sara burgerhartstreet 25, 1055 kv amsterdam. the netherlands 25个国家ipo初期回报 22 中国股市首日收益 23 中国股市首日收益 24 25 capital raising activities of chinese companies in the us 中国公司在美国融资 26 chinas major capital requirements 中国主要资本需求 1. recapitalize and stabilize chinas banking system and soes would require between $450-600 billion. 2. china will need tens of billions of dollars to secure long-term sources of energy supply abroad as well as develop domestic infrastructure. chinas energy imports are expected to increase sharply over the next decade. 3. $600 billion is needed to support underfunded pension system 4. chinas near-term capital requirements to be over 100 percent of chinas gdp. 中国银行系统和国企的调整稳固和 充实资本约需4,500- 6,000亿美元。 中国需要几百亿美元来保证国外长 期的能源供应及国内基础设施的建 设。中国的能源进口在今后的十年 中将有大幅增长。 维护资金不足的养老金系统需 6,000亿美元。 中国的近期资本需求超过中国国内 生产总值的100%。 27 the capital raising activities in the us 在美国的融资活动 n 1980-1999, china issued some 195 global debt offerings, netting some $24 billion. roughly $14 billion of these funds were raised through u.s. dollar- denominated debt offerings. n during this same period, some 23 chinese firms were listed on u.s. stock exchanges - a number of which are no longer actively traded. n 1980-1999,中国发行了 约195种全球债券，共 计240亿美元。其中约 有140亿美元是通过发 行美元标价债券融集到 的。 n 在这段期间内，约有23 个中国公司在美国股票 交易市场上市，其中有 一部分已经没有活跃的 交投。 28 debt financing 举债融资 nprior to 1998, the primary funding vehicles for china were international sovereign bonds and debt offerings by chinas “big four“ banks and a number of “itics,“ n1980-1998, china raised some $4.2 billion in dollar-denominated bonds. the bank of china and peoples construction bank attracted an additional $3.5 billion. china international trust and investment corporation (citic) and other itics offered some $2 billion in dollar-denominated debt. neach of these entities attracted billions more in deutschmark- and yen-denominated bonds during the same period. n 1998年前，中国的主要融资 方式为发行国家债券和由中 国的四大银行和几家信托投 资公司发行债券。 n 1980-1998,中国融集到42亿 美元的美元债券。中国银行 和建设银行额外又吸收了35 亿美元的美元债券。中国信 托投资公司和其它信托投资 公司提供了20亿美元的美元 债券。 n 在同一时间内，所有这些实 体都吸收了更多的马克和日 元标价债券。 29 境内境外股权权融资资比较较 30 major china stocks listed in the us 在美国上市的主要中国股票 major listing vehicles n direct listing: advantages & disadvantages n adrs and gdrs n advantages & disadvantages n revrse takeover n advantages & disadvantages 主要上市手段 n 直接上市 优点和缺点 n adrs和gdrs 优点和缺点 n 买壳 优点和缺点 31 equity financing 股市筹资 n direct listing in international stock exchanges n adr/gdr in us and international stock exchanges n reverse takeover (rto) in hong kong and us stock exchanges n 在国际股票交易市场直 接上市 n 美国adr/gdr 及国际 股票交易所 n 在香港和美国股票交易 所买壳 32 after market performance analysis 上市后表现分析 n cost of capital n fund raising n liquidity n pricing/valuation n financial returns n 资本成本 n 融资 n 资产流动性 n 定价/估价 n 财务收益 33 issues and concerns 相关事宜 n is the offering size too large? n are the shares priced too high at ipo? n should there be more smaller size but higher growth companies? n better disclosure? n more wall street interaction n need to learn the us ir&pr game n 发行量是否太大？ n 股票在首次公开发行时定价 是否过高？ n 是否应有更多规模小但发展 迅速的公司？ n 改进信息披露？ n 更多华尔街参与 n 需要了解美国的投资者关系 和公关技巧 34 中国公司在美国融资：初次发行（ipo）还是反 向兼并（rto）? 35 the mind-set of the us capital markets 美国资本市场理念 the sec 证券交易委员会 n sec does not approve or disapprove listings n main role of sec is to protect small investors n disclosure is the main tool n philosophy: let investors make their own decisions based on full disclosure n 证券交易委员会不对上 市项目进行审批 n 证券交易委员会主要职 责是保护小投资人 n 信息披露是主要工具 n 原则：在信息充分披露 的基础上，让投资人自 己做决定 36 the mind-set of the us capital markets 美国资本市场的理念 investors 投资人 n philosophy: prudent risks based on information n investment strategy = savings for retirement, childrens education, etc n gambling is not the main game n 原则：在获取信息的基 础上谨慎地冒险 n 投资策略=为退休，孩 子的教育等进行储蓄 n 赌博不是主要的方式 37 the mind-set of the us capital markets 美国资本市场理念 investor expectations: outlin投资人的期望：概要 n full and frequent disclosure n stock promotion n what makes a good growth stock n specific investor expectations (china stocks) n 完全和及时的信息披露 n 股票推销 n 什么样的股票是迅速增 值的股票 n 投资人的特殊期望（中 国股票） 38 the mind-set of the us capital markets 美国资本市场的理念 investor expectations 投资人的期望 what makes a good growth stock? management believable growth strategy competitive advantage future earnings growth potential forecasts historical earnings performance price of securities n 什么样的股票能迅速增值？ 