都什么年代了还整天做美国梦吗？

UtadaHikaru

以下是引用lshlcc在2008-5-20 1:29:00的发言：

哇，这贴还在争啊。。。

新人，宇多田光，欢迎，欢迎

You are also welcomed.

see floor 136

http://forum.chasedream.com/dispbbs.asp?boardid=13&replyid=2925109&id=323829&page=1&skin=0&Star=14

[此贴子已经被作者于2008-5-20 2:02:52编辑过]

QAZAQQQ

Do you think Chinese company have the ability to forecast the ifundamental value of their stake ?

Manytimes the broker persuade to consigner to accept undervalue price(but consigner think that it's a  good price),and then catch up the cheap stake they bulid to enjoy capital appreciation.

[此贴子已经被作者于2008-5-20 2:51:17编辑过]

stq

以下是引用QAZAQQQ在2008-5-20 2:06:00的发言：

Do you think Chinese company have the ability to forecast that their stake to be "fair priced"?

Manytimes the broker persuade to consigner to accept undervalue price(but consigner think that it's a  good price),and then catch up the capital appreciation.

1。一个企业到底该以什么价位上市取决于很多因素。 公司本身状况，整个产业走势，股市大势，全球趋势，经济周期。。。。公司很多时候并不知道到底自己值多少钱，所以才要雇用投行进行估算。  也正是因为对自己价格心理没数，所以才要逼迫投行在IPO的过程中入股以显示诚意，以认购一部分股权的形式来降低风险来保障公司的成功上市。

2。很多时候企业会主动要求把上市价格定的稍微低一点，以制造个上市当天股票大涨的效果，对公司形象也有好处。

3。 中国股市最近这段时间过热，基本上新股必涨，所以情况比较特殊。但以一个成熟市场来开，并不是所有企业都能成功上市的，投行认购一部分上市公司的做法其实有着相当的风险。

BlackStone总知道吧？前段时间炒的很热，以31元上市的，现在才几元？那些上市前就认购的投行亏老了。

当然了，这个例子下可能你就会换个说法了。这就不是邪恶的投行强行占有上市公司的股权了，而是邪恶的投行伙同外国资本家，引诱中国政府先期入股，骗中国人的钱。

这种东西，正反随便你说，反正总有的说。。呵呵。。

4。作为中介，投行实在没必要故意低估你的上市价格。如果明明能卖100元的公司被他只卖了个50，下次谁还找他上市？

信誉/名声在金融界是最最最重要的。没人会贪图你这几千万的小便宜而搭上自己上百年来创下的声誉。

[此贴子已经被作者于2008-5-23 13:20:03编辑过]

UtadaHikaru

以下是引用QAZAQQQ在2008-5-20 2:06:00的发言：

Do you think Chinese company have the ability to forecast the intrinsic value of their stake ?

'Intrinsic' is more a term used in option theories, you may use fundamental in this case. This is a billion dollar question.

I would also suggest you to apply for essence
            , and fixed the topic to the top.

UtadaHikaru

以下是引用stq在2008-5-20 2:32:00的发言：

Reputation is EVERYTHING in the IB world. 

Not only in the IB world. If you are in business, it is essential. There is no hit and run.

QAZAQQQ

Emerging market is IB's opportunity to grab excess return,just like CHINA!Else they will not come here.

Do you think 建设银行 IPO pirce:1.9元 with /B=1.96 is fair priced?

QAZAQQQ

sorry,I am mazing option/stock term because I am preparing CFA L3 examination for a long time...

UtadaHikaru

以下是引用QAZAQQQ在2008-5-20 2:50:00的发言：

Emerging market is IB's opportunity to grab excess return,just like CHINA!Else they will not come here.

Do you think 建设银行 IPO pirce:1.9元 with /B=1.96 is fair priced?

you would need to make some risk adjusted return figures as people may come to challenge you on the numbers. It is controversial. There are lot of intangible items not on the books.

UtadaHikaru

以下是引用QAZAQQQ在2008-5-20 2:54:00的发言：
sorry,I am mazing option/stock term because I am preparing CFA L3 examination for a long time...

Good Luck !

it is not easy, and there are not many people that can go through them all. Only few in a hundred, globally.  

All the best!!!

[此贴子已经被作者于2008-5-20 3:02:43编辑过]

QAZAQQQ

Thank you for your wishes

I think P/B is the most consevative ratio to valuation company value.

建设银行 only 1.96!  too cheap price obviously!

[此贴子已经被作者于2008-5-20 3:13:58编辑过]