{"id":3814,"date":"2021-02-04T21:31:07","date_gmt":"2021-02-04T21:31:07","guid":{"rendered":"https:\/\/new.marcdeschenaux.com\/?p=3814"},"modified":"2023-04-16T22:24:18","modified_gmt":"2023-04-16T22:24:18","slug":"participatory-foster","status":"publish","type":"post","link":"https:\/\/marc.deschenaux.com\/cn\/essays\/participatory-foster\/","title":{"rendered":"\u53c2\u4e0e\u5f0f\u5bc4\u517b"},"content":{"rendered":"<div data-elementor-type=\"wp-post\" data-elementor-id=\"3814\" class=\"elementor elementor-3814\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4590c14 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4590c14\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4e710e9\" data-id=\"4e710e9\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-034d78c elementor-widget elementor-widget-heading\" data-id=\"034d78c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">\u53c2\u4e0e\u5f0f\u5bc4\u517b<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9f25a99 elementor-widget elementor-widget-heading\" data-id=\"9f25a99\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Manouk DER STEPANIAN \u5bf9\u539f\u59cb FOSTER \u5de5\u827a\u7684\u53d8\u4f53 <\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5eeeb3d elementor-widget elementor-widget-heading\" data-id=\"5eeeb3d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">\u6709\u95ee\u9898\u7684\uff1a<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a8ab0d4 elementor-widget elementor-widget-text-editor\" data-id=\"a8ab0d4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>\u63d0\u9ad8\u5927\u578b IPO\uff08\u9996\u6b21\u516c\u5f00\u52df\u80a1\uff09\u7684\u9884\u7b97\u901a\u5e38\u5f88\u56f0\u96be\uff0c\u751a\u81f3\u4e0d\u53ef\u80fd\u3002\u9664\u4e86\u5de8\u5927\u7684\u6210\u672c\u5916\uff0c\u5b83\u8fd8\u5784\u65ad\u4e86\u516c\u53f8\u5f88\u5927\u4e00\u90e8\u5206\u8d44\u6e90\u548c\u7ba1\u7406\u5c42\u7684\u6ce8\u610f\u529b\u3002\u8fd9\u5c31\u662f\u4e3a\u4ec0\u4e48\u5728 IPO \u8fc7\u7a0b\u4e2d\uff0c\u516c\u53f8\u7684\u4e1a\u7ee9\u53d7\u5230\u4e25\u91cd\u5f71\u54cd\u7684\u60c5\u51b5\u5e76\u4e0d\u5c11\u89c1\u3002\u56e0\u6b64\uff0c\u5982\u679c\u53ea\u662f\u4e3a\u4e86\u62b5\u6d88 IPO \u8fc7\u7a0b\u7684\u52aa\u529b\u5bfc\u81f4\u7684\u9500\u552e\u4e1a\u7ee9\u4e0d\u4f73\uff0c\u5c31\u9700\u8981\u989d\u5916\u7684\u8d44\u91d1\u3002<\/p><p>\u53e6\u4e00\u65b9\u9762\uff0c\u5728 IPO \u7684\u603b\u6210\u672c\u4e2d\uff0c\u9002\u5f53\u533a\u5206\u672a\u6765\u53d1\u884c\u80a1\u7968\u7684\u516c\u53f8\u5728 