1
??? ???????

• ??? ??????
• ??? ??????
• ??? ????????
• ??? ???????

2
??? ??????
????????
???????
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???????
3
????????
???????? ??????
????? ?????????
????????? ?????????????
4
???????
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??????
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5
??????(????/????)
????? ???????(NYSE) ???????(NYSE)
????? ???????(AMEX) ???????(AMEX)
????? ????????(?????????) ????????(?????????)
??????(OTC) ???????? ????????
??????(OTC) ??????(NASDAQ) ???(national)
??????(OTC) ??????(NASDAQ) ????(small cap)
??????(OTC) ???????????/?????(OTCBB) ???????????/?????(OTCBB)
??????(OTC) ?????(pink sheets) ?????(pink sheets)
??????(OTC) ????(third market) ????(third market)
????(fourth market) ????(fourth market) ????(fourth market)
6
?????(1792?)

• 1792?5?17?,??24????????????68????????????????,????
  ??????????
• ??,???????????????? ?????????
• ??,????????25?????
• ??,?????????

• We the subscribers, brokers for the purchase and
  sale of public stock do hereby solemnly promise
  and pledge ourselves to each other, that we will
  not buy or sell from this day on for any persons
  whatsoever any kind of public stock at a less
  rate than one-quarter percent commission on the
  specie value of, and that we will give preference
  to each other in our negotiations." In Testimony
  where of we have set our hands this 17th day of
  May at NewYork,1792.

7

• 1817?2?25?,?????????????(Samuel
  Beebe)?????,????????????????????
• ??7????28?????????????????
• 1817?3?8???????(Board of Brokers)????????????(New
  York Stock and Exchange Board)
• ?????40???????,???200???

8
NASDAQ??

• ???????????(National Associational of Securities
  Dealers Automated Quotation System),???
• 1971?,??????????
• ???????

• ?????????,?????????????????????????
• ?????????????
• ?????,???????????

9
OTCBB??????

• OTCBB,Over the Counter Bulletin
  Board,?????,?????????OTC??????,NASD?1990????OTCBB?
  ?????,????Pink Sheets???????OTCBB???

• Pink Sheets,?????,????????????????1911?,??????????
  ???????

10
?????????

• ????,?????????????????????????.
• ?????20??60?????,???,????,?????????????,????????
  ???????,??????????????????????????????????????????
  .
• 1975?,???????????????????,????????????.??????????
  ????.

11
???????
???? ????
??????????? ???????
????????? ?????????????
??????????????????? A??B??H??N??S?
????????? ?????????
?????????????? ????????
?????????? ????????
12
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??????? ????????????????
???????? ?????????(?????????????)
?????? ???????
14
??

• ??????????????????????????????,??????,????????????
  ???????????????????
• ???????????,???????
• ???????????????????

15
??? ??????
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16
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1
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2
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3
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17
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???? ????
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???????? ???????????????,????????????????????? ????????????????,??????????????
??????? ??????????????,???????????????????,??????,??????,????? ???????,????,???????????,????????????????
?????? ????????????????,???????,??????,????????,??????,?????????????,???????????,????????? ?????????,????????????,??????
????? ?????????,??????????????,??????????,?????????,??????,????,???,?????????????,????????????????? ???????????,??????????????
??????? ?????????????,?????,???????,?????????? ????????????????,???????,???????????
18
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19
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20
?????????
1
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2
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21
?????????

• ????,???????????????????????????,????????????????,
  ????????????????

• ??????????????,????????????????????????????????,??
  ??????,??????????????????????????,???????????????
  ?????????

22
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????

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• ?????????????????

• ?????????????????
• ??????????????????
• ???????

• ??????????????
• ??????????????
• ????????????????????????

23
3????????
24
Syndicate????

• ?????

??
? ? ?
????
Syndicate
??? ???
??
????

• ??????(???????)

?????????????,????????????????????,??????????????
?????????? ????????????????
??
25
??? ????????
???????????????
??????????(IPO)
???????????????
????????????????????
26
???????????????
27
??????????(IPO)
IPO,??????,????????????????????????????????????,
???????????????????????????,???????????????
1
????
5
2
????
????
3
6
????
??????
4
7
????
????
28
?????
?????????,?????,??????,????????????
?????????????????? ????(??)?????????????,??????
??????????????????????,????????????????,??????????
?????????????????,???????????????????????????????
??? ????????????????????????????
29
????
???????????????????????????????????
????????????????????,?????????????????????????????
?????????????????????????????????????? ??????
???????????????????????????????????????????,??
????????
30
????(due diligence)
??????????(????????????????????)??????,?????
?????????,????????????????????????????????????????
,??????????????????????
????????? ????????????????????????????,??(1)?
?????????????????????(2)????????????(3)??????????(
4)?????????,??????????????????????????????????????
????
31
?????????
???????? ??????????? ???????????????????? ????????
? ??? ???????,???????????? ??????? ?? ????????,??
????????????????? ??????
???????? ?????????????? ??????????? ??? ???? ?????
??????? ?????????/??? ??????(????) ?? ????????????
?????? ?????????
???????? ???????????? ??? ???????????? ???? ???? ?
?? ?? ???????????????????? ???????? ?????????
32
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33
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34
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????
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????
????
35
???????????
36
?????(Prospectus)
?????????????????????????,????????????????????????
????????????????????????????????????????
37
IPO???

