企业上市的好处和坏处

企业上市的好处和坏处 古希腊哲学家、数学家、物理学家、科学家阿基米德说过:“给我一个支点～我可以撬动整个地球”。对企业来说～这个支点就是改制上市。通过股份制改造和发行上市～优秀的企业能够借助资本市场的力量～迅速发展壮大～成为商界巨头和行业旗帜。 一、企业上市的意义 股份制是近代以来出现的一种企业组织形态～是市场经济发展的产物和要求。相对于家族企业、合伙企业等其他企业组织形式～其优势十分明显:它通过股权的多元化～有效分散了集中投资所产生的巨大风险,通过把分散资本积聚成巨额资本～适应了社会化大生产的需要,通过股票的自由买卖～实现了资本的流动和资源的优化配置。 1.利用资本市场可以推动中小企业实现规范发展 企业改制上市的过程～就是企业明确发展方向、完善公司治理、夯实基础管理、实现规范发展的过程。企业改制上市前～要分析内外部环境～评价企业优势劣势～找准定位～使企业发展战略清晰化。改制过程中～保荐人、律师事务所和会计师事务所等众多专业机构为企业出谋划策～通过清产核资等一系列过程～帮助企业明晰产权关系～规范纳税行为～完善公司治理、建立现代企业制度。服务改制上市后～要围绕资本市场发行上市努力“达标”和“持续达标”～同时～上市后的退市风险和被并购的风险～能促使高管人员更加诚实信用、勤勉尽责～促使企业持续规范发展。 on can erection roof pipe frame, then according to floor Board thick, and template thick, and MU Fang thick right put aside wood Fang height adjustable support brace, note different thickness adjustable support brace height differences, finally laying wood Fang and templates. B. install before Liang Mo, should pop up on the horizontal level line and beam of shear wall center line. C. floor template installation should be around the deck to the Centre, for the less-module slot, sews up sporadic multilayer templates available. D. upper level and the corresponding templates pole, should be located in the same vertical center line. Vertical spacing bar according to the design requirements for 1.2m. Control of pole top surface smoothness, φ 48*3.5 pipe laying on the pillars as the main keel, keel the keel laying of 50x100 mm in the vertical direction time with the Lord, joist spacing of 250 mm, keel laying of plywood, multilayer surface smoothness, seam width and smoothness of seams must conform to the requirements of the relevant specification. 4, and stairs template construction main process: template support erection ? Latrun line installation main keel (outside stared blankly) ? installation times keel (within stared blankly) ? tile multilayer Board ? template gap processing ? uniform brushing release agent ? lashing steel ? steel hidden acceptance qualified ? installation ladder Board and the stepping side die ? template pre check qualified ? for Xia road process 5, and template 上市后～企业可以建立以股权为核心的完善的激励机制～吸引和留住核心管理人员以及关键技术人才～为企业的长期稳定发展奠定基础。 2.利用资本市场可使企业获得长期稳定的资本性资金 世界银行国际金融公司的研究表明～中国私营公司的发展资金绝大部分来自业主资本和内部留存收益～公司债券和外部股权融资不到1%～我国企业面临着严重的直接融资瓶颈。 企业通过发行股票进行直接融资～可以打破融资瓶颈束缚～获得长期稳定的资本性资金～改善企业的资本结构,可以借助股权融资独特的“风险共担～收益共享”的机制实现股权资本收益最大化,还可以通过配股、增发、可转债等多种金融工具实现低成本的持续融资。例如～深万科1988年首次上市时融资额为2800万元～此后通过六次再融资累计筹集资金51亿元～从一个名不见经传的小公司发展成为总资产近百亿的房地产业巨头～其中持续稳定的资本供给作用巨大。 与银行贷款等间接融资方式不同～直接融资不存在还本付息的压力。企业将可以投入更多资金用于研发～中小企业上市将有效地增强企业创业和创新的动力和能力。 3.企业上市可以有效提升企业的品牌价值和市场影响力 传统意义上讲～企业传播品牌或形象主要有三个途径:口碑、广告和营销,或公共关系,。而实际上～公开发行与上市具有更强的品牌传播效应。进入资本市场表明中小企业的成长性、市场潜力和发展前景得到承认～本身就是荣誉的象征。同时～改制上市对中小企业的on can erection roof pipe frame, then according to floor Board thick, and template thick, and MU Fang thick right put aside wood Fang height adjustable support brace, note different thickness adjustable support brace height differences, finally laying wood Fang and templates. B. install before Liang Mo, should pop up on the horizontal level line and beam of shear wall center line. C. floor template installation should be around the deck to the Centre, for the less-module slot, sews up sporadic multilayer templates available. D. upper level and the corresponding templates pole, should be located in the same vertical center line. Vertical spacing bar according to the design requirements for 1.2m. Control of pole top surface smoothness, φ 48*3.5 pipe laying on the pillars as the main keel, keel the keel laying of 50x100 mm in the vertical direction time with the Lord, joist spacing of 250 mm, keel laying of plywood, multilayer surface smoothness, seam width and smoothness of seams must conform to the requirements of the relevant specification. 