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為什么說(shuō)上市不一定能提高公司透明度

為什么說(shuō)上市不一定能提高公司透明度

Sanjay Sanghoee 2014年03月19日
精品投資銀行Moelis & Co.的IPO凸顯了公開(kāi)上市公司的一大漏洞。這個(gè)漏洞允許上市公司享受資本市場(chǎng)提供的資本支持,同時(shí)又不用遵循普通上市公司普遍實(shí)行的透明化治理標(biāo)準(zhǔn)。換句話說(shuō),它只享受權(quán)利,卻不用承擔(dān)相應(yīng)的義務(wù)。為什么會(huì)這樣?

????精品投資銀行Moelis & Co.上周提交IPO時(shí),這家自2007年以來(lái)已經(jīng)為價(jià)值1萬(wàn)億美元的交易提供過(guò)咨詢服務(wù)的公司踏上了Lazard Ltd. 、Evercore Partners和 Greenhill & Co. 等類似咨詢公司成功上市的道路。

????據(jù)湯森路透(Thomson Reuters)數(shù)據(jù)顯示,由于去年美國(guó)IPO市場(chǎng)異常強(qiáng)勁,并購(gòu)活動(dòng)升溫,Moelis & Co.等精品投資銀行參與了去年10大交易中80%的交易。但對(duì)于曾經(jīng)在瑞銀(UBS)創(chuàng)造過(guò)輝煌、后來(lái)又創(chuàng)立了這家投資銀行的肯?莫里斯來(lái)說(shuō)還有一個(gè)更好的消息,Moelis & Co.公司IPO之后,他仍將(通過(guò)每股擁有10倍投票權(quán)的超級(jí)股票)獲得超過(guò)過(guò)半數(shù)的公司掌控權(quán)。因而,這家公司未來(lái)不必遵循大多數(shù)公開(kāi)市場(chǎng)投資者所期盼的傳統(tǒng)公司治理標(biāo)準(zhǔn)。其中包括,獨(dú)立董事不會(huì)占據(jù)董事會(huì)的多數(shù)席位,也不用被迫縱容維權(quán)投資者的行為。

????而且,鉆這個(gè)IPO漏洞的公司也并不是只有Moelis & Co.一家。達(dá)維法律事務(wù)所(Davis Polk)進(jìn)行的一項(xiàng)調(diào)研顯示,IPO上市公司中70%設(shè)立了分級(jí)董事會(huì),78%的IPO上市公司通過(guò)書(shū)面許可禁止股東采取行動(dòng),57%的公司拒絕對(duì)董事長(zhǎng)與CEO職責(zé)進(jìn)行分割——普遍認(rèn)為,所有這些都是公開(kāi)上市公司有效的公司治理行為。

????這樣的內(nèi)部控制對(duì)精品投資銀行是有益的。為了繼續(xù)獲得成功,Moelis & Co.需要保持自己獨(dú)特的文化:小型交易團(tuán)隊(duì)、不受其他利益影響的獨(dú)立建議,為銀行家提供顯著高于特大型投資銀行同行的薪酬【2013年, Moelis & Co.將64%的收入作為公司銀行家的薪酬,相比之下,高盛(Goldman Sachs)僅將37%的收入支付給了自己的銀行家】。如果存在外部的干預(yù),這些做法可能很難維持下去。

????從投資者角度而言,Moelis & Co.可以繼續(xù)創(chuàng)造極大的利潤(rùn)的原因恰恰是因?yàn)?,作為一家公開(kāi)上市的公司,它從根本上仍舊以一家私有公司的形式進(jìn)行運(yùn)作。肯?莫里斯能享有的自主決定權(quán)將確保他能在獲得戰(zhàn)略資本的同時(shí)保有使其公司具備競(jìng)爭(zhēng)力的能力。

????但要記住的重要一點(diǎn)是,精品投資銀行的這種活力不一定可以拓展到其他行業(yè)的其他公司中,而且IPO的這個(gè)漏洞確保管理層免遭公開(kāi)市場(chǎng)股東的實(shí)際審查,這一點(diǎn)對(duì)于投資者是非常危險(xiǎn)的行為。

