{"id":7056,"date":"2023-06-29T23:48:19","date_gmt":"2023-06-29T23:48:19","guid":{"rendered":"\/\/smallcapscn.x5view.co\/?p=7056"},"modified":"2023-08-29T18:01:20","modified_gmt":"2023-08-29T18:01:20","slug":"surprising-findings-new-study-ipo-australia-us","status":"publish","type":"post","link":"https:\/\/smallcapscn.x5view.co\/?p=7056","title":{"rendered":"\u6fb3\u5927\u5229\u4e9a\u548c\u7f8e\u56fdIPO\u7684\u65b0\u7814\u7a76\u5f97\u51fa\u4e86\u4ee4\u4eba\u60ca\u8bb6\u7684\u53d1\u73b0"},"content":{"rendered":"<p>\u4e00\u9879\u5bf9\u6fb3\u5927\u5229\u4e9a\u548c\u7f8e\u56fd\u5386\u53f2\u80a1\u7968\u5e02\u573a\u6570\u636e\u7684\u72ec\u7279\u7814\u7a76\uff0c\u4e3a\u6fb3\u5927\u5229\u4e9a\u9996\u6b21\u516c\u5f00\u52df\u80a1 (IPO) \u548c\u7f8e\u56fd\u98ce\u9669\u6295\u8d44 (Venture Capital) \u673a\u4f1a\u7684\u6295\u8d44\u4ef7\u503c\u63d0\u4f9b\u4e86\u4e00\u4e9b\u6709\u8da3\u7684\u89c1\u89e3\u3002<\/p>\n<p>\u8fd9\u9879\u65b0\u7684\u8c03\u67e5\u7814\u7a76\u4e86\u5386\u53f2\u6570\u636e\uff0c\u4ee5\u8bc4\u4f30\u6295\u8d44\u4e8e\u672c\u5730\u548c\u7f8e\u56fdIPO\u7684\u6536\u76ca\u6216\u635f\u5931\u3002<\/p>\n<p>\u7531Kylie Gilbey\u535a\u58eb\u7b49\u4eba\u64b0\u5199\u7684\u8bba\u6587\u00a0\u201c<a href=\"https:\/\/onlinelibrary.wiley.com\/doi\/10.1111\/acfi.12887\" target=\"_blank\" rel=\"noopener\"><em>ASX small firm\/microcap listings: the IPO \u2018Pop\u2019 and two decades of subsequent returns<\/em><\/a>\u201d\u00a0\u4ed4\u7ec6\u7814\u7a76\u4e861999\u5e74\u81f32019\u5e74\u6240\u6709\u53ef\u7528\u7684ASX (de)\/\u4e0a\u5e02IPO\u7684IPO\u6298\u6263\u548c\u5e73\u5747\u56de\u62a5\u7b49\u4e3b\u9898\u3002<\/p>\n<h2>\u884c\u4e1a\u4e1a\u7ee9\u53ca\u9000\u5e02\u56e0\u7d20<\/h2>\n<p>\u6765\u81ea\u897f\u6fb3\u5927\u5b66 (University of Western Australia) \u5546\u5b66\u9662\u7684Gilbey\u535a\u58eb\u544a\u8bc9<em>Small