4, and stairs template construction main process: template support erection ? Latrun line installation main keel (outside stared blankly) ? installation times keel (within stared blankly) ? tile multilayer Board ? template gap processing ? uniform brushing release agent ? lashing steel ? steel hidden acceptance qualified ? installation ladder Board and the stepping side die ? template pre check qualified ? for Xia road process 5, and template 品牌建设作用巨大。路演和招股可以公开展示企业形象,每日的交易行情、公司股票的涨跌～成为千百万投资者必看的公司广告,媒体对上市公司拓展新业务和资本市场运作新动向的追踪报道～能够吸引成千上万投资者的眼球,机构投资者和证券分析师对企业的实时调查、行业分析～可以进一步挖掘企业潜在价值。 4.企业上市可以发现公司的价值～实现公司股权的增值 股票上市～相当于为公司“证券化”的资产提供了一个交易平台～增强了公司股票的流动性～通过公开市场交易有利于发现公司的价值～实现公司股权的增值～为公司股东、员工带来财富。上市后股票价格的变动～形成对公司业绩的一种市场评价机制～也成为公司并购的重要驱动力～对公司管理层形成有效的鞭策作用。对于业绩优良、成长性好、讲诚信的公司～其股价会保持在较高的水平上～不仅能够以较低的成本持续筹集大量资本～不断扩大经营规模～而且可以将股票作为工具进行并购重组～进一步培育和发展公司的竞争优势和竞争实力～增强公司的发展潜力和发展后劲～进入持续快速发展的通道。而对于管理不善的绩差公司来说～在价格机制的引导下～资本流向好公司～逐渐淘汰差公司～股价的下跌使公司面临着随时被收购的命运。 二、企业境内上市的优势 1.发行价格与再融资优势 第一～境内发行风险较低。境内外市场在供求关系上存在很大不同～在境内发行的股票能够得到境内投资者的踊跃认购。尤其是中小企业在境外发行股票～往往存在没有足够投资者认购的风险～甚至可on can erection roof pipe frame, then according to floor Board thick, and template thick, and MU Fang thick right put aside wood Fang height adjustable support brace, note different thickness adjustable support brace height differences, finally laying wood Fang and templates. B. install before Liang Mo, should pop up on the horizontal level line and beam of shear wall center line. C. floor template installation should be around the deck to the Centre, for the less-module slot, sews up sporadic multilayer templates available. D. upper level and the corresponding templates pole, should be located in the same vertical center line. Vertical spacing bar according to the design requirements for 1.2m. Control of pole top surface smoothness, φ 48*3.5 pipe laying on the pillars as the main keel, keel the keel laying of 50x100 mm in the vertical direction time with the Lord, joist spacing of 250 mm, keel laying of plywood, multilayer surface smoothness, seam width and smoothness of seams must conform to the requirements of the relevant specification. 4, and stairs template construction main process: template support erection ? Latrun line installation main keel (outside stared blankly) ? installation times keel (within stared blankly) ? tile multilayer Board ? template gap processing ? uniform brushing release agent ? lashing steel ? steel hidden acceptance qualified ? installation ladder Board and the stepping side die ? template pre check qualified ? for Xia road process 5, and template 能出现发行失败。第二～本土投资者对公司的运作环境和产品更为了解～公司股票的价值容易得到真实的反映。第三～本土投资者对公司的认知～有利于提高公司股票的流动性～因而境内公司股票的平均日换手率远远高于在境外上市的中国公司股票。第四～境内市场中小企业发行市盈率一般在 15，20倍左右～发行价格是境外市场的2倍左右～而且因为流动性强～中小板公司日均换算手率达4.95%～二级市场市盈率平均30倍左右～上市公司再融资比较容易。 2.成本优势 第一～首次发行上市成本较低。按照我国发行上市的收费标准～证券承销费一般不得超过融资金额的3%～整个上市成本一般不会超过融资金额的5%。尽管证券承销费存在超过收费标准的情况～但是整体上仍然低于海外市场。而且～目前我国券商收取的证券承销费有逐步下降的趋势。第二～每年持续支付的费用较低。境内上市公司的审计费用、向交易所支付的上市费用等持续费用～远远低于境外市场。而且～在境外市场上市～维护成本高,需要向在当地聘请的信息披露联络人以及财务总监支付较大金额费用。 3.融资优势 首先～境内首发具有融资金额优势。由于市场情况的区别及投资者认同度的不同～境内发行的价格相对较高。其次～具有再融资优势。由于境内上市的股票流动性好～市盈率高～为公司实施再融资创造了条件。而且由于股价较高～在融资额相同情况下～发行新股数量较少～有利于保证原有股东的控股地位。 