{"id":7669,"date":"2020-02-25T11:46:14","date_gmt":"2020-02-25T11:46:14","guid":{"rendered":"https:\/\/marc.deschenaux.com\/?p=7669"},"modified":"2023-05-14T18:29:06","modified_gmt":"2023-05-14T18:29:06","slug":"cascading-initial-public-offerings-an-application-of-the-theory-of-wagons","status":"publish","type":"post","link":"https:\/\/marc.deschenaux.com\/cn\/articles\/cascading-initial-public-offerings-an-application-of-the-theory-of-wagons\/","title":{"rendered":"\u7ea7\u8054\u9996\u6b21\u516c\u5f00\u52df\u80a1\u8d27\u8f66\u7406\u8bba\u7684\u5e94\u7528"},"content":{"rendered":"<div data-elementor-type=\"wp-post\" data-elementor-id=\"7669\" class=\"elementor elementor-7669\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-9a270ed elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"9a270ed\" 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-fdd9dc8\" data-id=\"fdd9dc8\" 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-1f5b7b3 elementor-widget elementor-widget-text-editor\" data-id=\"1f5b7b3\" 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<h2>\u6709\u95ee\u9898\u7684\uff1a<\/h2><p>\u901a\u5e38\u5f88\u96be\u63d0\u9ad8 IPO\uff08\u9996\u6b21\u516c\u5f00\u52df\u80a1\uff09\u7684\u9884\u7b97\u3002\u6b64\u5916\uff0c\u4eba\u4eec\u666e\u904d\u8ba4\u4e3a\uff0c\u53ea\u6709\u5728\u516c\u53f8\u9a8c\u8bc1\u5176\u5546\u4e1a\u6a21\u5f0f\u3001\u5177\u6709\u201c\u7275\u5f15\u529b\u201d\u3001\u62e5\u6709\u8ba2\u5355\u7c3f\u540e\uff0c\u624d\u6709\u53ef\u80fd\u8fdb\u884c IPO\u3002<\/p><h2>\u89e3\u51b3\u65b9\u6848<\/h2><p>\u6b63\u5982\u6211\u5728\u4e4b\u524d\u7684\u6587\u7ae0\u201c\u8d35\u516c\u53f8\u662f\u5426\u51c6\u5907\u597d\u8fdb\u884c IPO \u9996\u6b21\u516c\u5f00\u52df\u80a1\uff1f\u201d\u4e2d\u6240\u8ba8\u8bba\u7684\uff0c\u5bf9\u4e8e\u51c6\u5907\u597d\u3001\u613f\u610f\u5e76\u80fd\u591f\u8fdb\u884c IPO \u7684\u516c\u53f8\u800c\u8a00\uff0c\u963b\u788d IPO \u7684\u4e3b\u8981\u969c\u788d\u5982\u4e0b\uff1a<\/p><ol><li>IPO \u7684\u51c6\u5907\u6210\u672c\u9ad8\u5f97\u4ee4\u4eba\u671b\u800c\u5374\u6b65\u3002<\/li><li>\u65e0\u6cd5\u4fdd\u8bc1\u9996\u6b21\u516c\u5f00\u52df\u80a1\u4e00\u5b9a\u4f1a\u6210\u529f\u3002<\/li><li>\u94f6\u884c\u5bb6\u548c\u5176\u4ed6\u5c06\u804c\u4e1a\u751f\u6daf\u7f6e\u4e8e\u5371\u9669\u5883\u5730\u7684\u4e13\u4e1a\u4eba\u58eb\u4e0d\u4f1a\u5728\u4ee5\u4e0b\u60c5\u51b5\u4e0b\u6279\u51c6\u9996\u6b21\u516c\u5f00\u52df\u80a1\uff1a<ul><li>\u9002\u5f53\u7684\u5c3d\u804c\u8c03\u67e5\u786e\u4fdd\u91d1\u878d\u8bc