公司理财-chapter-13课件

Chapter13Introductiontocorporatefinancingandgovernance公司理财-chapter-131Chapter13IntroductiontocorpObjectivesExplainwhymanagersshouldassumethatthesecuritiestheyissuearefairlypricedDescribethemajorclassesofsecuritiessoldbythefirmSummarizethechangingwaysthatU.S.firmshavefinancedtheirgrowth公司理财-chapter-132ObjectivesExplainwhymanagersContentCreatingvaluewithfinancingdecisionsCommonstockPreferredstockCorporatedebtConvertiblesecuritiesPatternsofcorporatefinancing公司理财-chapter-133ContentCreatingvaluewithfinInanefficientcapitalmarketallsecuritiesarefairlypricedgiventheinformationavailabletoinvestors.Inthatcasethesaleofsecuritiesattheirmarketpricecanneverbeapositive-NPVtransactionLargefirmsusemanydifferentkindsofsecurities公司理财-chapter-134InanefficientcapitalmarketTruevalue:真实价值Efficientcapitalmarket:有效资本市场Commercialpaper:短期融资券、商业票据公司理财-chapter-135Truevalue:真实价值公司理财-chapter-1ContentCreatingvaluewithfinancingdecisionsCommonstockPreferredstockCorporatedebtConvertiblesecuritiesPatternsofcorporatefinancing公司理财-chapter-136ContentCreatingvaluewithfin公司理财-chapter-137公司理财-chapter-137Treasurystock:stockthathasbeenrepurchasedbythecompanyandheldinitstreasuryIssuedshares:sharesthathavebeenissuedbythecompanyOutstandingshares:sharesthathavebeenissuedbythecompanyandareheldbyinvestorsAuthorizedsharecapital:maximumnumberofsharesthatthecompanyispermittedtoissue公司理财-chapter-138Treasurystock:stockthathasParvalue:valueofsecurityshowninthecompany’saccountsAdditionalpaid-incapital:differencebetweenissuepriceandparvalueofstock,alsocalledcapitalsurplusRetainedearnings:earningsnotpaidoutasdividends公司理财-chapter-139Parvalue:valueofsecuritysOwnershipofthecorporationAcorporationisownedbyitscommonstockholdersThestockholdersareentitledtowhateverprofitsareleftoverafterthelendershavereceivedtheirentitlementShareholdershavetheultimatecontroloverhowthecompanyisrun公司理财-chapter-1310OwnershipofthecorporationAVotingproceduresMajorityvoting:votingsysteminwhicheachdirectorisvotedonseparatelyCumulativevoting:votingsysteminwhichallvotesthatoneshareholderisallowedtocastcanbecastforonecandidatefortheboardofdirectorsShareholderscaneithervoteinpersonorappointaproxytoovoteProxycontest:takeoverattemptinwhichoutsiderscompetewithmanagementforshareholders’vote公司理财-chapter-1311VotingproceduresMajorityvotiCorporategovernanceintheU.S.andelsewhereTheseparationbetweenownershipandmanagementinmajorU.S.corporationscreatesapotentialconflictofinterestbetweenshareholdersandmanagersAseriesofscandalsledCongresstopasstheSarbanes-OxleyAct,whichaimstoensurethatcompaniesandtheiraccountantsprovidedirectors,lenders,andshareholderswiththeinformationthattheyneedtomonitorprogressWorldCom公司理财-chapter-1312CorporategovernanceintheU.Insummary,controloflargepubliccompaniesintheUnitedStatesisexercised