on can erection roof pipe frame, then according to floor Board thick, and template thick, and MU Fang thick right put aside wood Fang height adjustable support brace, note different thickness adjustable support brace height differences, finally laying wood Fang and templates. B. install before Liang Mo, should pop up on the horizontal level line and beam of shear wall center line. C. floor template installation should be around the deck to the Centre, for the less-module slot, sews up sporadic multilayer templates available. D. upper level and the corresponding templates pole, should be located in the same vertical center line. Vertical spacing bar according to the design requirements for 1.2m. Control of pole top surface smoothness, φ 48*3.5 pipe laying on the pillars as the main keel, keel the keel laying of 50x100 mm in the vertical direction time with the Lord, joist spacing of 250 mm, keel laying of plywood, multilayer surface smoothness, seam width and smoothness of seams must conform to the requirements of the relevant specification. 4, and stairs template construction main process: template support erection ? Latrun line installation main keel (outside stared blankly) ? installation times keel (within stared blankly) ? tile multilayer Board ? template gap processing ? uniform brushing release agent ? lashing steel ? steel hidden acceptance qualified ? installation ladder Board and the stepping side die ? template pre check qualified ? for Xia road process 5, and template 4.广告宣传优势 在境内发行上市～将大大提高公司在国内的知名度。首先～境内上市是企业品牌建设的一个重要内容。成为境内上市公司～本身就是荣誉的象征。境内资本市场对企业资产质量、规模、盈利水平具有较高的要求～被选择上市的企业应该是质地优良、有发展前景的公司～这在一定程度上可以表明企业的竞争力～无疑将大大提高企业形象。其次～中国境内具有近8000万的投资者～对于产品市场主要在国内的企业来说～在境内上市可以让更多的人了解公司及其产品～建立信任度。 国内企业上市流程 (一)改制阶段 企业改制、发行上市牵涉的问题较为广泛复杂～一般在企业聘请的专业机构的协助下完成。企业首先要确定券商～在券商的协助下尽早选定其他中介机构。股票改制所涉及的主要中介机构有:证券公司、会计师事务所、资产评估机构、土地评估机构、律师事务所。 (1)各有关机构的工作内容 拟改制公司 拟改制企业一般要成立改制小组～公司主要负责人全面统筹～小组由公司抽调办公室、财务及熟悉公司历史、生产经营情况的人员组成～其主要工作包括: 全面协调企业与省、市各有关部门、行业主管部门、中国证监会派出机构以及各中介机构的关系～并全面督察工作进程, on can erection roof pipe frame, then according to floor Board thick, and template thick, and MU Fang thick right put aside wood Fang height adjustable support brace, note different thickness adjustable support brace height differences, finally laying wood Fang and templates. B. install before Liang Mo, should pop up on the horizontal level line and beam of shear wall center line. C. floor template installation should be around the deck to the Centre, for the less-module slot, sews up sporadic multilayer templates available. D. upper level and the corresponding templates pole, should be located in the same vertical center line. Vertical spacing bar according to the design requirements for 1.2m. Control of pole top surface smoothness, φ 48*3.5 pipe laying on the pillars as the main keel, keel the keel laying of 50x100 mm in the vertical direction time with the Lord, joist spacing of 250 mm, keel laying of plywood, multilayer surface smoothness, seam width and smoothness of seams must conform to the requirements of the relevant specification. 4, and stairs template construction main process: template support erection ? Latrun line installation main keel (outside stared blankly) ? installation times keel (within stared blankly) ? tile multilayer Board ? template gap processing ? uniform brushing release agent ? lashing steel ? steel hidden acceptance qualified ? installation ladder Board and the stepping side die ? template pre check qualified ? for Xia road process 5, and template 配合会计师及评估师进行会计报表审计、盈利预测编制及资产评估工作, 与律师合作～处理上市有关法律事务～包括编写公司章程、承销、各种关联交易协议、发起人协议等, 负责投资项目的立项报批工作和提供项目可行性研究报告, 完成各类董事会决议、公司文件、申请主管机关批文～并负责新闻宣传报道及公关活动。 