BEC中级阅读指导:亚洲企业积极利用股市融资

Asia's listed companies and their investors have taken advantage of buoyant equity markets in the region this year to raise record funding via follow-on share offerings, according to new data.

汤姆森金融(Thomson Financial)的数据显示，今年头9个月，日本之外亚洲市场的后续股票发行额达到了715亿美元，较去年同期增长72%。

The volume of follow-on issuance in Asia, excluding Japan, reached $71.5bn in the first nine months, a 72 per cent rise on the same period last year, Thomson Financial found.

后续股票发行活动主要是指上市公司发行新股，但也包括现有股东出售大宗股份。

Follow-on activity largely covers listed companies issuing new shares, but also includes the sale of large shareholdings by existing investors.

后续发行活动高涨，反映出投资者支持公司扩张计划或将估值较高股票套现的愿望越来越强。

The rise in follow-on issuance reflects growing investor willingness to support expansion plans or to cash in higher-valued paper.

这还反映出，在亚洲公司估值飙升之际，股票融资的吸引力强于债券融资。后续股票发行活动为那些从事承销和发行安排的全球投资银行提供了不断增长的收入源泉。

It also highlights the relative attractiveness of equity, as opposed to debt, financing at a time when Asian company valuations have soared. The activity is providing a growing source of revenues for global investment banks, which underwrite and arrange the share sales.

银行人士表示，亚洲股市业务的强劲增长，令人回忆起欧洲股市此前5年的增长。

Bankers say strong growth in the Asian equity capital markets business is reminiscent of the growth in Europe over the previous five years.

自2002年以来，亚洲的后续股票发行活动一直在稳步增长--当年总共有209宗后续发行，筹资总额为160亿美元。今年截至目前，亚洲（除日本以外）已经进行了687宗后续发行，全年的后续发行交易数将会超过去年的781宗，筹资总额也将超过1000亿美元。

Follow-on issuance in the region has risen steadily since 2002, when 209 issues raised a combined $16bn. There have been 687 issues this year, placing Asia, excluding Japan, on course to speed past last year's total of 781 and raise more than $100bn.

相比之下，汤姆森金融的数据显示，不包括日本和中国A股市场，亚洲今年以来的首发上市筹资额仅300亿美元。

By comparison, listings in Asia, excluding Japan and Chinese A-shares, have this year raised just $30bn, according to Thomson Financial.

汤姆森金融的数据显示，澳大利亚是最为活跃的后续股票发行市场，共筹资164亿美元，较去年同期增长70%。中国今年已有29宗后续发行，筹资126亿美元，较去年同期增长60%。

According to Thomson Financial, Australia has been the most active follow-on market with $16.4bn raised - an increase of 70 per cent on the same period last year. There have been 29 issues in China, raising $12.6bn, up 60 per cent.