IPO \u4ea4\u6613\u8fc7\u7a0b\u4e4b\u524d\u5fc5\u987b\u627f\u62c5\u7684\u6210\u672c\uff0c\u79f0\u4e3a\u201c\u524d\u671f\u201d\u6216\u201c\u9884\u73b0\u91d1\u201d\uff08\u8d39\u7528\u5f8b\u5e08\uff0c\u2026\u2026\uff09\uff0c\u4ee5\u53ca\u90a3\u4e9b\u5c06\u5728 IPO \u7ed3\u675f\u65f6\u7531\u52df\u96c6\u8d44\u91d1\u652f\u6301\u7684\u4eba\uff0c\u201c\u73b0\u91d1\u540e\u201d\uff08\u7ecf\u7eaa\u4eba\u6216\u6295\u8d44\u94f6\u884c\u7684\u4f63\u91d1\uff0c\u2026\u2026\uff09\u3002<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c6b7e23 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"c6b7e23\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b885037 elementor-widget elementor-widget-heading\" data-id=\"b885037\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">\u89e3\u51b3\u65b9\u6848<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5b80489 elementor-widget elementor-widget-text-editor\" data-id=\"5b80489\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>\u8fd9\u5c31\u662f\u4e3a\u4ec0\u4e48\u6211\u53d1\u660e\u4e86\u540d\u4e3a\u201cFOSTER\u201d\u7684\u7ec4\u5408\u3002<br \/>\u539f\u7406\u5f88\u7b80\u5355\uff1a<\/p><ol><li style=\"list-style-type: none;\"><ol><li>\u4e00\u5bb6 IPO \u5b75\u5316\u5668\u516c\u53f8\u5728\u7f8e\u56fd\u7279\u62c9\u534e\u5dde\u6ce8\u518c\u6210\u7acb\u3002\u51fa\u4e8e\u6211\u4eec\u7684\u76ee\u7684\uff0c\u6211\u4eec\u5c06\u5176\u79f0\u4e3a\u201c\u5b75\u5316\u5668\u201d\u3002\u5b83\u662f\u4e00\u5bb6\u4f20\u7edf\u7684\u91d1\u878d\u516c\u53f8\uff0c\u6839\u636e\u5176\u7ed3\u6784\uff0c\u53ef\u80fd\u9700\u8981\u4e5f\u53ef\u80fd\u4e0d\u9700\u8981\u4f5c\u4e3a 1940 \u5e74\u6295\u8d44\u516c\u53f8\u6cd5\u7684\u4e3b\u4f53\u5728 SEC\uff08\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a\uff09\u6ce8\u518c\u3002<\/li><li>\u4e00\u5bb6\u7279\u79cd\u8f66\u8f86\u516c\u53f8\u5728\u7f8e\u56fd\u7279\u62c9\u534e\u5dde\u6210\u7acb\u3002\u51fa\u4e8e\u6211\u4eec\u7684\u76ee\u7684\uff0c\u6211\u4eec\u5c06\u5176\u79f0\u4e3a\u201cSPV\u201d\uff08\u7279\u6b8a\u7528\u9014\u8f66\u8f86\uff09\u3002\u5b83\u662f\u4e00\u5bb6\u53ef\u4ee5\u770b\u4f5c\u662f\u63a7\u80a1\u516c\u53f8\u7684\u5de5\u5546\u516c\u53f8\uff0c\u4f46\u662f\u6211\u4eec\u653e\u5f03\u4e86\u8fd9\u4e2a\u8bcd\uff0c\u56e0\u4e3a\u5f53\u4e0a\u5e02\u516c\u53f8\u88ab\u5e02\u573a\u8ba4\u4e3a\u662f\u201c\u63a7\u80a1\u201d\u65f6\uff0c\u5b83\u4f1a\u5bfc\u81f4\u4e25\u91cd\u8d2c\u503c\u3002<\/li><li>\u5728 SPV \u4e2d\uff0c\u5bfb\u6c42 IPO \u878d\u8d44\u7684\u516c\u53f8\u6216\u96c6\u56e2\u7684\u6240\u6709\u8d44\u4ea7\u5e94\u5408\u5e76\u5728\u4e00\u8d77\u3002\u5c3d\u7ba1\u8fd9\u4e0d\u662f\u7edd\u5bf9\u7684\u4e49\u52a1\uff0c\u4f8b\u5982\uff0c\u5f53\u4e00\u4e2a\u77e5\u540d\u96c6\u56e2\u7684\u5b50\u516c\u53f8\u5168\u90e8\u6216\u90e8\u5206\u4f7f\u7528\u5176\u540d\u79f0\u65f6\uff0c\u4f8b\u5982\uff1a<br \/>BOUYGUES Telecom \u6216 PEUGEOT Leasing\uff0c\u672a\u6765\u7684 SPV \u53d1\u884c\u4eba\u6709\u5fc5\u8981\u5728\u5e02\u573a\u9762\u524d\u4fdd\u6301\u8d22\u52a1\u3001\u5546\u4e1a\u548c\u5404\u4e2a\u65b9\u9762\u7684\u53ef\u4fe1\u5ea6\u3002<br \/>\u8fd9\u4e2a\u95ee\u9898\u5fc5\u987b\u9010\u6848\u7814\u7a76\u3002<\/li><li>DHP (Deschenaux, Hornblower &amp; Partners) \u4e3a\u5b75\u5316\u5668\u51c6\u5907\u4e86\u4e00\u4efd\u201cA + \u6761\u4f8b\u201d\u62ab\u9732\u6587\u4ef6\u3002\u7531\u4e8e\u6b64\u6587\u6863\u4e00\u6b21\u53c8\u4e00\u6b21\u975e\u5e38\u76f8\u4f3c\uff0c\u56e0\u6b64\u6b64\u64cd\u4f5c\u7684\u6210\u672c\u5e94\u8be5\u4f1a\u968f\u7740\u65f6\u95f4\u7684\u63a8\u79fb\u800c\u663e\u7740\u964d\u4f4e\u3002\u672c\u62ab\u9732\u6587\u4ef6\u5411\u6295\u8d44\u8005\u58f0\u660e\uff0c\u5b75\u5316\u5668\u662f\u4e00\u5bb6\u6295\u8d44\u516c\u53f8\uff0c\u4e3a\u4efb\u4f55\u89c4\u6a21\u7684\u9996\u6b21\u516c\u5f00\u52df\u80a1\u63d0\u4f9b\u8d44\u91d1\uff0c\u5728\u9996\u6b21\u516c\u5f00\u52df\u80a1\u4e4b\u524d\u7684\u8d44\u672c\u4efd\u989d\u548c\u9996\u6b21\u516c\u5f00\u52df\u80a1\u540e\u5e94\u4ed8\u7684\u52df\u96c6\u8d44\u91d1\u7684\u6309\u6bd4\u4f8b\u4efd\u989d\u3002\u672c\u6587\u4ef6\u4e3a\u6295\u8d44\u8005\u63d0\u4f9b\u4e86\u4e09\u79cd\u9000\u51fa\u6295\u8d44\u7684\u65b9\u5f0f\uff1a<ul><li>\u5979\/\u4ed6\u5728\u9996\u6b21\u516c\u5f00\u52df\u80a1\u65f6\u51fa\u552e\u4ed6\/\u5979\u7684\u5b75\u5316\u5668\u80a1\u4efd\uff1b<\/li><li>\u5728\u5b75\u5316\u5668 IPO \u4e4b\u540e\u548c SPV IPO \u6d41\u7a0b\u5f00\u59cb\u4e4b\u524d\uff0c\u5979\/\u4ed6\u5c06\u5979\/\u4ed6\u7684\u5b75\u5316\u5668\u64cd\u4f5c\u8f6c\u6362\u4e3a SPV \u64cd\u4f5c\uff1b<\/li><li>\u5b75\u5316\u5668\u5728\uff08\u5176\uff09\u5b75\u5316\u5668 IPO \u540e\u56de\u8d2d\u5979\/\u4ed6\u7684\u80a1\u4efd\u3002<\/li><\/ul><\/li><li>\u5b75\u5316\u5668\u5411\u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a\u7533\u8bf7\u6ce8\u518c\u5e76\u5728\u7f8e\u56fd\u80a1\u7968\u5e02\u573a\u4e0a\u5e02\u3002<\/li><li>SEC \u5ba1\u67e5\u8be5\u6587\u4ef6\u5e76\u5c06\u5176\u8bc4\u8bba\u3001\u95ee\u9898\u548c\u53ef\u80fd\u7684\u53cd\u5bf9\u610f\u89c1\u53d1\u9001\u7ed9\u5b75\u5316\u5668\u3002<\/li><li>\u4e0e\u6b64\u540c\u65f6\uff0c\u5b75\u5316\u5668\u4e0e\u53d1\u884c\u5176\u80a1\u7968\u7684\u6295\u884c\u6216\u6295\u884c\u8d22\u56e2\u6b63\u5728\u4e3e\u884c\u8def\u6f14\uff0c\u5728\u5e02\u573a\u4e0a\u63a8\u4ecb\u80a1\u7968\uff0c\u6536\u96c6\u5b75\u5316\u5668\u80a1\u7968\u201c\u8ba2\u5355\u201d\u3002\u5728\u6b64\u671f\u95f4\uff0c\u6cd5\u5f8b\u4e0a\u4e0d\u5141\u8bb8\u6bcf\u4e2a\u5e02\u573a\u53c2\u4e0e\u8005\u8d2d\u4e70\u80a1\u7968\uff0c\u4ed6\/\u5979\u53ea\u80fd\u8868\u8fbe\u5979\/\u4ed6\u7684\u5174\u8da3\u5e76\u91cf\u5316\u4ed6\/\u4ed6\u613f\u610f\u6295\u8d44\u7684\u91d1\u989d\u3002\u5b9e\u9645\u4e0a\uff0c\u8868\u793a\u5bf9\u4e00\u5b9a\u6570\u91cf\u7684\u80a1\u7968\u611f\u5174\u8da3\u7136\u540e\u9000\u51fa\u7684\u4e70\u5bb6\u5c06\u5931\u53bb\u5e02\u573a\u4e0a\u7684\u4efb\u4f55\u4fe1\u8a89\uff0c\u5e76\u4e14\u65e0\u6cd5\u7ee7\u7eed\u8fdb\u884c\u5176\u4ed6 IPO \u4ea4\u6613\u3002<\/li><li>\u5728\u6b64\u8fc7\u7a0b\u7ed3\u675f\u65f6\uff08\u4e0a\u8ff0\u7b2c 5 \u70b9\u81f3\u7b2c 7 \u70b9\uff09\uff0c\u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a\u53cd\u590d\u6388\u4e88\u5b75\u5316\u5668\u7684\u6cd5\u5b66\u5bb6\u62a5\u4ef7\u6388\u6743\u3002<\/li><li>\u5b75\u5316\u5668\u56e0\u6b64\u53ef\u4ee5\u5728\u7f8e\u56fd\u80a1\u7968\u5e02\u573a\u6ce8\u518c\uff0c\u4f8b\u5982\u7eb3\u65af\u8fbe\u514b\u3002<\/li><li>\u5728\u6781\u5c11\u6570\u591a\u6b21\u4e0a\u5e02\u7684\u60c5\u51b5\u4e0b\uff0c\u5b75\u5316\u5668\u4e5f\u53ef\u80fd\u5728\u5916\u56fd\u8bc1\u5238\u4ea4\u6613\u6240\u6ce8\u518c\u3002<\/li><li>\u5b75\u5316\u5668\u6572\u54cd\u4e86\u7eb3\u65af\u8fbe\u514b\u7684\u949f\u58f0\u5e76\u8fdb\u884c\u4e86\u9996\u6b21\u516c\u5f00\u52df\u80a1\u3002<\/li><li>\u7b79\u96c6\u8d44\u91d1\u540e\uff0c\u6839\u636e Reg A + \u62ab\u9732\u6587\u4ef6\u89c4\u5b9a\u7684\u4ea7\u54c1\u7528\u9014\uff0c\u5b75\u5316\u5668\u81f3\u5c11\u652f\u4ed8\u4ee5\u4e0b\u6b3e\u9879\uff1a<ul><li>\u5982\u679c\u5728\u8d44\u91d1\u8fd4\u56de\u5b75\u5316\u5668\u4e4b\u524d\u6ca1\u6709\u6263\u9664\uff0c\u5219\u5411\u6295\u8d44\u94f6\u884c\u7684\u8d26\u6237\u652f\u4ed8\u7ecf\u7eaa\u4f63\u91d1\u3002<\/li><li>\u652f\u4ed8\u7ed9 SPV \u8d26\u6237\u4ee5\u786e\u4fdd SPV \u8d44\u91d1\u5b89\u5168\u3002<\/li><li>\u5411\u5f8b\u5e08\u8d26\u6237\u652f\u4ed8 SPV \u7684 IPO \u8d39\u7528\u548c\u5f00\u652f\u3002<\/li><li>\u6309\u89c4\u5b9a\u7a0b\u5e8f\u5411\u5f8b\u5e08\u8d26\u6237\u652f\u4ed8\u6210\u529f\u5956\u91d1\u3002<\/li><li>\u652f\u4ed8\u7ed9\u5b75\u5316\u5668 IPO \u7684\u878d\u8d44\u4eba\u3002<\/li><\/ul><\/li><li>SPV \u4ece\u5b75\u5316\u5668\u83b7\u5f97\u6267\u884c\u5176 IPO \u6240\u9700\u7684\u9884\u7b97\u3002<\/li><li>DHP (Deschenaux, Hornblower &amp; Partners)\uff0cSPV \u7684\u5f8b\u5e08\u56e2\u961f\u6b63\u5728\u4e3a\u5b75\u5316\u5668\u8d77\u8349\u4e00\u4efd\u201cS-1 \u6761\u4f8b\u201d\u62ab\u9732\u6587\u4ef6\u3002<\/li><li>DHP (Deschenaux, Hornblower &amp; Partners) \u6b63\u5728 SEC \u51c6\u5907 S-1 \u8868\u683c\u4e2d\u7684 SPV \u6ce8\u518c\u6587\u4ef6\u548c\u5c3d\u804c\u8c03\u67e5\u6587\u4ef6\u3002\u8fd9\u6bd4\u4e3a\u5b75\u5316\u5668\u51c6\u5907\u7684Reg A+\u8868\u683c\u8981\u957f\u5f97\u591a\u3002\u9700\u8981\u6ce8\u610f\u7684\u662f\uff0cReg A+\u8868\u683c\u662f\u4e00\u79cd\u7b80\u77ed\u7684\u8868\u683c\uff0c\u56e0\u4e3a\u5b83\u5bfb\u6c42\u90e8\u5206\u514d\u4e8e\u6ce8\u518c\uff0c\u800cS-1\u8868\u683c\u662f\u5b8c\u6574\u7684\u8bb0\u5f55\uff0c\u5305\u62ec\u53d1\u884c\u4eba\u5728\u8fc7\u53bb\u4e94\u5e74\u6216\u5341\u5e74\u5185\u8fdb\u884c\u7684\u6240\u6709\u91cd\u5927\u4ea4\u6613\uff0c\u6839\u636e\u60c5\u51b5\u3002\u53d1\u884c\u4eba\u5728\u5b8c\u6210\u4e24\u4e2a\u5b8c\u6574\u7684\u4f1a\u8ba1\u5e74\u5ea6\u5e76\u5b8c\u6210\u591a\u9879\u8d22\u52a1\u6761\u4ef6\u4e4b\u524d\uff0c\u4e0d\u80fd\u5f00\u59cb\u6b64\u5b8c\u6574\u7684\u6ce8\u518c\u8fc7\u7a0b\u3002<\/li><li>\u672c\u6587\u4ef6\u4e3a\u6295\u8d44\u8005\u63d0\u4f9b\u4e86\u4e09\u79cd\u9000\u51fa\u6295\u8d44\u7684\u65b9\u5f0f\uff1a<ul><li>\u5979\/\u4ed6\u5728 IPO \u65f6\u51fa\u552e\u5979\/\u4ed6\u7684 SPV \u80a1\u4efd\uff1b<\/li><li>\u4efb\u4e00 SPV \u5728\uff08\u5176\uff09\u5b75\u5316\u5668 IPO \u540e\u56de\u8d2d\uff08\u5176\uff09\u5979\uff08\u4ed6\uff09\u7684\u80a1\u4efd\u3002<\/li><li>\u6700\u540e\uff0c\u5979\/\u4ed6\u4e0d\u60f3\u79bb\u5f00\uff0c\u800c\u662f\u901a\u8fc7\u4e13\u6ce8\u4e8e\u5979\/\u4ed6\u7684\u6d3b\u52a8\u6765\u4fdd\u6301 SPV \u7684\u80a1\u4e1c\u8eab\u4efd\u3002<\/li><\/ul><\/li><li>SPV \u5411\u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a\u63d0\u4ea4\u6587\u4ef6\uff0c\u4ee5\u4fbf\u80fd\u591f\u5728\u90a3\u91cc\u6ce8\u518c\u5e76\u83b7\u5f97\u5176\u80a1\u7968\u5728\u7f8e\u56fd\u80a1\u7968\u5e02\u573a\u7684\u4e0a\u5e02\u3002<\/li><li>SEC \u5ba1\u67e5\u8be5\u6587\u4ef6\u5e76\u5c06\u5176\u610f\u89c1\u3001\u95ee\u9898\u548c\u53ef\u80fd\u7684\u53cd\u5bf9\u610f\u89c1\u53d1\u9001\u7ed9 