券商 制定股份公司改制, 对股份公司设立的股本总额、股权结构、招股筹资、配售新股及制定发行方案并进行操作指导和业务服务, 推荐具有证券从业资格的其他中介机构～协调各方的业务关系、工作步骤及工作结果～充当公司改制及股票发行上市全过程总策划与总协调人, 起草、汇总、报送全套申报材料, 组织承销团包A股～承担A股发行上市的组织工作。 会计师事务所 各发起人的出资及实际到位情况进行检验～出具验资报告, 负责协助公司进行有关帐目调整～使公司的则务处理符合规定: 协助公司建立股份公司的财务会计制度、则务管理制度, 对公司前三年经营业绩进行审计～以及审核公司的盈利预测。 对公司的内部控制制度进行检查～出具内部控制制度评价报告。 on can erection roof pipe frame, then according to floor Board thick, and template thick, and MU Fang thick right put aside wood Fang height adjustable support brace, note different thickness adjustable support brace height differences, finally laying wood Fang and templates. B. install before Liang Mo, should pop up on the horizontal level line and beam of shear wall center line. C. floor template installation should be around the deck to the Centre, for the less-module slot, sews up sporadic multilayer templates available. D. upper level and the corresponding templates pole, should be located in the same vertical center line. Vertical spacing bar according to the design requirements for 1.2m. Control of pole top surface smoothness, φ 48*3.5 pipe laying on the pillars as the main keel, keel the keel laying of 50x100 mm in the vertical direction time with the Lord, joist spacing of 250 mm, keel laying of plywood, multilayer surface smoothness, seam width and smoothness of seams must conform to the requirements of the relevant specification. 4, and stairs template construction main process: template support erection ? Latrun line installation main keel (outside stared blankly) ? installation times keel (within stared blankly) ? tile multilayer Board ? template gap processing ? uniform brushing release agent ? lashing steel ? steel hidden acceptance qualified ? installation ladder Board and the stepping side die ? template pre check qualified ? for Xia road process 5, and template 资产评估事务所 在需要的情况下对各发起人投入的资产评估～出具资产评估报告。 土地评估机构 对纳入股份公司股本的土地使用权进行评估。 律师事务所 协助公司编写公司章程、发起人协议及重要合同, 负责对股票发行及上市的各项文件进行审查, 起草法律意见书、律师工作报告, 为股票发行上市提供法律咨询服务。 特别提示:根据中国证券监督管理委员会有关通知的规定:今后拟申请发行股票的公司～设立时应聘请有证券从业资格许可证的中介机构承担验资、资产评估、审计等业务。若设立聘请没有证券从业资格许可证的中介机构承担上述业务的～应在股份公司运行满三年后才能提出发行申请～在申请发行股票前须另聘有证券从业资格许可证的中介机构复核并出具专业报告。 (2)确定方案 券商和其他中介机构向发行人提交审慎调查提纲～由企业根据提纲的要求提供文件资料。通过审慎调查～全面了解企业各方面的情况～确定改制方案。审慎调查是为了保证向投资者提供的招股资料全面、真实完整而设计的～也是制作申报材料的基础～需要发行人全力配合。 (3)分工协调会 中介机构经过审慎调查阶段对公司了解～发行人与券商将召集所有中on can erection roof pipe frame, then according to floor Board thick, and template thick, and MU Fang thick right put aside wood Fang height adjustable support brace, note different thickness adjustable support brace height differences, finally laying wood Fang and templates. B. install before Liang Mo, should pop up on the horizontal level line and beam of shear wall center line. C. floor template installation should be around the deck to the Centre, for the less-module slot, sews up sporadic multilayer templates available. D. upper level and the corresponding templates pole, should be located in the same vertical center line. Vertical spacing bar according to the design requirements for 1.2m. Control of pole top surface smoothness, φ 48*3.5 pipe laying on the pillars as the main keel, keel the keel laying of 50x100 mm in the vertical direction time with the Lord, joist spacing of 250 mm, keel laying of plywood, multilayer surface smoothness, seam width and smoothness of seams must conform to the requirements of the relevant specification. 