1\u5238\u5e02\u573a\u7684\u5b89\u5168\uff1b<\/li><li>\u5546\u4e1a\u6a21\u5f0f\u7684\u9a8c\u8bc1\uff1b<\/li><li>\u8db3\u591f\u7684\u6536\u5165\u4f7f\u516c\u53f8\u81f3\u5c11\u6709\u6b63\u73b0\u91d1\u6d41\uff0c\u5373\u4f7f\u6ca1\u6709\u76c8\u5229\uff1b<\/li><li>\u5f3a\u52b2\u800c\u7a33\u5b9a\u7684\u589e\u957f\u3002<\/li><\/ul><\/li><\/ol><p>\u6362\u53e5\u8bdd\u8bf4\uff0c\u6beb\u65e0\u7591\u95ee\uff0c\u516c\u53f8\u6b63\u5728\u8d70\u5411\u6210\u529f\u3002<\/p><p>\u6211\u770b\u5230\u8bb8\u591a\u5177\u6709\u9ad8\u76c8\u5229\u6f5c\u529b\u7684\u516c\u53f8\u503c\u5f97\u6295\u8d44\u94f6\u884c\u670d\u52a1\uff0c\u4f46\u7531\u4e8e\u8bc1\u5238\u5206\u914d\u524d\u7684\u6210\u672c\uff0c\u5c24\u5176\u662f\u4e0e\u62ab\u9732\u7684\u51c6\u5907\u548c\u8d77\u8349\u6709\u5173\u7684\u6210\u672c\uff0c\u4ed6\u4eec\u8d1f\u62c5\u4e0d\u8d77\u3002<\/p><h2>\u8d27\u8f66\u7406\u8bba<\/h2><p>\u636e\u6211\u7684\u5bfc\u5e08\u8bf4\uff0c\u7531\u4e8e\u6211\u6ca1\u6709\u627e\u5230\u4efb\u4f55\u76f8\u5173\u4fe1\u606f\u6765\u6e90\uff0c\u970d\u534e\u5fb7\u4f11\u65af\u53d1\u660e\u4e86\u8d27\u8f66\u7406\u8bba\u3002\u6839\u636e\u4f20\u8bf4\uff0c\u4ed6\u5728\u4ed6\u7684\u82b1\u56ed\u91cc\u5b89\u88c5\u4e86\u4e00\u8f86\u5de8\u5927\u7684\u706b\u8f66\uff0c\u5e76\u4e14\u4e0d\u5f97\u4e0d\u653e\u7f6e\u4e0d\u6b62\u4e00\u8f86\u8d27\u8f66\u624d\u80fd\u8ba9\u6210\u7fa4\u7ed3\u961f\u7684\u5ba2\u4eba\u7a7f\u8fc7\u4ed6\u7684\u8d22\u4ea7\u3002\u770b\u5230\u5f7c\u6b64\u76f8\u8fde\u7684\u8d27\u8f66\u6fc0\u53d1\u4e86\u4ed6\u521b\u9020\u4f01\u4e1a\u589e\u957f\u7406\u8bba\u7684\u7075\u611f\u3002<\/p><p>\u4ed6\u8ba4\u4e3a\u706b\u8f66\u5934\u662f\u706b\u8f66\u6700\u91cd\u7684\u90e8\u5206\uff0c\u8c61\u5f81\u7740\u5b83\u7684\u6838\u5fc3\u516c\u53f8\u662f\u4e00\u4e2a\u975e\u5e38\u6210\u719f\u7684\u673a\u6784\u3002\u8d8a\u662f\u8001\u724c\u7684\u4f01\u4e1a\u79bb\u706b\u8f66\u5934\u8d8a\u8fd1\uff0c\u8d8a\u662f\u8001\u724c\u7684\u4f01\u4e1a\u79bb\u706b\u8f66\u5934\u8d8a\u8fdc\u3002\u521d\u521b\u4f01\u4e1a\u4f4d\u4e8e\u706b\u8f66\u7684\u5c3e\u90e8\u3002<\/p><p>\u970d\u534e\u5fb7\u4f11\u65af\u4f7f\u7528\u8fd9\u79cd\u6a21\u5f0f\uff0c\u5229\u7528\u4ed6\u8868\u73b0\u6700\u597d\u7684\u516c\u53f8\u7684\u73b0\u91d1\u6d41\u6765\u8d44\u52a9\u4ed6\u7684\u65b0\u4f01\u4e1a\u3002\u8fdb\u884c\u57fa\u672c\u7684\u91d1\u878d\u6570\u5b66\u5206\u6790\uff0c\u5f88\u660e\u663e\uff0c\u53ea\u6709\u5728\u673a\u8f66\u548c\u5934\u7b49\u8d27\u8f66\u516c\u53f8\u7684\u5229\u6da6\u5f88\u9ad8\u5e76\u4e14\u5bf9\u65b0\u4f01\u4e1a\u7684\u6295\u8d44\u8fdc\u4f4e\u4e8e\u8fd9\u79cd\u76c8\u5229\u80fd\u529b\u65f6\uff0c\u8fd9\u79cd\u7cfb\u7edf\u624d\u80fd\u53d1\u6325\u4f5c\u7528\u3002\u6839\u636e\u6211\u7684\u5bfc\u5e08\u7684\u8bf4\u6cd5\uff0c\u76c8\u5229\u516c\u53f8\u7684\u603b\u548c\u4e0e\u521d\u521b\u4f01\u4e1a\u6240\u9700\u7684\u603b\u6295\u8d44\u4e4b\u95f4\u7684\u6bd4\u7387\u4e3a 