Caps<\/em>\uff0c\u5979\u7684\u8bba\u6587\u8fd8\u6bd4\u8f83\u4e86IPO\u7684\u56de\u62a5\uff0c\u5305\u62ecIPO\u89c4\u6a21\u3001\u884c\u4e1a\u90e8\u95e8\u548c\u56fd\u5bb6\u53d1\u884c\u3002<\/p>\n<p>\u503c\u5f97\u6ce8\u610f\u7684\u662f\uff0c\u5979\u53d1\u73b0\u5c0f\u578b\u77ff\u4e1a\u516c\u53f8\u7684IPO\u8868\u73b0\u4f18\u4e8e\u5c0f\u578b\u79d1\u6280\u516c\u53f8\uff0c\u4e24\u8005\u7684\u8868\u73b0\u90fd\u9886\u5148\u4e8e\u80fd\u6e90\u516c\u53f8\u3002<\/p>\n<p>\u201c\u6211\u4eec\u9996\u5148\u7814\u7a76\u4e86\u622a\u81f32019\u5e7412\u6708\u2018\u4ecd\u5728\u4e0a\u5e02\u2019\u7684\u516c\u53f8\uff0c\u7136\u540e\u7eb3\u5165\u4e86\u5728\u6211\u4eec\u768420\u5e74\u6570\u636e\u671f\u5185\u2018\u9000\u5e02\u2019\u516c\u53f8\u7684\u5f71\u54cd\u3002\u201d<\/p>\n<p>Gilbey\u535a\u58eb\u8bf4\uff0c\u603b\u7684\u6765\u8bf4\uff0cIPO\u6295\u8d44\u7ec4\u5408 (\u5982\u679c\u4f60\u5728\u8fc7\u53bb\u4e8c\u5341\u5e74\u91cc\u6295\u8d44\u4e86\u6bcf\u4e00\u6b21IPO\uff0c\u5e76\u5728\u6bcf\u6b21\u4e0a\u5e02\u548c\u9000\u5e02\u65f6\u4e0d\u65ad\u8c03\u6574\u4f60\u7684\u6295\u8d44\u7ec4\u5408) \u7684\u603b\u6295\u8d44\u7ec4\u5408\u56de\u62a5\u7387\u4ece1.25% (\u5bf9\u4e8e\u521a\u521a\u4e0a\u5e02\u7684\u516c\u53f8) \u589e\u52a0\u523012.95%(\u5982\u679c\u5305\u62ec\u9000\u5e02\u516c\u53f8\u7684\u56de\u62a5)\u3002<\/p>\n<p>\u201c\u6709\u8da3\u7684\u662f\uff0c\u5f53\u5305\u62ec\u9000\u5e02\u65f6\u7684\u4e1a\u7ee9\u4fe1\u606f\u65f6\uff0c\u5c0f\u76d8\u80a1\u516c\u53f8\u7684\u56de\u62a5\u7387(\u5e73\u5747)\u663e\u8457\u63d0\u9ad8\u3002\u800c\u50cf\u591a\u5143\u5316\u91d1\u878d\u3001\u8d44\u672c\u8d27\u7269\u548c\u533b\u7597\u4fdd\u5065(\u4f20\u7edf\u4e0a\u4e0d\u592a\u65b0\u5174\uff0c\u901a\u5e38\u66f4\u6210\u719f\u2014\u2014\u901a\u5e38\u4f4d\u4e8e\u4e1c\u6d77\u5cb8)\u8fd9\u6837\u7684\u884c\u4e1a\uff0c\u5728\u7eb3\u5165\u9000\u5e02\u516c\u53f8\u540e\uff0c\u56de\u62a5\u7387\u6709\u6240\u4e0b\u964d\u3002\u4e5f\u5c31\u662f\u8bf4\uff0c\u5b83\u4eec\u6458\u724c\u5e76\u4e0d\u4e00\u5b9a\u662f\u56e0\u4e3a\u8d1f\u9762\u539f\u56e0\u3002\u201d<\/p>\n<p>\u8be5\u7814\u7a76\u8fd8\u53d1\u73b0\uff0c\u5c3d\u7ba1\u7f8e\u56fd\u548c\u6fb3\u5927\u5229\u4e9a\u7684\u4e3b\u8981\u7ed3\u6784\u6027\u6295\u8d44\u8005\/IPO\u89c4\u6a21\u5b58\u5728\u5dee\u5f02\uff0c\u4f46\u5e73\u574718.45%\u7684\u53d1\u884c\u6298\u6263(\u4ece\u53d1\u884c\u5f53\u65e5\u7684\u6536\u76d8\u4ef7\u7b97\u8d77