4, and stairs template construction main process: template support erection ? Latrun line installation main keel (outside stared blankly) ? installation times keel (within stared blankly) ? tile multilayer Board ? template gap processing ? uniform brushing release agent ? lashing steel ? steel hidden acceptance qualified ? installation ladder Board and the stepping side die ? template pre check qualified ? for Xia road process 5, and template 介机构参加的分工协调会。协调会由券商主持～就发行上市的重大问题～如股份公司设立方案、资产重组方案、股本结构、则务审计、资产评估、土地评估、盈利预测等事项进行讨论。协调会将根据工作进展情况不定期召开。 (4)各中介机构开展工作 根据协调会确定的工作进程～确定各中介机构工作的时间表～各中介机构按照上述时间表开展工作～主要包括对初步方案进一步分析、财务审计、资产评估及各种法律文件的起草工作。 (5)取得国有资产管理部门对资产评估结果确认及资产折股方案的确认～土地管理部门对土地评估结果的确认 国有企业相关投入资产的评估结果、国有股权的处置方案需经过国家有关部门的确认。 (6)准备文件 企业筹建工作基本完成后～向市体改办提出正式申请设立股份有限公司～主要包括: 公司设立申请书, 主管部门同意公司设立意见书, 企业名称预核准通知书, 发起人协议书, 公司章程, 公司改制可行性研究报告, 资金运作可行性研究报告, on can erection roof pipe frame, then according to floor Board thick, and template thick, and MU Fang thick right put aside wood Fang height adjustable support brace, note different thickness adjustable support brace height differences, finally laying wood Fang and templates. B. install before Liang Mo, should pop up on the horizontal level line and beam of shear wall center line. C. floor template installation should be around the deck to the Centre, for the less-module slot, sews up sporadic multilayer templates available. D. upper level and the corresponding templates pole, should be located in the same vertical center line. Vertical spacing bar according to the design requirements for 1.2m. Control of pole top surface smoothness, φ 48*3.5 pipe laying on the pillars as the main keel, keel the keel laying of 50x100 mm in the vertical direction time with the Lord, joist spacing of 250 mm, keel laying of plywood, multilayer surface smoothness, seam width and smoothness of seams must conform to the requirements of the relevant specification. 4, and stairs template construction main process: template support erection ? Latrun line installation main keel (outside stared blankly) ? installation times keel (within stared blankly) ? tile multilayer Board ? template gap processing ? uniform brushing release agent ? lashing steel ? steel hidden acceptance qualified ? installation ladder Board and the stepping side die ? template pre check qualified ? for Xia road process 5, and template 资产评估报告, 资产评估确认书, 土地使用权评估报告书, 国有土地使用权评估确认书, 发起人货币出资验资证明, 固定资产立项批准书, 三年财务审计及未来一年业绩预测报告。 以全额货币发起设立的～可免报上述第8、9、10、11项文件和第14项中年财务审计报告。 市体改办初核后出具意见转报省体改办审批。(7)召开创立大会～选董事会和监事会 省体改对上述有关材料进行审查论证～如无问题获得省政府同意股份公司成立的批文～公司组织召开创立大会～选举产生董事会和监事会。 (8)工商行政管理机关批准股份公司成立～颁发营业执照 在创立大会召开后30天内～公司组织向省工商行政管理局报送省政府或中央主管部门批准设立股份公司的文件、公司章程、验资证明等文件～申请设立登记。工商局在30日内作出决定～获得营业执照。 (二)辅导阶段 在取得营业执照之后～股份公司依法成立～按照中国证监会的有关规定～拟公开发行股票的股份有限公司在向中国证监会提出股票发行申请前～均须由具有主承销资格的证券公司进行辅导～辅导期限一年。on can erection roof pipe frame, then according to floor Board thick, and template thick, and MU Fang thick right put aside wood Fang height adjustable support brace, note different thickness adjustable support brace height differences, finally laying wood Fang and templates. B. install before Liang Mo, should pop up on the horizontal level line and beam of shear wall center line. C. floor template installation should be around the deck to the Centre, for the less-module slot, sews up sporadic multilayer templates available. D. upper level and the corresponding templates pole, should be located in the same vertical center line. Vertical spacing bar according to the design requirements for 1.2m. Control of pole top surface smoothness, φ 48*3.5 pipe laying on the pillars as the main keel, keel the keel laying of 50x100 mm in the vertical direction time with the Lord, joist spacing of 250 mm, keel laying of plywood, multilayer surface smoothness, seam width and smoothness of seams must conform to the requirements of the relevant specification. 