现代国际资本市场与投资银行

1、现代国际资本市场与投资银行现代国际资本市场与投资银行 金岩石 http:/ (海量营销管理培训资料下载) total investable capital market 全球资本市场总额全球资本市场总额 december 31,1998 (preliminary) u.s.equity 21.7% cash equivalents 4.8% u.s. real estate 4.3% emerging markets 2.8% non-u.s. bonds 26.1% dollar bonds* 19.6% venture capital 0.1% non-u.s. equity 19.6%

2、$58.2 trillion *includes high-yield bonds source: brinson partners,inc. http:/ (海量营销管理培训资料下载) largest recent one-year real stock price index increases 各国股市最大一年涨幅各国股市最大一年涨幅 1. 2. 3. 4. 5. 6. 7. 8. 9. 10 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. country percentage increase one-year p

3、eriod price change over subsequent one-year period (percent) philippines taiwan venezuela peru colombia jamaica chile italy jamaica thailand india italy austria finland denmark spain luxembourg sweden portugal luxembourg hong kong hong kong korea hong kong sweden 683.4 400.1 384.6 360.9 271.3 224.5

4、199.8 166.4 163.4 161.9 155.5 147.3 145.4 128.3 122.9 119.8 113.4 111.5 103.8 103.6 101.0 99.1 98.8 98.6 96.6 dec.1985-dec.1986 oct.1986-oct.1987 jan.1990-jan.1991 aug.1992-aug.1993 jan.1991-jan.1992 apr.1992-apr.1993 jan.1979-jan.1980 may 1985-may1986 aug.1985-aug.1986 oct.1986-oct.1987 apr.1991-ap

5、r.1992 apr.1980-apr.1981 feb.1989-feb.1990 sept.1992-sept.1993 apr.1971-apr.1972 dec.1985-dec.1986 dec.1992-dec.1993 aug.1982-aug.1983 apr.1997-apr.1998 jan.1985-jan.1986 jan.1993-jan.1994 feb.1975-feb.1976 feb.1975-feb.1976 nov.1979-nov.1980 aug.1977-aug.1978 28.4 65.7 33.1 15.8 -19.9 -59.2 38.9 -1

6、5.7 8.7 -2.6 -50.3 -32.1 -19.8 46.3 -12.4 4.2 -10.8 -9.6 -34.1 2.6 -38.5 -3.4 31.9 -22.4 -50.8 http:/ (海量营销管理培训资料下载) largest recent one-year real stock price index decreases 各国股市最大一年跌幅各国股市最大一年跌幅 country 1. 2. 3. 4. 5. 6. 7. 8. 9. 10 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25 percenta

7、ge decrease one-year period price change over subsequent one-year period (percent) taiwan jamaica sweden united kingdom thailand south africa philippines korea pakistan india denmark hong kong hong kong norway spain norway australia france indonesia canada finland colombia italy norway denmark -74.9

8、 -73.8 -63.6 -63.3 -62.8 -62.1 -61.9 -61.9 -59.5 -58.4 -56.0 -55.5 -55.1 -54.2 -54.1 -53.6 -53.0 -49.0 -48.1 -47.9 -47.5 -47.1 -46.1 -46.1 -45.8 oct.1989-oct.1990 jan.1993-jan.1994 aug.1976-aug.1977 nov.1973-nov.1974 aug.1997-aug.1998 july1985-jul.y1986 oct.1973-oct.1974 june1997-june1998 oct.1990-o

9、ct.1991 nov.1963-nov.1964 july1969-july1970 aug.1997-aug.1998 dec.1981-dec.1982 may1967-may1968 oct.1976-oct.1977 jan.1974-jan.1975 oct.1973-oct.1974 sept.1973-sept.1974 mar.1997-mar.1998 june1981-june1982 feb.1990-feb.1991 jan.1980-jan.1981 apr.1974-apr.1975 dec.1989-dec.1990 sept.1973-sept.1974 85

10、.1 69.6 96.6 72.7 71.9 48.9 -14.1 167.0 9.0 -18.8 -15.3 90.0 7.7 39.9 -15.6 -2.1 33.6 25.3 -45.1 69.4 6.3 74.2 -31.3 68.6 14.7 http:/ (海量营销管理培训资料下载) largest recent five-year real stock price index increases 各国股市最大五年涨幅各国股市最大五年涨幅 country percentage increase five-year period price change over subsequen