3 \u5e94\u8be5\u88ab\u89c6\u4e3a\u5b89\u5168\u7684\u6700\u4f4e\u9650\u5ea6\uff0c\u4f46\u6211\u6c38\u8fdc\u65e0\u6cd5\u5f04\u6e05\u695a\u4ed6\u662f\u5982\u4f55\u5f97\u51fa\u8fd9\u4e2a\u6bd4\u7387\u7684\u3002<\/p><p>\u8fd9\u4e2a\u7406\u8bba\u7ed9\u6211\u7559\u4e0b\u4e86\u6df1\u523b\u7684\u5370\u8c61\uff0c\u56e0\u4e3a\u6211\u5728\u5176\u4e2d\u770b\u5230\u4e86\u4f01\u4e1a\u94fe\u878d\u8d44\uff0c\u6211\u8ba4\u4e3a\u5b83\u53ef\u80fd\u662f\u514b\u670d IPO \u53d1\u751f\u7684\u7b2c\u4e00\u4e2a\u969c\u788d\u7684\u89e3\u51b3\u65b9\u6848\u3002\u5f88\u957f\u4e00\u6bb5\u65f6\u95f4\uff0c\u6211\u60f3\u77e5\u9053\u5982\u4f55\u8ba9 IPO \u7ea7\u8054\uff0c\u524d\u4e00\u4e2a\u62c9\u52a8\u4e0b\u4e00\u4e2a\u3002<\/p><p>\u5f53\u6211\u4e86\u89e3 JOBS \u6cd5\u6848\uff08Jumpstart Our Business Startups Act\uff09\u65f6\uff0c\u6211\u610f\u8bc6\u5230\u5c0f\u578b IPO \u7684\u6210\u672c\u5df2\u7ecf\u5927\u5927\u964d\u4f4e\uff0c\u56e0\u6b64\u73b0\u5728\u53ef\u4ee5\u901a\u8fc7\u591a\u7c73\u8bfa\u7ea7\u8054\u8fc7\u7a0b\u4e3a IPO \u878d\u8d44\u3002<\/p><p>\u6211\u7684\u7b2c\u4e00\u4e2a\u60f3\u6cd5\u662f\u5c06\u7b2c\u4e00\u6b21 IPO \u7684\u90e8\u5206\u6536\u76ca\u7528\u4e8e\u8d44\u52a9\u5176\u4ed6\u4e09\u9879 IPO\uff0c\u5e76\u5bf9\u5176\u4ed6\u4e09\u9879 IPO \u5e94\u7528\u4e0e\u4ee5\u4e0b\u8ba1\u5212\u76f8\u540c\u7684\u539f\u5219\u3002<\/p><p><a href=\"https:\/\/marc.deschenaux.com\/wp-content\/uploads\/TheorieWagonsIPOs-chart.jpg\"><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter size-full wp-image-4351\" src=\"https:\/\/marc.deschenaux.com\/wp-content\/uploads\/TheorieWagonsIPOs-chart.jpg\" alt=\"\" width=\"1260\" height=\"1500\" srcset=\"https:\/\/marc.deschenaux.com\/wp-content\/uploads\/TheorieWagonsIPOs-chart.jpg 1260w, https:\/\/marc.deschenaux.com\/wp-content\/uploads\/TheorieWagonsIPOs-chart-252x300.jpg 252w, https:\/\/marc.deschenaux.com\/wp-content\/uploads\/TheorieWagonsIPOs-chart-860x1024.jpg 860w, https:\/\/marc.deschenaux.com\/wp-content\/uploads\/TheorieWagonsIPOs-chart-768x914.jpg 768w, https:\/\/marc.deschenaux.com\/wp-content\/uploads\/TheorieWagonsIPOs-chart-10x12.jpg 10w\" sizes=\"(max-width: 1260px) 