1. Agency fee and its composition.
The listing of enterprises must be realized through the cooperation between enterprises and intermediaries. Under the umbrella of market access, intermediary services become scarce resources, making intermediary fees one of the main listing costs. The necessary cooperative intermediaries for enterprises to go public include brokers, accounting firms, asset appraisal institutions, law firms, other consulting institutions and financial public relations institutions.
2. Tax cost.
Before the listed companies were restructured into joint-stock companies, there was a widespread problem of paying a large number of taxes. In general, the main reasons for enterprises to pay less taxes include:
(1) The information of corporate financial personnel and business reasons lead to tax underpayment. For example, some accidental taxable businesses did not declare tax; Inconsistency between taxation and finance in taxation basis often leads to failure to declare and pay taxes in accordance with tax regulations.
(2) The financial management is not standardized, and the income recognition and cost expenses do not conform to the provisions of the tax law, resulting in less tax payment. This phenomenon generally occurs in the early days of the establishment of enterprises, especially when the tax authorities levy taxes on enterprises on a small scale, and many enterprises are not strict with the cost and expenses, resulting in a large number of invoices that are not in compliance with regulations and white stripes. Once these situations are mastered by the tax authorities, the tax authorities have the right to require enterprises to pay taxes and impose penalties.
(3) Inadvertent handling of related party transactions often leads to huge tax costs. The new income tax law and special tax adjustment management measures put forward very clear normative requirements for related party transactions.
3. Social security expenses.
Social security expenses are particularly common in labor-intensive enterprises, and enterprises have problems of irregular employment, such as the reduction of social security base and false reporting of the number of employees. The IEC has very strict requirements on the standardization of enterprise labor and employment, and the IPO of enterprises generally needs social security standardization and pays higher social security costs.
4. Listing preparation costs.
Listing preparation is a systematic project, which not only requires all functional departments to improve their management level according to the standard requirements of listed companies, but also needs to set up a professional preparation team to organize and coordinate the whole listing preparation work. Therefore, the cost of listing preparation is also a cost factor that enterprises must consider.
5. Remuneration of senior managers.
The wealth effect of capital market makes it necessary for enterprises to consider the salary of senior managers in the process of listing decision. In addition to the fixed salary of executives, we should also consider the incentive policies for executives that are in line with the company's development strategy.
6. Marginal operating costs after listing.
While listing brings brand effect and credit upgrade to enterprises, it also brings the problem of "tired name" to enterprises. For example, the cost of human resources will increase because the enterprise is a listed company, because there are more high-quality talents coming here, and job seekers have higher requirements for the salary and treatment of the enterprise.
For another example, the procurement cost will increase because the enterprise is a listed company, because some suppliers will raise the price because the enterprise is a listed company. Therefore, the operating cost of general enterprises after listing is higher than that before listing.
7. Risk cost.
The biggest risk faced by enterprises in listing decision-making is that the listing declaration will not pass the IEC in the end, which means that the listing of enterprises will fail. This kind of failure will bring many threats to enterprises. Strict information disclosure requirements make the company's basic operating conditions public and give competitors an opportunity to understand.
In addition, intermediaries also hold a lot of important information of enterprises, and they are also facing the risk of loss. The failure of listing also makes the previous tax costs, social security costs, listing preparation costs, intermediary costs and other costs become sunk costs, which can not be made up in a short time.
You can consider going to Mingde to learn more about the requirements and conditions for the company to go public. Beijing Mingde Tiansheng Investment Management Center (hereinafter referred to as "Mingde Tiansheng") was established on 20 1 1. Is an equity investment management institution registered in Beijing, focusing on helping outstanding enterprises in different growth cycles achieve rapid development through venture capital, private equity and mergers and acquisitions.
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