管理 令人信服的成长策略 竞争优势 将来收入增长的潜力 预测 历史收益表现 证券价格 39 the mind-set of the us capital markets 美国资本市场的理念 investor expectations 投资人的期望 n specific investor expectations (china stocks) disclosure, communication, representation higher earnings growth industry sectors us gaap accounting, believable forecasts western-style, accountable management use of proceeds, strategy n 投资人的期望（中国股票） n 1.披露, 交流,代表 n 2.更高的收益增长 n 3.行业版块 n 4.美国gaap会计， n 可信赖的预测 n 5.西方式可靠的管理 n 6.筹得资金的运用及 n 策略 40 marketing going public 上市 reorganize audit 重组 审计 compliance $ 规范 营销 maintenance 维护 41preparing to go public 上市准备 outline 纲要 n which companies should go public n choosing the team n internal house-keeping n audits n due diligence n 哪些公司应该上市 n 选择团队 n 内部管理 n 审计 n 调查 42preparing to go public 上市准备 n which companies should go public? large (asset-heavy) companies? politically important companies? what are acceptable uses of proceeds? to speculated in real estate? to acquire companies in unrelated industries? to be determined later? n 哪些公司应该上市？ 大型（资产雄厚） 的企业？ 具有浓厚政治背景 的企业？ n 如何使用筹得的资金？ 投机房地产 收购不相关的行业 的公司？ 稍后决策 43preparing to go public 上市准备 which companies should go public? 哪些公司应该上市？ reality 现实情况 n profitable, high growth n clear strategy for growth n business-minded, profit- oriented leadership n well-balanced management team n able to compete in a market economy (no parent subsidies!) n 赢利的，高速发展的企业 n 明确的发展策略 n 具有商业头脑，以利润为导 向的领导层 n 平衡的管理团队 n 迎接市场经济竞争的能力（ 无须母公司的资助） 44 preparing to go public 上市准备 more reality 现实情况 n which companies should go public? ability and willingness to pay the costs ability and willingness to provide information industry sectors (not real estate speculation) size (company, capital raise) use of proceeds: expansion strategic m&a not a blank check n 哪些公司应该上市？ 有能力并打算支付 上市成本 有能力并愿意提供 信息 行业版块（非房地 产投机） 规模（公司规模， 融集资本） n 筹得资金的应用 扩张 战略性的并购 不是空白支票 45 上市公司的责任 n- 上市要承担一定的财经风险，要花费相当的时间和金钱。 n- 上市公司必须接受董事会、股东、公众和证券市场的监督，详细披露公司的经 n 营情况，投资者和竟争对手同时享有关于上市公司未来发展战略、经营方针、 n 财经情况和管理人员的报酬等细节资料。 n- 管理人员要花大量时间填报年度报告(10-k)、季度报告(10-q)、委托投票书。 n 筹备股东大会和满足美国证券交易委员会的其他要求。 n- 管理人员要答复股东、股票经纪人、投资银行、美国联邦证券监察人员、分析 n 师和传播媒介频繁的咨询，还需要在美国全国范围内举办面向股票经纪人、投 n 资银行和分析师的推介会。 n- 经营费用会明显增加。要花费相当的财会和法律费用以满足美国证券交易委员 n 会的各项要求。 n- 作为上市公司的管理人员，需要对申报的材料和披露的信息的准确性负责。 n- 有些经营决策需要董事会的同意，某种程度上限制了管理的灵活性。 46 公司通过上市获取的有利条件 n- 通过上市，可以打破企业和金融市场之间信息的不平衡，使企业的价值得到真 n 正的反映。未上市的企业在美估价时只能得到3-4 的市益率，而在美上市的中 n 国企业都能得到10以上的市益率。 n- 由于通过上市和以后的扩股可以筹集大笔资金，从根本上解决了成长型公司普 n 遍面临的资金不足问题。 n- 能利用发行新股和换股扩展业务，开发新产品和进行多元化商业活动、置产和 n 兼并其他公司、扩大业务而不需动用生产资金。 n- 进入世界最大，最成熟的金融市场。公司地位提升，会增加公司产品的知名度 n 和在国内外市场的信誉。 n- 相对于贷款投资而言，投资者的资金具有更大的流动性。对公司而言，能筹集 n 大笔永久性投资，并能利用发行新股偿还债务，减少债务负担。 n- 美国为全球交易额最大的和流通量最高的市场。美国市场监管严格，其法律法 n 规严密，对投资者权益有充分的保障。 n- 上市公司必须披露公司的经营情况，接受董事会、股东、公众和证券市场的监 n 督，有利于改善公司的经营管理。 47 公司通过上市获取的有利条件 n公司的管理人员和股东通过上市获取的有利条件 n n- 对于公司的管理人员和股东，上市后公司的价值和个人在公司的权益更加明 确，其对投资具有更大的流动性，公司的债务也和个人分离。 n n- 上市后如果公司股票的后市运作良好，则公司管理人员和股东的财富递增。 公司管理人员和股东的利益不仅来自红利，还来自股市的回报。 n n- 公司可用股票奖励去吸引优秀的人才。 48 process of going public 上市过程 analogy: a manufacturing process 类比：一个制造过程 quality control 质量控制 design raw materials manufacturing packaging distribution sales 设计 原材料 生产 包装 配送 销售 raw refined 原料 加工后 product: ownership and information 产品：所有权和信息 49 process of going public 上市过程 the “ virtual factory ” “假想工厂” quality control 质量控制 design raw materials manufacturing packaging distribution sales 设计 原材料 生产 包装 配送 销售 investment *ownership *investment *investment *syndicate banker *information banker banker of i-banker 投资银行家 所有权 信息投资银行家 投 资银行家 投行承销团 *lawyer律师 *设计者 *auditor 审计 *ir 投 资公关 raw refined product: ownership and information 产品：所有权和信息 sec 证券交易委员会 research analyst 研究分析师 50 listing team 上市团队 auditor 审计 performs annual audits under us generally accepted accounting principles (us gaap). 