SPV\u3002<\/li><li>\u540c\u65f6\uff0cSPV\u4e0e\u53d1\u884c\u5176\u80a1\u7968\u7684\u6295\u8d44\u94f6\u884c\u6216\u6295\u8d44\u94f6\u884c\u8d22\u56e2\u7ec4\u7ec7\u8def\u6f14\uff0c\u4ee5\u4fc3\u8fdb\u5e02\u573a\u5b89\u5168\uff0c\u5e76\u6536\u96c6SPV\u7684\u80a1\u7968\u201c\u8ba2\u5355\u201d\u3002\u5728\u6b64\u671f\u95f4\uff0c\u6cd5\u5f8b\u4e0a\u4e0d\u5141\u8bb8\u6bcf\u4e2a\u5e02\u573a\u53c2\u4e0e\u8005\u8d2d\u4e70\u80a1\u7968\uff0c\u4ed6\/\u5979\u53ea\u80fd\u8868\u8fbe\u5979\/\u4ed6\u7684\u5174\u8da3\u5e76\u91cf\u5316\u4ed6\/\u4ed6\u613f\u610f\u6295\u8d44\u7684\u91d1\u989d\u3002\u5b9e\u9645\u4e0a\uff0c\u8868\u793a\u5bf9\u4e00\u5b9a\u6570\u91cf\u7684\u80a1\u7968\u611f\u5174\u8da3\u7136\u540e\u9000\u51fa\u7684\u4e70\u5bb6\u5c06\u5931\u53bb\u5e02\u573a\u4e0a\u7684\u4efb\u4f55\u4fe1\u8a89\uff0c\u5e76\u4e14\u65e0\u6cd5\u7ee7\u7eed\u8fdb\u884c\u5176\u4ed6 IPO \u4ea4\u6613\u3002<\/li><li>\u5728\u6b64\u8fc7\u7a0b\u7ed3\u675f\u65f6\uff08\u4e0a\u8ff0\u7b2c 17 \u70b9\u81f3\u7b2c 19 \u70b9\uff09\uff0c\u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a\u53cd\u590d\u6388\u4e88\u5b75\u5316\u5668\u7684\u6cd5\u5b66\u5bb6\u62a5\u4ef7\u6388\u6743\u3002<\/li><li>\u5b75\u5316\u5668\u56e0\u6b64\u53ef\u4ee5\u5728\u7f8e\u56fd\u80a1\u7968\u5e02\u573a\u6ce8\u518c\uff0c\u4f8b\u5982\u7eb3\u65af\u8fbe\u514b\u3002<\/li><li>\u5728\u6781\u5c11\u6570\u591a\u6b21\u4e0a\u5e02\u7684\u60c5\u51b5\u4e0b\uff0c\u5b75\u5316\u5668\u4e5f\u53ef\u80fd\u5728\u5916\u56fd\u8bc1\u5238\u4ea4\u6613\u6240\u6ce8\u518c\u3002<\/li><li>\u5b75\u5316\u5668\u6572\u54cd\u4e86\u7eb3\u65af\u8fbe\u514b\u7684\u949f\u58f0\u5e76\u8fdb\u884c\u4e86\u9996\u6b21\u516c\u5f00\u52df\u80a1\u3002<\/li><li>\u4e00\u65e6\u7b79\u96c6\u5230\u8d44\u91d1\uff0c\u6839\u636e Reg A + \u62ab\u9732\u6587\u4ef6\u89c4\u5b9a\u7684\u4ea7\u54c1\u7528\u9014\uff0cSPV \u5c06\u81f3\u5c11\u652f\u4ed8\u4ee5\u4e0b\u6b3e\u9879\uff1a<ul><li>\u5982\u679c\u5728\u5c06\u8d44\u91d1\u6c47\u7ed9 SPV \u4e4b\u524d\u5c1a\u672a\u6263\u9664\uff0c\u5219\u5411\u6295\u8d44\u94f6\u884c\u7684\u8d26\u6237\u652f\u4ed8\u7ecf\u7eaa\u4f63\u91d1\u3002<\/li><li>\u652f\u4ed8\u7ed9 SPV \u7684\u8fd0\u8425\u8d26\u6237\u4ee5\u786e\u4fdd SPV \u8d44\u91d1\u5b89\u5168\u3002<\/li><li>\u5411\u5f8b\u5e08\u8d26\u6237\u652f\u4ed8 SPV \u7684 IPO \u8d39\u7528\u548c\u5f00\u652f\u3002<\/li><li>\u6309\u89c4\u5b9a\u7a0b\u5e8f\u5411\u5f8b\u5e08\u8d26\u6237\u652f\u4ed8\u6210\u529f\u5956\u91d1\u3002<\/li><li>\u652f\u4ed8\u7ed9 SPV\u3001\u5b75\u5316\u5668\u9996\u6b21\u516c\u5f00\u52df\u80a1\u7684\u878d\u8d44\u4eba\u3002<\/li><\/ul><\/li><\/ol><\/li><\/ol>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c955d37 elementor-widget