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Key

Concepts

and

Skills

本章要求Describe

the

basic

features

of

common

andpreferred

stock.能描述普通

和优先股的基本特征。Understand

the

different

types

of

bonds

andhow

bond

characteristics

impact

the

requiredyield.理解不同类型的债券以及债券的特征是如何影响必要收益率的。15-1Chapter

Outline

本章内容Some

Features

of

Common

and

Preferred

Stock

普通股和优先股的一些特征Corpora

ong-Term

Debt

公司长期Some

Different

Types

of

Bonds

不同类型债券Long-Term

Syndicated

Bank

Loans

长期银团借款International

Bonds

国际债券Patterns

of

Financing

融资方式Recent

Trends

in

Capital

Structure资本结构的

趋势15-2Features

of

Common

Stock普通股的特征股东权利公司基本章程规定,由股东选出董事会(董事长),再由董事会选出公司的 管理

(总经理CEO)。因此,股东通过选择董事的权利控制公司,只有股东才有这个权利。不过上司公司通常会有代表小股东利益的独立董事,,指的是独立于公司股东且不在公司中公司经营管理者没有重要的任职,并与公司或或专业联系,并对公司事务做出独立判断的董事。一般说来,独立董事,即不在公司任职,不参与具体事务,没有公司,能为公司出谋划策。15-3Features

of

Common

Stock普通股的特征每年股东大会都会

每一年的董事

(一股一票)Voting

rights

(Cumulative

vs.

Straight)投票权(累计投票制对直线投票制)累计投票制有利于小股东更容易 董事错开 机制有利于大股东Proxy

voting

委托Classes

of

stock投票权种类(公众持有)

B股

人持有,更大投票权)1:10国家股、法人股、非流通股、股权分置到

,沪深

流通市值为18.8万亿元;总市值为24.42万亿元。其中沪市流通市值为13.86万亿元,总市值为16.77万亿元;深市流通市值为4.04万亿元,总市值为7.64万亿元)。15-4例子:15.1

董事15-5Features

of

CommonStock普通股的特征Other

rights

其他权利Share

proportionally

in

declared

dividends按比例

公司支付的股利的权利Share

proportionally

in

remaining

assets

during

liquidation公司 时,享有按比例分配剩余资产的权利Preemptive

right

– shot

at

new

stock

issue

to

maintainproportional

ownership

if

desired

优先 权——按比例公司新

的权利重大问题投票的权利,如兼并、退市15-6股利的特征而股利不是公司的义务。公司不会因为股利未。

股利支付不能作为经营费用,所以无法抵税。从税后利润中进行

。股利作为投资者的普通收入进行纳税。15-7Features

of

Preferred

Stock优先股的特征Dividends股利Stated

dividend

must

be

paid

before

dividends

can

be

paid

to

commonstockholders.在股利支付给普通

持有者之前先支付给优先股持有者。Dividends

are

not

a

liability

of

the

firm,

and

preferred

dividends

can

bedeferred

indefini

y.股利不是企业的负债,优先股股利可以无限延期Most

preferred

dividends

are

cumulative

any

missed

preferreddividends

have

to

be

paid

before

common

dividends

can

be

paid.必须在普大部分优先股股利是累计的——任何错过支付期的通股股利能够被支付前予以支付Preferred

stock

generally

does

not

carry

voting

rights.优先股一般没有投票权。15-8De ersus

Equity负债对权益Debt

负债Not

an

ownershi非所有者利益Creditors

do

not

have

votingrights

债权人无投票权Interest

is

considered

a

cost

ofng

business

and

is

taxdeductible

利息被视为经商的成本,可免税Creditors

have

legal

recourse

ifinterest

or

principal

paymentsaremissed若利息本金支付没兑现债权人有法律追诉权Excess

debt

can

lead

to

financialdistress

and

bankruptcy

过度的负债会导致财务紧张甚至Equity

权益Ownershi

所有者利益Common

stockholders

vote

for

theboard

of

directors

and

other

issues普通股东可以对选董事会和其他问题进行投票Dividends

are

not

considered

a

cost

ofng

business

and

are

not

taxdeductible

股息不被认为是经商的成本,不可免税Dividendsare

not

a

liability

of

thefirm,

andstockholders

have

no

legalrecourse

if

dividends

are

not

paid股息不是企业的负债,若不支付股利股东没有法律资源l-equity

firm

cannot

go

bankrupt一个纯权益企业不会15-9The

Bond

Indenture

债券契约Contract

between

the

company

and

the

bondholdersthat

includes:

