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本篇paper代写- The advantages and disadvantages of going public讨论了企业上市的利弊。企业上市能够有效的满足内部资金需求，提升经营管理水平，增强企业的社会影响力和市场品牌价值，具有积极意义。但同时，企业上市也会产生控制权变更、内部信息泄露等风险，也可能出现沉没成本，导致上市之后风险爆发导致最后的退市失败。但总的来说，企业上市所带来的利益要远大于其产生的不利条件，不能因为有弊端而对上市有所顾忌回避，因此，从长远角度来看，有条件的企业要积极参与上市运作，改善内部管理水平，提升核心竞争力。本篇paper代写由51due代写平台整理，供大家参考阅读。

At present, enterprises are facing increasingly fierce market competition. In order to achieve development in this environment, enterprises must focus on expanding the scale of operation and improving management efficiency. External financing can be obtained through listing on the main board, the gem board, the small and medium-sized board and the new three board, so as to provide effective financial support for the development of enterprises.

With the gradual improvement of China's capital market, more and more enterprises put their energy into the mode of listing financing. Through external listing, enterprises can, on the one hand, expand the scale of operation and management to meet specific capital needs; On the other hand, it can also enhance the social influence of the economic subject and safeguard the interests of shareholders. At present, our country has established relatively perfect legal norms and formed a unified three-level management system of laws, regulations and norms for enterprise listing and financing. According to different standards, enterprises can choose a variety of ways to meet the listing requirements, access to financing development funds. At the same time, we should also see that listing financing will bring certain risks, which will not only cause relatively high financing costs, but also cause ownership replacement, trade secrets disclosure and even the failure of listing.

Enterprises are profit-oriented economic organizations whose production and operation depend on certain capital conditions. At present, as it is increasingly difficult for enterprises to obtain financing from Banks and other financial institutions, they begin to turn to the capital market and obtain financing development funds through listing. Listing financing can meet the capital needs of enterprises at a certain stage to some extent, and has become an important choice of enterprise financing.

Generally speaking, the capital sources of production and operation of enterprises mainly include the following four aspects: 1. Second, the interests of the enterprise in the previous year retained, that is, the part of undistributed profits; Third, the enterprise from the bank and other financial institutions to obtain long-term loans or short-term loans, that is, the enterprise debt; Fourth, the enterprise through the issuance of bonds or stocks and other means of access to funds, that is, capital reserves. In the process of expanding business scale, it is difficult for an enterprise to obtain a large capital scale by means of initial investment by investors, interest retention and bank borrowing, etc. Moreover, it is difficult to realize the issuance of bonds due to many conditions. Therefore, some enterprises with good production and management and high economic benefits will often meet their capital needs through listing. Compared with other financing channels, listing financing has relative advantages. On the one hand, there is no fixed financing term, that is, no maturity date, the financing income does not need to be repaid on schedule, and the interest distribution is relatively flexible. On the other hand, listing financing can enhance the visibility and social influence of the enterprise, and further enhance the enterprise's borrowing capacity. At the same time, the financing income can also provide an effective guarantee for other financing methods.

Listing is a continuous process. The purpose of listing and financing is to solve the problem of internal shortage of funds and provide an effective basis for sustainable operation. Specifically, companies can obtain a large amount of capital through initial public offering at the beginning of listing. Then, when the enterprise is listed and meets certain conditions, it can further obtain financing development funds from the capital market through rights offering or issuing convertible bonds, which can provide effective support for the expansion of the enterprise. Before the listed enterprises, due to production of small scale, poor economic benefits, is difficult to obtain suitable credit from the bank, and listed companies, with the enhancing awareness and social influence, financing and debt guarantee ability effectively, Banks and other financial institutions credit will increase significantly. The increase of credit line can not only improve the existing balance sheet structure of the enterprise, but also stabilize the upstream and downstream suppliers, form a credit chain, and then enhance the overall strength of the enterprise.