4, and stairs template construction main process: template support erection ? Latrun line installation main keel (outside stared blankly) ? installation times keel (within stared blankly) ? tile multilayer Board ? template gap processing ? uniform brushing release agent ? lashing steel ? steel hidden acceptance qualified ? installation ladder Board and the stepping side die ? template pre check qualified ? for Xia road process 5, and template 辅导内容主要包括以下方面: 股份有限公司设立及其历次演变的合法性、有效性, 股份有限公司人事、财务、资产及供、产、销系统独立完整性: 对公司董事、监事、高级管理人员及持有5,以上(含5,)股份的股东(或其法人代表)进行《公司法》、《证券法》等有关法律法规的培训, 建立健全股东大会、董事会、监事会等组织机构～并实现规范运作, 依照股份公司会计制度建立健全公司财务会计制度, 建立健全公司决策制度和内部控制制度～实现有效运作, 建立健全符合上市公司要求的信息披露制度, 规范股份公司和控股股东及其他关联方的关系, 公司董事、监事、高级管理人员及持有5,以上(含5,)股份的股东持股变动情况是否合规。 辅导工作开始前十个工作日内～辅导机构应当向派出机构提交下材料: 辅导机构及辅导人员的资格证明文件(复印件), 辅导协议, 辅导, 拟发行公司基本情况资料表, 最近两年经审计的财务报告(资产负债表、损益表、现金流量表等)。 辅导协议应明确双方的责任和义务。辅导费用由辅导双方本着公开、合理的原则协商确定～并在辅导协议中列明～辅导双方均不得以保证on can erection roof pipe frame, then according to floor Board thick, and template thick, and MU Fang thick right put aside wood Fang height adjustable support brace, note different thickness adjustable support brace height differences, finally laying wood Fang and templates. B. install before Liang Mo, should pop up on the horizontal level line and beam of shear wall center line. C. floor template installation should be around the deck to the Centre, for the less-module slot, sews up sporadic multilayer templates available. D. upper level and the corresponding templates pole, should be located in the same vertical center line. Vertical spacing bar according to the design requirements for 1.2m. Control of pole top surface smoothness, φ 48*3.5 pipe laying on the pillars as the main keel, keel the keel laying of 50x100 mm in the vertical direction time with the Lord, joist spacing of 250 mm, keel laying of plywood, multilayer surface smoothness, seam width and smoothness of seams must conform to the requirements of the relevant specification. 4, and stairs template construction main process: template support erection ? Latrun line installation main keel (outside stared blankly) ? installation times keel (within stared blankly) ? tile multilayer Board ? template gap processing ? uniform brushing release agent ? lashing steel ? steel hidden acceptance qualified ? installation ladder Board and the stepping side die ? template pre check qualified ? for Xia road process 5, and template 公司股票发行上市为条件。辅导计划应包括辅导的目的、内容、方式、步骤、要求等内容～辅导计划要切实可行。 辅导有效期为三年。即本次辅导期满后三年内～拟发行公司可以山上承销机构提出股票发行上市申请,超过三年～则须按本办法规定的程序和要求重新聘请辅导机构进行辅导。 (三)申报材料制作及申报阶段 (1)申报材料制作 股份公司成立运行一年后～经中国证监会地方派出机构验收符合条件的～可以制作正式申报材料。 申报材料由主承销商与各中介机构分工制作～然后由主承销商汇总并出具推荐函～最后由主承销商完成内核后并将申报材料报送中国证监会审核。 会计师事务所的审计报告、评估机构的资产评估报告、律师出具的法律意见书将为招股说明书有关内容提供法律及专业依据。 (2)申报材料上报 初审 中国证监会收到申请文件后在5个工作日内作出是否受理的决定。未按规定要求制作申请文件的～不予受理。同意受理的～根据国家有关规定收取审核费人民币3万元。 中国证监会受理申请文件后～对发行人申请文件的合规性进行初审～在30日内将初审意见函告发行人及其主承销商。主承销商自收到初审意见之日10日内将补充完善的申请文件报至中国证监会。 