内容提要与学习要点

吴东立经济管理学院金融教研室第十章长期融资简介内容提要与学习要点内容提要：本章主要介绍企业长期融资的基本来源及其方式、特点。学习要点：1.普通股；

2.企业长期债券；

3.优先股

1、股票概述

含义：股票是股份有限公司公开发行的、用以证明投资者的股东身份和权益并据以获得股息和红利的凭证。

性质：股票是一种所有权凭证，本身没有任何价值，是一种独立于实际资本之外的虚拟资本。

据考证我国最早的股票是1907年发行的川汉铁路股票1.1股票的构成要素1.面值2.市值3.股息和分红4.股权资本公积（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偿还性收益性流动性风险性波动性参与性伸缩性1.3股票的种类1、普通股与优先股2、表决权股与无表决权股3、记名股与不记名股4、有面值股与无面值股5、流通股与非流通股其他股票类型1、偿还股股票：指在发行时就确定偿还本金的股票。2、蓝筹股(BlueChips)：指一些业绩优良稳定的大公司发行的普通股股票。3、红筹股股票：指在境外注册、在香港上市的带有中国大陆概念的股票。4、成长性股票：指那些销售额和收益额稳定增长的股票。2.普通股普通股（commonshares）：是相对于优先股而言的，是指每一股份对公司财产都拥有平等权益，在股利和破产清算方面不具任何特殊优先权的股票。优先股(preferenceshares)是指由股份有限公司发行的，在分配公司收益和剩余资产方面比普通股票具有优先权的股票。思考A.如果你购买了IBM的100股普通股，你将被给予什么样的权利？B.这一投资在下一年度至多可赚多少钱？C.如果你购买的价格为95美元/股，一年后你可能的最大损失为多少？如果你买的是IBM公司的债券呢？优先股呢？2.1普通股股东享有的权利优先认股权利润分配权股东权利剩余资产分配权公司决策参与权2.2CumulativeversusStraightVotingTheeffectofcumulativevoting（累计投票制）

istopermitminorityparticipation.Undercumulativevoting,thetotalnumberofvotesthateachshareholdermaycastisdeterminedfirst.Usually,thenumberofsharesownedorcontrolledbyashareholderismultipliedbythenumberofdirectorstobeelected.Eachshareholdercandistributethesevotesashewishesoveroneormorecandidates.Straightvoting（多数投票制）

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（委托代理投票权）Aproxyisthelegalgrantofauthoritybyashareholdertosomeoneelsetovotehisorhershares.Forconvenience,theactualvotinginlargepubliccorporationsisusuallydonebyproxy.2.4股利（Dividends）Unlessadividendisdeclaredbytheboardofdirectorsofacorporation,itisnotaliabilityofthecorporation.Acorporationcannotdefaultonanundeclareddividend.Thepaymentofdividendsbythecorporationisnotabusinessexpense.Therefore,theyarenottax-deductible.DividendsreceivedbyindividualshareholdersareforthemostpartconsideredordinaryincomebytheIRSandarefullytaxable.Thereisanintra-corporatedividendexclusion.2.4普通股股票的种类

（ClassesofStock）Whenmorethanoneclassofstockexists,theyareusuallycreatedwithunequalvotingrights.Manycompaniesissuedualclassesofcommonstock.Thereasonhastodowithcontrolofthefirm.Lease,McConnell,andMikkelsonfoundthemarketpricesofstockswithsuperiorvotingrightstobeabout5percenthigherthanthepricesofotherwise-identicalstockswithinferiorvotingrights.3.企业长期债券债务契约(Indenture)到期时间(TimetoMaturity)面值(Faceorparvalue)息票率(Couponrate)零息票债券(Zerocouponbond)举例假定有一面值1000美元，息票率为8%的债券，以1000美元的价格出售给投资者。债券持有人有权在表明的有效期内（假设为30年）每年得到1000美元的8%的报酬，即每年80美元。这80美元一般分做两个半年期支付，即每次支付40美元。当债券30年有效期满时，发行人再将1000美元的面值支付给债券持有人。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（偿债基金）CallProvisionsCovenantsFeaturesthatmaychangeovertimeRatingYield-to-MaturityMarketprice3.4DifferentTypesofDebtAdebenture（信用债券）

isanunsecuredcorporatedebt,whereasabondissecuredbyamortgageonthecorporateproperty.Anote（票据）

usuallyreferstoanunsecureddebtwithamaturityshorterthanthatofadebenture,perhapsunder10years.3.5偿付（Repayment）Long-termdebtistypicallyrepaidinregularamountsoverthelifeofthedebt.Thepaymentoflong-termdebtbyinstallmentsiscalledamortization（分期偿还）.

Amortizationisusuallyarrangedbyasinkingfund.Eachyearthecorporationplacesmoneyintoasinkingfund,andthemoneyisusedtobuybackthebonds.3.6Seniority（高级债券）Seniorityindicatespreferenceinpositionoverotherlenders.Somedebtissubordinated（次级债券）.Intheeventofdefault,holdersofsubordinateddebtmustgivepreferenceotherspecifiedcreditorswhoarepaidfirst.3.7Security（担保）Securityisaformofattachmenttoproperty.Itprovidesthatthepropertycanbesoldineventofdefaulttosatisfythedebtforwhichthesecurityisgiven.Amortgageisusedforsecurityintangibleproperty.Debenturesarenotsecuredbyamortgage.3.8Indenture（债务契约）Thewrittenagreementbetweenthecorporatedebtissuerandthelender.Setsforththetermsoftheloan:MaturityInterestrateProtectivecovenants.4.优先股优先股：属公司的权益，但是它不同于普通股。优先股与债券的区别与联系：联系：通常都有固定的收入权区别：在利息和股息的支付时，先支付利息，后支付股息；在剩余资产清偿时，先清偿债券持有人，后优先股股东；在不能支付承诺的股息时，优先股并不会导致公司破产；优先股的股息不能享受税收的减免，即无抵税效应；4.1PreferredStockRepresentsequityofacorporation,butisdifferentfromcommonstockbecauseithaspreferenceovercommoninthepaymentsofdividendsandintheassetsofthecorporationintheeventofbankruptcy.Preferredshareshaveastatedliquidatingvalue,usually$100pershare.Preferreddividendsareeithercumulativeornoncumulative.4.2IsPreferredStockReallyDebt?Agoodcasecanbemadethatpreferredstockisreallydebtindisguise.Thepreferredshareholdersreceiveastateddividend.Intheeventofliquidation（清偿）,thepreferredshareholdersareentitledtoafixedclaim.Unlikedebt,preferredstockdividendscannotbedeductedasinterestexpensewhendeterminingtaxablecorporateincome.MostpreferredstockintheU.S.isheldbycorporateinvestors.Theygeta70-percentincometaxexemption.4.3ThePreferred-StockPuzzleTherearetwooffsettingtaxeffectstoconsiderinevaluatingpreferredstock:Dividendsarenotdeductedfromcorporateincomeincomputingthetaxliabilityoftheissuingcorporation.Whenacorporationbuyspreferredstock,70percentofthedividendsreceivedareexemptfromcorporatetaxation.Mostagreethat2)doesnotfullyoffset1).Giventhatpreferredstockofferslessflexibilitytotheissuerthancommonstock,somehavearguedthatpreferredstockshouldnotexist.5.企业融资方式债券融资

股权融资

内源融资

留利和折旧公司债券发行股票TheLong-TermFinancialDeficit(1999)SourcesofCashFlow(100%)Internalcashflow(retainedearningsplusdepreciation)70%Long-termdebtandequity30%UsesofCashFlow(100%)Capitalspending80%Networki