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ACCA FM知识点：Public equity
文章来源：ACCA全球官网
发布时间：2021-11-22 14:44
阅读：663次
财务管理教学大纲的E部分涉及商业财务：什么类型的财务？什么来源？什么组合？首先考虑企业的形成和初始增长，然后是成熟和成熟的公司，并将研究在不同阶段可能面临的融资选择和决策。上文我们介绍了Long,medium and short-term capital，本文重点讲解Mature companies——Public equity。
Mature companies
Once a company has existed profitably for some time and grown in size,additional sources of finance can become available,in particular:
public equity
public debt
bonds.
Public equity
Some stock exchanges provide different sorts of listings.For example:
London Stock Exchange:The Main Market and the Alternative Investment Market(AIM).AIM focuses on helping smaller and growing companies raise the capital they need for expansion.
NASDAQ:This is an electronic stock exchange in the US and has the NASDAQ National Market for large,established companies(market value at least$70m)and the NASDAQ Capital market for smaller companies.
An initial public offering is the first occasion on which shares are offered to the public.A company seeking a listing has to issue a prospectus,which is a legal document describing the shares being offered for sale,and including matters such as a description of the company's business,recent financial statements,details of the directors and their remuneration.
Shares can be listed via:
●An offer for sale at fixed price:a company offers shares for sale at a fixed price directly to the public,for example in newspaper advertisements.In fact,the shares are usually first sold to an issuing house which sells them on to the public.
●An offer for sale by tender:investors are asked to bid,and all who bid more than the minimum price that all shares can be sold at will be sold shares at that minimum price.
●A placing:shares are offered to a selection of institutional investors.Because less publicity is needed,these are cheaper than offers for sale and are therefore suited to smaller IPOs.
●An introduction:this is rare and only happens when shares are already widely held publically.No money is raised.
Subsequent issues of equity will be rights issues where existing shareholders are offered new shares in proportion to existing holdings.The shares are offered at below their current market value to make the offer look attractive,but in theory,no matter at what price right issues are made and no matter whether shareholders take up or dispose of their rights,shareholders will end up neither better nor worse off.Wealth is neither created nor destroyed just by moving money from a shareholder’s bank account to the company’s.
Gaining a listing opens up a huge source of potential new capital.However,with listing come increased scrutiny,comment and responsibility.Although this will help the standing and respectability of the company the founders of the company,having been used to running their own company in their own way,often resent outside interference–even though that is to be expected now that ownership of their shares is more widespread.
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