100vw, 1260px\" \/><\/a><\/p><p>\u7136\u800c\uff0c\u4ece\u8bc1\u5238\u5e02\u573a\u76d1\u7ba1\u548c\u62ab\u9732\u7684\u89d2\u5ea6\u6765\u770b\uff0c\u5b58\u5728\u8bb8\u591a\u95ee\u9898\u3002<\/p><p><b>\u5982\u4f55\u907f\u514d\u8fd9\u4e9bIPO\u88ab\u76d1\u7ba1\u673a\u6784\u8ba4\u5b9a\u4e3a\u96c6\u56e2\u516c\u53f8\u4e00\u81f4\u884c\u52a8\uff1f<\/b><br \/>\u53ea\u9700\u5728 IPO \u5b75\u5316\u5668\u548c\u672a\u6765\u53d1\u884c\u4eba\u4e4b\u95f4\u5c31\u5176 IPO \u878d\u8d44\u7b7e\u8ba2 IPO \u53d1\u5c55\u534f\u8bae\u5373\u53ef\u3002<\/p><p><b>\u5982\u4f55\u907f\u514d\u6240\u6709\u8fd9\u4e9b\u516c\u53f8\u4e4b\u95f4\u51fa\u73b0\u4e00\u68f5\u80a1\u6743\u5173\u7cfb\u6811\uff1f<\/b><br \/>\u53ea\u9700\u4ece IPO \u5b75\u5316\u5668\u4e0e\u672a\u6765\u53d1\u884c\u4eba\u4e4b\u95f4\u7684 IPO \u5f00\u53d1\u534f\u8bae\u4e2d\u6392\u9664\u4efb\u4f55\u80a1\u7968\u8d2d\u4e70\u5373\u53ef\u3002<\/p><h2>\u5b75\u5316\u5668\u524d\u671f\u878d\u8d44<\/h2><ol><li>\u5b75\u5316\u5668\u901a\u8fc7\u8d37\u6b3e\u6216\u80a1\u6743\u6295\u8d44\u7b79\u96c6\u4e86 200 \u4e07\u7f8e\u5143\u3002<\/li><li>\u5b75\u5316\u5668\u4e0a\u5e02\u5e76\u901a\u8fc7 A+ Tier 2 \u666e\u901a\u80a1\u6ce8\u518c\u53d1\u884c\u7b79\u96c6\u4e86 5000 \u4e07\u7f8e\u5143\u3002<\/li><li>\u5982\u679c\u5b75\u5316\u5668\u662f\u901a\u8fc7\u8d37\u6b3e\u878d\u8d44\u7684\uff0c\u5219\u5b75\u5316\u5668\u5c06\u8fde\u540c\u5229\u606f\u507f\u8fd8\u8fd9\u7b14\u8d37\u6b3e\uff0c\u5e76\u5411\u5176\u503a\u6743\u4eba\u652f\u4ed8\u6ea2\u4ef7\u7ea2\u5229\u3002<\/li><\/ol><h2>IPO \u5019\u9009\u4eba\u7684\u7a0b\u5e8f\u548c\u4e8b\u4ef6\u987a\u5e8f<\/h2><ol><li>\u5b75\u5316\u5668\u4e0e IPO \u5019\u9009\u516c\u53f8\u7b7e\u8ba2\u5f00\u53d1\u534f\u8bae\uff0c\u6362\u53e5\u8bdd\u8bf4\uff0c\u6f5c\u5728\u8bc1\u5238\u53d1\u884c\u4eba\u613f\u610f\u5411\u516c\u4f17\u53d1\u884c\u5176\u8bc1\u5238\u4ee5\u7b79\u96c6\u8d44\u91d1\u3002<\/li><li>\u672c\u5f00\u53d1\u534f\u8bae\u89c4\u5b9a\uff0c\u9488\u5bf9 IPO \u5019\u9009\u8005\u7684 Regulation A+ \u6ce8\u518c\u53d1\u884c\u6700\u9ad8 200 \u4e07\u7f8e\u5143\u7684\u878d\u8d44\uff0cIPO \u5019\u9009\u8005\u5e94\u7acb\u5373\u6c47\u51fa 20% \u5176\u5df2\u53d1\u884c\u548c\u6d41\u901a\u5728\u5916\u7684\u80a1\u7968\uff0c\u5e76\u4e14\u5728 IPO \u6210\u529f\u540e\uff0c\u5e94\u5411\u5b75\u5316\u5668\u652f\u4ed8 