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??????(initial public offering, IPO)

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Title: - Author: jlyu Last modified by: isis_liu Created Date: 3/28/2000 11:08:34 AM – PowerPoint PPT presentation

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Title: ??????(initial public offering, IPO)


1
??? ??????????????
2
????
  • ??????
  • ?????????
  • ?????
  • ??????????
  • ???????
  • ????????

3
??????
  • ??????????????,????????????
  • ?????????????,?????????????????
  • ????
  • ???????????????
  • ??(??)???
  • ??????(initial public offering, IPO)

4
????????
  • 1990??????,?????????
  • ????????SEC????SEC??
  • SEC????????????
  • ?????,?????????
  • ???????????????(?????)

5
?????IPO?????
  • ????????????????IPO
  • ??????????????
  • ????????????????????????
  • ????????????????
  • ???????,??????
  • ??????????

6
?????
  • ????(cash flow)
  • ?????(price-earnings, P/E ratio)
  • ???????(price-earnings growth, PEG ratio)
  • ???????????

7
??????????
  • ????????????????????????
  • 1990????,???????????????,????????
  • ???????????????????
  • ???????????(proxy method)
  • ??????????????
  • ?????????
  • ?????????????????

8
ISP?????/?????
  • ??????????????????

????????? ????????
??????????
???????
????? ??????? ?? ?????? ??????
?? ????? ?????
??(??) ????
9
???????????????
  • 2000???,???????
  • ???????,???????
  • ????????????????
  • ?????
  • ??????????????????????
  • ??PEG????

10
???????
  • ??????????????????????,???????????????
  • ?????????,?????,???,???????????
  • ?????
  • ?? ?? ????
  • ?? - ?? ????(book value)
  • ????

11
???????(?)
?????

??
??

???????????????
????(????)

?????
???????????
12
????????????
?? ???? 1994 1997 1999
???? 4,450 10,770 28,438
???? 41,340 199,000 -
?? 10X 20X 25X
  • ?????????????????????????????????????

????(intellectual capital)
13
?????????
  • ???????????
  • ????
  • ??????????
  • ???????????????
  • ??
  • ????????????????,?????????????

14
???????
  • ?????????
  • ????(Intellectual Property)
  • ????(Human Capital)
  • ?????(Organizational Capital)
  • ?????????,?????????????
  • ????????????????,??????????????????????

15
????????
  • ??????????????
  • ????
  • ????
  • ??
  • ????????

16
?????
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