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 I genuinely think that as a board we considered an objective view of when was the right time to sell the company. That is the duty of loyalty which board members have to the company’s shareholders. A board member should be explicit about his own incentives, but put them aside to attempt to objectively measure whether accepting an offer to sell the company is the right outcome for all shareholders.  But how does a board member figure out whether it is in the interests of the shareholders to sell?  Ambitious startups have so much potential, yet are typically backed with expectation of eventual liquidity.

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If you take the standard venture capital model which looks for one third of the portfolio to be winners and you factor in the fact that a good portion of companies never really exit this figure feels about right. If it was much higher it would suggest that VCs weren’t taking enough risk, and if it was much lower there would be legitimate questions as to whether the venture capital industry was delivering any benefit to entrepreneurs, and we probably wouldn’t be making acceptable returns for our investors.

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“做美元基金的时候，我们内部的投资法则是投资成本要低于8倍市盈率才可以投。但创业板开启后，其近百倍的平均发行市盈率也让股权投资市场变得疯狂起来，资产价格不断上涨，我们也要随行就市，内部投资法则提到了12倍市盈率，这已经让我们很头痛了。可行情还在涨，如果到18倍市盈率，估计这行我们是混不下去了。”一家PE的合伙人对本刊记者如此感慨。

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上市后，使股东权益衡量标准发生变化。原来所拥有的资产，只能通过资产评估的价格反映价值，但将资产证券化以后，通常用二级市场交易的价格直接反映股东价值，股东价值能够得到最大程度的体现；李嘉诚多次蝉联亚洲首富，其旗下已上市的“和记黄埔”功不可没，李氏夫妇通过海普瑞的上市而一跃成为中国首富也突出体现了资本市场价值重估的魔力。

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2007～2009年三年里证监会发审委（包括创业板发审委）否决了上百家企业的IPO申请，这些案例覆盖面较广，比较全面地揭示了企业上市失败可能涉及的各类问题，具有很高的参考价值。我们充分研究和整理了这些案例，可作为风险投资和企业上市的重要参考。

根据《首次公开发行股票并上市管理办法》（下称“主板IPO 管理办法”）及《首次公开发行股票并在创业板上市管理暂行办法》（下称“创业板IPO 管理办法”），企业上市被否的原因主要包括主体资格、独立性、规范运作、持续盈利能力、财务与会计、募集资金使用、信息披露，以及创业板企业的成长性等问题。

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Ready, Set, Go Public—The 10 Things You Need to Do Now

The IPO market is open for business. The IPO market window has slammed shut. Which is it? Unless your IPO is pricing in the next week or two, it doesn’t matter. The reality is that IPO planning typically takes six to 12 months. If you hope to go public in the next year-and want to be ready when that elusive IPO window opens-here are 10 things you need to start addressing now:

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 天威英利原名为“英利能源”，是1998年由苗连生所控制的英利集团在河北保定设立，从事太阳能发电业。该产业的巨大投资，使得苗连生不断面临资金窘境。因而在2002年2月，英利能源通过增资的方式，吸纳了两个新股东—天威保变（SH600550）、中新立业，英利能源的注册资本由500万元增加至7500万元，其名称也变更为“天威英利”。完成增资之后，苗连生的英利集团持股45%、天威保变持股49%、中新立业持股6%。

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在互联网产业的鼎盛时期，硅谷的企业家都梦想自己的公司可以上市，因为这既是对公司的承认，也可以使公司获得公众投资。但越来越多的热门科技公司开始放弃IPO（首次公开招股），或者将IPO无限期推迟。最新的例子是杰雷米·斯多普曼（Jeremy Stoppelman），他的商家点评网站Yelp是美国增长最快的网站之一。1月28日，Yelp表示将接受私募投资公司Elevation Partners超过1亿美元的投资，以促进Yelp的增长，并使员工将股票兑现。斯多普曼表示：“公司将来选择上市可能是可行的，但推迟上市也有诸多好处。”

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