第15章长期融资简介crpo.pptx
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1、第15章 长期融资简介长期融资简介Chapter-15 Outline主要内容:长期融资的基本来源、种类、特征,及其相关的概念长期融资的主要发展趋势和模式结构:15.1 普通股和优先股的一些特征15.2 公司长期债务:15.3 不同类型债券15.4 长期银团借款15.5 国际债券15.6 融资方式15.7 资本结构的最新趋势15.1普通股和优先股的一些特征与普通股相关的基本概念股东的权利委托代理权股票种类其他权利股利股东权利股东权利累计投票制多数投票制累计投票制与多数投票制累计投票制与多数投票制累计投票制的作用在于允许少数股东的参与。事先确定每位股东可以投出的选票总数。选票总数通常是按股东拥有
2、或控制的股票数乘以所要选举的董事人数计算而得。多数投票制。与普通股相关的基本概念面值和非面值股(Par and No-Par Stock)额定发行普通股和已发行普通股(Authorized versus Issued Common Stock)资本公积(Capital Surplus)留存收益(Retained Earnings)市场价值、账面价值和重置价值(Market Value,Book Value,and Replacement Value)股东的权利(Shareholders Rights)股利(Dividends)股票种类(Classes of Stock)面值和非面值股面值和非面
3、值股面值:每张股票的固定价格Par value is an accounting value,not a market value.The total par value(the number of shares multiplied by the par value of each share)is sometimes called the dedicated capital(实收资本)of the corporation.一些股票没有面值。额定发行普通股和已发行普通股额定发行普通股和已发行普通股普通股股份是公司最基本的所有权单位。新公司设立章程中必须说明公司额定发行的普通股股份。公司董事会
4、在股东授权下可以修改公司章程,增加普通股的额定发行数量。资本盈余(资本公积)资本盈余(资本公积)Usually refers to amounts of directly contributed equity capital in excess of the par value.(直接缴入的权益资本中超过股票面值的部分)For example,suppose 1,000 shares of common stock having a par value of$1 each are sold to investors for$8 per share.The capital surplus wou
5、ld be($8$1)1,00=$7,000留存收益(留存收益(retained earnings)Not many firms pay out 100 percent of their earnings as dividends.The earnings that are not paid out as dividends are referred to as retained earnings.普通股股东权益构成:普通股面值总额资本盈余(或资本公积)留存收益亦称为公司的账面价值市场价值、账面价值和重置价值市场价值、账面价值和重置价值Market Value is the price of
6、the stock multiplied by the number of shares outstanding.Also known as Market Capitalization Book ValueThe sum of par value,capital surplus,and accumulated retained earnings is the common equity of the firm,usually referred to as the book value of the firm.Replacement ValueThe current cost of replac
7、ing the assets of the firm.At the time a firm purchases an asset,market value,book value,and replacement value are equal.委托代理投票权委托代理投票权A proxy rights is the legal grant of authority by a shareholder to someone else to vote his or her shares.For convenience,the actual voting in large public corporati
8、ons is usually done by proxy.The fight for proxy votes15.1普通股和优先股的一些特征与优先股相关的基本概念优先股的特征设定价值累积和非累积是否应该视为债券Represents equity of a corporation,but is different from common stock because it has preference over common in the payments of dividends and in the assets of the corporation in the event of bankr
9、uptcy.Preferred shares have a stated liquidating value,usually$100 per share.Preferred dividends are either cumulative or noncumulative.未付的优先股股利不属于公司债务优先股到底是不是债券?优先股到底是不是债券?A good case can be made that preferred stock is really debt in disguise.The preferred shareholders receive a stated dividend.In
10、 the event of liquidation,the preferred shareholders are entitled to a fixed claim.Unlike debt,preferred stock dividends cannot be deducted as interest expense when determining taxable corporate income.Most preferred stock in the U.S.is held by corporate investors.They get a 70-percent income tax ex
11、emption.优先股之谜优先股之谜There are two offsetting tax effects to consider in evaluating preferred stock:1.计算发行公司的应纳税额时,优先股无法从公司的应税收入中扣除。2.公司因购入优先股而获取的股利中有70%可以免于缴纳公司所得税。Most agree that 2)does not fully offset 1).Given that preferred stock offers less flexibility to the issuer than common stock,some have ar
12、gued that preferred stock should not exist.Yet it does.优先股之谜优先股之谜对公司为什么要发行优先股的解释:属于公用事业行业的公司通常发行大量的优先股股票,因为它可较容易将税收劣势转嫁给客户向美国税务总署汇报亏损的公司,可以发行优先股发行优先股的公司可以避免债务融资方式下可能出现的破产威胁15.2 公司长期债务公司长期债务与公司债务相关的基本概念是负债还是权益?债券契约与公司债务相关的基本概念利息与股利(Interest versus Dividends)是负债还是权益?(Is It Debt or Equity?)长期负债的基本特征(Ba
13、sic Features of Long-Term Debt)负债类别(Different Types of Debt)债务偿付(Repayment)高级债券(Seniority)担保(Security)债务契约(Indenture)利息与股利利息与股利Debt is not an ownership interest(所有者权益)in the firm.Creditors do not usually have voting power.The corporations payment of interest on debt is considered a cost of doing bus
14、iness and is fully tax-deductible.Dividends are paid out of after-tax dollars.Unpaid debt is a liability of the firm.If it is not paid,the creditors can legally claim the assets of the firm.负债还是权益?负债还是权益?Some securities blur(模糊了)the line between debt and equity.Corporations are very adept at creatin
15、g hybrid securities(混合性证券)that look like equity but are called debt.Obviously,the distinction is important at tax time.A corporation that succeeds is creating a debt security that is really equity obtains the tax benefits of debt while eliminating its bankruptcy costs.长期负债的基本特征长期负债的基本特征The bond inde
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