In addition to obtaining financing and generating direct income, the listing of enterprises can further enhance their social influence and brand value. The choice of listing indicates that the enterprise is releasing the signal of good operation status to the market, and only the enterprise with strong competitiveness and good development prospect can meet the basic conditions of the market. After the listing of the enterprise, the name of the enterprise is constantly mentioned by investors in the stock exchange, and the related financial and economic special journals will evaluate the enterprise's operation and management status, stock price trend, etc., the effect produced by this way is better than advertising. With the deepening of the public's cognition of enterprises, the social influence and brand value of enterprises have been effectively enhanced. Take alibaba, jd.com and other e-commerce enterprises as examples, their popularity before listing is not significantly different from that of other e-commerce enterprises, and listing financing makes their popularity increase and their brand value effectively reflected.

It is worth noting that listed enterprises occupy a relatively low proportion in the current market conditions, and their social influence, brand value and other external manifestations are closely related to entrepreneurs. If entrepreneurs are only profit-oriented and do not pay attention to social responsibility, the path of listing their enterprises will be blocked and they will not be able to truly grow into large enterprises. That is to say, for entrepreneurs, listing and financing can not only bring direct economic benefits, but also promote themselves for the consideration of enterprise growth

Visibility, not just profit. After the listing of enterprises, entrepreneurs will have more opportunities to appear in the public's view, and social visibility will be guaranteed. With the further implementation of the management standards of listed companies such as quality, management and control, the brand value of enterprises will also be improved.

Enterprise listing can standardize the main business management behavior, improve the level of internal management. At present, the internal management level and efficiency become an important condition that affects the robustness and sustainability of enterprise development. In order to expand the scale of production and operation, improve the economic benefits of overall financial and management, and improve the internal management has become an urgent need. From this perspective, the future competition of enterprises will not be limited to cost, technology and market, but more focused on the improvement of management level and management ability. The listing of enterprises will mean the improvement of internal governance structure and further improve the management level.

After going public, the enterprise will no longer be a family enterprise controlled by individuals or families, but a joint-stock enterprise supervised by the public. In this case, enterprises should establish a relatively reasonable governance structure in accordance with the requirements of the company law. Governance structure to improve the standardization of the management, such as the general meeting of shareholders, the board of directors will play a regulatory function, to realize effective regulation of business management, to replace the traditional family enterprise by the form of individual decisions, the shift has certain advancement, entrepreneurs personal leading enterprises over the fate of the era, has realized the separation between the two.

Enterprise listing is a systematic and complex work, which needs to go through two basic links of stock issuance and stock listing, and for private enterprises, enterprise restructuring and other activities should be carried out. Generally speaking, stock issuance and stock listing are highly professional, and enterprises must rely on professional intermediaries to complete the issuance and listing. According to the relevant provisions of the company law and securities law in our country, the issue of shares by has the qualifications of main underwriting security company must be responsible for, so that enterprises, after filing an application for stock issuance must be conducted by the securities company stock issuance and listing plan, prospectus and stock bearing on a commission basis, or to make a specific period of time by an accounting firm financial situation, profitability and financial position. In addition, the enterprise also needs to explain the legal affairs in the process of issuing and listing through the law firm. In order to ensure the fair value of the listed enterprise's assets, the enterprise should also hire an appraisal firm to evaluate the internal assets, and compile and report for confirmation according to the appraisal report. Specifically, the cost of listing a company includes the following aspects: first, agency fees, which are paid to underwriters, ranging from 1% to 10% of the amount raised; Second, the cost of legal consultation; Third, the audit fees of accounting firms, as well as the postal, telephone and fax fees incurred in the process of issuing financial reports. In addition, consulting fees, marketing fees and other expenses incurred in the process of listing should also be attributed to the scope of listing costs.

Listed enterprises must meet certain conditions, according to the company law and the relevant provisions of the securities law, the minimum number of shareholders of joint-stock companies is 5 people, which requires the original number of investors less than 5 people must introduce new shareholders to meet the requirements of listed companies. The participation of new shareholders will inevitably reduce the proportion of original investors' investment, resulting in the decentralization of equity, which also means that the control right of the company will be transferred to new investors to a certain extent. According to the principle of equity parity, who owns the most shares?