elementor-widget-heading\" data-id=\"c955d37\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">\u7ed3\u8bba\uff1a<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-21dd793 elementor-widget elementor-widget-text-editor\" data-id=\"21dd793\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>FOSTER \u89e3\u51b3\u65b9\u6848\u4f7f\u5b75\u5316\u5668\u7684\u9996\u6b21\u516c\u5f00\u52df\u80a1\u6210\u4e3a\u53ef\u80fd\uff0c\u4f5c\u4e3a\u652f\u6301 SPV \u7684\u5939\u5c42\uff0c\u5e76\u4e3a\u5176\u5927\u89c4\u6a21\u516c\u5f00\u52df\u80a1\u878d\u8d44 200 \u4e07\u7f8e\u5143\u3002<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"<p>PARTICIPATORY FOSTER a variation by Manouk DER STEPANIAN from the original FOSTER process Problematic: It is often difficult, if not even impossible, to raise the budget of a large IPO (Initial Public Offering). In addition to significant costs, it monopolizes a significant portion of the company&#8217;s resources and the management\u2019s attention. That is why it &#8230; <a title=\"\u53c2\u4e0e\u5f0f\u5bc4\u517b\" class=\"read-more\" href=\"https:\/\/marc.deschenaux.com\/cn\/essays\/participatory-foster\/\" aria-label=\"\u9605\u8bfb Participatory Foster\">\u9605\u8bfb\u66f4\u591a<\/a><\/p>","protected":false},"author":1,"featured_media":6483,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"wds_primary_category":47,"footnotes":""},"categories":[47],"tags":[],"class_list":["post-3814","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-essays"],"_links":{"self":[{"href":"https:\/\/marc.deschenaux.com\/cn\/wp-json\/wp\/v2\/posts\/3814","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/marc.deschenaux.com\/cn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/marc.deschenaux.com\/cn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/marc.deschenaux.com\/cn\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/marc.deschenaux.com\/cn\/wp-json\/wp\/v2\/comments?post=3814"}],"version-history":[{"count":0,"href":"https:\/\/marc.deschenaux.com\/cn\/wp-json\/wp\/v2\/posts\/3814\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/marc.deschenaux.com\/cn\/wp-json\/wp\/v2\/media\/6483"}],"wp:attachment":[{"href":"https:\/\/marc.deschenaux.com\/cn\/wp-json\/wp\/v2\/media?parent=3814"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/marc.deschenaux.com\/cn\/wp-json\/wp\/v2\/categories?post=3814"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/marc.deschenaux.com\/cn\/wp-json\/wp\/v2\/tags?post=3814"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}