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Looking Back on the Past Initial Public Stock Offering Process in 1965回顾过去的首次公开招股过程中在1965年
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The那个 initial public offering of common stock首次公开发行普通股股票 during the 1965 era is just a manifestation that the IPO process, despite of the heavy legal requirements that must be made, it is still the most ideal way to issue stocks to the public and raise additional capital for a company’s day-to-day business operation.在1965年的时代,只是一个体现,首次公开招股程序,尽管沉重的法律规定必须作出的,它仍然是最理想的方法,问题股,向公众和筹集更多的资金,一间公司的天- -天商业运作。
Trees and plants need sunlight to complete their photosynthesis or their food-making process.树木和植物,需要阳光,以完成其光合作用或其食物的决策过程。 In addition, it is also an essential element for their growth.此外,它亦是一个基本要素为他们的成长。 Without sunlight, their chance of survival is very slim even when they are supported with water and necessary soil nutrients.没有阳光,他们的生存机会是十分渺茫,甚至当他们的支持与必要的水和土壤养分。
In the same manner, companies need capital or financial assets to support their在相同的方式,公司需要资金或金融资产,以支持其 day-to-day business operation日常业务运作 . 。 They need to pay the suppliers of the raw materials that they are using to manufacture their products.他们需要支付供应商的原料,他们所使用的制造他们的产品。 They need to pay their employees who helps the company manages its operation.他们需要支付其雇员谁帮助该公司管理其运作。 Advertising and other PR stuffs also needs financial support in order to promote their products to the public.广告和其他公关的东西,还需要财政支持,以促进其产品向市民公布。
Thus, capital for all companies serves as their “bloodlines”.因此,资本为所有公司充当其“血统” 。 Without it, no business operation, and definitely, no generated revenue for the company.没有它,没有经营,绝对没有所产生的营收为公司。
Companies can raise additional capitals that they need to support their business operation as well as possible expansions in various ways.公司可以筹集额外资金,他们需要,以支持其业务运作,以及可能的扩展以各种方式。 However, one of the more popular ways to raise capital for a company is the IPO or the initial public offering.不过,其中较受欢迎的方式筹集资本,为一间公司是首次公开招股或首次公开招股。 It is referred to as the first sale of a company’s common shares to interested public investors.这是被称为第一次出售一个公司的普通股,向有兴趣的公众投资者。
As previously mentioned, it is primarily used to raise additional capital for the company.如前所述,它主要是用于提高的额外资本为公司。 Keep in mind that this term only refers to the first public issuance of a company’s common stocks.请记住,这个词只是指首次公开发行公司的普通股。 Any later issuance of common shares to interested public investors is now referred to as a secondary market offering.其后任何发行普通股股票给有兴趣的公众投资者,是现在被称为二级市场提供。
Initial public offering of common stocks has proven to be an effective way of raising additional capital for a company, though there are legal compliances and reporting requirements that must be met.首次公开发行普通股已被证明是一种有效的方法,筹措更多的资金,一间公司,虽然有符合法律和报告的要求必须得到满足。
The United States is considered to be imposing heavy legal requirements to those companies that will file an IPO for additional capital generation.美国被视为施加沉重的法律规定,以这些公司将档案首次公开招股为额外资本的一代。 Under the Federal Law, all IPO process are governed by the Securities Act of 1993 and laws of the US Securities and Exchange Commission, with each stock exchange has its separate respective rules that every company must follow.根据联邦法律,所有首次公开招股程序是由证券法和1993年的法律,美国证券和交易委员会,每个交易所都有其各自不同的规则,每家公司必须遵循的。
The IPO process generally includes one or more investment banks (financial entities that assist both public and private companies or corporations in raising capital as well as provide strategic advisory services for acquisitions, mergers, and other kinds of financial transactions) as the underwriters.首次公开招股程序,一般包括一个或多个投资银行(金融实体协助双方公共和私人公司或企业在筹集资金,以及提供战略咨询服务,收购,兼并,和其他种类的金融交易) ,作为包销商。
The company will enter a contract with the underwriter to facilitate the issuance of the stocks to the public.该公司将进入一个合同与包销商,以方便发行的股票向公众负责。 The underwriters will be the one to approach investors who are interested in buying those common stocks.包销商将是一至的做法,投资者谁是有兴趣购买这些普通股。
During the early years of the IPO, it is considered to produce a positive mean initial return to the listing companies.最初几年期间,首次公开招股,它被认为是产生积极的意思初步返回到上市公司。 In 1965 when the IPO process is still on its first years of operation, there are around 120 companies listed which generates an average initial return of 11.4 percent from the issuance date to the end of the offering month.在1965年时,首次公开招股程序仍是其头几年的业务,有120名左右上市公司产生的平均初始收益的11.4 % ,从发行日期,到去年底,提供一个月。
IPO analysts recorded an average of 22 percent worth of initial returns on the listed companies from 1965 to 2004.首次公开招股分析师录得平均22 %的价值初步回报,对上市公司从1965年至2004年。 It clearly shows that many investors are interested on它清楚地表明,许多投资者有兴趣就 purchasing shares购买股份 through the IPO process.通过首次公开招股程序。 It also illustrates that companies under IPO listing generally provides an additional capital for them.它也说明,公司根据首次公开招股上市,一般提供额外的资金给他们。
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