11、t five-year period (percent) 1. 2. 3. 4. 5. 6. 7. 8. 9. 10 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25 philippines peru chile jamaica korea mexico taiwan thailand colombia spain india finland austria portugal finland jamaica japan france finland hong kong netherlands norway norway swe

12、den hong kong 1,253.2 743.1 689.7 573.9 518.3 501.7 468.1 430.7 390.7 381.9 346.1 336.3 331.3 329.1 291.0 280.2 275.6 262.6 262.5 261.6 256.6 253.1 248.4 247.1 230.9 nov.1984-nov.1989 sept.1991-sept.1996 mar.1985-mar.1990 dec.1980-dec.1985 mar.1984-mar.1989 jan.1989-jan.1994 may1986-may1991 may1986-

13、may1991 apr.1989-apr.1994 oct.1982-oct.1987 apr.1987-apr.1992 sept.1992-sept.1997 jan.1985-jan.1990 apr.1993-apr.1998 sept.1982-sept.1987 july 1984-july1987 aug.1982-aug.1987 mar.1982-mar.1987 feb.1968-feb.1973 jan.1975-jan.1980 july1993-july1998 sept.1982-sept.1987 oct.1992-oct.1997 aug.1982-aug.19

14、87 oct.1982-oct.1987 43.5 not available 104.2 38.7 -36.6 -50.9 -12.7 17.0 -52.0 -33.7 58.4 not available -39.7 not available -55.5 10.9 -48.5 10.2 -68.2 -17.2 not available -18.9 not available -36.9 -14.6 http:/ (海量营销管理培训资料下载) largest recent five-year real stock price index decreases 各国股市最大五年跌幅各国股市最

15、大五年跌幅 1. 2. 3. 4. 5. 6. 7. 8. 9. 10 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25 country percentage decrease five-year period price change over subsequent five-year period (percent) spain jamaica venezuela thailand philippines italy pakistan norway jamaica philippines india united king

16、dom south africa colombia colombia chile philippines finland korea portugal jamaica korea italy france italy -86.6 -85.5 -84.9 -84.0 -83.1 -80.7 -78.3 -77.1 -76.9 -76.6 -74.6 -73.5 -73.4 -73.3 -72.7 -72.6 -72.7 -71.3 -68.3 -67.9 -64.2 -63.6 -62.6 -62.5 -62.3 dec.1974-dec.1979 july1973-july1978 may19

17、77-may1982 jan.1994-jan.1999 feb.1980-feb.1985 june 1973-june1978 feb.1994-feb.1999 july1973-july1978 jan.1993-jan.1998 sept.1969-sept.1974 aug.1962-aug.1967 dec.1969-dec.1974 apr.1981-apr.1986 july 1971-july1976 july1979-july1984 june1980-june1985 apr.1976-apr.1981 oct.1973-oct.1978 june1993-june19

18、98 jan.1988-jan.1993 nov.1969-nov.1974 aug.1978-aug.1983 jan.1970-jan.1975 jan.1973-jan.1978 sept.1960-sept.1965 0.1 185.2 138.9 not available 1,000.0 72.6 not available 74.1 not available -40.7 0.7 81.5 16.6 -24.8 36.9 587.9 24.4 99.0 not available 222.6 -68.9 375.0 -46.1 5.7 -0.5 http:/ (海量营销管理培训资

19、料下载) the top 100 economies and mnes, 1998 (2-1) 全球前100名经济实体与跨国公司 rank country/company us$ billions rank country/company us$ billions 1. 2. 3. 4. 5. 6. 7. 8. 9. 10 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. united states japan germany france united kingdom italy china brazil canada s

20、pain india netherlands mexico australia korea, republic of russia argentina switzerland belgium sweden austria turkey denmark general motors hong kong 7,921.3 4,089.9 2,122.7 1,466.2 1,263.8 1,166.2 928.9 758.0 612.2 553.7 421.3 388.7 380.9 380.6 369.9 337.9 324.1 284.8 259.0 226.9 217.2 200.5 176.4

21、 161.3 158.3 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. 37. 38. 39. 40. 41. 42. 43. 44. 45. 46. 47. 48. 49. 50. daimler-chrysler norway poland ford motor wal-mart stores indonesia thailand finland greece south africa iran mitsui itochu mitsubishi portugal colombia exxon general electric toyota moto