throughtheboardofdirectorsandpressurefromthestockmarket.Inmanyother

countriesthestockmarketislessimportantandcontrolshiftstomajor

stockholders,

typicallybanksandothercompanies.公司理财-chapter-1313Insummary,controloflargepTreasurystock:库藏股Issuedshares:已发行股票Outstandingshares:流通在外股票Authorizedsharecapital:法定股本Parvalue:面值Additionalpaid-incapitaorcapitalsurplus:附加实缴资本或资本公积Retainedearnings:留存收益Boardofdirectors:董事会Outsidedirectors:外部董事Majorityvoting:多数表决投票制度Cumulativevoting:累积投票权Proxycontest:代理权争夺公司理财-chapter-1314Treasurystock:库藏股公司理财-chapteContentCreatingvaluewithfinancingdecisionsCommonstockPreferredstockCorporatedebtConvertiblesecuritiesPatternsofcorporatefinancing公司理财-chapter-1315ContentCreatingvaluewithfinPreferredstockPreferredstock:stockthattakepriorityovercommonstockinregardtodividendsNetworth:bookvalueofcommonstockholders’equitypluspreferredstockFloating-ratepreferred:preferredstockpayingdividendsthatvarywithshort-terminterestratesAnychangeininterestrateswillbecounterbalancedbyachangeinthedividendpayment,sothevalueofpreferredstockinvestmentisprotected公司理财-chapter-1316PreferredstockPreferredstockPreferredstock:优先股Networth:净值、资本净值Floating-ratepreferred:浮动利率优先股公司理财-chapter-1317Preferredstock:优先股公司理财-chaptContentCreatingvaluewithfinancingdecisionsCommonstockPreferredstockCorporatedebtConvertiblesecuritiesPatternsofcorporatefinancing公司理财-chapter-1318ContentCreatingvaluewithfinLendersarenotregardedasownersofthefirm,theydon’tnormallyhaveanyvotingpower.Also,thecompany’spaymentsofinterestareregardedasacostandarethereforedeductedfromtaxableincome.Thusinterestispaidoutofbefore-taxincome,whereasdividendsoncommonandpreferredstockarepaidoutofafter-taxincome.公司理财-chapter-1319LendersarenotregardedasowDebtcomesinmanyformsInterestrateTheinterestpayment,orcoupon,onmostlong-termloansisfixedatthetimeofissueMostloansfromabankandsomelong-termloanscarryafloatinginterestratePrimerate:benchmarkinterestratechargedbybanksLondoninterbankofferedrate,orLIBOR公司理财-chapter-1320DebtcomesinmanyformsIntereMaturityFundeddebtisanydebtrepayablemorethan1yearfromthedateofissue,isdescribedaslong-termDebtdueinlessthanayearistermedunfundedandiscarriedonthebalancesheetasacurrentliability,isoftendescribedasshort-termdebt公司理财-chapter-1321MaturityFundeddebtisanydebRepaymentprovisionsSinkingfund:fundestablishedtoretiredebtbeforematurityEachyearthefirmputsasideasumofcashintoasinkingfundthatisthenusedtobuybackthebonds.Thenthereisasinkingfund,investorsarepreparedtolendatalowerrateofinterestCallablebond:bondthatmayberepurchasedbyfirmbeforematurityatspecifiedcallprice公司理财-chapter-1322RepaymentprovisionsSinkingfuSenioritySubordinateddebt:debtthatmayberepaidinbankruptcyonlyafterseniordebtispaidIntheeventofdefaultthesubordinatedlendergetsinlinebehindthefirm’sgeneralcreditors.Thesubordinatedlenderholdsajuniorclaimandispaidonlyafterallseniorcreditorsaresatisfied公司理财-chapter-1323SenioritySubordinateddebt:deSecuritySecureddebt:debtthathasfirstclaimonspecifiedcollateralintheeventofdefaultIntheeventofdefault,thesecuredlenderhasfirstclaimonthecollateral;unsecuredlendershaveageneralclaimontherestofthefirm’sassetsbutonlyajuniorclaimonthecollateral公司理财-chapter-1324SecuritySecureddebt:debtthaDefaultriskThesafetyofmostcorporatebondscanbejudgedfrombondratingsInvestorsdemandahighreturnfromlow-ratedbonds公司理财-chapter-1325DefaultriskThesafetyofmostCountryandcurrencyEurodollars:dollarsheldondepositinabankoutsidetheUnitedStatesEurobond:bondthatismarketedinternationally公司理财-chapter-1326CountryandcurrencyEurodollarPublicversusprivateplacementsPubliclyissuedbondsaresoldtoanyonewhowishestobuy,andoncetheyhavebeenissued,theycanbefreelytradedinthesecuritiesmarketsPrivateplacement:saleofsecuritiestoalimitednumberofinvestorswithoutapublicoffering公司理财-chapter-1327PublicversusprivateplacemenProtectivecovenantsProtectivecovenant:restrictiononafirmtoprotectbondholdersRestricttheamountofextradebtPreventothersfrompushingaheadofthemLimitthesizeofdividendsthatcanbepaid公司理财-chapter-1328ProtectivecovenantsProtectiveFloatinginterestrate:浮动利率Primerate:最优惠利率Londoninterbankofferedrate(LIBOR):伦敦银行同业拆借利率Fundeddebt:长期债务Sinkingfund:偿债基金Callablebond:可赎回债券Subordinateddebt:次级债券或后偿债务Secureddebt:有抵押债务或有担保债务Defaultrisk:违约风险Eurodollars:欧洲美元Eurobond:欧洲债券Privateplacement:私募Protectivecovenant:保护性条款公司理财-chapter-1329Floatinginterestrate:浮动利率公司ContentCreatingvaluewithfinancingdecisionsCommonstockPreferredstockCorporatedebtConvertiblesecuritiesPatternsofcorporatefinancing公司理财-chapter-1330ContentCreatingvaluewithfinWarrant:righttobuysharesfromacompanyatastipulatedpricebeforeasetdateConvertiblebond:bondthattheholdermayexchangeforaspecifiedamountofanothersecurityTheconvertibleisratherlikeapackageofabondandawarrantConvertiblepreferredstock公司理财-chapter-1331Warrant:righttobuysharesfWarrant:认股权证Convertiblebond:可转换债券Convertiblepreferredstock:可转换优先股公司理财-chapter-1332Warrant:认股权证公司理财-chapter-1332Co