12%\u7684\u6536\u76ca\u3002<\/li><li>\u9996\u6b21\u516c\u5f00\u52df\u80a1\u5019\u9009\u4eba\u8fdb\u884c\u9996\u6b21\u516c\u5f00\u52df\u80a1\uff0c\u4ece\u800c\u6210\u4e3a\u5728\u7eb3\u65af\u8fbe\u514b\u6216\u7ebd\u7ea6\u8bc1\u5238\u4ea4\u6613\u6240\u4e0a\u5e02\u7684\u516c\u5171\u8bc1\u5238\u53d1\u884c\u4eba\u548c\u4e0a\u5e02\u516c\u53f8\u3002\u6b64\u5916\uff0c\u5b83\u8fd8\u83b7\u5f97\u4e86 5000 \u4e07\u7f8e\u5143\u7684\u8d44\u52a9\u3002<\/li><li>\u4ece IPO \u6536\u76ca\u4e2d\uff0c\u53d1\u884c\u4eba\uff08\u524d IPO \u5019\u9009\u8005\uff09\u5411\u5b75\u5316\u5668\u652f\u4ed8\u6536\u76ca\u7684 12%\u3002<\/li><li>\u56e0\u6b64\uff0c\u5728\u5178\u578b\u7684 A+ Tier 2 \u666e\u901a\u80a1\u6ce8\u518c\u53d1\u884c\u7b79\u96c6 5000 \u4e07\u7f8e\u5143\u7684\u60c5\u51b5\u4e0b\uff0c\u53d1\u884c\u4eba\u5b9e\u9645\u4e0a\u5c06\u5411\u5b75\u5316\u5668\u652f\u4ed8 600 \u4e07\u7f8e\u5143\u3002<\/li><\/ol><h2>\u7ea7\u8054\u7ed3\u6784\u53d6\u51b3\u4e8e IPO \u7684\u7c7b\u578b<\/h2><ol><li>\u5b75\u5316\u5668\u53ef\u4ee5\u8d44\u52a9 1 \u5230 24 \u4e2a Reg A+\u3002\u6211\u4eec\u5c06\u8fd9\u4e2a\u6570\u5b57 n \u79f0\u4e3a\u5e76\u884c\u8fdb\u7a0b\u7684\u6570\u91cf\u3002\u5728\u5de6\u56fe\u4e2d\uff0cn = 3\u3002<\/li><li>\u5982\u679c\u5b75\u5316\u5668\u6709 5000 \u4e07\u7f8e\u5143\u5e76\u4e14\u60f3\u8981\u4e3a\u5c0f\u578b S-1 IPO \u878d\u8d44\uff0c\u5219 n \u5c06\u51cf\u5c11\u5230 10\u3002<\/li><li>\u5982\u679c\u5b75\u5316\u5668\u6709 5000 \u4e07\u7f8e\u5143\u5e76\u60f3\u4e3a\u5927\u578b S-1 IPO \u878d\u8d44\uff0c\u5219 n \u5c06\u51cf\u5c11\u5230 5\u3002<\/li><\/ol><h2>\u4e00\u8fde\u4e32 IPO \u7684\u4e8b\u4ef6\u987a\u5e8f<\/h2><ol><li>\u5b75\u5316\u5668\u4e0e n \u4e2a IPO \u5019\u9009\u516c\u53f8\u7b7e\u8ba2\u4e86\u603b\u8ba1 T \u5f00\u53d1\u534f\u8bae\uff08\u5728\u4e0a\u6587\u7b2c 4 \u6761\u548c\u7b2c 5 \u6761\u4e2d\u8fdb\u884c\u4e86\u63cf\u8ff0\uff09\uff0c\u6362\u53e5\u8bdd\u8bf4\uff0cn \u4e2a\u6f5c\u5728\u8bc1\u5238\u53d1\u884c\u4eba\u613f\u610f\u5411\u516c\u4f17\u53d1\u884c\u5176\u8bc1\u5238\u4ee5\u7b79\u96c6\u8d44\u91d1\u3002<\/li><li>IPO\u5019\u9009\u8005\u7ee7\u7eed\u8fdb\u884c\u9996\u6b21\u516c\u5f00\u52df\u80a1\uff0c\u4ece\u800c\u6210\u4e3a\u5728\u7eb3\u65af\u8fbe\u514b\u6216\u7ebd\u7ea6\u8bc1\u5238\u4ea4\u6613\u6240\u4e0a\u5e02\u7684\u516c\u5171\u8bc1\u5238\u53d1\u884c\u4eba\u548c\u4e0a\u5e02\u516c\u53f8\u3002\u6b64\u5916\uff0c\u6839\u636e IPO \u7684\u7c7b\u578b\uff0c\u4ed6\u4eec\u81f3\u5c11\u83b7\u5f97 5000 \u4e07\u7f8e\u5143\u7684\u8d44\u91d1\u3002<\/li><li><b>\u5b75\u5316\u5668\u6536\u5230\uff1a<\/b><ul><li>ts \u6839\u636e\u4ee5\u4e0b\u516c\u5f0f\u5bf9 IPO \u7b79\u96c6\u7684\u8d44\u91d1\u6536\u53d6\u4f63\u91d1\uff1a <b>12%\u3002\u9996\u6b21\u516c\u5f00\u52df\u80a1(T)<\/b>.