22、r israel singapore royal dutch/shell group marubeni sumitomo int.business machines 154.6 152.1 150.8 144.4 139.2 138.5 134.4 124.3 122.9 119.0 109.6 109.4 108.7 107.2 106.4 106.1 100.7 100.5 99.7 95.2 95.1 93.7 93.6 89.0 81.7 http:/ (海量营销管理培训资料下载) the top 100 economies and mnes, 1998 (2-2) 全球前100名经济

23、实体与跨国公司 rank country/company us$ billions rank country/company us$ billions 51. 52. 53. 54. 55. 56. 57. 58. 59. 60. 61. 62. 63. 64. 65. 66. 67. 68. 69. 70. 71. 72. 73. 74. 75. venexuela malaysia egypt philippines axa citigroup volkswagen nippon telegraph & telephone nippon life insurance chile bp am

24、oco nissho iwai ireland siemens allianz pakistan hitachi peru u.s. postal service matsushita electric industrial nestle credit suisse philip morris ing group boeing 81.3 79.8 79.2 78.9 78.7 76.4 76.3 76.1 76.1 71.3 68.3 67.7 67.5 66.0 64.8 63.2 62.4 61.1 60.1 59.8 59.5 59.1 57.8 56.5 56.2 76. 77. 78

25、. 79. 80. 81. 82. 83. 84. 85. 86. 87. 88. 89. 90. 91. 92. 93. 94. 95. 96. 97. 98. 99. 100. new zealand at&t sony metro czech republic nissan motor bank of america corp. fiat honda motor assicurazioni generali mobil hewlett packard algeria hungary deutsche bank unilever state farm insurance dai-ichi

26、mutual life insurance bangladesh veba group hsbc holdings ukraine toshiba renault sears roebuck 55.8 53.6 53.2 52.1 51.8 51.5 51.5 51.0 48.7 48.4 47.7 47.1 46.5 45.6 45.2 44.9 44.6 44.5 44.0 43.5 43.3 42.7 41.5 41.4 41.3 http:/ (海量营销管理培训资料下载) 1972foreign currency futures 1973equity options 1975treas

27、ury bond futures 1981currency swaps 1982interest rate swaps eurodollar futures equity index futures exchange-listed currency options 1983option on equity index options on t-note futures options on currency futures interest rate caps and floors 1985eurodollar options swaptions 1987compound options 19

28、89futures on interest rate swaps quanto options 1990equity index swaps 1991differential swaps 1992catastrophe risk insurance options 1993captions 1994 credit default options 1996electricity futures 1997weather derivatives the evolution of derivatives markets 衍生证券市衍生证券市 场的演进场的演进 http:/ (海量营销管理培训资料下载)

29、 西方现代投资银行业务操作 赢利性操作支持性操作 一 级 市 场 股权融资 债券融资 二 级 市 场 做市商业务 经纪业务 交 易 业 务 投 机 对 冲 公 司 重 组 并 购 转 让 股权控制 金 融 工 程 零息债券 抵押证券 衍生产品 边 缘 业 务 咨询服务 投资管理 风险投资 商业银行 结算业务 研究开发 内部融资 信息服务 http:/ (海量营销管理培训资料下载) 美国证券市场的结构和管理美国证券市场的结构和管理 注册券商注册券商 通过通过 结算机构结算机构 基金公司基金公司 投资顾问投资顾问 纽约证券 交易所 芝加哥 交易所 美国交易所 nasdaq 证监会 证券投资者 保护

30、公司 美联储 全国证券交 易商协会 法规稽核 质押贷款 投资保险 http:/ (海量营销管理培训资料下载) national securities clearing corporation (nscc) execution destination clearing otc securities order drouting systems broker the individual investor execution report act reporting broker/ dealer clearing broker/dealer internalization ecn market m

31、aker utp exchange how orders 美国证券交易流程及中介美国证券交易流程及中介 become trades http:/ (海量营销管理培训资料下载) 股票交易流程及其会计处理股票交易流程及其会计处理 交易流程交易流程券商会计处理券商会计处理 a aca-ecn-cbca-ecn-cba,ba,b券商各自计为经纪佣金券商各自计为经纪佣金 b bca caca caa a券商收双边佣金券商收双边佣金 c cca-ecn-bca-ecn-ba a券商收单边佣金，券商收单边佣金，b b券商收庄家交券商收庄家交 易佣金易佣金 d dc-a b-cc-a b-c a,ba,b券商

