內(nèi)容提要與學(xué)習(xí)要點_第1頁
內(nèi)容提要與學(xué)習(xí)要點_第2頁
內(nèi)容提要與學(xué)習(xí)要點_第3頁
內(nèi)容提要與學(xué)習(xí)要點_第4頁
免費預(yù)覽已結(jié)束,剩余36頁可下載查看

下載本文檔

版權(quán)說明:本文檔由用戶提供并上傳,收益歸屬內(nèi)容提供方,若內(nèi)容存在侵權(quán),請進(jìn)行舉報或認(rèn)領(lǐng)

文檔簡介

吳東立經(jīng)濟(jì)管理學(xué)院金融教研室第十章長期融資簡介內(nèi)容提要與學(xué)習(xí)要點內(nèi)容提要:本章主要介紹企業(yè)長期融資的基本來源及其方式、特點。學(xué)習(xí)要點:1.普通股;

2.企業(yè)長期債券;

3.優(yōu)先股

1、股票概述

含義:股票是股份有限公司公開發(fā)行的、用以證明投資者的股東身份和權(quán)益并據(jù)以獲得股息和紅利的憑證。

性質(zhì):股票是一種所有權(quán)憑證,本身沒有任何價值,是一種獨立于實際資本之外的虛擬資本。

據(jù)考證我國最早的股票是1907年發(fā)行的川漢鐵路股票1.1股票的構(gòu)成要素1.面值2.市值3.股息和分紅4.股權(quán)資本公積(CapitalSurplus)Usuallyreferstoamountsofdirectlycontributedequitycapitalinexcessoftheparvalue.Forexample,suppose1,000sharesofcommonstockhavingaparvalueof$1eacharesoldtoinvestorsfor$8pershare.Thecapitalsurpluswouldbe($8–$1)×1,000=$7,000留存收益(RetainedEarnings)Notmanyfirmspayout100percentoftheirearningsasdividends.Theearningsthatarenotpaidoutasdividendsarereferredtoasretainedearnings.MarketValue,BookValue,andReplacementValueMarketValueisthepriceofthestockmultipliedbythenumberofsharesoutstanding.AlsoknownasMarketCapitalizationBookValueThesumofparvalue,capitalsurplus,andaccumulatedretainedearningsisthecommonequityofthefirm,usuallyreferredtoasthebookvalueofthefirm.ReplacementValueThecurrentcostofreplacingtheassetsofthefirm.Atthetimeafirmpurchasesanasset,marketvalue,bookvalue,andreplacementvalueareequal.1.2股票的特征股票不可償還性收益性流動性風(fēng)險性波動性參與性伸縮性1.3股票的種類1、普通股與優(yōu)先股2、表決權(quán)股與無表決權(quán)股3、記名股與不記名股4、有面值股與無面值股5、流通股與非流通股其他股票類型1、償還股股票:指在發(fā)行時就確定償還本金的股票。2、藍(lán)籌股(BlueChips):指一些業(yè)績優(yōu)良穩(wěn)定的大公司發(fā)行的普通股股票。3、紅籌股股票:指在境外注冊、在香港上市的帶有中國大陸概念的股票。4、成長性股票:指那些銷售額和收益額穩(wěn)定增長的股票。2.普通股普通股(commonshares):是相對于優(yōu)先股而言的,是指每一股份對公司財產(chǎn)都擁有平等權(quán)益,在股利和破產(chǎn)清算方面不具任何特殊優(yōu)先權(quán)的股票。優(yōu)先股(preferenceshares)是指由股份有限公司發(fā)行的,在分配公司收益和剩余資產(chǎn)方面比普通股票具有優(yōu)先權(quán)的股票。思考A.如果你購買了IBM的100股普通股,你將被給予什么樣的權(quán)利?B.這一投資在下一年度至多可賺多少錢?C.如果你購買的價格為95美元/股,一年后你可能的最大損失為多少?如果你買的是IBM公司的債券呢?優(yōu)先股呢?2.1普通股股東享有的權(quán)利優(yōu)先認(rèn)股權(quán)利潤分配權(quán)股東權(quán)利剩余資產(chǎn)分配權(quán)公司決策參與權(quán)2.2CumulativeversusStraightVotingTheeffectofcumulativevoting(累計投票制)

istopermitminorityparticipation.Undercumulativevoting,thetotalnumberofvotesthateachshareholdermaycastisdeterminedfirst.Usually,thenumberofsharesownedorcontrolledbyashareholderismultipliedbythenumberofdirectorstobeelected.Eachshareholdercandistributethesevotesashewishesoveroneormorecandidates.Straightvoting(多數(shù)投票制)

