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1、Unite 8Unite 8Capital Market and Raising Capital Market and Raising FundsFundsWisdomn n you cant fool all of the people all of the time.you cant fool all of the people all of the time.Abraham Lincoln Abraham Lincoln你无法永远欺骗所有人你无法永远欺骗所有人 . .“You can fool some of the people all of the time. “You can fo
2、ol some of the people all of the time. You can fool all of the people some of the time. You can fool all of the people some of the time. But you cant fool all of the people all of the But you cant fool all of the people all of the time.“ time.“ Mini case-microsoft goes publicGoing public is one of t
3、he capitalisms sacraments, Going public is one of the capitalisms sacraments, conferring instant conferring instant superwealthsuperwealth on a few talented and on a few talented and lucky entrepreneurs. Of the more than 1,500 lucky entrepreneurs. Of the more than 1,500 companies that have undergone
4、 this rite of passage in companies that have undergone this rite of passage in the past five years, few have enjoyed a more frenzied the past five years, few have enjoyed a more frenzied welcome from investors than Microsoft, the Seattle-welcome from investors than Microsoft, the Seattle- based make
5、r of software for personal computers. Its based maker of software for personal computers. Its shares, offered at $21 on March 13, zoomed to $35.50 shares, offered at $21 on March 13, zoomed to $35.50 on the over-the counter market before settling back to on the over-the counter market before settlin
6、g back to a recent $31.25. a recent $31.25. Mini case-microsoft goes publicMicrosoft and its shareholder raised $61 million. The Microsoft and its shareholder raised $61 million. The biggest winner was William biggest winner was William H.GatesH.Gates llllll, the companys , the companys co-founder a
7、nd chairman. He got only $1.6 million for co-founder and chairman. He got only $1.6 million for the shares he sold, but public put a market value of the shares he sold, but public put a market value of $350 million on the 45% stake he retained. A software $350 million on the 45% stake he retained. A
8、 software prodigy who helped start Microsoft while still in his prodigy who helped start Microsoft while still in his teens, Gates, at 30, was probably one of the 100 richest teens, Gates, at 30, was probably one of the 100 richest Americans.Americans.盖茨十大重要时刻 19751975年，微型仪器与自动测量系统公司年，微型仪器与自动测量系统公司(
9、MITS)(MITS)推出了世界推出了世界 上第一台微型计算机上第一台微型计算机Altair 8800Altair 8800，标志着微机时代正式到来。，标志着微机时代正式到来。 微软的第一件产品微软的第一件产品Altair BASICAltair BASIC正是在这种计算机上运行的。正是在这种计算机上运行的。1 1、MITS Altair 8800MITS Altair 8800问世问世 盖茨十大重要时刻 2 2、打造阿尔伯克基团队、打造阿尔伯克基团队 这是一张极为珍贵的照片，拍摄于这是一张极为珍贵的照片，拍摄于19781978年的新墨西哥州阿年的新墨西哥州阿 尔伯克基办公室，照片中的尔伯克基
10、办公室，照片中的1111个人都是微软的元老级人物。个人都是微软的元老级人物。盖茨十大重要时刻 3 3、与、与IBMIBM签约签约 这张照片拍摄于这张照片拍摄于19811981年，照片中被电脑包围的两个人便是微年，照片中被电脑包围的两个人便是微 软的创始人盖茨和保罗软的创始人盖茨和保罗 艾伦。在照片拍摄前不久，他们与艾伦。在照片拍摄前不久，他们与IBMIBM签签 署了一份重要合约，负责为署了一份重要合约，负责为IBMIBM的新电脑系列开发软件。的新电脑系列开发软件。4. 4. 微软上市微软上市 盖茨十大重要时刻 在与好友艾伦创建微软在与好友艾伦创建微软1111年后，这家公司于年后，这家公司于19
11、861986年上市。在年上市。在 第一个交易日，微软的股价便从第一个交易日，微软的股价便从2121美元飙升至美元飙升至2828美元。盖茨拥有美元。盖茨拥有 微软大约微软大约45%45%的股份，凭借高达的股份，凭借高达3. 53. 5亿美元的净资产，他第一次跻亿美元的净资产，他第一次跻 身身福布斯福布斯美国富豪排行榜之列。美国富豪排行榜之列。 盖茨十大重要时刻 5. 5. 一个亿万富翁诞生一个亿万富翁诞生就在上市一年之后，微软的股价翻了就在上市一年之后，微软的股价翻了6 6倍，盖茨也一跃成为亿倍，盖茨也一跃成为亿 万富翁。据万富翁。据福布斯福布斯估计，他在估计，他在19871987年的净资产已达
12、到年的净资产已达到12.512.5亿美亿美 元。元。 盖茨十大重要时刻6. 6. 迎娶梅林达迎娶梅林达 在遇到微软产品经理在遇到微软产品经理 梅林达梅林达 弗兰奇之前，盖茨弗兰奇之前，盖茨 似乎很享受单身汉的生活似乎很享受单身汉的生活 。19941994年，二人走过婚姻年，二人走过婚姻 的红地毯，现在已有了的红地毯，现在已有了3 3个个 爱情结晶爱情结晶詹妮弗、罗詹妮弗、罗 里和菲比。梅林达是比尔里和菲比。梅林达是比尔 Broaden a firms access to capital market;n n2 2. . Increase the liquidity of a firms sto
13、ck.Increase the liquidity of a firms stock.n n3 3. . Set a value for a firms shares. Set a value for a firms shares. n n4 4. . Increase a firms ability to attract Increase a firms ability to attract management. management. The Decision to Go Public Disadvantages of Going Public Disadvantages of Goin
14、g Public n n1 1. . Dilution of control;Dilution of control;n n2 2. . Costs; Costs; n n3 3. . Disclosure of operating data; Disclosure of operating data; n n4 4. . Possible inactive trading. Possible inactive trading. The Decision to Go Public Different methods of Issuing New Securities n nPublic off
15、erthe sale of an issue of Public offerthe sale of an issue of securities to the public securities to the public n nCash offerCash offern nRights offeralso called a privileged Rights offeralso called a privileged subscription, involves initially offering the subscription, involves initially offering
16、the securities to the firms existing stockholders. securities to the firms existing stockholders. Cost of Capital Concept “ “Cost of capital” or “Rate of required return ”Cost of capital” or “Rate of required return ”The cost of capital is the rate that the firm has The cost of capital is the rate that the firm has to to pay, explicitly or implicitly, the investors