on can erection roof pipe frame, then according to floor Board thick, and template thick, and MU Fang thick right put aside wood Fang height adjustable support brace, note different thickness adjustable support brace height differences, finally laying wood Fang and templates. B. install before Liang Mo, should pop up on the horizontal level line and beam of shear wall center line. C. floor template installation should be around the deck to the Centre, for the less-module slot, sews up sporadic multilayer templates available. D. upper level and the corresponding templates pole, should be located in the same vertical center line. Vertical spacing bar according to the design requirements for 1.2m. Control of pole top surface smoothness, φ 48*3.5 pipe laying on the pillars as the main keel, keel the keel laying of 50x100 mm in the vertical direction time with the Lord, joist spacing of 250 mm, keel laying of plywood, multilayer surface smoothness, seam width and smoothness of seams must conform to the requirements of the relevant specification. 4, and stairs template construction main process: template support erection ? Latrun line installation main keel (outside stared blankly) ? installation times keel (within stared blankly) ? tile multilayer Board ? template gap processing ? uniform brushing release agent ? lashing steel ? steel hidden acceptance qualified ? installation ladder Board and the stepping side die ? template pre check qualified ? for Xia road process 5, and template 中国证监督会在初审过程中～将就发行人投资项目是否符合国家产业江政策征求国家发展计划委员会和国家经济贸易委员会意见～两委自收到文件后在15个工作日内～将有关意见函告中国证监会。 发行审核委员会审核 中国证监会对按初审意见补充完善的申请文件进一步审核～并在受理申请文件后60日内～将初审报告和申请文件提交发行审核委员会审核。 核准发行 依据发行审核委员会的审核意见～中国证监会对发行人的发行申请作出核准或不予核准的决定。予以核准的～出具核准公开发行的文件。不予核准的～出具书面意见～说明不予核准的理由。中国证监会自受理申请文件到作出决定的期限为3个月。 发行申请未被核准的企业～接到中国证监会书面决定之日起60日内～可提出复议申请。中国证监会收到复议申请后60日内～对复议申请作出决定。 (四)股票发行及上市阶段 (1)股票发行申请经发行审核委员会核准后～取得中国证监会同意发行的批文。 (2)刊登招股说明书～通过媒体过巡回进行路演～按照发行方案发行股票。 (3)刊登上市公告书～在交易所安排下完成挂牌上市交易。 活动带来便利。 on can erection roof pipe frame, then according to floor Board thick, and template thick, and MU Fang thick right put aside wood Fang height adjustable support brace, note different thickness adjustable support brace height differences, finally laying wood Fang and templates. B. install before Liang Mo, should pop up on the horizontal level line and beam of shear wall center line. C. floor template installation should be around the deck to the Centre, for the less-module slot, sews up sporadic multilayer templates available. D. upper level and the corresponding templates pole, should be located in the same vertical center line. Vertical spacing bar according to the design requirements for 1.2m. Control of pole top surface smoothness, φ 48*3.5 pipe laying on the pillars as the main keel, keel the keel laying of 50x100 mm in the vertical direction time with the Lord, joist spacing of 250 mm, keel laying of plywood, multilayer surface smoothness, seam width and smoothness of seams must conform to the requirements of the relevant specification. 4, and stairs template construction main process: template support erection ? Latrun line installation main keel (outside stared blankly) ? installation times keel (within stared blankly) ? tile multilayer Board ? template gap processing ? uniform brushing release agent ? lashing steel ? steel hidden acceptance qualified ? installation ladder Board and the stepping side die ? template pre check qualified ? for Xia road process 5, and template 三、中小企业改制上市要承担更多的社会责任 中小企业成为公众公司后～事关千万投资者利益～事关证券市场稳定甚至社会安定～必然要受到更多约束～承担更多社会责任。 