workslikeaU.S.politicalelection.Shareholdershaveasmanyvotesassharesandeachpositionontheboardhasitsownelection.Atendencytofreezeoutminorityshareholders.Cumulativevs.StraightVoting:ExampleImagineafirmwithtwoshareholders:Mr.SmithandMs.Wesson.Mr.Smithowns60%ofthefirm(=600shares)andMs.Wesson40%(=400shares).Therearethreeseatsupforelectionontheboard.Understraightvoting,Mr.Smithgetstopickallthreeseats.Undercumulativevoting,Ms.Wessonhas1,200votes(=400shares×3seats)andMr.Smith1,800votes.Ms.Wessoncanelectatleastoneboardmember.2.3ProxyVoting(委托代理投票權(quán))Aproxyisthelegalgrantofauthoritybyashareholdertosomeoneelsetovotehisorhershares.Forconvenience,theactualvotinginlargepubliccorporationsisusuallydonebyproxy.2.4股利(Dividends)Unlessadividendisdeclaredbytheboardofdirectorsofacorporation,itisnotaliabilityofthecorporation.Acorporationcannotdefaultonanundeclareddividend.Thepaymentofdividendsbythecorporationisnotabusinessexpense.Therefore,theyarenottax-deductible.DividendsreceivedbyindividualshareholdersareforthemostpartconsideredordinaryincomebytheIRSandarefullytaxable.Thereisanintra-corporatedividendexclusion.2.4普通股股票的種類

(ClassesofStock)Whenmorethanoneclassofstockexists,theyareusuallycreatedwithunequalvotingrights.Manycompaniesissuedualclassesofcommonstock.Thereasonhastodowithcontrolofthefirm.Lease,McConnell,andMikkelsonfoundthemarketpricesofstockswithsuperiorvotingrightstobeabout5percenthigherthanthepricesofotherwise-identicalstockswithinferiorvotingrights.3.企業(yè)長期債券債務(wù)契約(Indenture)到期時間(TimetoMaturity)面值(Faceorparvalue)息票率(Couponrate)零息票債券(Zerocouponbond)舉例假定有一面值1000美元,息票率為8%的債券,以1000美元的價格出售給投資者。債券持有人有權(quán)在表明的有效期內(nèi)(假設(shè)為30年)每年得到1000美元的8%的報酬,即每年80美元。這80美元一般分做兩個半年期支付,即每次支付40美元。當(dāng)債券30年有效期滿時,發(fā)行人再將1000美元的面值支付給債券持有人。3.1InterestversusDividendsDebtisnotanownershipinterestinthefirm.Creditorsdonotusuallyhavevotingpower.Thecorporation’spaymentofinterestondebtisconsideredacostofdoingbusinessandisfullytax-deductible.Dividendsarepaidoutofafter-taxdollars.Unpaiddebtisaliabilityofthefirm.Ifitisnotpaid,thecreditorscanlegallyclaimtheassetsofthefirm.3.2IsItDebtorEquity?Somesecuritiesblurthelinebetweendebtandequity.Corporationsareveryadeptatcreatinghybridsecuritiesthatlooklikeequitybutarecalleddebt.Obviously,thedistinctionisimportantattaxtime.Acorporationthatsucceedsiscreatingadebtsecuritythatisreallyequityobtainsthetaxbenefitsofdebtwhileeliminatingitsbankruptcycosts.3.3BasicFeaturesofLong-TermDebtThebondindentureusuallylistsAmountofIssue,DateofIssue,MaturityDenomination(Parvalue)(面值)AnnualCoupon,DatesofCouponPaymentsSecuritySinkingFunds(償債基金)CallProvisionsCovenantsFeaturesthatmaychangeovertimeRatingYield-to-MaturityMarketprice3.4DifferentTypesofDebtAdebenture(信用債券)

isanunsecuredcorporatedebt,whereasabondissecuredbyamortgageonthecorporateproperty.Anote(票據(jù))

usuallyreferstoanunsecureddebtwithamaturityshorterthanthatofadebenture,perhapsunder10years.3.5償付(Repayment)Long-termdebtistypicallyrepaidinregularamountsoverthelifeofthedebt.Thepaymentoflong-termdebtbyinstallmentsiscalledamortization(分期償還).

