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Case Study on Industrial and Commercial Bank of China

时间:2018-02-12 15:28来源:www.ukthesis.org 作者:英国论文网 点击联系客服: 客服:Damien
国际筹资曾经是跨国公司的领域。跨国公司不仅在世界各地销售原材料,或在许多地理区域出售产品,还在世界各地寻找资本,在更便宜的地方筹集资金。投资者对外国公司股票的兴趣也在增加,全球股市的国际化正在以更快的速度发生。然而,证券市场的国际化具有更宽泛的内涵涵盖所有的投资,如养老基金大票的球员组合投资、对冲基金和私人股本基金和它们的同类,本模块的重点是中国工商银行从国际市场股权资本提高了。
 
Abstract 摘要
 
International fund raising used to be the domain of multinational companies. MNCs not only source raw material across the world or sell products at many geographical regions, they also scouting for capital all over the world and raise capital where it is cheaper. Investors’ appetite for foreign company shares have also increased manifold and internationalization of equity market across globe is happening at a faster speed. However, internationalization of equity markets has a broader connotation covering entire gamut of FDI, portfolio investment by big ticket players like pension funds, hedge funds and private equity funds and their ilk, this module focuses on equity capital to have been raised by Industrial and Commercial Bank of China from the international market.
 
Why ICBC felt the need to issue equity in markets outside of China 为什么中国工商银行感到有必要在中国市场股票发行
 
工商银行主要向境外市场发行股票,以加强其公司治理实践、风险管理和内部控制,并加强其财务业务、资产管理、企业银行和投资银行业务以及不良贷款处置能力。例如,工商银行与安联合作开发和提供银行担保产品和服务给他们的客户;至于美国运通,工商银行开始并继续扩大其在银行卡业务、风险管理和客户服务方面的合作,以提高其财务业绩和效率。
 
ICBC mainly issued equities to foreign markets to strengthen their corporate governance practices, risk management and internal controls, and enhance their treasury operations, asset management, corporate banking and investment banking operations as well as their non-performing loan disposal capabilities. For instance ICBC collaborated with Allianz to develop and provide bank assurance products and services to their customers; and as for American Express, ICBC began and continue to expand their cooperation on bankcard business, risk management and customer service to enhance its financial performance and efficiency.
 
Advantages and disadvantages of issuing equity in foreign markets 国外市场股权发行的利与弊
 
Through the move of issuing equity in markets outside china, ICBC is able to raise capital denominated in USD and that to huge amount of capital, which may be difficult to raise from the issuer’s home country. By issuing securities in a new market, it is able to expand the investor base. When ICBC’s share listed in a domestic market, analysts in the domestic market start analysing the company, its product; its market share etc. thus indirectly helps in advertising the company. When a foreign ICBC’s shares are listed in a domestic exchange and the foreign company wants to acquire another domestic company, then share swap can be an option for the foreign company. Despite the prime advantages of issuing equity to foreign markets, several obstacles may be present for instance companies have to pay for the, depository fee, listing fee, audit fee and also companies have to recast their annual report as per the GAAP of the foreign country.(责任编辑:cinq)


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