????公開(kāi)市場(chǎng)的存在是為公司成長(zhǎng)提供資本,但它也意味著要求公司提高運(yùn)作透明度,加強(qiáng)公司治理,從而使得投資者獲益。如果一家公司獲得了公開(kāi)上市交易的地位,同時(shí)又不用不承擔(dān)所處地位應(yīng)當(dāng)承擔(dān)的基本義務(wù),這個(gè)目標(biāo)就完全落空了。這一點(diǎn)對(duì)于小投資者不利,也不利于在公司內(nèi)部打造戰(zhàn)略性的規(guī)章制度。

????鑒于這家投資銀行輝煌的經(jīng)營(yíng)業(yè)績(jī),毫無(wú)疑問(wèn),肯?莫里斯和公司聯(lián)合創(chuàng)始人杰夫?瑞科(我曾在上世紀(jì)90年代中期與他在PaineWebber短暫共事過(guò)一段時(shí)間)將交出一份令投資者滿意的答卷,但美國(guó)證券交易委員會(huì)(Securities and Exchange Commission)應(yīng)當(dāng)至少考慮對(duì)這類IPO重新進(jìn)行分類,以向公眾投資者提供更為全面和透明的信息。(財(cái)富中文網(wǎng))

????本文作者是一位政治和商業(yè)評(píng)論家。他曾在知名投行Lazard Freres和Dresdner Kleinwort Wasserstein就職,并曾服務(wù)于對(duì)沖基金Ramius。作者現(xiàn)任中型廣播電臺(tái)運(yùn)營(yíng)商Davidson Media Group的董事。他擁有哥倫比亞商學(xué)院的MBA學(xué)位,同時(shí)也是兩本驚險(xiǎn)小說(shuō)的作者。

????When Moelis & Co., the boutique investment bank that has advised on $1 trillion of transactions since 2007, filed for an IPO last week, it was following in the footsteps of similar advisory firms like Lazard Ltd. (LAZ), Evercore Partners (EVR), and Greenhill & Co. (GHL), all of whom have done well as public companies.

????The timing is also good given that last year was exceptionally strong for U.S. IPOs, merger activity is up, and 80% of the top 10 deals last year involved boutique banks like Moelis & Co. according to Thomson Reuters. But what is even better for Ken Moelis, the former UBS rainmaker who founded the bank, is that he gets to keep majority control after the IPO (through ownership of super-voting shares which will carry 10 votes for every share) and hence will not have to conform to traditional corporate governance standards that most public investors expect. This includes not having a majority of independent directors on the board or having to indulge activist investors.

????Nor is Moelis & Co. the only firm to enjoy this IPO loophole. According to a survey conducted by law firm Davis Polk, 70% of IPO companies had classified boards, 78% prohibited shareholder action by written consent, and 57% refused to divide the roles of Chairman and CEO -- all widely considered to be good corporate governance practices for public companies.

????For a boutique investment bank, such inside control is beneficial. In order to remain successful, Moelis & Co. needs to retain its unique culture of small deal teams, independent advice uncompromised by other interests, and considerably higher compensation for its bankers than their counterparts at bulge bracket firms (Moelis & Co. paid 64% of revenues to bankers as compensation in 2013 vs. only 37% at Goldman Sachs), which can be hard to maintain with outside interference.

????From an investor's standpoint, Moelis & Co. can continue to generate outsize profits precisely because it will be able to access the capital markets freely as a public company while essentially continuing to function as a private one. The decision-making autonomy that Ken Moelis will enjoy will ensure that he can deploy capital strategically while preserving the qualities that make his firm competitive.

????But it is important to remember that the dynamic of boutique banking does not necessarily extend to other companies in other industries, and the IPO loophole that enables management to avoid real outside scrutiny by public shareholders can be dangerous for investors.

????Public markets are there to provide companies with capital for growth, but they are also meant to benefit investors by requiring greater transparency and better corporate governance. That purpose is defeated when a company can attain public status without shouldering the basic responsibilities that go with the territory. It can be bad for smaller investors as well as for creating strategic discipline within companies.

????Given their stellar track record, there is little doubt that Ken Moelis and his co-founder Jeffrey Raich (whom I worked with briefly in the mid-1990s at PaineWebber), will do a great job for their investors, but the Securities and Exchange Commission should at least consider reclassifying such IPOs to provide better information to the public.

????Sanjay Sanghoee is a political and business commentator. He has worked at investment banks Lazard Freres and Dresdner Kleinwort Wasserstein, as well as at hedge fund Ramius. Sanghoee sits on the Board of Davidson Media Group, a mid-market radio station operator. He has an MBA from Columbia Business School and is also the author of two thriller novels.

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