资本市场的社会监督～要求企业接受来自投资者、监管机构以及社会公众的监督～在阳光下进行操作～减少公司运作的随意性,保荐人的持续督导～要求企业接受保荐人的持续督导～促使企业切实履行承诺,信息披露制度～要求企业及时、准确、完整、真实地披露定期报告和临时报告～做到财务规范、透明,股市价格机制～要求企业不断提高企业投资价值～不断优化发展战略、提高竞争能力和可持续发展后劲,诚信管理机制～要求企业强化约束～讲求诚信～合法经营～规范运作。 企业上市并非只有好处而没有坏处～因此企业拟定上市前一定要分析上市的优缺点～认真考虑是否要上市～上市是否符合企业发展规划。 一、企业上市的好处: ,取得固定的融资渠道 ,得到更多的融资机会 ,获得创业资本或持续发展资本 ,募集资金以解决发展资金短缺 ,为了降低债务比例而采用的措施 ,在行业内扩展或跨行业发展 ,增加知名度和品牌形象 ,持股人出售股票 on can erection roof pipe frame, then according to floor Board thick, and template thick, and MU Fang thick right put aside wood Fang height adjustable support brace, note different thickness adjustable support brace height differences, finally laying wood Fang and templates. B. install before Liang Mo, should pop up on the horizontal level line and beam of shear wall center line. C. floor template installation should be around the deck to the Centre, for the less-module slot, sews up sporadic multilayer templates available. D. upper level and the corresponding templates pole, should be located in the same vertical center line. Vertical spacing bar according to the design requirements for 1.2m. Control of pole top surface smoothness, φ 48*3.5 pipe laying on the pillars as the main keel, keel the keel laying of 50x100 mm in the vertical direction time with the Lord, joist spacing of 250 mm, keel laying of plywood, multilayer surface smoothness, seam width and smoothness of seams must conform to the requirements of the relevant specification. 4, and stairs template construction main process: template support erection ? Latrun line installation main keel (outside stared blankly) ? installation times keel (within stared blankly) ? tile multilayer Board ? template gap processing ? uniform brushing release agent ? lashing steel ? steel hidden acceptance qualified ? installation ladder Board and the stepping side die ? template pre check qualified ? for Xia road process 5, and template ,管理者收购企业股权 ,对雇员的期权激励 ,取得更多的“政策”优惠和竞争地位 二、企业上市的“坏处”: ,信息披露使财务状况公开化 ,股权稀释～减少控股权 ,高级管理人员将承担更多的责任 ,公司面临严格的审查 ,上市的成本和费用较高 ,经常会产生股东败诉 on can erection roof pipe frame, then according to floor Board thick, and template thick, and MU Fang thick right put aside wood Fang height adjustable support brace, note different thickness adjustable support brace height differences, finally laying wood Fang and templates. B. install before Liang Mo, should pop up on the horizontal level line and beam of shear wall center line. C. floor template installation should be around the deck to the Centre, for the less-module slot, sews up sporadic multilayer templates available. D. upper level and the corresponding templates pole, should be located in the same vertical center line. Vertical spacing bar according to the design requirements for 1.2m. Control of pole top surface smoothness, φ 48*3.5 pipe laying on the pillars as the main keel, keel the keel laying of 50x100 mm in the vertical direction time with the Lord, joist spacing of 250 mm, keel laying of plywood, multilayer surface smoothness, seam width and smoothness of seams must conform to the requirements of the relevant specification. 4, and stairs template construction main process: template support erection ? Latrun line installation main keel (outside stared blankly) ? installation times keel (within stared blankly) ? tile multilayer Board ? template gap processing ? uniform brushing release agent ? lashing steel ? steel hidden acceptance qualified ? installation ladder Board and the stepping side die ? template pre check qualified ? for Xia road process 5, and template