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The process of issuing securities
发行证劵过程
The issue of shares in an ‘Initial Purchase Offering’ uses an ‘underwriter’ who will take on the risk of the issue
在初始购买发售股份的问题，使用“承销商将采取谁的风险问题
They purchase the shares from the firm, and sell them onto the market at a higher price
他们从公司购买股票，然后高价卖到市场
In return these firms take on the risk of not selling the securities.
作为回报，这些企业采取不卖证券的风险
The costs of finance are obviously increased by the commissions paid to the underwriter
融资成本明显增加支付给承销商的佣金
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Costs of finance
金融成本
When issuing securities various costs will be incurred:
发行证劵时，将产生各种费用：
Spread
传播
Other direct expenses (registration, etc.)
其他直接费用（登记等）
Indirect expenses
间接费用
Abnormal returns
异常报酬
Underpricing
低价出售
Green shoe option
优先购股权选项
Underpricing of IPOs
IPOs抑价
Shares in IPO issues are frequently sold below value
在首次公开招股发行的股份经常低于价值出售
Partly logical – overpriced issues are unlikely to sell…
部分逻辑——定价过高的问题不太可能出售
But underpricing is a loss to shareholders/firm
但抑价是对股东/公司的损失
Many underpriced issues are in small firms, so presumably unknown and planning riskier expansions – so risk premium or method of attraction (deliberate bargain)
许多定价过低问题是在一些小公司，因此推测未知和规划风险扩张,所以风险溢价或方法的吸引力(故意讨价还价)
This can constitute a significant cost overall
这可以构成一个重大的总体成本
Review
回顾
Stages of finance needs
阶段的融资需求
Debt and equity financing – options and balance
债务和股权融资 - 股权及资产
Equity issues
权益问题
Venture capitalist – more active ownership
创业资本主义 - 更积极的所有权
Activist shareholders
激进股东
Risks of exposure to stock markets
风险暴露于股市
Costs
成本
Sources
Arnold, G. (2005) Corporate Financial Management. (3rd ed., London: FT Prentice Hall) (E658.15 ARN) Chs15, 17, 19
Ross, S.A., Westerfield, R.W., & Jordan, B.D. Fundamentals of Corporate Finance. (McGraw-Hill) Ch.16 Raising Finance
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