公司理財（精要版）（第9版）課件 15

Chapter15RaisingCapitalMcGraw-Hill/IrwinCopyright?2010byTheMcGraw-HillCompanies,Inc.Allrightsreserved.1KeyConceptsandSkillsUnderstandtheventurecapitalmarketanditsroleinfinancingnewbusinessesUnderstandhowsecuritiesaresoldtothepublicandtheroleofinvestmentbankersUnderstandinitialpublicofferingsandthecostsofgoingpublicUnderstandhowrightsareissuedtoexistingshareholdersandhowtherightsarevalued15-22ChapterOutlineTheFinancingLifeCycleofaFirm:Early-StageFinancingandVentureCapitalSellingSecuritiestothePublic:TheBasicProcedureAlternativeIssueMethodsUnderwritersIPOsandUnderpricingNewEquitySalesandtheValueoftheFirmTheCostofIssuingSecuritiesRightsDilutionIssuingLong-TermDebtShelfRegistration15-33VentureCapitalPrivatefinancingforrelativelynewbusinessesinexchangeforequityUsuallyentailssomehands-onguidanceThecompanyshouldhavean“exit”strategySellthecompany–VCbenefitsfromproceedsfromsaleTakethecompanypublic–VCbenefitsfromIPOManyVCfirmsareformedfromagroupofinvestorsthatpoolcapitalandthenhavepartnersinthefirmdecidewhichcompanieswillreceivefinancingSomelargecorporationshaveaVCdivision15-44ChoosingaVentureCapitalistLookforfinancialstrengthChooseaVCthathasamanagementstylethatiscompatiblewithyourownObtainandcheckreferencesWhatcontactsdoestheVChave?Whatistheexitstrategy?15-55SellingSecuritiestothePublicManagementmustobtainpermissionfromtheBoardofDirectorsFirmmustfilearegistrationstatementwiththeSECTheSECexaminestheregistrationduringa20-daywaitingperiodApreliminaryprospectus,calledaredherring,isdistributedduringthewaitingperiodIfthereareproblems,thecompanyisallowedtoamendtheregistrationandthewaitingperiodstartsoverSecuritiesmaynotbesoldduringthewaitingperiodThepriceisdeterminedontheeffectivedateoftheregistration

