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Quyết định xem có thả nổi hay không sẽ được định hướng chủ yếu bởi các đặc điểm tài chính. | Part Four Public Equity 4.1 Flotation Guy Peters Old Mutual Securities Part 1 The public equity market The public equity markets offer significant access to risk capital. The amounts invested have been very large with over 12.2 billion raised in new issues ie flotations on the London Stock Exchange in 2000 and over 6.7 billion in the 11-month period to 30 November 2001. It is also arguably the cheapest source of external equity funding largely because of the reduction in an investor s risk due to there being a market in the shares. If public equity investors believe that the risk return profile of an investment is no longer attractive to them they can seek to exit from that investment through the stock market. This is not usually an option for private equity investors and as their investments are less liquid ie tradable they will require a larger share of the company relative to their investment to compensate for the risk of illiquidity. There are however various drawbacks to being quoted . Shareholders of public companies have an expectation of continuous growth in value and this puts management under greater pressure than would generally be the case in private companies. There are also increased regulatory and reporting requirements. For owner managers flotation will lead to some loss of control initially to outside shareholders and potentially to a predatory bid. Risks associated with flotation are considered more fully in Part 4. 116 Public Equity The decision whether to float or not will be driven largely by financial considerations. The principal consideration will normally be whether the cost of quoted equity is appropriate relative to alternative sources of funding. If debt funding is available then this may be attractive but before making the decision to take it the additional risk of debt funding to existing equity shareholders should be considered. If debt funding is not available then sources of equity funding should be considered i.e. flotation venture