32、对分庄家交易佣金或买卖券商对分庄家交易佣金或买卖 差价差价 http:/ (海量营销管理培训资料下载) brokers route orders to market maker. individual traders sort through orders and maker matches one by one market maker completes the transaction and pockets the “spread” between buy and sell prices. computerized matching and execution leaves the ma

33、rket makers fee to analyze trading patterns and manage inventory. traders are constantly completing transactions, managing positions throughout the day so that profits outweigh losses. to execute the orders, an electronic market maker has a constantly changing inventory of stock. a computer sorts th

34、e incoming orders and matches them almost instantly. buyers and sellers place orders with broker the new way buyers and sellers place orders with broker brokers route electronic orders to market maker. the old way http:/ (海量营销管理培训资料下载) a ranking of market makers share of trading volume: nasdaq & bul

35、letin board market share 2q 2000 - volume(millions) market share 1. knight trading15,012 13.4% 2. schwab capital markets11,919 10.6% 3. herzog heine geduld*8,716 7.8% 4. spear, leeds&kellogg*6,121 5.5% 5. salomon smith barney5,468 4.9% 6. merrill lynch4,722 4.2% 7. morgan stanley4,459 4.0% 8. goldma

36、n sachs3,681 3.3% 9. sherwood securities3,602 3.2% 10. credit suisse first boston3,142 2.8% *recently acquired by merrill lynch. *in talks to be acquired by goldman sachs. source:autex/blockdata and chase h&q research knight/trimark (now knight trading) went public in july 1998. the underwriters wer

37、e robertson stephens, merrill lynch, abn amro, painewebber, and southwest securities. top 10 market makers 前前10名做市商及其市场份额名做市商及其市场份额 http:/ (海量营销管理培训资料下载) 26% * 22% * 15%* 21%* 4%* 12%* 2000 1996 merrill lynch net revenues by category 美林证券净收入结构美林证券净收入结构 * net interest profit 净利息收入 *commissions 交易佣金 *

38、principal transactions 做市商佣金 *investment banking 投资银行业务 * asset management and portfolio service fees 资产管理和投资顾问费 * other 其他 4%* 15%* 27% * 29% * 17%* 8%* http:/ (海量营销管理培训资料下载) n摩根摩根. 斯坦利收入结构斯坦利收入结构 retail brokerage asset management credit cards inestment banking where morgan stanleys earnings come f

39、rom year 2000 billions of dollars 64% $5.40 13% $1.14 13% $1.10 10% $0.83 http:/ (海量营销管理培训资料下载) 195 258 294 227 198 142 1998 1998 1999 1999 20002000 (in millions) (in millions) $2,773 $3,213 $4,592 $337 $485 $492 asset management and securities services net revenuesassets under supervision assets un

40、der management other client assets http:/ (海量营销管理培训资料下载) $3,368 $4,359 $5,371 199819992000 (in millions) (in millions) 1998 1999 2000 $2,379 $5,773 $6,627 investment banking 投资银行 net revenues 净收入净收入 trading and principal investments 交易和做市商业务 net revenues 净收入净收入 http:/ (海量营销管理培训资料下载) 金融业务收入种类及相关业务规范金

41、融业务收入种类及相关业务规范 业务品种业务品种英语名称英语名称业务形态业务形态 有关规范和惯例有关规范和惯例 交易业务交易业务 a a经纪费经纪费 flat commission网上经纪网上经纪固定费率含作市商回固定费率含作市商回 扣扣 b b结算费结算费clearing charge结算银行结算银行和约固定费率和约固定费率 经纪业务经纪业务 a acommission全服务经纪全服务经纪交易额的交易额的5%5%以下以下 b bdiscount commission 折扣经纪折扣经纪单笔交易在单笔交易在$50-$300$50-$300 作市商业务作市商业务 a amarket making f

42、or spread 庄家佣金庄家佣金具备作市商资格及保具备作市商资格及保 证金证金 b bprincipal trading 庄家交易庄家交易作市商资格及公司存作市商资格及公司存 货调整货调整 投资银行业务投资银行业务 a aconcession新股发行新股发行承销额的承销额的8%8%以上以上 b bconsulting fee for m&a 企业并购企业并购通常为企业并购额的通常为企业并购额的 1%1% http:/ (海量营销管理培训资料下载) 业务品种业务品种英语名称英语名称业务形态业务形态有关规范和惯例有关规范和惯例 资产管理业务资产管理业务 a a management/su pe

