公司理财本科班第六讲FinancingDecisions中.ppt

第六讲 融资决策,Corporate Finance (Part 4, 5, 7),存款-投资现金流,再投资,金融市场和金融中介功能,金融市场 为股票和债券发行提供融资渠道 投资者间可以互相交易 公司进行风险控制 金融中介机构 从储户吸收存款，再发放融资资金 银行，保险公司，投资基金,2011年3季度美国金融中介机构金融资产总值,基金类金融机构,投资基金 互惠基金 目标是跑赢大市 通过销售基金份额融资 现金市场基金 短期安全证券 封闭式基金 固定基金份额,中介类金融机构,商业银行 提供贷款，较为安全的存款途径 投资银行 协助公司融资业务 提供并购兼并等专业服务 保险公司 销售保险吸收资金，投资公司股票和债券,金融中介功能,提供便利的支付机制 快捷，安全性高：网上银行，网上基金投资 借贷中介的功能 吸收存款，发放贷款 促进经济发展,The role of financial markets and intermediaries,Pooling Risk Allows individuals to share risk, i.e., insurance companies Information Allows estimation of expected rates of return,Financing Decisions (融资决策),Internal Financing (Plowing back profits) External Financing Equity Financing Equity Issuance (Private and Public Sales of Equity) Payout Policy Debt Financing Capital Structure MM theorem,Figure 14.1 sources of funds, u.s. nonfinancial corporations,What is an efficient market?,Three Forms of Market Efficiency Weak Prices reflect all historical information; so past prices can not predict future prices Semistrong Prices reflect all publicly available information immediately and in an unbiased fashion Strong Prices reflect all private and public information,Six lessons of market efficiency,Markets Have No Memory Trust Market Prices Read the Entrails There are No Financial Illusions Remember the Do-It-Yourself Alternative Seen One Stock, Seen Them All,Common stock,Common Stock (普通股股票) Residual claim on assets and cash flow (剩余财产分配权) Mostly held by financial institutions Stockholders have ultimate right of control,Figure 14.3 corporate equity holdings, third quarter, 2011,Common stock,Voting Procedures Board of directors comes up for re-election every year Classified board of directors One-third of directors come up for re-election every year Entrenches management,Common stock,Dual-Class Shares (类别股) and Private Benefits Some companies have two classes of stock Same cash-flow rights, different control rights Greater control rights grant private benefits,Common stock,Equity in Disguise Partnerships (合伙制) Avoid corporate income tax Limited life span Trusts (信托) Passive ownership of asset Real Estate Investment Trust (REIT房地产信托投资基金) Not taxed Limited to real estate,Common stock,Preferred Stock （优先股） Takes priority over common stock when receiving dividends Gains some voting rights if corporation fails to pay preferred dividend,Debt,How Do We Define Debt?,Debt,Debt Comes in Many Forms Short-term versus long-term（短期和长期） Fixed versus floating rate （固定和浮动利率） Dollars versus foreign currency （美金和外币） Senior versus junior debt (优先债和次级债) Straight versus convertible bonds （普通债券和可转换债券）,Figure 14.4 U.S. bond holdings, third quarter, 2011,Debt,Debt by Any Other Name Some debts treated differently in accounts Accounts Payable (应付账户) Good received, not yet paid for Very short-term debt Unfunded obligations (没有资金支持的责任) Senior debt, e.g., employee pensions Special-Purpose Entities (SPEs 特殊目的主体) Raise cash through equity and debt Do not show up on balance sheet,How Corporates Issue Securities,Venture Capital （风险投资） Money invested to finance new firm Success of new firm dependent on managers Restrictions placed on management by venture capital company Funds usually dispersed in stages after certain level of success,VENTURE CAPITAL,VENTURE CAPITAL,FIGURE 15.1 U.S VENTURE CAPITAL INVESTMENTS,中国风投公司排名,风投国际排名 （福布斯排名-成功退出）,风投国际排名 （福布斯排名-知名合伙人）,THE INITIAL PUBLIC OFFERING,Initial Public Offering (IPO，首次公开募股) First offering of stock to public Underwriter (承销商) Firm that buys and resells an issue of securities Spread (差价) Difference between public-offer price and price paid by underwriter,THE INITIAL PUBLIC OFFERING,Prospectus （招股说明书） Provides information on issue of securities Underpricing （低价发行） Issuing securities at price set below true value of security,FIGURE 15.2 MOTIVES FOR IPO,TABLE 15.1 TOP MANAGING UNDERWRITERS, 2011 (承销商),FIGURE 15.3 AVERAGE INITIAL IPO RETURNS,Return, percent,15-2 THE INITIAL PUBLIC OFFERING,Average Expenses on 1767 IPOs from 1990-1994,FIGURE 15.4 IPO PROCEEDS AND FIRST-DAY RETURNS,ALTERNATIVE ISSUE PROCEDURES FOR IPOs,General Cash Offer Sale of securities to all investors by already public company Shelf Registration Allows firms to file one registration statement for several issues of same security Private Placement Sale of securities to limited investors with no public offering,TABLE 15.3 UNDERWRITING SPREADS,FIGURE 15.5 COSTS OF RAISING CAPITAL,SECURITY SALES BY PUBLIC COMPANIES,Rights Issues Issues of securities offered only to current stockholders Example Ivanhoe Mines needs C$1.2 billion of new equity. Market price C$24.73. Ivanhoe Mines decides to raise additional funds by offering the right to buy 3 new shares for 20 at C$13.93 per share. With 100% subscription, what is value of each right?,SECURITY SALES BY PUBLIC COMPANIES,Current Market Value 1 x C$24.73 = C$24.73 Total Shares 20 + 3 = 23 Amount of new funds 3 x C$13.93 = C$41.79 Ex-Rights Price (C$41.79 + C$494.60) / 23 = C$23.32 Value of a Right C$23.32 C$13.93 = C$9.39,SECURITY SALES BY PUBLIC COMPANIES,Rights Issue Lafarge Corp needs to raise 1.28 billion The market price is 60/sh Lafarge decides to raise additional funds via a 4 for 17 rights offer at 41 per share If we