)\u4e0e\u7f8e\u56fd\u7684\u60c5\u51b5\u63a5\u8fd1\uff0c\u6298\u6263\u65f6\u95f4\u5e8f\u5217\u7684\u884c\u4e3a\u548c\u5206\u5e03\u4e5f\u662f\u5982\u6b64\u3002<\/p>\n<p>\u6b64\u5916\uff0c\u4ece\u4e0a\u5e02\u65e5\u6536\u76d8\u4ef7\u5230\u9000\u5e02\u62162019\u5e7412\u670831\u65e5\uff0c\u6fb3\u5927\u5229\u4e9a\u8bc1\u5238\u4ea4\u6613\u6240 (ASX) \u5c0f\u578b\/\u5fae\u578b\u80a1IPO\u7684\u5e02\u573a\u52a0\u6743\u6295\u8d44\u7ec4\u5408\u7684\u5e73\u5747\u5e74\u5316\u56de\u62a5\u7387\u4e3a18.62%\uff0c\u800c\u5927\u76d8\u80a1\u4e3a2.28%\u3002\u201d<\/p>\n<h2>\u51fa\u4eba\u610f\u6599\u7684\u7ed3\u679c\u63ed\u6653<\/h2>\n<p>Gilbey\u535a\u58eb\u900f\u9732\uff0c\u5728\u5979\u7684\u6df1\u5165\u68c0\u67e5\u4e2d\uff0c\u4ed6\u4eec\u53d1\u73b0\u4e86\u8bb8\u591a\u4ee4\u4eba\u60ca\u8bb6\u7684\u4e8b\u60c5\u3002<\/p>\n<p>\u7531\u4e8eASX\u662f\u552f\u4e00\u4e00\u5bb6\u5141\u8bb8\u5c0f\u76d8\u80a1\u4e0e\u5927\u76d8\u80a1\u5728\u540c\u4e00\u4e3b\u677f\u4e0a\u5e02\u7684\u5168\u7403\u6027\u4ea4\u6613\u6240\uff0c\u5979\u8868\u793a\uff0c\u6709\u8da3\u7684\u662f\uff0c\u6ca1\u6709\u4eba\u5728\u5168\u7403\u8303\u56f4\u5185\u76f4\u63a5\u6bd4\u8f83\u5c0f\u76d8\u80a1\u548c\u5927\u76d8\u80a1\u7684\u56de\u62a5\u2014\u2014\u8fd9\u5728\u5b66\u672f\u7814\u7a76\u65b9\u9762\u7559\u4e0b\u4e86\u5f88\u5927\u7684\u5dee\u8ddd\u3002<\/p>\n<p>\u7814\u7a76\u53d1\u73b0\uff0c\u5927\u76d8\u80a1\u4f20\u7edf\u4e0a\u8868\u73b0\u4e0d\u4f73(\u4e0e\u4e4b\u524d\u7684\u5168\u7403\u7814\u7a76\u7c7b\u4f3c)\u2014\u2014\u7136\u800c\uff0c\u5c0f\u76d8\u80a1\u7684\u76c8\u5229\u6570\u91cf\u4ee4\u4eba\u60ca\u8bb6\uff0c\u4e0e\u8bb8\u591a\u5168\u7403\u5b66\u672f\u7814\u7a76\u76f8\u53cd\u3002<\/p>\n<p>\u8be5\u7814\u7a76\u8fd8\u663e\u793a\uff0c\u6709\u4e00\u5927\u7fa4\u5c0f\u76d8\u80a1\u8868\u73b0\u4e0d\u4f73 (\u53ef\u9884\u6d4b\u7684\u6ce2\u52a8\u7ec4)\uff0c\u4f46\u56de\u62a5\u7387 (\u5e73\u5747) \u4e0e\u7f8e\u56fd\u98ce\u9669\u6295\u8d44\u7c7b\u578b\u7684\u56de\u62a5\u7387\u76f8\u5f53\u3002<\/p>\n<h2>\u5730\u7406\u4f4d\u7f6e\u5bf9\u6fb3\u5927\u5229\u4e9aIPO\u7684\u5f71\u54cd<\/h2>\n<p>Gilbey\u535a\u58eb\u8fd8\u53d1\u73b0\uff0c\u5c31\u6fb3\u5927\u5229\u4e9a\u7684IPO\u800c\u8a00\uff0c\u5730\u70b9\u5f88\u91cd\u8981\u3002<\/p>\n<p>\u201c\u5730\u7406\u4f4d\u7f6e\u662f\u5b66\u672f\u7814\u7a76\u4e2d\u7684\u4e00\u4e2a\u91cd\u8981\u8bdd\u9898\uff0c\u7814\u7a76\u53d1\u73b0\u79bb\u4e3b\u8981\u91d1\u878d\u4e2d\u5fc3\u8d8a\u8fd1\uff0cIPO\u7ed3\u679c\u8d8a\u597d\u2014\u2014\u4f46\u897f\u6fb3\u8ddd\u79bb\u65b0\u5357\u5a01\u5c14\u58eb\u5dde\u548c\u7ef4\u591a\u5229\u4e9a\u5dde\u5f88\u8fdc\u3002\u6240\u4ee5\uff0c\u6211\u4eec\u770b\u4e86\u4e00\u4e0b\u6cd5\u5f8b\u8d39\u7528\uff0c\u53d1\u73b0\u5728\u897f\u6fb3\u4e0a\u5e02\u8981\u4fbf\u5b9c\u5f97\u591a\uff0c\u8fd9\u662f\u4e00\u4e2a\u6709\u8da3\u7684\u53d1\u73b0\u3002\u201d<\/p>\n<p>\u4e0e\u6b64\u540c\u65f6\uff0cWA\u88ab\u53d1\u73b0\u6709\u5927\u91cf\u7684\u9000\u5e02 (\u5982\u679c\u5927\u91cf\u7684\u9000\u5e02\u901a\u5e38\u5bf9ASX\u7684\u58f0\u8a89\u4e0d\u5229)\u3002\u7136\u800c\uff0c\u6295\u8d44\u91d1\u989d\u76f8\u5bf9\u8f83\u5c0f\uff0c\u56e0\u4e3a\u5b83\u4eec\u90fd\u662f\u5c0f\u76d8\u80a1\u3002<\/p>\n<p>\u4e1c\u90e8\u5404\u5dde\u7684\u9000\u5e02\u6570\u91cf\u8f83\u5c11\uff0c\u4f46\u4ee5\u6fb3\u5143\u8ba1\u7b97\u7684\u9000\u5e02\u91d1\u989d\u662f\u6fb3\u5927\u5229\u4e9a\u7684\u4e09\u500d\uff0c\u56e0\u6b64\u8fd9\u5bf9\u6fb3\u4ea4\u6240\u58f0\u8a89\u7684\u5f71\u54cd\u66f4\u5927\u3002<\/p>\n<p>Gilbey\u535a\u58eb\u8fd8\u900f\u9732\uff0c\u5728\u897f\u6fb3\u5927\u5229\u4e9a\u63d0\u4ea4\u7684\u5c0f\u578b\/\u5fae\u578b\u80a1\u7968\u4e0a\u5e02\u540e\u7684\u56de\u62a5\u5dee\u5f02\u6700\u9ad8\u3002<\/p>\n<h2>\u9000\u5e02\u8d39\u7387\u53ca\u539f\u56e0<\/h2>\n<p>\u8c03\u67e5\u8fd8\u53d1\u73b0\uff0c\u5728\u7814\u7a76\u671f\u95f4\u76842018\u5b97IPO\u4e2d\uff0c62%\u7684\u516c\u53f8\u9000\u5e02\uff0c\u4f46\u5176\u4e2d\u53ea\u670917%\u7684\u516c\u53f8\u5c06\u8d22\u52a1\u5931\u8d25\u4f5c\u4e3a\u9000\u5e02\u7684\u539f\u56e0\u3002<\/p>\n<p>Gilbey\u535a\u58eb\u8fd8\u6307\u51fa\uff0c2015\u5e74\uff0c\u7531\u4e8e\u77ff\u4e1a\u4f4e\u8ff7\uff0c\u897f\u6fb3\u5927\u5229\u4e9a\u5dde\u6ca1\u6709\u77ff\u4e1aIPO\uff0c\u6295\u673a\u6027\u57fa\u7840\u8bbe\u65bd\u8f6c\u5411\u4e