在美国gaap会计原则下实行年度审计 can provide assistance to management in completing quarterly, un-audited us gaap financial statements. 协助管理层提供未经审计的季报 provides auditor sign-off for public offerings. 为上市提供审计报告 us securities lawyer 美国证券律师 assists management to comply with various rules governing listed companies. edits and files sec fillings. assists management to develop placement memoranda for raising capital. interfaces with us exchanges, sec, state securities organizations, on behalf of the listed company. investor relations firm 投资关系公司 assists management to design, write and publish the annual report. issues press releases to international wire services. acts as initial contact person to brokers, investors, shareholders, analysts, and media that inquire about the company. can arrange for management to meet with analysts and fund managers. transfer agent 过户代理 maintains the listed companys shareholder register. handles all record name transfers of common stock. completes mailings of pre-printed shareholder communications to the shareholders of record (i.e., proxies, annual reports, quarterly updates, etc.). public relations firm 公共关系公司 assists company to gain increased exposure with investment audience- brokers, investors, analysts, brokerage firms. this could be done by various methods, including publishing articles and announcements, mailings, meetings, and media. management 管理 drafts a detailed business plan and projections. manages an internal accounting system that produces accurate quarterly financial statements. accessible and responsible to investors, brokers and analysts-typically requires monthly conference calls and quarterly meetings in the us. responsible for timely and professional public filings. responsible for the accuracy of company representations to investors. 51 auditor 审计师 performs annual audits under us generally accepted accounting principles (us gaap) 按照美国gaap 会计原则实行年度审计 can provide assistance to management in completing quarterly, un-audited us gaap financial statements 协助管理人员完成按gaap标准的季度财务报告 provides auditor sign-off for public offerings 为上市提供审计报告 52 us securities lawyer美国证券律师 assists management to comply with various rules governing listed companies 协助管理人员遵守各种有关上市公司的管理条例 edits and files sec fillings 对有关提交证交会的上报材料进行编缀和上报 assists management to develop placement memoranda for raising capital 协助管理人员为融资准备慕集备忘录 interfaces with us exchanges, sec, state securities organizations, on behalf of the listed company 代表上市公司与美国证券交易所，证券交易委员会，州的证券机 构打交道 53 investor relations firm 投资公关公司 assists management to design, write and publish the annual report 协助管理人员设计，撰写及出版年度报告 issues press releases to international wire services 向国际媒体发布新闻 acts as initial contact person to brokers, investors, shareholders, analysts, and media that inquire about the company 作为与前来咨询有关事宜的经纪人，投资人，股东，分析师和媒 体的最初接触方 can arrange for management to meet with analysts and fund managers 安排管理人员与分析师和基金管理人员会谈 54 transfer agent 过户代理 maintains the listed companys shareholder register 维护上市公司的股东登记册 handles all record name transfers of common stock 处理全部普通股的过户记录 completes mailings of pre-printed shareholder 邮寄印好的股权证 communications to the shareholders of record ( i.e., proxies, annual reports, quarterly updates, etc.) 就代理人，年度报告，季报等与在册股东交流 55 public relations firm 公共关系公司 assists company to gain increased exposure with investment audience-brokers, investors, analysts, brokerage firms 协助公司对投资有关各方如经纪人、投资人、分析师 和经纪公司的公关 this could be done by various methods, including publishing articles and ann