投资学第3章证券交易
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路演的机制
Why do investors truthfully reveal their interest?
IPO的抑价现象 – IPO underpricing 网络发行与投标竞价
投资学 第3章
8
投资学 第3章
9
Figure 3.3 Long-term Relative Performance of Initial Public Offerings
Firm uses underwriter to sell securities to a small group of institutional or wealthy investors.
Cheaper than public offerings
Private placements not traded in secondary markets
承销步骤： 上市登记表 - 初步募股说明书(red herring) – 正式募资说明书（prospectus）
承销方式：包销(firm commitment)与代销
Firm commitment - investment bank purchases securities from the issuing company and then resells them to the public.
股票发行VS股票上市？？？
投资学 第3章
3
3.1.1 投资银行与承销
Underwriting: Investment bank helps the firm to issue and market new securities
承销商(underwriter)与承销辛迪加(underwriting syndicate)
拍卖市场(auction)
traders converge at one place(physically or electronically) to trade
Very heavy and frequent trading Example: New York Stock Exchange
投资学 第3章
13
Bid and Asked Prices
Bid Price
Bids are offers to buy.
In dealer markets, the bid price is the price at which the dealer is willing to buy.
经纪人市场(brokered)
Brokers search out buyers and sellers: active, brokers find it profitable to offer services.
example: primary market, large block transaction
投资学 第3章
12
3.2.1 市场类型
交易商市场(dealer)
Dealers have inventories of assets from which they buy and sell
Dealers’ buy price – bid, dealers’ sell price - ask
3.1.2 暂搁注册（Shelf registration）
SEC Rule 415: Allows ຫໍສະໝຸດ Baiduirms to register securities and gradually sell them to the public for two years
3.1.3 私募（private placement）
Investors get new securities; firm gets funding Secondary Market
Investors trade previously issued securities among themselves
投资学 第3章
2
3.1 证券发行
初级市场发行方式： stock-IPO与增发(seasoned new issues) bond-公开销售(公募，public offering)与 直接销售(私募, private placement)
10
3.2 证券交易
三种方式 ：
国家和地区证券交易所 场外市场（店头交易，柜台买卖） 当事人之间的直接交易
投资学 第3章
11
3.2.1 市场类型
直接交易市场(direct search)
Buyers and sellers seek each other: sporadic participation, low-priced and nonstandard goods.
投资学 第3章
7
3.1.4 首次公开发行(Initial Public Offerings) 路演(road shows)的目的
吸引投资者 - Bookbuilding to determine demand for the new issue
发行定价 - Degree of investor interest in the new offering provides valuable pricing information
投资学 第3章
4
Figure 3.1 Relationship Among a Firm Issuing Securities, the Underwriters, and the Public
5
Figure 3.2 A Tombstone Advertisement 墓碑式广告
投资学 第3章
6
投资学 第3章
证券如何交易
How Securities are Traded
3.1 证券发行
市场划分：初级市场(primary market)与二级市 场(secondary market)
Primary Market
Firms issue new securities through underwriter to public
Why do investors truthfully reveal their interest?
IPO的抑价现象 – IPO underpricing 网络发行与投标竞价
投资学 第3章
8
投资学 第3章
9
Figure 3.3 Long-term Relative Performance of Initial Public Offerings
Firm uses underwriter to sell securities to a small group of institutional or wealthy investors.
Cheaper than public offerings
Private placements not traded in secondary markets
承销步骤： 上市登记表 - 初步募股说明书(red herring) – 正式募资说明书（prospectus）
承销方式：包销(firm commitment)与代销
Firm commitment - investment bank purchases securities from the issuing company and then resells them to the public.
股票发行VS股票上市？？？
投资学 第3章
3
3.1.1 投资银行与承销
Underwriting: Investment bank helps the firm to issue and market new securities
承销商(underwriter)与承销辛迪加(underwriting syndicate)
拍卖市场(auction)
traders converge at one place(physically or electronically) to trade
Very heavy and frequent trading Example: New York Stock Exchange
投资学 第3章
13
Bid and Asked Prices
Bid Price
Bids are offers to buy.
In dealer markets, the bid price is the price at which the dealer is willing to buy.
经纪人市场(brokered)
Brokers search out buyers and sellers: active, brokers find it profitable to offer services.
example: primary market, large block transaction
投资学 第3章
12
3.2.1 市场类型
交易商市场(dealer)
Dealers have inventories of assets from which they buy and sell
Dealers’ buy price – bid, dealers’ sell price - ask
3.1.2 暂搁注册（Shelf registration）
SEC Rule 415: Allows ຫໍສະໝຸດ Baiduirms to register securities and gradually sell them to the public for two years
3.1.3 私募（private placement）
Investors get new securities; firm gets funding Secondary Market
Investors trade previously issued securities among themselves
投资学 第3章
2
3.1 证券发行
初级市场发行方式： stock-IPO与增发(seasoned new issues) bond-公开销售(公募，public offering)与 直接销售(私募, private placement)
10
3.2 证券交易
三种方式 ：
国家和地区证券交易所 场外市场（店头交易，柜台买卖） 当事人之间的直接交易
投资学 第3章
11
3.2.1 市场类型
直接交易市场(direct search)
Buyers and sellers seek each other: sporadic participation, low-priced and nonstandard goods.
投资学 第3章
7
3.1.4 首次公开发行(Initial Public Offerings) 路演(road shows)的目的
吸引投资者 - Bookbuilding to determine demand for the new issue
发行定价 - Degree of investor interest in the new offering provides valuable pricing information
投资学 第3章
4
Figure 3.1 Relationship Among a Firm Issuing Securities, the Underwriters, and the Public
5
Figure 3.2 A Tombstone Advertisement 墓碑式广告
投资学 第3章
6
投资学 第3章
证券如何交易
How Securities are Traded
3.1 证券发行
市场划分：初级市场(primary market)与二级市 场(secondary market)
Primary Market
Firms issue new securities through underwriter to public