86\u79d1\u6280\u80a1\u3002<\/p>\n<p>\u7814\u7a76\u53d1\u73b0\uff0c\u897f\u6fb3\u5dde\u5c0f\u76d8\u80a1\u7684\u589e\u957f\u6e90\u4e8e\u4e3a\u65e9\u671f\u52d8\u63a2\/\u521d\u7ea7\u91c7\u77ff\u63d0\u4f9b\u8d44\u91d1\u7684\u5fc5\u8981\u6027\u2014\u2014\u5728\u7f3a\u4e4f\u6210\u719f\u7684\u98ce\u9669\u6295\u8d44\u5e02\u573a\u7684\u60c5\u51b5\u4e0b\u2014\u2014\u7136\u800c\uff0c\u540c\u6837\u7684\u65e9\u671f\u91d1\u878d\u548c\u6280\u672f\u57fa\u7840\u8bbe\u65bd\u4e0e\u5c0f\u76d8\u80a1\/\u6295\u673a\u8d44\u91d1\u7684\u53d1\u5c55\u6709\u5173\uff0c\u897f\u6fb3\u5dde\u7684\u6295\u8d44\u8005\u548c\u8d44\u52a9\u8005\u80fd\u591f\u8f6c\u5411\u5176\u4ed6\u7c7b\u4f3c\u7684\u65b0\u5174\u884c\u4e1a\u9886\u57df\uff0c\u5982\u65e9\u671f\u7684\u201c\u79d1\u6280\u201d\u884c\u4e1a\u9886\u57df\u3002<\/p>\n<h2>\u7f3a\u4e4f\u53ef\u7528\u4fe1\u606f<\/h2>\n<p>\u5728\u4ed6\u4eec\u7684\u65c5\u7a0b\u4e2d\uff0cGilbey\u535a\u58eb\u53d1\u73b0\uff0c\u4e0e\u7f8e\u56fd\u7684\u7814\u7a76\u76f8\u6bd4\uff0c\u5173\u4e8e<a href=\"http:\/\/smallcaps-production.test\/upcoming-ipos\/?lang=cn\">ASX IPO<\/a>\u6210\u529f\u7684\u5df2\u53d1\u8868\u7814\u7a76\u5f88\u5c11\u3002<\/p>\n<p>\u201c\u5927\u591a\u6570IPO\u5b66\u672f\u7814\u7a76\u6765\u81ea\u7f8e\u56fd\u3002\u5b83\u4eec\u5360\u5168\u7403\u5e02\u503c\u768440%\uff0c\u800c\u4e14\u6570\u636e\u5f88\u5bb9\u6613\u83b7\u5f97\uff0c\u6240\u4ee5\u5927\u591a\u6570\u7814\u7a76\u90fd\u662f\u57fa\u4e8e\u7f8e\u56fd\u7684\u3002\u201d<\/p>\n<p>\u5979\u53d1\u73b0ASX\u5728\u5168\u7403\u4e3b\u8981\u4ea4\u6613\u6240\u4e2d\u662f\u72ec\u4e00\u65e0\u4e8c\u7684\uff0c\u56e0\u4e3a:<\/p>\n<ul>\n<li>\u5b83\u5141\u8bb8\u5c0f\u76d8\u80a1\u5728\u4e3b\u677f\u4ea4\u6613\u6240\u4e0a\u5e02(\u72ec\u4e00\u65e0\u4e8c\u2014\u2014\u4e0d\u4f1a\u5c06\u5c0f\u76d8\u80a1\u964d\u7ea7\u5230\u7b2c\u4e8c\u677f\u4ea4\u6613\u6240\u2014\u2014\u4f20\u7edf\u4e0a\uff0c\u7531\u4e8e\u5404\u79cd\u539f\u56e0\uff0c\u5206\u6790\u5e08\u8986\u76d6\u8303\u56f4\u3001\u6d41\u52a8\u6027\u3001\u6cbb\u7406\u4e0d\u7b26\u5408\u4e3b\u677f\u4ea4\u6613\u6240\u7684\u8981\u6c42\u2014\u2014\u56e0\u6b64\u8d28\u91cf\u8ba4\u77e5