[20180326]IF10855_资本准入：IPO和“IPO入口”.pdf

https:/crsreports.congress.gov March 26, 2018Capital Access: IPO and “IPO On-Ramp”Raising capital through public offerings was traditionally viewed as a significant step for companies to achieve growth and create jobs. Its importance, however, has deteriorated over the last two decades, as measured by the decline in the number of initial public offerings (IPOs). In response to this market trend, Congress established a number of new capital access options in 2012 through the Jumpstart Our Business Startups Act (JOBS Act; P.L. 112-106), including the creation of a new issuer typeemerging growth company (EGC)to scale down compliance requirements and facilitate IPOs. Because of the rapid adoption of the EGC status by companies going public, some in Congress have proposed widening its access by expanding the length of time an EGC could maintain its status or by extending certain EGC benefits to other IPOs. This has been a source of policy debate. Public Offerings and the IPO Process A public offering refers to when a company raises funds from the public at large rather than a narrower group of sophisticated investors. Public offerings consist of IPOs, the first time a company offers it