• ??IPO????????3???
• ???????????
• ???????,???????????
• ???????????????
• ??SEC???,????????????
• ?????????????
• ???Red Herring????????????

38
????????

• ????????????????????????????????????
• ??????????????????????????????????????
• ??????????????EPS?PE????
• ?????????????,????????????????????????????????????
  ????????,???????????????????????????????????????
• ??PE????????????????????
• ????????????????
• ???????

39
??(Road Show)
??,Roadshow,????,?????????,???????????????????,?
????????????????? ??????????????????????,??????
????? ???????????????????? ??,??????????????,?
??????????????????
????
40
?????????????
????????????????????5000??,????6000??,?????5?1?,??
?????????6500??? ?? (1)?????????????? (2)???????
??????? (3)??????10.7?,??????????????????
13.99
41
?????????????
??????????????????? ???????,?????????????????????
????,????????? ???????,???????????????????????????
??????
??????????
??????????
42
???????????
1?????????????,?????????,?????????????
2???????????,?????????? 3?????

• ?????????????????,
• ??????????????,?????????
• ????????????,??????????
• ???????????????,???????????????????????,?????????
  ??????????????

43
????
?????????????,???????????????????????????????
????????????????????,????????????????????????
???????????????,???????????,?????????????????????
??????,????????????????????????????????????0??
44
???? Green shoe???????
??????,????????????????????????????,?1971?????
IPO???????????????????????????????,??????????????
?? ???????????????,?????????????????????????
??????15????????????30??,????????????????????????
??????,???????????,??????????????????????
???????,???????????????30??,??????????????????????
15?????,???????????
45
????
???????,??????????????????????????????,?????????,?
????????????????????????,?????????????,???????????
?????
46
????The Tombstone 415??
Shelf Registration ????,??????,?????????????415?
???????,??????????2????????????????,????????,?????
???????????????????????,??????????,???????????????
??????????,???????????????????????
47
IPO??

• ?????(Under-pricing)
• ??????????????????
• ?????
• ????(Under-performance)
• ????????????
• ????????????????
• ???(Hot Issue Market)
• ??IPO??????????,?????
• ????????

48
??IPO?????

• ????

• ????

• ????

• ???

• ????

• ????

49
????????????????????
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???? ???
??????? ????
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????????? ???????????????
????????? ???????????
??????,?????? ???????????????
??????????,???????? ???????????????
?? ????????
?? ????
????????? ????
50
????????????
51
??????????????
???????????????,???????????,?????? ???????,???????
??,???????????? ???????????,?????????????????????
,?????????????????????????????????????????????????
??????,??????????????,????????????????? ??????????
??????????????,??????????????,?????????????????
??????????????,?????????
52
??? ?????
???????????????
????????
????????
??????
53
???????????????
13. ????
12. ???????
11. ????
10. ????
9. ????
8. ?????????
7. ????
6. ????
5. ????
4. ???????
3. ?????
2. ????
1. ???
54
????????
1
?????????
2
?????????????
55
?????????

• (1)   ????????????????
• (2)   ?????????????????????,?????????????????????
  
• (3)   ???????????????????????????
• (4)   ??????????????????????
• (5) ???????????????????????????
• (6)   ??????????
• (7)   ???????????????????
• (8)  ??????????????????
• (9)   ??????????A?
• (10) ????????,?????????????????AAA???????????????
  ???????
• (11) ???????????????????
• (12) ?????????????

56
?????????????
(1)???? (2)????????? (3)????????????
(4)????????? (5)??????????
(6)?????? (7)??????????????? (8)??????
(9)??????????????? (10)??????????
57
???????
58
???????

• ???????????????????
• ??????????
• ??????,???????,???????????????
• ????,?????????????????,??????????,?????????????

???????????????? ????? ??????,??????????????
????????? ??????????????????????????
??????????????????1-2??
59
????????
1
??????????????
2
???????????
60
??????????????
??????????
?? ? ?
AAA ?????????????????
AA ???????????????
A ?????????????,????????????????????
BBB ???????????????,????????????????
BB ??????????????????????
B ????????????????????????
CCC ????????????
CC ???????CCC?
C ????????????,??????
D ???????????,????????????
61
??????????????
????????
?? ? ?
Aaa ??????,????,??????????,????????
Aa ??????????Aaa?,??????????????????Aaa?
A ??????????????,??????????????
Baa ?????????????????,???????
Ba ????????????????,??????????????
B ????????????????,???????????????
Caa ?????????,????????,??????
Ca ????????????????,????????
C ??????
62
???????????
63
??????
??????????????,????????? ??????????(Primary
Dealer) ?????????????????????????????????,???????
?????????????? ??????? 1.?????(multipleprice
auction),????????? ,????????????????????????
,?????? 2.??????(uniformprice
auction),?????? ??????????????????????,???????????
???(whenissued transaction,??????)? ????
1.????????????????????????,?????????,????????????
?????? 2.?????????????????????????????????
64
???????????
1.?????(multipleprice auction),??????????????
??????????,????????????????????,??????????????????
?????????????,??????????????????????,???????
2.??????(uniformprice auction),?????????????(????
??????)?????,???????????????????????(????????????)
????????,???????
65
????????
?????? 80??????,90????????,????????????????????
1?????,???????????????????????????????,??????????
????????????????? 2?????,??????????????,?????????
????????,???????????????????????????????? 3?????,?
???????????????????????????????,??????????????????
????????????