43、rvisory fee 基金管理基金管理/ /代代 客理财客理财 通常为管理资金总额通常为管理资金总额 的的1-3%1-3% b b12-1b fee/load基金销售基金销售12-112-1b b规定和销售佣规定和销售佣 金金 咨询规划业务咨询规划业务 a afinancial planning 财务规划财务规划通常按小时收费，费通常按小时收费，费 率因人而异率因人而异 b bconsulting企业诊断等企业诊断等 衍生市场业务衍生市场业务 a ahedging避险操作避险操作佣金、管理费加利润佣金、管理费加利润 提成提成 b barbitrage对冲业务对冲业务 投资业务投资业务 a a

44、venture capital/private equity 风险投资风险投资公开披露公开披露 （disclosuredisclosure） b bproprietary trading 特许交易特许交易 http:/ (海量营销管理培训资料下载) 业务品种业务品种英语名称英语名称业务形态业务形态有关规范和惯例有关规范和惯例 银行业务银行业务 a acommercial banking 商业银行商业银行桥梁贷款和保证金拆桥梁贷款和保证金拆 借等借等 b bclearing banking结算银行结算银行股票质押贷款股票质押贷款/ /回购回购 协议安排协议安排 保险业务保险业务 a a veri

45、able life可变性寿险可变性寿险限于可变性限于可变性/ /投资性投资性 保险及衍生产品保险保险及衍生产品保险 b b insurance option保险期货保险期货 http:/ (海量营销管理培训资料下载) total assets $162.0 adjusted assets(1) 123.5 net adjusted assets(2) 63.0 leverage ratio(3) 29.8 adjusted leverage (4) 22.7 net adjusted leverage (5) 11.6 in billions, except ratiosnovember 30

46、,2000 $171.2 135.1 73.3 27.8 21.9 11.9 november 26,1999 (1) adjusted assets represent total assets less securities purchased under agreements to resell and the receivable for securities provided as collateral. (2) net adjusted assets represent adjusted assets less securities borrowed. (3) leverage r

47、atio equals total assets divided by stockholders equity and preferred stock issued by subsidiaries. (4) adjusted leverage ratio equals adjusted assets divided by stockholders equity and preferred stock issued by subsidiaries. (5) net adjusted leverage equals net adjusted assets divided by stockholde

48、rs equity and preferred stock issued by subsidiaries. 熊士坦公司表外业务的风险结构熊士坦公司表外业务的风险结构(1)(1) the bear stearns table off -balance-sheet risk positionsthe bear stearns table off -balance-sheet risk positions ( (1)1) http:/ (海量营销管理培训资料下载) 熊士坦公司表外业务的风险结构熊士坦公司表外业务的风险结构(2) the bear stearns table off -balance-

49、sheet risk positions (2) in billions less than 1 to 3 3 to 5 greater than 1 year years years 5 years total swap agreements, including options, swaptions, caps, collars and floors futures contracts forward contracts options held options written total percent of total $ 99.4 48.5 41.1 20.2 7.3 $216.5

50、36.2% $119.3 19.7 3.9 4.4 $147.3 24.7% $92.9 4.0 0.2 0.2 $97.3 16.3% $134.7 0.4 0.7 $135.8 22.8% $446.3 72.6 41.1 25.0 11.9 $596.9 100.0% http:/ (海量营销管理培训资料下载) reporting risk disclosure to shareholders management reports regulatory requirements controlling risk setting risk limits (desk level and fi

51、rm-wide) allocating risk performance evaluation capital allocation strategic business decisions passive 被动型被动型 defensive 防范型防范型 active 主动型主动型 evolution of var applications 在险价值方法的应用在险价值方法的应用 http:/ (海量营销管理培训资料下载) top management ceo/cfo 总台总台 audit internal&external reviews all areas 全程监控 operations “

52、back office” trade processing 后台 risk management “middle office” market and credit risk analysis 中台 treasury& trading “front office” positioning 前台 organizational structure for risk management 风险管理的组织框架 http:/ (海量营销管理培训资料下载) traditional a & lm vs modern var 传统的资产负债管理和现代在险价值方法的比较传统的资产负债管理和现代在险价值方法的比较

53、 1 asset/liability oriented valuation/risk oriented 2 balance sheet analysis off-sheet positions included 3 no financial derivatives derivatives as key items 4 interest rate focus overall market risk focus 5 passive risk control risk/return management 6 no hedging tools hedging position adjustments