15-66Table15.1-I15-77Table15.1-II15-88UnderwritersServicesprovidedbyunderwritersFormulatemethodusedtoissuesecuritiesPricethesecuritiesSellthesecuritiesPricestabilizationbyleadunderwriterSyndicate–groupofinvestmentbankersthatmarketthesecuritiesandsharetheriskassociatedwithsellingtheissueSpread–differencebetweenwhatthesyndicatepaysthecompanyandwhatthesecuritysellsforinitiallyinthemarket15-99FirmCommitmentUnderwritingIssuersellsentireissuetounderwritingsyndicateThesyndicatethenresellstheissuetothepublicTheunderwritermakesmoneyonthespreadbetweenthepricepaidtotheissuerandthepricereceivedfrominvestorswhenthestockissoldThesyndicatebearstheriskofnotbeingabletoselltheentireissueformorethanthecostMostcommontypeofunderwritingintheUnitedStates15-1010BestEffortsUnderwritingUnderwritermustmaketheir“besteffort”tosellthesecuritiesatanagreed-uponofferingpriceThecompanybearstheriskoftheissuenotbeingsoldTheoffermaybepulledifthereisnotenoughinterestattheofferprice.Inthiscase,thecompanydoesnotgetthecapital,andtheyhavestillincurredsubstantialflotationcostsNotascommonasitpreviouslywas15-1111DutchAuctionUnderwritingUnderwriteracceptsaseriesofbidsthatincludenumberofsharesandpricepershareThepricethateveryonepaysisthehighestpricethatwillresultinallsharesbeingsoldThereisanincentivetobidhightomakesureyougetinontheauctionbutknowingthatyouwillprobablypayalowerpricethanyoubidTheTreasuryhasusedDutchauctionsforyearsGooglewasthefirstlargeDutchauctionIPO15-1212GreenShoesandLockupsGreenShoeprovisionAllowsthesyndicatetopurchaseanadditional15%oftheissuefromtheissuerAllowstheissuetobeoversubscribedProvidessomeprotectionfortheunderwritersastheyperformtheirpricestabilizationfunctionLockupagreementsRestrictiononinsidersthatpreventsthemfromsellingtheirsharesofanIPOforaspecifiedtimeperiodThelockupperiodiscommonly180daysThestockpricetendstodropwhenthelockupperiodexpiresduetomarketanticipationofadditionalshareshittingthestreet15-1313IPOUnderpricingMaybedifficulttopriceanIPObecausethereisn’tacurrentmarketpriceavailablePrivatecompaniestendtohavemoreasymmetricinformationthancompaniesthatarealreadypubliclytradedUnderwriterswanttoensurethat,onaverage,theirclientsearnagoodreturnonIPOsUnderpricingcausestheissuerto“l(fā)eavemoneyonthetable”15-1414Figure15.2Insertfigure15.2here15-1515Figure15.3Insertfigure15.3here15-1616WorktheWebExampleHowhaverecentIPOsdone?ClickonthewebsurfertogotoHooversandfollowthe“IPOCentral”linkLookattheIPOScorecardandMoneyLeftontheTabletoseehowmuchunderpricingtherehasbeeninrecentissuesWhatotherinformationcanyoufindonIPOsatthissite?15-1717NewEquityIssuesandPriceStockpricestendtodeclinewhennewequityisissuedPossibleexplanationsforthisphenomenonSignalingandmanagerialinformationSignalinganddebtusageIssuecostsSincethedropinpricecanbesignificantandmuchofthedropmaybeattributabletonegativesignals,itisimportantformanagementtounderstandthesignalsthatarebeingsentandtrytoreducetheeffectwhenpossible15-1818IssuanceCostsSpreadOtherdirectexpenses–legalfees,filingfees,etc.Indirectexpenses–opportunitycosts,i.e.,managementtimespentworkingonissueAbnormalreturns–pricedroponexistingstockUnderpricing–belowmarketissuepriceonIPOsGreenShoeoption–costofadditionalsharesthatthesyndicatecanpurchaseaftertheissuehasgonetomarket15-1919RightsOfferings:BasicConceptsIssueofcommonstockofferedtoexistingshareholdersAllowscurrentshareholderstoavoidthedilutionthatcanoccurwithanewstockissue“Rights”aregiventotheshareholdersSpecifynumberofsharesthatcanbepurchasedSpecifypurchasepriceSpecifytimeframeRightsmaybetradedOTCoronanexchange15-2020TheValueofaRightThepricespecifiedinarightsofferingisgenerallylessthanthecurrentmarketpriceThesharepricewilladjustbasedonthenumberofnewsharesissuedThevalueoftherightisthedifferencebetweentheoldsharepriceandthe“new”shareprice15-2121RightsOfferingExampleSupposeacompanywantstoraise$10million.Thesubscriptionpriceis$20,andthecurrentstockpriceis$25.Thefirmcurrentlyhas5,000,000sharesoutstanding.Howmanysharesmustbeissued?Howmanyrightswillittaketopurchaseoneshare?Whatisthevalueofaright?15-2222DilutionDilutionisalossinvalueforexistingshareholdersPercentageownership–sharessoldtothegeneralpublicwithoutarightsofferingMarketvalue–firmacceptsnegativeNPVprojectsBookvalueandEPS–occurswhenmarket-to-bookvalueislessthanone15-2323TypesofLong-TermDebtBonds–publicissueoflong-termdebtPrivateissuesTermloansDirectbusinessloansfromcommercialbanks,insurancecompanies,etc.Maturities1–5yearsRepayableduringlifeoftheloanPrivateplacementsSimilartotermloansbutwithlongermaturityEasiertorenegotiatethanpublicissuesLowercoststhanpublicissues15-2424ShelfRegistrationPermitsacorporationtoregisteralargeissuewiththeSECandsellitinsmallportionsoveratwo-yearperiodReducestheflotationcostsofregistrationAllowsthecompanymoreflexibilitytoraisemoneyquicklyRequirementsCompanymustberatedinvestmentgradeCannothavedefaultedondebtwithinlastthreeyearsMarketvalueofstockmustbegreaterthan$150millionNoviolationsofthe

SecuritiesActof1934inthelastthreeyears15-2525QuickQuizWhatisventurecapital,andwhattypesoffirmsreceiveit?Whataresomeoftheimportantservicesprovidedbyunderwriters?WhattypeofunderwritingisthemostcommonintheUnitedStates,andhowdoesitwork?WhatisIPOunderpricing,andwhymightitpersist?Whataresomeofthecostsassociatedwithissuingsecu