taiwan财务管理_lecture14(ch14)(PPT 12页)

,Irwin/McGraw-Hill,Chapter14,FundamentalsofCorporateFinanceThirdEdition,HowCorporationsIssueSecurities,BrealeyMyersMarcusslidesbyMatthewWill,Irwin/McGraw-Hill,TheMcGraw-HillCompanies,Inc.,2001,TopicsCovered,VentureCapitalTheInitialPublicOfferingTheUnderwritersGeneralCashOffersThePrivatePlacement,VentureCapital,Sincesuccessofanewfirmishighlydependentontheeffortofthemanagers,restrictionsareplacedonmanagementbytheventurecapitalcompanyandfundsareusuallydispersedinstages,afteracertainlevelofsuccessisachieved.,VentureCapitalMoneyinvestedtofinanceanewfirm,VentureCapital,VentureCapital,InitialOffering,InitialPublicOffering(IPO)-Firstofferingofstocktothegeneralpublic.Underwriter-Firmthatbuysanissueofsecuritiesfromacompanyandresellsittothepublic.Spread-Differencebetweenpublicofferpriceandpricepaidbyunderwriter.Prospectus-Formalsummarythatprovidesinformationonanissueofsecurities.Underpricing-Issuingsecuritiesatanofferingpricesetbelowthetruevalueofthesecurity.,InitialOffering,AverageExpenseson1767IPOsfrom1990-1994,TheUnderwriters,TheUnderwriters,GeneralCashOffers,SeasonedOffering-Saleofsecuritiesbyafirmthatisalreadypubliclytraded.GeneralCashOffer-Saleofsecuritiesopentoallinvestorsbyanalreadypubliccompany.ShelfRegistration-Aprocedurethatallowsfirmstofileoneregistrationstatementforseveralissuesofthesamesecurity.PrivatePlacement-Saleofsecuritiestoalimitednumberofinvestorswithoutapublicoffering.,RightsIssue,RightsIssue-Issueofsecuritiesofferedonlytocurrentstockholders.Example-YRUCorpcurrentlyhas9millionsharesoutstanding.Themarketpriceis$15/sh.YRUdecidestoraiseadditionalfundsviaa1for3rightsofferat$12pershare.Ifweassume100%subscription,whatisthevalueofeachright?,RightsIssue,CurrentMarketValue=9milx$15=$135milTotalShares=9mil+3mil=12milAmountofnewfunds=3milx$12=$36milNewSharePrice=(136+36)/12=$14.25/shValueofaRight=15-14.25=$0.75,Example-YRUCorpcurrentlyhas9millionsharesoutstanding.Themarketpriceis$15/sh.YRUdecidestoraisead