\u8f83\u5dee\uff0c\u7b49\u7b49)\u3002<\/li>\n<li>\u5b83\u4eec\u6709\u4e0e\u5927\u76d8\u80a1\u76f8\u540c\u7684\u4e0a\u5e02\u8981\u6c42(\u72ec\u7279)\u2014\u2014\u56e0\u6b64\u5728ASX\u4e0a\u5e02\u6bd4\u5728\u5176\u4ed6\u5730\u65b9(\u6216\u8005\u901a\u8fc7\u98ce\u9669\u6295\u8d44\u9014\u5f84\u53ef\u80fd\u5b9e\u73b0\u7684\u76ee\u6807)\u66f4\u65e9\u5730\u5b9e\u65bd\u6cbb\u7406\u3002<\/li>\n<\/ul>\n<h2>\u516c\u5f00\u4e0a\u5e02\u7684\u8d8b\u52bf<\/h2>\n<p>Gilbey\u535a\u58eb\u53d1\u73b0\uff0c\u5728\u516c\u5f00\u4e0a\u5e02\u65b9\u9762\uff0c\u6fb3\u5927\u5229\u4e9a\u4e00\u76f4\u4e0e\u5168\u7403\u8d8b\u52bf\u80cc\u9053\u800c\u9a70\u3002<\/p>\n<p>\u7814\u7a76\u663e\u793a\uff0c\u4e0e20\u5e74\u524d\u76f8\u6bd4\uff0c\u4eca\u5929\u5728\u7f8e\u56fd\u4e0a\u5e02\u7684\u4e0a\u5e02\u516c\u53f8\u6570\u91cf\u51cf\u5c11\u4e86(\u51cf\u5c11\u4e8650%\u4ee5\u4e0a)\uff0c\u5269\u4e0b\u7684\u4e0a\u5e02\u516c\u53f8\u5e73\u5747\u8d8b\u5411\u4e8e\u89c4\u6a21\u66f4\u5927\u3001\u5386\u53f2\u66f4\u60a0\u4e45\u3001\u76c8\u5229\u80fd\u529b\u66f4\u5dee\u7684\u5b9e\u4f53\u3002<\/p>\n<p>\u7136\u800c\uff0c\u76f8\u6bd4\u4e4b\u4e0b\uff0cASX\u4e0a\u5e02\u7684\u6570\u91cf\u6709\u6240\u589e\u957f\uff0c\u8fd9\u4e3b\u8981\u662f\u7531\u4e8e\u5c0f\u578b\/\u5fae\u578b\u80a1\u7684\u63a8\u52a8\uff0c\u5728\u8fc7\u53bb20\u5e74\u91cc\uff0c\u5c0f\u578b\/\u5fae\u578b\u80a1\u7ea6\u5360ASX\u6240\u6709\u65b0\u4e0a\u5e02\u516c\u53f8\u768478%\u3002<\/p>\n<h2>\u6fb3\u6d32IPO\u4e0e\u7f8e\u56fd\u98ce\u9669\u6295\u8d44\u4e4b\u6bd4\u8f83<\/h2>\n<p>6\u6708\u521d\uff0cGilbey\u535a\u58eb\u53d1\u8868\u4e86\u53e6\u4e00\u7bc7\u8bba\u6587\uff0c\u8be5\u8bba\u6587\u786e\u5b9a\uff0c\u5982\u679c\u7f8e\u56fd\u548c\u6fb3\u5927\u5229\u4e9a\u57282006\u5e74\u90fd\u4ee5\u201c1\u201d\u7684\u6c34\u5e73\u5f00\u59cb\uff0c\u90a3\u4e48\u52302019\u5e74\uff0c\u7f8e\u56fd\u7684\u98ce\u9669\u8d44\u672c\u6570\u91cf\u589e\u957f\u4e864.5\u500d\uff0c\u800c\u6fb3\u5927\u5229\u4e9a\u51e0\u4e4e\u6ca1\u6709\u589e\u957f1\u500d\u3002<\/p>\n<p>Gilbey\u535a\u58eb\u8868\u793a\uff0c\u4e0b\u4e00\u4e2a\u7814\u7a76\u76ee\u6807\u662f\u66f4\u4ed4\u7ec6\u5730\u7814\u7a76\u516c\u53f8\u9000\u5e02\u7684\u539f\u56e0\u3002<\/p>\n<p>Gilbey\u535a\u58eb\u7684\u7814\u7a76\u5f97\u5230\u4e86\u52a0\u5dde\u5927\u5b66\u4f2f\u514b\u5229\u5206\u6821\u54c8\u65af\u5546\u5b66\u9662 (Haas School of Business) \u540d\u8a89\u6559\u6388Terry Marsh\u3001Quantal\u516c\u53f8\u9996\u5e2d\u6267\u884c\u5b98\u4ee5\u53ca\u897f\u6fb3\u5927\u5b66\u5546\u5b66\u9662Sharon Purchase\u7684\u534f\u52a9\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u4e00\u9879\u5bf9\u6fb3\u5927\u5229\u4e9a\u548c\u7f8e\u56fd\u5386\u53f2\u80a1\u7968\u5e02\u573a\u6570\u636e\u7684\u72ec\u7279\u7814\u7a76\uff0c\u4e3a\u6fb3\u5927\u5229\u4e9a\u9996\u6b21\u516c\u5f00\u52df\u80a1 (IPO) \u548c\u7f8e\u56fd\u98ce\u9669\u6295\u8d44 (Venture Capital) \u673a\u4f1a\u7684\u6295\u8d44\u4ef7\u503c\u63d0\u4f9b\u4e86\u4e00\u4e9b\u6709\u8da3\u7684\u89c1\u89e3\u3002 \u8fd9\u9879\u65b0\u7684\u8c03\u67e5\u7814\u7a76\u4e86\u5386\u53f2\u6570\u636e\uff0c\u4ee5\u8bc4\u4f30\u6295\u8d44\u4e8e\u672c\u5730\u548c\u7f8e\u56fdIPO\u7684\u6536\u76ca\u6216\u635f\u5931\u3002 \u7531Kylie Gilbey\u535a\u58eb\u7b49\u4eba\u64b0\u5199\u7684\u8bba\u6587\u00a0\u201cASX small firm\/microcap listings: the IPO \u2018Pop\u2019 and two decades of subsequent returns\u201d\u00a0\u4ed4\u7ec6\u7814\u7a76\u4e861999\u5e74\u81f32019\u5e74\u6240\u6709\u53ef\u7528\u7684ASX (de)\/\u4e0a\u5e02IPO\u7684IPO\u6298\u6263\u548c\u5e73\u5747\u56de\u62a5\u7b49\u4e3b\u9898\u3002 \u884c\u4e1a\u4e1a\u7ee9\u53ca\u9000\u5e02\u56e0\u7d20 \u6765\u81ea\u897f\u6fb3\u5927\u5b66 (University of Western Australia) \u5546\u5b66\u9662\u7684Gilbey\u535a\u58eb\u544a\u8bc9Small Caps\uff0c\u5979\u7684\u8bba\u6587\u8fd8\u6bd4\u8f83\u4e86IPO\u7684\u56de\u62a5\uff0c\u5305\u62ecIPO\u89c4\u6a21\u3001\u884c\u4e1a\u90e8\u95e8\u548c\u56fd\u5bb6\u53d1\u884c\u3002 \u503c\u5f97\u6ce8\u610f\u7684\u662f\uff0c\u5979\u53d1\u73b0\u5c0f\u578b\u77ff\u4e1a\u516c\u53f8\u7684IPO\u8868\u73b0\u4f18\u4e8e\u5c0f\u578b\u79d1\u6280\u516c\u53f8\uff0c\u4e24\u8005\u7684\u8868\u73b0\u90fd\u9886\u5148\u4e8e\u80fd\u6e90\u516c\u53f8\u3002 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