公司和债权人间的合约包括:The

basic

terms

of

the

bonds债券的基本构成The

total

amount

of

bonds

issued

债券的总额A

description

of

property

used

as

security,

if

applicable做为 的属性描述Sinking

fund

provisions

偿债基金Call

provisions

赎回条款Details

of

protective

covenants

保护性条款的细节(公司不能做什么,应该做什么)15-10Bond

Classifications

债券分类与无记名形式Registered

vs.

Bearer

FormsSecurity

担保Collateral

securedby

financial

securities质押-用金融 进行担保Mortgage

secured

by

real

property,

normally

land

orbuildings

抵押-用实际资产、正常土地或建筑进行担保Debentures–unsecured

信用债券-无担保Notes

unsecured

debt

with

original

maturity

less

than

10years

票据-初始 期在10年以内的无担保负债Seniority

优先级债券15-1115-12Required

Yields

必要收益率The

couponrate

depends

on

the

risk

characteristics

of

the

bondwhen

issued.

票面利率依赖于债券 时的风险特点Which

bonds

will

have

the

higher

coupon,

all

else

equal?在其它条件相同下,哪个债券的票面利率更高?Secured

de ersus

a

debenture

有担保

与信用债券Subordinated

debenture

versus

senior

debt次级信用债券与优先级债券A

bond

with

a

sinking

fund

versus

one

without带偿债基金的债券与无偿债基金的债券A

callable

bond

versus

a

non-callable

bond一个可赎回的债券与不可赎回的债券15-13Zero

Coupon

Bonds零息债券Make

no

periodic

interest

payments

(coupon

rate

=

0%)没有定期的利息付款(票面利率=0%)The

entire

yield

to

maturity

comes

from

the

difference

between

thepurchase

price

and

the

par

value整个到期收益率来自

价格与面值的差价Cannot

sell

for

morethan

par

value

不能以高于面值价格出售Sometimes

called

zeroes,

deep

discount

bonds,

or

original

issuediscount

bonds

(OIDs)有时被称为零息债券、高折扣债券或原始

贴现债券(OIDs)Treasury

Bills

and

principal-only

Treasury

strips

are

good

examplesofzeroes短期无息国库券和仅有本金的国库券条子都是零息债券的好例子15-14Pure

Discount

Bonds

纯贴现债券Information

needed

for

valuing

pure

discount

bonds:对纯贴现债券进行估值时所需信息:Time

to

maturity

(T)

=

Maturity

date

-

today’s

date到期时间(T)=到期日期-当前日期Face

value(F)面值(F)Discount

rate(r)贴现率(r)(1

r)TPV

Present

value

of

a

pure

discount

bond

at

time

0:0时刻纯贴现债券的现值为:F15$

0

$

0 $

00

1

2

T

1$

FT15-Find

the

value

of

a

30-year

zero-coupon

bond

with

a

$1,000par

value

and

a

YTM

of

6%.

求出 期30年面值为$1,000到期收益率为6%的零息债券的价值(1.06)30

$1,000

$174.11(1

r)TFPV

012$0

$029$0

$1,0003015-1615-17Floating

Rate

Bonds浮动利率债券Coupon

rate

floats

depending

on

some

index

value票面的浮动利率依赖于某一指数值Examples

adjustable

rate

mortgages

and

inflation-linked

Treasuries例子-可调整利率抵押和通胀保值国债There

is

less

price

risk

with

floating

rate

bonds浮动利率债券的价格风险较低The

coupon

floats,

so

it

is

less

likely

to

differ

substantially

from

theyield

to

maturity.票息是浮动的,所以它同到期收益率有巨大差异的可能性不大Coupons

may

have

a

“collar”

the

rate

cannot

go

above

a

specified“ceiling”