Who owns the control of the enterprise, and the stock can be freely bought and sold in the market, which leads to the instability of the control of the enterprise. When the major problems of the listed companies need to be decided, the enterprises often cannot make scientific and reasonable decisions due to the frequent change of control rights.

In addition, with the increasing maturity of modern enterprise management system, the ownership and management of listed companies are often separated. The daily operation and management of a listed company are usually the responsibility of the management layer generated by the entrustment agent, while the board of directors and the board of supervisors supervise their operation and management activities, so as to achieve a balanced relationship among the stakeholders within the listed company. Under such conditions, private entrepreneurs no longer have the right to speak, but rely on the general meeting of shareholders, and even the fight for control will occur between shareholders and between shareholders and operators, resulting in low efficiency of management.

The enterprise listing needs to have certain foundation and condition, the result also has the unexpected characteristic. For most enterprises, problems such as imperfect governance structure, insufficient timely financial disclosure, excessive concentration of control rights and weak operating benefits are prominent, which have become important factors hindering enterprises from listing and financing. Enterprise listing involves planning, issuance, market and other links, any link will affect the process of enterprise listing, or even directly lead to listing failure. Listing failure will result in corresponding sunk costs, that is, the enterprise has actually paid the corresponding costs for listing, but has not produced substantial benefits. The failure of listing will make the financing of the enterprise more difficult and even lead to the abnormal decline or bankruptcy of the enterprise.

Taking a technology company as an example, in order to expand production and meet increasing capital needs, the company went public for financing in June 2010. In order to meet the listing conditions, the enterprise gave up the original advantage industry, turned to the industries with higher content of science and technology, but these high-tech project has not the expected benefits, but causes loss of funds, enterprise in order to maintain the existing operations, to a large number of foreign debt, the assets of the enterprise internal gearing was as high as 90%. Such a development mode eventually led to bankruptcy due to the rupture of the capital chain within the enterprise, which officially filed for bankruptcy protection in April 2017.

After listing, enterprises must regularly disclose their production and operation status and financial development status to meet the demands of stakeholders. As the actual owners of the listed company, the shareholders have the right to know the internal management information and financial information of the enterprise so as to make reasonable investment decisions. In order to standardize the information disclosure behavior of listed enterprises, China has formulated relatively complete laws and regulations, which clearly regulate the time, content and format of information disclosure. These normative documents provide reliable conditions for the scientific rationality of the management of listed companies.

The disclosure of information by listed companies will inevitably bring certain risks. First, it is inevitable to publish some trade secrets, which will lead to the leakage of unconventional information and affect the image of the company. Second, internal information disclosure will also provide opportunities for competitors to make targeted production responses according to the enterprise dynamics, which is not conducive to the formation and implementation of internal decision-making. Third, through the information disclosed to the outside, the shareholders can know the operation and management status of the enterprise. When the shareholders are not optimistic about the development prospect of the company, they will sell their shares, which will reduce the enterprise value and make it more difficult for the enterprise to obtain financing from the capital market again.

Through the above analysis of the benefits, costs and risks of enterprise listing, it can be concluded that enterprise listing can effectively meet the internal capital needs, improve the level of operation and management, and enhance the social influence and market brand value of enterprises, which is of positive significance. But at the same time, we should also see that the listing of a company will bring risks such as change of control rights, disclosure of internal information and betrayal of shareholders, as well as sunk costs, leading to the risk explosion after the listing and the final delisting failure. But on the whole, the benefits of enterprise listed to far outweigh its disadvantages and cannot because there are shortcomings and fears listed avoidance, therefore, from a long-term perspective, the conditional enterprises should actively participate in the listed operation, improve internal management level, enhance core competitiveness, in order to realize the rise of enterprise development, robustness and sustainability, no conditions of enterprises to actively create conditions for listing.

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