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吳東立經(jīng)濟管理學院金融教研室第十章長期融資簡介內(nèi)容提要與學習要點內(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。學習要點: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股票的構成要素1.面值2.市值3.股息和分紅4.股權資本公積(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、表決權股與無表決權股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)都擁有平等權益,在股利和破產(chǎn)清算方面不具任何特殊優(yōu)先權的股票。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利優(yōu)先認股權利潤分配權股東權利剩余資產(chǎn)分配權公司決策參與權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)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。債券持有人有權在表明的有效期內(nèi)(假設為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(擔保)Securityisaformofattachmenttoproperty.Itprovidesthatthepropertycanbesoldineventofdefaulttosatisfythedebtforwhichthesecurityisgiven.Amortgageisusedforsecurityintangibleproperty.Debenturesarenotsecuredbyamortgage.3.8Indenture(債務契約)Thewrittenagreementbetweenthecorporatedebtissuerandthelender.Setsforththetermsoftheloan:MaturityInterestrateProtectivecovenants.4.優(yōu)先股優(yōu)先股:屬公司的權益,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;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
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