or

below

a

specified

“floor.”票息可能有“利率双限”-利率不能高于一个特定的上限或低于一个特定的下限。Other

Bond

Types

其它债券类型e

bonds

收益债券(利息支付取决于公司)Convertible

bonds

可转换债券

(转换成

)Put

bonds

可回售债券(强制

人回购)There

are

many

other

types

of

provisions

that

can

beadded

to

a

bond,

and

many

bonds

have

severalprovisions

it

is

important

to

recognize

how

theseprovisions

affect

required

returns.有许多其他类型的规定可以被加到债券上,并且很多债券都有一些规定-

这些条款是如何影必要收益率是很重要的。15-1815-19Securitized

Bonds资产

化债券Also

called

asset-backed

bonds

也称资产支持债券Bondholders

receive

interest

and

principal

paymentsfrom

a

specific

asset

rather

than

a

specific

companyovernment

债券持有人从一个特定的资产而不是从特定的公司或

中获得利息和本金支付Mortgage

backed

securities

are

the

best-known

typeof

securitized

bond,

but

others

include是最著名的资产

化债券类抵押

支持型,其它的包括Car

loans汽车Credit

cards15.4

Long-Term

Syndicated

Bank

Loans长期银团借款Large

money-center

banks

frequently

have

more

demand

for

loans

thantheyhave

supply.大型银行经常借款需求超过了他们能提供的数额Small

regional

banks

are

often

in

the

opposite

situation.小的区域性的银行经常处于相反的情况As

a

result,

a

lager

money

center

bank

may

arrange

a

loan

with

a

firm

orcountry

and

then

sell

portions

of

the

loan

to

a

syndicate

of

other

banks.结果,一个大型中心银行可能与一家企业或国家签订一笔借款合约,可以是公开交易的。然后将

的一部分出售给其他银行的财团。A

syndicated

loan

may

be

publicly

traded.银团Syndicated

loans

are

always

rated

investment

grade.银团

总是处于投资等级However,

a

leveraged

syndicated

loan

is

junk.但是一份杠杆银团借款却被

等级。15-2015.5

International

Bonds

国际债券Eurobonds:

bonds

denominated

in

a

particular

currency

and

issuedsimultaneously

in

the

bond

markets

of

several

countries欧洲债券:同时向多个国家债券市场券。(欧洲国家在,但只用单一货币计价的债债券)Foreign

bonds:

bonds

issued

in

another

nation’s

capital

market

by

aforeign

borrower外国债券:由国外借款者在其它国家的资本市场

的债券。扬基债券(扬基债券是在)、武士债券(

),公牛债券(英国)债券市场上的外国债券,即国内市场以外的的、以、为计金融机构、工商企业和国际组织在值货币的债券。15-2115.6

Patterns

of

Financing融资方式Internally

generatedcash

flow

dominates

as

a

source

of

financing,typicallybetween

70and90%.积累的现金流在融资方式中占主导地位,一般在70%至90%之间。Firms

usuallyspend

more

than

theygenerate

internally—the

deficitisfinancedbynewsalesofdebtandequity.企业支出经常超过内部积累的-赤字由新出售的债券和权益填补。Net

new

issues

of

equity

are

dwarfed

by

new

sales

of

debt.净新发权益相对于债券的出售并没那么重要。This

is

consistent

with

the

pecking

order

hypothesis.这同优序融资理论一致。Firmsin

other

countries

rely

to

a

greater

extent

than

U.S.

firms

onexternal

equity.

其他国家的企业比起

企业而言更依赖于外部权益15-22公司的融资方式15-23The

Long-Term

Financial

Deficit长期赤字Internal

cashflow

(retainedearnings

plusdepreciation)现金流(留存收益及折旧)

80%Long-term

debtandequity长期负债和权益20%Sources

of

Cash

Flow现金流来源(100%)Uses

of

Cash

Flow现金流用途(100%)Capitalspending资本支出80%Networkingcapital

plusother

uses净运营资本加其它使用20%Internalcash

flow现金流Externalcash

flow外部现金流Financialdeficit财务缺口15-2415.7

Recent

Trends

in

Capital

Structure资本结构的趋势负债与权益的账面价值比15-

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