Amortizationisusuallyarrangedbyasinkingfund.Eachyearthecorporationplacesmoneyintoasinkingfund,andthemoneyisusedtobuybackthebonds.3.6Seniority(高級債券)Seniorityindicatespreferenceinpositionoverotherlenders.Somedebtissubordinated(次級債券).Intheeventofdefault,holdersofsubordinateddebtmustgivepreferenceotherspecifiedcreditorswhoarepaidfirst.3.7Security(擔(dān)保)Securityisaformofattachmenttoproperty.Itprovidesthatthepropertycanbesoldineventofdefaulttosatisfythedebtforwhichthesecurityisgiven.Amortgageisusedforsecurityintangibleproperty.Debenturesarenotsecuredbyamortgage.3.8Indenture(債務(wù)契約)Thewrittenagreementbetweenthecorporatedebtissuerandthelender.Setsforththetermsoftheloan:MaturityInterestrateProtectivecovenants.4.優(yōu)先股優(yōu)先股:屬公司的權(quán)益,但是它不同于普通股。優(yōu)先股與債券的區(qū)別與聯(lián)系:聯(lián)系:通常都有固定的收入權(quán)區(qū)別:在利息和股息的支付時,先支付利息,后支付股息;在剩余資產(chǎn)清償時,先清償債券持有人,后優(yōu)先股股東;在不能支付承諾的股息時,優(yōu)先股并不會導(dǎo)致公司破產(chǎn);優(yōu)先股的股息不能享受稅收的減免,即無抵稅效應(yīng);4.1PreferredStockRepresentsequityofacorporation,butisdifferentfromcommonstockbecauseithaspreferenceovercommoninthepaymentsofdividendsandintheassetsofthecorporationintheeventofbankruptcy.Preferredshareshaveastatedliquidatingvalue,usually$100pershare.Preferreddividendsareeithercumulativeornoncumulative.4.2IsPreferredStockReallyDebt?Agoodcasecanbemadethatpreferredstockisreallydebtindisguise.Thepreferredshareholdersreceiveastateddividend.Intheeventofliquidation(清償),thepreferredshareholdersareentitledtoafixedclaim.Unlikedebt,preferredstockdividendscannotbedeductedasinterestexpensewhendeterminingtaxablecorporateincome.MostpreferredstockintheU.S.isheldbycorporateinvestors.Theygeta70-percentincometaxexemption.4.3ThePreferred-StockPuzzleTherearetwooffsettingtaxeffectstoconsiderinevaluatingpreferredstock:Dividendsarenotdeductedfromcorporateincomeincomputingthetaxliabilityoftheissuingcorporation.Whenacorporationbuyspreferredstock,70percentofthedividendsreceivedareexemptfromcorporatetaxation.Mostagreethat2)doesnotfullyoffset1).Giventhatpreferredstockofferslessflexibilitytotheissuerthancommonstock,somehavearguedthatpreferredstockshouldnotexist.5.企業(yè)融資方式債券融資

股權(quán)融資

內(nèi)源融資

留利和折舊公司債券發(fā)行股票TheLong-TermFinancialDeficit(1999)SourcesofCashFlow(100%)Internalcashflow(retainedearningsplusdepreciation)70%Long-termdebtandequity30%UsesofCashFlow(100%)Capitalspending80%Networki

溫馨提示

  • 1. 本站所有資源如無特殊說明,都需要本地電腦安裝OFFICE2007和PDF閱讀器。圖紙軟件為CAD,CAXA,PROE,UG,SolidWorks等.壓縮文件請下載最新的WinRAR軟件解壓。
  • 2. 本站的文檔不包含任何第三方提供的附件圖紙等,如果需要附件,請聯(lián)系上傳者。文件的所有權(quán)益歸上傳用戶所有。
  • 3. 本站RAR壓縮包中若帶圖紙,網(wǎng)頁內(nèi)容里面會有圖紙預(yù)覽,若沒有圖紙預(yù)覽就沒有圖紙。
  • 4. 未經(jīng)權(quán)益所有人同意不得將文件中的內(nèi)容挪作商業(yè)或盈利用途。
  • 5. 人人文庫網(wǎng)僅提供信息存儲空間,僅對用戶上傳內(nèi)容的表現(xiàn)方式做保護(hù)處理,對用戶上傳分享的文檔內(nèi)容本身不做任何修改或編輯,并不能對任何下載內(nèi)容負(fù)責(zé)。
  • 6. 下載文件中如有侵權(quán)或不適當(dāng)內(nèi)容,請與我們聯(lián)系,我們立即糾正。
  • 7. 本站不保證下載資源的準(zhǔn)確性、安全性和完整性, 同時也不承擔(dān)用戶因使用這些下載資源對自己和他人造成任何形式的傷害或損失。

評論

0/150

提交評論