投資學英文版課件Ch2 The Creation of Financial Assets

Chapter2TheCreationofFinancialAssetsChapter2coversTheTransferofFundstoBusinessTheissuingandsellingofnewsecuritiesTheRoleofFinancialIntermediariesThemechanicsofinvestinginsecuritiesMayo/BasicInvestments-Ch022Chapter2SecuritiesMarketSection1-TheTransferofFundstoBusinessSection2-TheIssuingandSellingofNewSecurities

Section3--TheRoleofFinancialIntermediariesSection4:ThemechanicsofinvestinginsecuritiesMayo/BasicInvestments-Ch023Section1

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TheTransferofFundstoBusinessTheCreationofSecuritiesTwomodesofissuingsecuritiesPrivateplacementPublicofferingIssuingnewsecuritiestothegeneralpublicTwowaystoissuenewsecurities

Firmsissuenewsecurities(usuallycommonstock)andsellthemtothegeneralpublic,usuallythroughinvestmentbankersPrivatePlacementthedirectsaleofanentireissueofbondsorstocktoaninvestor(orgroupofinvestors)ortoafinancialinstitutionsuchasapensionfundoralifeinsurancecompanyPublicOfferingMayo/BasicInvestments-Ch027AdvantagesofThePrivatePlacementEliminatessellingcoststoraisersEliminatesbrokeragefeestoinvestorsFeaturescanbetailor-madeforbothpartiesNodisclosurerequirementsforfirmsCollectslargeamountsofcashPrivateplacementsareespeciallyimportantforsmall,emergingfirms.VentureCapital(VC)AmajorsourceoffinanceforsmallfirmsorfirmsdevelopingnewtechnologiesWithexceptionalgrowthpotentialLargelossesontheirinvestmentsOncesuccess,averylargereturn

風險投資（venturecapital）簡稱VC創(chuàng)業(yè)投資,創(chuàng)業(yè)資金廣義的風險投資泛指一切具有高風險、高潛在收益的投資狹義的風險投資是指對以高新技術(shù)為基礎(chǔ)，生產(chǎn)與經(jīng)營技術(shù)密集型產(chǎn)品的投資根據(jù)美國全美風險投資協(xié)會的定義，風險投資是由職業(yè)金融家投入到新興的、迅速發(fā)展的、具有巨大競爭潛力的企業(yè)中一種權(quán)益資本Mayo/BasicInvestments-Ch029

風險投資（venturecapital）簡稱VC創(chuàng)業(yè)投資,創(chuàng)業(yè)資金風險投資的運作包括融資、投資、管理、退出四個階段融資階段解決“錢從哪兒來”的問題投資階段解決“錢往哪兒去”的問題管理階段解決“價值增值”的問題。風險投資機構(gòu)主要通過監(jiān)管和服務(wù)實現(xiàn)價值增值退出階段解決“收益如何實現(xiàn)”的問題。風險投資機構(gòu)主要通過IPO、股權(quán)轉(zhuǎn)讓和破產(chǎn)清算三種方式退出所投資的創(chuàng)業(yè)企業(yè)，實現(xiàn)投資收益。退出完成后，風險投資機構(gòu)還需要將投資收益分配給提供風險資本的投資者Mayo/BasicInvestments-Ch0210風險投資人IDG技術(shù)創(chuàng)業(yè)投資基金投資新浪、搜狐、網(wǎng)易，攜程、百度收益頗豐Mayo/BasicInvestments-Ch0211PrivateEquity（PE）私募股權(quán)投資PE主要是投資于非公開發(fā)行的公司股權(quán)，主要投資于未上市公司的股權(quán)在中國也可以理解為買原始股等待上市Mayo/BasicInvestments-Ch0212Mayo/BasicInvestments-Ch0213白手起家創(chuàng)業(yè)天使投資（親戚朋友民間融資）成立初期VC創(chuàng)業(yè)投資發(fā)展壯大期，擬上市

公開上市PE私募股權(quán)投資VC/PE獲利退出Section2-

TheIssuingandSelling

ofNewSecurities

InitialPublicOfferingsIPO:Newsecuritiesareissuedandsoldtothegeneralpublic;Insufficientinternallygeneratedfunds;Advantageoustoobtainoutsidefundingfromthegeneralpublic;ReasonAdvantageIncreasepublicinterestinthefirmBypasstherestrictivecovenantsofbankloans

股票的發(fā)行

PrimaryMarket

發(fā)行者（籌資者）

Issuer投資者（股東）StockHolder新發(fā)行的股票資金證券公司服務(wù)

股票的發(fā)行市場/初級市場/一級市場

PrimaryMarket

發(fā)行者（籌資者）

Issuer投資者（股東）StockHolder新發(fā)行的股票資金

發(fā)行者（籌資者）

投資者（股東）新發(fā)行的股票資金

投資者投資者投資者股票股票資金資金發(fā)行市場二級市場證券的發(fā)行與上市證券交易所結(jié)算所經(jīng)紀商和自營商投資者證券公司發(fā)行公司

IPOinAmerica:Aprospectus;RegisteredwiththeSEC;EmployInvestmentbankerstohelpmarketingMayo/BasicInvestments-Ch0222TheroleofinvestmentbankersIssuingfirmunderwritersPublicinvestorsinvestmentbankersMiddlemanofservice

