投资银行学.ppt

第二讲证券发行与企业上市第二讲证券发行与企业上市第一节股票公开发行第一节股票公开发行 Evaluation only. Evaluation only. Created with Client Profile . Created with Client Profile . Copyright 2004-2011 Aspose Pty Ltd. Copyright 2004-2011 Aspose Pty Ltd. 资产证券化?狭义的资产证券化:信贷资产证券化。?广义的资产证券化:指资产采取证券这一价值形态的过程和技术。实体资产证券化:股票发行与上市,债券的发行与上市,不动产证券的发行与上市; 信贷资产证券化:住房抵押贷款证券化和资产证券化; 证券资产证券化:证券投资基金现金资产证券化:在发行市场买入证券,在二级市场进行证券交易。 Evaluation only. Evaluation only. Created with Client Profile . Created with Client Profile . Copyright 2004-2011 Aspose Pty Ltd. Copyright 2004-2011 Aspose Pty Ltd. 股票公开发行?首次公开发行( initial public offering , IPO ) ?再次发行( secondary offering ):增发、配售、可转债、认股权证等 Evaluation only. Evaluation only. Created with Client Profile . Created with Client Profile . Copyright 2004-2011 Aspose Pty Ltd. Copyright 2004-2011 Aspose Pty Ltd. 企业融资需求企业融资需求银行信贷支持企业债券融资首次股权融资再次股权融资间接上市固定收益证券部固定收益证券部投资银行投资银行企业融资部企业融资部企业融资部企业融资部并购部并购部商业银行商业银行 Evaluation only. Evaluation only. Created with Client Profile . Created with Client Profile . Copyright 2004-2011 Aspose Pty Ltd. Copyright 2004-2011 Aspose Pty Ltd. 股票发行制度?审批制:完全计划发行?核准制:过渡形式?注册制:发达国家的普遍做法 Evaluation only. Evaluation only. Created with Client Profile . Created with Client Profile . Copyright 2004-2011 Aspose Pty Ltd. Copyright 2004-2011 Aspose Pty Ltd. 比较内容发行指标和额度发行上市标准主要推(保)荐人对发行作出实质判断的主体发行监管性制度市场化程度审批制有有政府或行业主管部门证监会证监会实质性审核行政体制核准制无有中介机构中介机构和证监会中介机构和证监会分担实质性审核职责逐步市场化注册制无有中介机构中介机构证监会形式审核,中介机构实质审核完全市场化 Evaluation only. Evaluation only. Created with Client Profile . Created with Client Profile . Copyright 2004-2011 Aspose Pty Ltd. Copyright 2004-2011 Aspose Pty Ltd. 出具推荐函“搞”到发行