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*Chapter 9

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(Angel Investors) *

(Venture Capital Firms) (Limited Partner) (General Partner) 199820061600 *

(Institutional Investors) (Pension Funds)(Endowment Funds) *

(Corporate Investors) *

*

200320020052005000.4A20051.550AA *

5001.575090.9%A501.5759.1%550825100%

75090.9%750(Pre-Money Valuation)825(Post-Money Valuation) *

200620072008604075

20087.6 *

2005A501.5752006B602.51502007C406.42562008D757.6570

*

(Initial Public Offering) (Initial Public Offering, IPO) IPO IPO(Best-Effort)(Firm Commitment)(Auction) *

(Primary Offering)(Secondary Offering)IPOIPO*

(Best-Effort) IPO(Underwriter) IPOIPO IPO IPOIPO IPOIPO*

(Firm Commitment) IPO IPO(Offer Price) IPO *

(Auction) IPO IPO200

9 *

()1020209.51001209802008.51203208105425

IPO IPO(Syndicate) (Leader Underwriter)IPO

IPO

*

IPO E.g.A4,000200AIPOA *

IPO

A500A19.82003,960A7.92(=3,960/500) AA1.074,0004,2808.56(4,280/500) A7~9 *

(P/E Ratio)B16.81.5C22.40.8D20.20.919.81.07

IPO(Road Show)IPO *

(Seasoned Security Offering) (Private Placement) *

(SEO)IPO(Seasoned Security OfferingSEO) IPO (Cash Offer) (Rights Offer)

*

*

SEO SEO *

(Private Placement) *

(Indenture)(Sinking Funds)

*

(Face Value)1,00010 (Bearer Bonds) (Registered Bonds)

*

(Bond Certificate)

*

(Unsecured Debt) (Secured Debt) *

(Mortgage Bonds)()(Debentures)(Asset-backed Bonds)()

(Seniority) (Subordinated Debenture)(Senior Debt)

*

(Protective Covenant) (Positive Covenant)(Negative Covenant) *

MoodysStandard & Poors MoodysStandard and Poors *

(Investment Grade Debt) *

MoodysS&Ps

AaaAAAAaAAAAAAAAAAABaaBBB

(Junk Bonds) *

BaBBBBCaaCCCCaCCCC, DD

MoodysS&Ps

BBBa(High-Yield Bonds)(Speculative Bonds)

*

*