Page 31 - CCFA Journal - Sixth Issue

Market 市场分析
加中金融

State of the Public Markets

公募一级市场的现状

【作者】Randee Pavalow 律师专门研究与交易所，交易商和资本获取有关的证券法律和政策问题，现
为 CC Corporate Counsel 的特邀法律顾问。她还担任有关金融科技和资本市场问题的法律提案的独立顾
问。她现在是加拿大安大略省证券委员会金融技术咨询委员会的成员。

An important part of the capital markets is the raising of capital for companies to establish and grow businesses. The health of the
public markets depends upon many factors and is constantly facing challenges. This article discusses some of the current challenges.
From 2000 – 2020, there is evidence of decreasing numbers of publicly listed companies. The number dropped from about 5,500 to
1
4,000 in the United States . The number of IPOs in the U.S. has also gone down sharply. In Canada, while the number of listed
companies has remained stable (approximate 1500 listed entities); the number of listed companies that are operating companies
2
decreased from 1515 in 2005 to 789 in 2019 (48 % decline) . The remaining listed companies have been exchange traded funds (ETFs).
3
The number of IPOs on the TSX also decreased between 1993 – 2000 from an average of 41 IPOs to below 14 after 2000 .
The reasons for decreasing public companies include:

1. Decreasing benefits and increasing costs,
2. Expanding opportunities in the private markets, and
3. Pricing issues related to initial public offerings (IPOs).

Decreasing Benefits and Increasing Costs
The benefits of having a public listing have decreased for many companies. This is particularly true for small and midcap companies
which are having a harder time establishing and maintaining liquidity. The U.S. data shows that between 2000 and 2010, fifteen
percent of IPOs were under $50 million, but that number was only 5 percent between 2011 and 2020 . Also, the compliance costs of
4
being a public company were increasing due to additional auditing, governance, cybersecurity and other requirements.

资本市场的一个重要作用是为公司建立和发展业务筹集资金。公共市场的健康取决于许多因素，并不断面临挑战。此篇我
们来讨论一下当前的一些挑战。

从 2000 年到 2020 年，有证据表明上市公司的数量在减少。在美国，这一数字从 5500 降至 4000。美国的 ipo 数量也大幅
下降。在加拿大，上市公司的数量保持稳定(大约 1500 个上市实体); 以运营公司为主体的上市公司数量从 2005 年的 1515
家减少到 2019 年的 789 家(减少 48%)。其余的上市公司则是交易所的指数基金(etf)。多伦多证券交易所的 ipo 数量也从
1993 年至 2000 年的平均 41 宗减少到 2000 年后的 14 宗以下。

上市公司减少的原因包括:

1. 收益减少，成本增加
2. 私募市场的机会不断放
3. IPO 的定价问题

收益减少及成本增加

对许多公司来说，上市的好处已经减少了。对于中小型企业来说尤其如此，因为它们很难建立和保持流动性。美国的数据
显示，2000 年至 2010 年间，15%的 ipo 资金不足 5,000 万美元，而 2011 年至 2020 年间，这一数字仅为 5%。此外，由于
额外的审计、治理、网络安全和其他要求，上市公司的合规成本也在增加。

1 Vartika Gupta, Tim Koller and Peter Stumpner (McKinsey & Company) , “Reports of corporates’ demise have been greatly exaggerated”
(October 21, 2021)
2 Bryce C. Tingle, and J. Ari Pandes, Reversing the Decline of Canadian Public Markets ( University of Calgary School of Public Policy Publications,
April 2021).
3 Id.
4 Gupta, Koller and Stumpner, id.

CCFA JOURNAL OF FINANCE February 2022
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