iPO stands for initial public offerings (initial public offering of stocks, or listing of new stocks). "IPO" means listing of new stocks.

Unlisted enterprises can expand the entrepreneur's assets through stock listing. When the stocks are sold, a profit can be obtained to expand reproduction.

The background of the sharp increase in IPOs in the United States is the spirit of entrepreneurship, venture capital, accounting and law firms, and investment bankers. They provide venture enterprises with development capital, finance, taxation, legal and other business and operating regulations, as well as personnel management services, forming a series of

A complete IPO system.

These stocks participate in the entire process from the establishment of venture enterprises to the public listing of stock prices, forming the IPO industry.

According to the survey data of "Nikko Research Center", the growth of venture companies in the United States generally goes through three stages.

At the beginning of the establishment of a venture enterprise, "angels" (individual investors) will first invest in research and development for 1 to 2 years; after the venture enterprise has been running for 2 to 5 years, when the products leave the factory, venture capital will invest; after the product sales,

If the investment company wants to expand production, it can raise a large amount of capital through IPO.

Can this process be completed as quickly as possible?

Can ventures succeed?

The key depends on the entrepreneurial spirit and the support of the IPO industry.

Compared with the United States, our country is still very lacking in these aspects.

First, full of entrepreneurial spirit.

Americans will not let the huge organizations of bureaucracy and large companies hinder their future. Many of them soon become entrepreneurs after entering large organizations or large companies.

The American ideal is that if you want to be an entrepreneur, you must achieve results as an entrepreneur.

Second, venture capital, accounting and law firms, and investment bankers dig out and discover risky companies and work hard to support IPOs.

In the United States, Angel makes initial investments in companies. Venture capital not only invests in companies, but also participates in business operations, sales plans, financial strategies and talent recruitment.

Accounting and law firms in the United States also participate in the IPO operations of venture companies. In addition to charging a certain service fee, they also charge a certain consulting fee.

Service fees are generally very cheap.

In the United States, not only do big investment bankers like Merrill Lynch own many large venture companies in high-tech, biotechnology, electronic communications, and the Internet, but some small and medium-sized investment bankers also have more than a thousand investors in venture companies.

Some even have a waiting list of companies.

These investment bankers search for risky companies across the United States and work hard to develop them into listed companies.

In our country, the situation is very different. It is difficult to find an "angel" for a risky technology. Even if there is one, it is a state-owned enterprise or a state-owned research institution, although sometimes the government provides certain subsidies.

Venture capital and accounting law firms are almost not involved in IPO operations. They only have relationships with companies when they start to be established or apply for listing, or when they encounter legal disputes.

The investment philosophy of my country's venture capital is short-term and pays little attention to the growth of enterprises. This can be reflected from the phenomena of "fund insiders" and "illegal stock speculation" on the A stock market.

Our country's investment funds are still very imperfect. Until now, the Trust Law and the Investment Fund Law have not been promulgated. On the one hand, a large number of retail investors are conducting irrational speculation in an asymmetric technology and information environment; on the other hand, investment funds

The small quantity and small scale make it difficult to meet the investment needs of investors.

There are even fewer investment bankers in our country. The investment philosophy of Chinese people is that it is difficult to entrust their money to others for management. This is related to the lack of fiduciary responsibility and restraint.

In the United States, investment bankers go everywhere to collect venture companies and train them for IPOs. However, in my country, investment bankers are only hired for "listing packaging" when venture companies go public.

Under such circumstances, it is quite expensive for venture companies to pay accounting and legal firms, securities firms, investment bankers, etc., especially since the rent-seeking fees are much higher than the service fees.

In order to establish my country's GEM market, what is urgently needed now is to establish an entrepreneurial spirit and cultivate venture talents; to establish my country's own IPO mechanisms such as "venture capital, accounting and law firms, and investment bankers" to form its own IPO industry.

We know that the high risks of risky enterprises come from three aspects: technology, market and management.

Due to the asymmetry of technology and information, small and medium-sized investors directly invest in risky enterprises, and it is difficult to resist market risks.

Therefore, it is necessary to cultivate a large number of institutional investors, for example, to establish various specialized high-tech investment funds, such as Internet stock investment funds, new material stock investment funds, bioengineering stock investment funds, etc., and these investment funds will conduct venture investments.

Due to the large scale of investment, investment funds objectively need to cultivate a group of experts to conduct in-depth research and planning on the companies they invest in. The strong strength of investment funds is also likely to cultivate a large number of higher-level experts, and these high-level experts will judge and select IPOs.

Enterprises can make rational investments.

After various investment funds hold shares of risky companies for a certain number of years, they are allowed to be circulated and transferred on the stock market to realize the exit of investment funds.

In this way, on the basis of expert financial management, we will gradually form our own IPO system and industry.