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标准努力“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。 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。 solicited opinions and suggestions Article 265, including: four problems to 171. Deepening special regulation, State line State modified, side check side modified, total solution highlight problem 19 a; to rectification spirit carried out party political life, in-depth carried out heart talk, serious carried out criticism and self-critical; put built chapter State business throughout activities always, full cleanup and established perfect a involved "four wind" aspects of system provides, new 12 items, amendment perfect 15 items, abolition 3 items. Through educational practices, "four winds" problem significantly curb, party members and cadres ' apparent change of consciousness and ability of serving the masses increased significantly. (C) to promote the sustained and healthy development of economy and society. Adhere to the "party-led township, prospering Township, eco-village, projects promoting Township and industrial Township, industry-rich Township, harmony Township, stabilization control" development strategy, take economic construction as the Center, strengthen leadership over the economic work in earnest, closely around the target determined earlier this year to deal with and try to resolve the various adverse factors, pay close attention to the work. Efforts to promoting the construction of major projects. To transportation, water conservancy, urban infrastructure construction, focusing on implementation of a number of industrial structure adjustment and optimization and upgrading of key projects for leading roles; Completed has XX village pass village Highway, and township location lights bright of, and XX meters "beautiful village", and township public rental and Xiang hospitals public rental, and 270 sets rural housing room 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品牌建设作用巨大。路演和招股说明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。 solicited opinions and suggestions Article 265, including: four problems to 171. Deepening special regulation, State line State modified, side check side modified, total solution highlight problem 19 a; to rectification spirit carried out party political life, in-depth carried out heart talk, serious carried out criticism and self-critical; put built chapter State business throughout activities always, full cleanup and established perfect a involved "four wind" aspects of system provides, new 12 items, amendment perfect 15 items, abolition 3 items. Through educational practices, "four winds" problem significantly curb, party members and cadres ' apparent change of consciousness and ability of serving the masses increased significantly. (C) to promote the sustained and healthy development of economy and society. Adhere to the "party-led township, prospering Township, eco-village, projects promoting Township and industrial Township, industry-rich Township, harmony Township, stabilization control" development strategy, take economic construction as the Center, strengthen leadership over the economic work in earnest, closely around the target determined earlier this year to deal with and try to resolve the various adverse factors, pay close attention to the work. Efforts to promoting the construction of major projects. To transportation, water conservancy, urban infrastructure construction, focusing on implementation of a number of industrial structure adjustment and optimization and upgrading of key projects for leading roles; Completed has XX village pass village Highway, and township location lights bright of, and XX meters "beautiful village", and township public rental and Xiang hospitals public rental, and 270 sets rural housing room 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。 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，为公司的各项业务活动带来便利。 