RoleofInvestmentBankersroleAmiddlemantochannelmoneyfrominvestorstoborrowersDonotcreateclaimsonthemselvesAninvestmentbankerisoftennotabankerandgenerallydoesnotinvest.Usuallyabrokeragefirm;sometimesbuyingandsellingsecuritiesB.MechanicsofUnderwritingInanunderwriting:Threepartiesinvolved:Underwriter—investmentbankIssuer—IPOcompaniesBuyers--investors

Underwriting

theprocessofsellingnewsecurities.Risk-bearing:

Underwriterbearstheriskassociatedwiththesale;

FailuretosellthesecuritiesImposeslossesontheunderwriterMuststillpaytheagreed-uponsumtotheissuer

Negotiatetheissuanceterms:TheamountoffundsneededThetypeofsecurityThepriceAnyspecialfeaturesofthesecurityThecostOriginatinghouseNotbeasinglefirmif…Jointlyunderwrite

Originatinghouse

發(fā)起人aninvestmentbankerthatmakesanagreementwithafirmtosellanewissueofsecuritiesandformsthesyndicatetomarketthem.ASyndicateAsyndicateisasellinggroupassembledtomarketanissueofsecurities.Agroupofbrokeragehouses;Jointogethertounderwriteaspecificsaleofsecurities;TheLeadUnderwriter:Allocatesthespecificnumberofsecuritiestoeachmember;承銷辛迪加(increasetheprofitability)(reducetherisk)1.Haveaccesstomorepotentialbuyers2.ReducethenumberofsecuritiessoldbyeachbrokeragefirmadvantagesAdvantagesofusingunderwritingsyndicate

TypesofAgreementsTwotypesofunderwritingagreements:Abest-effortsagreement盡力銷售協(xié)議Anagreementwithaninvestmentbankerwhodoesnotguaranteethesaleofasecuritybutwhoagreestomakethebestefforttosellit.MakethebestefforttosellDonotguaranteetheamountofmoneyraisedRiskofsellingiswiththeissuingfirms代銷AFirmCommitmentAnagreementwithaninvestmentbankerwhoguaranteesasaleofsecuritiesbyagreeingtopurchasetheentireissueataspecifiedprice.Purchasetheentireissueofsecurities;Ataspecifiedprice;Subsequentlyselltothegeneralpublic;RiskofsellingiswiththeunderwritersThepricingoftheunderwrittensecuritiesiscrucial.Toohighinitialofferprice—unabletosellthesecurities—twochoices:Maintaintheofferprice/holdthesecuritiesininventory…Letthemarketfindalowerpricelevel…Tieupfunds;DecreaseprofitmarginBringlossestoinitialbuyersUnderpricingnewsecurities—demandexceedsupply—risepriceInitialpurchasers:reapwindfallprofitsunderwriters:sufferlossesThereisagreaterincentivetounderpricethesecurities.Facilitatethesale;Generateimmediateprofitsfortheinitialbuyers;

MarketingNewSecuritiesRegistrationwithSECIssueafinalprospectusMarketnewsecuritiesIssueapreliminaryprospectusIfacceptedunderwritingRegistrationRegistrationwiththeSecuritiesandExchangeCommission(SEC);Registrationthedisclosureofinformationconcerningthefirm,thesecuritiesbeingofferedforsale,andtheuseoftheproceedsfromthesaleIssuanceofaPreliminaryProspectus:(aredherring)aninitialdocumentdetailingthefinancialconditionofafirmthatmustbefiledwiththeSECtoregisteranewissueofsecuritiesThecostofprintingtheredherringisbornebytheissuingfirm.初步（非正式）招股說明書紅鯡魚Majorcontents:Incomestatement,balancesheetsCurrentactivitiesRegulatorybodiesNatureofcompetitionNotincludethepriceofthesecuritiesIfimmature,thefirmhastheoptionofpostponingorevencancelingtheunderwriting.主要內(nèi)容PublishafinalprospectusTheSECisresponsiblefor:Allrequiredinformationprovided;Theprospectuscompleteinformatandcontent;Addedcontents:PriceofsecuritiesProceedstothecompanyUnderwritingdiscountAnymorerecentfinancialdata新增內(nèi)容MarketnewsecuritiesCostofunderwritingFlotationcosts/underwritingdiscountThedifferencebetweenthepriceofsecuritiestothepublicandtheproceedsreceivedbythefirm.Priceofsecurities-ProceedsOffirm=UnderwritingcostOver-allotment:超額配售，追加發(fā)行Tocoverthesaleofadditionalsharesifthereissufficientdemand;FluctuationofIPOThelate1990sAlargeincreaseinthenumberofIPOsVeryspeculativeatbest;EspeciallythetechnologyandInternetfirmsRosedramatically,subsequentlydeclined;Thosefirmswereoperatingataloss—thequestionofvaluation)Thelureoflargegainsattractsspeculativeinvestors.Importance:Theabilitytospotthecompaniesthatpromisethegreatestgrowthforthefutureisrare(很少有投資者具有如此良好的前瞻力，能發(fā)現(xiàn)這些有巨大增長潛力的公司)Shelf-registration(暫時擱置注冊，提前注冊)Firmsthathavepreviouslyissuedsecuritiesandarecurrentlypublicalsoraisefundsbysellingnewsecurities.(thesaleofadditionalsecurities)Thesamebasicprocedure;differencespriceInformationLessneedforadetailedprospectus,onlytellingtheplanneduseofthefundsraiseddifferencesApproximateitsmarketprice