54、7 for commercial banking for global capital market 8 fixed time frame flexible time frame http:/ (海量营销管理培训资料下载) 美国注册券商的分公司管理体制（美国注册券商的分公司管理体制（1） 比较项目比较项目独立分公司独立分公司直属分公司直属分公司 法人结构法人结构个人、合伙或独立个人、合伙或独立 法人法人 直属总公司直属总公司 经理任命经理任命合约制合约制任命制任命制 经理资格经理资格2424号执照号执照8 8号或号或2424号执照号执照 起始投资起始投资分公司支付分公司支付总公司支付总公司支付

55、 运营成本运营成本分公司支付分公司支付总公司支付总公司支付 公司名称公司名称分公司自选分公司自选和总公司一致和总公司一致 会计方式会计方式独立会计独立会计统一报表统一报表 注册费用注册费用分公司支付分公司支付总公司支付总公司支付 收入来源收入来源佣金分成佣金分成总公司预算开支总公司预算开支 http:/ (海量营销管理培训资料下载) 美国注册券商的分公司管理体制（美国注册券商的分公司管理体制（2） 比较项目比较项目独立分公司独立分公司直属分公司直属分公司 收入分配收入分配总公司对注册经总公司对注册经 理理 总公司统一安排总公司统一安排 法律纠纷及开支法律纠纷及开支分公司负担分公司负担总公司负担

56、总公司负担 监管程序监管程序总公司确定总公司确定总公司确定总公司确定 业务范围业务范围分公司在总公司分公司在总公司 业务中自选业务中自选 总公司决定总公司决定 佣金及收费标准佣金及收费标准分公司决定分公司决定总公司决定总公司决定 http:/ (海量营销管理培训资料下载) 中国投行业务当前实际操作流程中国投行业务当前实际操作流程 项目联络项目联络 内核小组内核小组 改制重组改制重组 上市辅导上市辅导 承销立项承销立项 立项调研立项调研 上报证监会上报证监会 财务顾问财务顾问 淘淘 汰汰 融资部复核融资部复核 淘淘 汰汰 反反 馈馈变更主承销变更主承销 路演上市路演上市 http:/ (海量营销

57、管理培训资料下载) 现代西方投资银行业务框架现代西方投资银行业务框架 公司客户公司客户 结结 盟盟 研研 发发 投投 资资 并并 购购 交交 易易 承销结盟 机构客户 融资中介 战略投资者 投 机 对 冲 追 踪 咨 询 兼并与收购 战略合作伙伴 http:/ (海量营销管理培训资料下载) 美国注册券商组织结构和资金运营美国注册券商组织结构和资金运营 特许交易员特许交易员注册经纪人注册经纪人 公司投资（有借贷成本）公司投资（有借贷成本）客户投资客户投资 交易利润导向交易利润导向投资目标导向投资目标导向 投资利润分成投资利润分成工资或经纪佣金分成工资或经纪佣金分成 公司统一会计报表公司统一会计报

58、表独立帐户会计独立帐户会计 交易利润衡量业绩交易利润衡量业绩佣金收入衡量利润佣金收入衡量利润 短线交易占主导短线交易占主导客户因人而异客户因人而异 大量使用衍生工具大量使用衍生工具较少使用衍生工具较少使用衍生工具 7 7号和相关业务执照号和相关业务执照7 7号执照号执照 http:/ (海量营销管理培训资料下载) key steps in ipo processing 股票承销业务主要的操作步骤股票承销业务主要的操作步骤 weeks1 2 3 45 6 7 8 9 1011 1213 14 phase idue diligence draft registration statement ph

59、ase iiinitial sec filing prepare road show phase iiisec response printing red herring and road show phase ivprospectus pricing ipo closing http:/ (海量营销管理培训资料下载) ipo example: dr. koop. com ( ipo on june 8, 1999) “库普医生网库普医生网”公司的上市费用分析公司的上市费用分析 sec reg. fee nasd filing fee nasdaq listing legal accting

60、printing blue sky transfer agent mis. $26,975 $10,204 $94,000 $600k $195k $350k $10k $7.5k $61,321 $1,355.000 + 8.6% of ipo amount http:/ (海量营销管理培训资料下载) http:/ (海量营销管理培训资料下载) global debt and equity issuance jan.1 to may 16,2001 全球债券股票发行的市场份额全球债券股票发行的市场份额 managermarket share merrill lynch12.7% salomo