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 ,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 solicited opinions and suggestions Article 265, including: four problems to 171. Deepening special regulation, State line State modified, side check side modified, total solution highlight problem 19 a; to rectification spirit carried out party political life, in-depth carried out heart talk, serious carried out criticism and self-critical; put built chapter State business throughout activities always, full cleanup and established perfect a involved "four wind" aspects of system provides, new 12 items, amendment perfect 15 items, abolition 3 items. Through educational practices, "four winds" problem significantly curb, party members and cadres ' apparent change of consciousness and ability of serving the masses increased significantly. (C) to promote the sustained and healthy development of economy and society. Adhere to the "party-led township, prospering Township, eco-village, projects promoting Township and industrial Township, industry-rich Township, harmony Township, stabilization control" development strategy, take economic construction as the Center, strengthen leadership over the economic work in earnest, closely around the target determined earlier this year to deal with and try to resolve the various adverse factors, pay close attention to the work. Efforts to promoting the construction of major projects. To transportation, water conservancy, urban infrastructure construction, focusing on implementation of a number of industrial structure adjustment and optimization and upgrading of key projects for leading roles; Completed has XX village pass village Highway, and township location lights bright of, and XX meters "beautiful village", and township public rental and Xiang hospitals public rental, and 270 sets rural housing room ,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 中国企业家为什么选择在香港上市 企业在国际资本市场上市，首先要明确上市的目的，只有了解企业在国际资本上市的优势和利弊，才能避免盲目性，一般来说，一家在国际资本市场上市的公司，能够使股东和公司获得很多优势，其上市的主要优势如下: 提高股票的流通性与流通价值 上市的股票一般比不通过交易所直接销售的股票具有更强的流通性，因为: (1)公众信任交易所上市要求的高标准 (2) 交易所市场的可见度 (3)交易所的批露使上市公司必须面对市场压力 (4)上市股票的买卖情况会即刻报道出来并显示在字幕上 在任何一种公司合并中，上市公司均占优势，如果市场交易价值超过帐面价值，上市公司就可以卖一个高于帐面价值的价钱。经验表明，在帐面价值接近的情况下，上市公司的卖价常常比非上市公司的卖价高。在一家上市公司收购一家非上市公司的情况下，那家非上市公司的并购价更接近帐面价值，因为没有其他确定的尺度可以满意地来衡量非上市公司的价值。 上市发行有利于增加股东数量 这样，就能提高股价的稳定性，以推动进一步的融资。各项独立调查显示，增加股东数量还有另一个益处，投资者向于购买其所持有股票的公司的产品和服务。可以在短期内通过股票销售筹集大笔投资性的，不可随意撤出的企业发展资金，通常将企业资产的30%上市即可收回相当于原有企业100%--150%的投资，使企业实际增值1倍以上，甚至更高。 提高公司信用，拓宽融资渠道 在一家公司的股票上市前，保护债权人最简单的资产净值指标反应在资产负债表中，即公司的净资产帐面价值，而当公司的上市市值超过其净资产的帐面价值时，贷方就可以能会向这家公司发放更多的信贷。其他情况相同的条件下，贷方趋向于将上市股票看作贷款的抵押价值，而上市股票就没有这项优势。如果借方不能履行还贷义务，那贷方就可卖掉抵押的股票以获得有形价值。上市股票也可以只用部分保证金来购买，国际资本市场大多数参与证券机构都接受保证金制度。另外，一家公司的股票上市也可以使公司为将来发行债券时附加上认股权或其他债转股条款。这样，公司就能降低借贷成本，建立长期在股市上融资的条件，每年都可能融得相当于上市资产的30%的资金。 solicited opinions and suggestions Article 265, including: four problems to 171. Deepening special regulation, State line State modified, side check side modified, total solution highlight problem 19 a; to rectification spirit carried out party political life, in-depth carried out heart talk, serious carried out criticism and self-critical; put built chapter State business throughout activities always, full cleanup and established perfect a involved "four wind" aspects of system provides, new 12 items, amendment perfect 15 items, abolition 3 items. Through educational practices, "four winds" problem significantly curb, party members and cadres ' apparent change of consciousness and ability of serving the masses increased significantly. (C) to promote the sustained and healthy development of economy and society. Adhere to the "party-led township, prospering Township, eco-village, projects promoting Township and industrial Township, industry-rich Township, harmony Township, stabilization control" development strategy, take economic construction as the Center, strengthen leadership over the economic work in earnest, closely around the target determined earlier this year to deal with and try to resolve the various adverse factors, pay close attention to the work. Efforts to promoting the construction of major projects. To transportation, water conservancy, urban infrastructure construction, focusing on implementation of a number of industrial structure adjustment and optimization and upgrading of key projects for leading roles; Completed has XX village pass village Highway, and township location lights bright of, and XX meters "beautiful village", and township public rental and Xiang hospitals public rental, and 270 sets rural housing room 增加公司的国际影响力 公司因被批准在交易所上市而赢得声望。这意味着公司已达到上市的最低要求，同时也要承担银行向投资者和公众负责的义务。当一家公司获得上市地位后，就加入了国内和国际大公司的行列。机构投资者，如保险公司和共同基金，控制着大量的投资基金，倾向于大宗的股票交易。对这些大机构来说，买卖上市股票是必须的，机构投资者的介入增加了这些股票的稳定性及上市公司的声望。同时，上市公司也获得了重要的基金来源。当股票上市后，股票分析家总是密切的关注着上市公司，他们检测公司的运作情况。分析公司未来成长的前景。这样，公司就得到了更多的公众曝光率。这些详细的调查分析报告常常为投资者和公司管理者提供极有意义的数据。新闻媒体对在交易所上市的公司予以高度关注，这种关系必然带动了公众对上市公司财务表现和股票的广泛持久的关注。