关于特殊目的收购公司上市首次公开募股介绍简介概述有关的外文文献翻译成品：企业上市的路径选择：借壳上市还是IPO？（中英文双语对照）.docx

此文档是毕业设计外文翻译成品（ 含英文原文+中文翻译），无需调整复杂的格式！下载之后直接可用，方便快捷！本文价格不贵,也就几十块钱！一辈子也就一次的事！ 文献出处:Philip Brown，Andrew Ferguson，Peter Lam SSRN Electronic Journal · July 2020(如觉得年份太老，可改为近2年，毕竟很多毕业生都这样做) 英文4922单词，30737字符(字符就是印刷符)，中文7865汉字。（如果字数多了，可自行删减，大多数学校都是要求选取外文的一部分内容进行翻译的。） Choice between Alternative Routes to Go Public: Backdoor Listing versus IPO 1.Introduction Going public is the dream of many private companies. It represents a major milestone in the development of a firm. The listing status brings a lot of advantages to a firm. Some of these advantages include (1) access to capital markets and lower cost of capital; (2) enhanced company reputation and profile; (3) providing liquidity for owners to cash out; and (4) use of stock to pay for acquisitions, among others. However, going public is also a costly process. The out-of-pocket costs for an IPO typically involve fees paid for investment banks, accountants, auditors, lawyers, other experts, underwriters and brokers. The IPO firm will also have to pay for the printing of a prospectus and listing fees and other compliance costs. Other hidden costs entail underpricing, more stringent disclosure and regulatory requirements and the time spent by senior management in preparing the company for public listing. Traditionally, going public via an IPO has been the predominant path for a private firm to obtain a listing status on a stock exchange. However, alternative routes for going public are also available. These include reverse takeover (RTO) or reverse merger (RM) and sell-out to a publicly-listed firm. The two alternatives are similar in the sense that both involve a publicly- listed company taking over a privately-owned firm. The major difference between the two lies in the ultimate control of the combined entity. In RTOs (or RMs), the private firm shareholders will have control whereas in the case of sell-outs, the public firm shareholders will still retain control. Because of the unique features of the RTO (or RM) transact