\u5728\u4e0e\u5de6\u56fe\u76f8\u540c\u4e14 n = 3 \u7684\u96c6\u7fa4\u4e0a\uff0c\u6709 13 \u5bb6\u516c\u53f8\u3002\u5047\u8bbe\u4ed6\u4eec\u90fd\u4ee5 600 \u4e07\u7f8e\u5143\u7684\u4f63\u91d1\u4e3a\u5b75\u5316\u5668\u7b79\u96c6\u4e86 5000 \u4e07\u7f8e\u5143\uff0c\u5b75\u5316\u5668\u5c06\u83b7\u5f97 <b>7800\u4e07\u7f8e\u5143\u73b0\u91d1<\/b>.<\/li><li>20% \u6bcf\u4e2a\u5019\u9009\u4eba\u7684\u5df2\u53d1\u884c\u548c\u6d41\u901a\u80a1\u3002\u6240\u4ee3\u8868\u7684\u91d1\u989d\u65e0\u6cd5\u91cf\u5316\uff0c\u56e0\u4e3a\u5b83\u53d6\u51b3\u4e8e\u6bcf\u4e2a\u516c\u53f8\u7684\u4f30\u503c\u3002<\/li><\/ul><\/li><\/ol>\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>Problematic: It is often difficult to raise the budget of an IPO (Initial Public Offering). Moreover, there is a widely held wrong belief that an IPO is only possible after a company has validated its business model, has \u201ctraction\u201d, has an order book. Solution As discussed in my previous article\u201cIs your company ready for an &#8230; <a title=\"\u7ea7\u8054\u9996\u6b21\u516c\u5f00\u52df\u80a1\u8d27\u8f66\u7406\u8bba\u7684\u5e94\u7528\" class=\"read-more\" href=\"https:\/\/marc.deschenaux.com\/cn\/articles\/cascading-initial-public-offerings-an-application-of-the-theory-of-wagons\/\" aria-label=\"\u9605\u8bfb Cascading Initial Public Offerings An application of The Theory of Wagons\">\u9605\u8bfb\u66f4\u591a<\/a><\/p>","protected":false},"author":1,"featured_media":7678,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"wds_primary_category":3,"footnotes":""},"categories":[3,49],"tags":[],"class_list":["post-7669","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","category-beginners"],"_links":{"self":[{"href":"https:\/\/marc.deschenaux.com\/cn\/wp-json\/wp\/v2\/posts\/7669","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=7669"}],"version-history":[{"count":0,"href":"https:\/\/marc.deschenaux.com\/cn\/wp-json\/wp\/v2\/posts\/7669\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/marc.deschenaux.com\/cn\/wp-json\/wp\/v2\/media\/7678"}],"wp:attachment":[{"href":"https:\/\/marc.deschenaux.com\/cn\/wp-json\/wp\/v2\/media?parent=7669"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/marc.deschenaux.com\/cn\/wp-json\/wp\/v2\/categories?post=7669"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/marc.deschenaux.com\/cn\/wp-json\/wp\/v2\/tags?post=7669"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}