国内企业通过在国际资本市场上市，为国外企业了解国内企业提供了信息平台，也为国内企业走向国外资本市场创造了良好开端。通过在国际资本市场上市，企业无形之中提高了自己的海外声誉，从而有利于企业开拓国际市场以及在对外贸易中争取得到信贷和服务的优惠，为企业的全面发展创造了有利条件。 实现高效率低资本融资 中国企业到国际资本市场上市，由于程序相对简单，准备时间较短，符合条件的拟上市公司一般都能在1年内实现挂牌交易。这非常有利于中国企业及时把握国际证券市场上的商机，在较短的时间内完成融资计划，为企业的进一步发展获得必要的资金。此外，上市准备时间的缩短也有利于拟上市企业控制上市成本。 从客观上来看，国内证券市场发行新股速度在不断加快，股市规模在不断的扩张。但是，如果在短期内发行新股过多，必然对二级市场产生消极影响。从主观上讲，发行公司在国内发行新股受到的限制较多，为了扩大生产经营规模，提升国际竞争力，低成本到国际资本市场上市是企业的良好出路。此外，在国际资本市场上市比在国内上市周期短，手续也比较简单，简单了企业的融资成本，除此之外，在国外证券市场发行股票，股东分散，发行者可较为自由的使用筹得的资金，降低企业被新股东控制的风险。在国外证券市场发行股票，能够筹集到各种货币的资金，满足对外汇资金的需求。国外证券市场资金来源广泛，股票易于发行，特别是当国内采取金融紧缩措施时，这种发行大为必要。在国际资本市场上市后再融资的灵活性强，难度低。而国内上市企业的再融资成本相对较高难度较大。 资本的国际化与公司治理的“国际化差异”问题 企业在国际资本市场上市后，就是一个国际性的“公众公司”，必须按照国际惯例和上市地的法律要求建立起国际化的，开放的，公开的和透明的公司治理结构，接受监管机构和投资者的监管。因此对公司的治理结构和管理水平提出了国际化的要求。国际资本市场上市的企业在向公众公司转化过程中，企业经营决策的科学化，规范化常常与家长制的管理方式产生冲突。企业信息的公solicited opinions and suggestions Article 265, including: four problems to 171. Deepening special regulation, State line State modified, side check side modified, total solution highlight problem 19 a; to rectification spirit carried out party political life, in-depth carried out heart talk, serious carried out criticism and self-critical; put built chapter State business throughout activities always, full cleanup and established perfect a involved "four wind" aspects of system provides, new 12 items, amendment perfect 15 items, abolition 3 items. Through educational practices, "four winds" problem significantly curb, party members and cadres ' apparent change of consciousness and ability of serving the masses increased significantly. (C) to promote the sustained and healthy development of economy and society. Adhere to the "party-led township, prospering Township, eco-village, projects promoting Township and industrial Township, industry-rich Township, harmony Township, stabilization control" development strategy, take economic construction as the Center, strengthen leadership over the economic work in earnest, closely around the target determined earlier this year to deal with and try to resolve the various adverse factors, pay close attention to the work. Efforts to promoting the construction of major projects. To transportation, water conservancy, urban infrastructure construction, focusing on implementation of a number of industrial structure adjustment and optimization and upgrading of key projects for leading roles; Completed has XX village pass village Highway, and township location lights bright of, and XX meters "beautiful village", and township public rental and Xiang hospitals public rental, and 270 sets rural housing room 开化，透明化常常与狭隘的，封闭的团体或实际控制人的利益发生冲突。如果 缺乏观念和手段的转变，再加上透明度不够，决策失误带来的不仅是企业自身 的损失，还带来了对投资者利益的侵害，“害人又害己”，最终造成上市公司资 源的流失。 solicited opinions and suggestions Article 265, including: four problems to 171. Deepening special regulation, State line State modified, side check side modified, total solution highlight problem 19 a; to rectification spirit carried out party political life, in-depth carried out heart talk, serious carried out criticism and self-critical; put built chapter State business throughout activities always, full cleanup and established perfect a involved "four wind" aspects of system provides, new 12 items, amendment perfect 15 items, abolition 3 items. Through educational practices, "four winds" problem significantly curb, party members and cadres ' apparent change of consciousness and ability of serving the masses increased significantly. (C) to promote the sustained and healthy development of economy and society. Adhere to the "party-led township, prospering Township, eco-village, projects promoting Township and industrial Township, industry-rich Township, harmony Township, stabilization control" development strategy, take economic construction as the Center, strengthen leadership over the economic work in earnest, closely around the target determined earlier this year to deal with and try to resolve the various adverse factors, pay close attention to the work. Efforts to promoting the construction of major projects. To transportation, water conservancy, urban infrastructure construction, focusing on implementation of a number of industrial structure adjustment and optimization and upgrading of key projects for leading roles; Completed has XX village pass village Highway, and township location lights bright of, and XX meters "beautiful village", and township public rental and Xiang hospitals public rental, and 270 sets rural housing room