都什么年代了还整天做美国梦吗？

QAZAQQQ

Wrong again, I don't think you really understand what is IB's role in the capital market.  IB usually doesn't buy shares directly, they are simply brokers, providing financial services to other companies.  If certain Government Own Enterprises want to sell, they can help arrange the selling.  If certain companies want to raise capital, IBs can help raise capital in a most cost-effective way.  I don't see what is wrong with this. 

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Broker could buy these share with first-hand price themself,but not sold out.

Broker usually change the role to be new shareholder .

[此贴子已经被作者于2008-5-20 0:58:57编辑过]

stq

以下是引用QAZAQQQ在2008-5-20 0:50:00的发言：

Broker could buy these share with first-hand price,but not sold out.

Broker usually change the role to be shareholder on such transcation.

作为金融市场的中介，自然也包括提供短期过渡资金的责任。但这种行为和专业的投资公司有着本质的不同，提供这种短期融资的目的并不是为了抢夺上市公司的一部分股份。

[此贴子已经被作者于2008-5-23 12:55:50编辑过]

QAZAQQQ

Help means destory sometimes.

Do not establish positive image for IB all the time.They have the ability to do the worst things.

QAZAQQQ

So you don't believe that with a better developed financial market, with more IBs working in the local market, it will be easier for local private companies to raise capital and to grow? 

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Do you think that it is a worth deal if private companies must pay >20% of equity to "broker"?

[此贴子已经被作者于2008-5-20 1:14:34编辑过]

UtadaHikaru

以下是引用stq在2008-5-20 0:56:00的发言：

How to regulate a market is a policy issue more than anything.  Unless you are a member of the CCP central committee, I don't think we can do much about it. 

On the other hand, if you are doing IB/PE/VC, I do think it is possible to do some good.  By focusing on the local companies, you can help them grow.  From Alibaba to Lenovo, there is IB/PE/VC behind every step.

This is a very good response from your honourable stq.  

a) the policies are always subject to some form of rallying. Some conspiracy theories sugguest there may exist some fictional groups resided in the Swiss mountains and put people in the Senate....etc and even the politburo. very scary...

b) quite agreeable. It is always good to make people lives better. May it be only a small or an little improvement, the aggregate effect will be so tremendous.

lshlcc

哇，这贴还在争啊。。。

新人，宇多田光，欢迎，欢迎

stq

以下是引用QAZAQQQ在2008-5-20 1:14:00的发言：

So you don't believe that with a better developed financial market, with more IBs working in the local market, it will be easier for local private companies to raise capital and to grow? 

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Do you think that it is a worth deal if private companies must pay >20% of equity to "broker"?

事情都有两面的。

很多情况下，投行才不愿意用自己钱买一部分股权呢，都是被企业逼的。

作为一个准备上市的企业，它希望投行用真金白银证明自己的估价是合理的。你不是说我这企业上市能卖100元一股么？那你就用自己的钱买我几股表示表示诚意，既然你说这是合理价格，那么你也不吃亏，对吧？ 万一上市后卖不到100元一股，那么我虽然亏钱，但你也别想好受，这叫利益一体化，用钱把双方拴在一起。

如果没了这层约束，为了抢生意投行还不是乱报价？明明只值100元的企业，他和你说他能帮你卖150元。反正上市成功当然最好，即使失败损失也都是你企业的，我投行不但没损失还一样拿手续费。

这样解释你能够理解了吧？

2。 这20%并不是定死的，完全可以由双方协商决定。

如果你100%有信心自己的公司可以上市成功，那么自然没必要逼投行入股。  但如果你真有100%的信心上市成功，这多半就说明你这价位定的太低了。

[此贴子已经被作者于2008-5-23 13:07:56编辑过]

三十以后

You can always cite 100 reasons why you hate IB。 Now tell me what's your occupition and what's your career goal (if you have one), I can give you 100 reasons why I hate what you are doing and what you want to do.

"存在即合理". IB exist for a reason. If it is pure evil, it would not be there already.

Also this thread has changed its topic for soooooooooo many times. So whenever you make an arguement, please make sure be focused on what's your ORIGINAL position (which I am not sure what it is).

UtadaHikaru

以下是引用QAZAQQQ在2008-5-20 1:14:00的发言：

So you don't believe that with a better developed financial market, with more IBs working in the local market, it will be easier for local private companies to raise capital and to grow? 

----------------------

Do you think that it is a worth deal if private companies must pay >20% of equity to "broker"?

This is very much depends. It is very said that this may be the established norm of the silicon valley or elsewhere. and this is the Art of Alchemy, or somebody may call it rocket science. Some companies may do that themselves as a left hand to right had transaction, if they have the resources and the expertises. In this case, a small institution, an insider with 'lower cost' may use as a blanket cover.  Some phenomeon exist because there is always a reason.

And for those who are less fortunate, sadly, they have to live through tonight before they can see tommorrow's dawn.

If it works, it provides at least the opportunity for the participants to go one step nearer to their dreams.

Go CDers! Go!