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Theoretical Discussion and Cases Analysis of Overall Listing

Author: WangZuo
Tutor: DuXingQiang
School: Xiamen University
Course: Accounting
Keywords: Equity Carve-outs Overall Listing Case Study
CLC: F832.51
Type: Master's thesis
Year: 2005
Downloads: 1301
Quote: 14
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Abstract


Going public is among the most important phenomena in corporate finance. It appears to be an important means to alter the corporate financial and ownership structure at a specific point in a firm’s lifecycle. In recent years it has therefore become one of the most studied subjects in theoretical papers. The cost of going public contains Fixed explicit costs of IPO, Compensation of uninformed retail investors for adverse selection risk,Duplication of information costs,Loss of public benefits of control,Loss of confidentiality and so on. The main benefits are Overcome financing constraints resulting from diversity of opinion,Low cost direct financing,Diversification,Liquidity,Better bargaining position towards financiers,Aggregation of private information in market prices,Optimal way to transfer control and Exploit mispricing. I also analysis two forms of going public——IPO and take over by a listed companies. The two forms also contain four exact forms especially in China. To decide which form to take, there are some factors should be considered. Such as the desire to achieve liquidity and transfer of control, Industry-related factors, deal-specific factors and market-timing factors. I compared the two forms of going public incorporating these factors. The problems that transition economies like us face include not only the common issues that traditional corporate theories have studied, but also something that are special to the transition economies such as the transform of the institution and the changes of the ownership of the corporations. When comes to our economy, what should be considered include the problems traditional corporate theories have studied, the aspects transition economies have in common and the historic problem of the separate of the classes of the ownership that is special to us. This paper summarizes the literature about two forms for companies to go public, including going public after spin-offs and going public as a whole. The historic problem of the existence of the separate classes of ownership and its impact in our transition economy is also analyzed. I discuss the advantages and disadvantages of the

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial market
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