公司理财14长期融资简介ppt课件.ppt

第14章长期融资简介 14 1普通股14 2企业长期负债14 3优先股14 4融资模式14 5资本结构最新趋势14 6小结 14 1普通股CommonStock 面值和非面值股ParandNo ParStock额定发行股和已发行股AuthorizedversusIssuedCommonStock资本盈余CapitalSurplus留存收益RetainedEarnings市场价值 账面价值和重置价值MarketValue BookValue andReplacementValue股东权利Shareholders Rights股利Dividends股票种类ClassesofStock 14 1 1面值和非面值股ParandNo ParStock Thestatedvalueonastockcertificate 证书 iscalledtheparvalue Parvalueisanaccountingvalue notamarketvalue Thetotalparvalue thenumberofsharesmultipliedbytheparvalueofeachshare issometimescalledthededicatedcapital 注册资本 ofthecorporation Somestockshavenoparvalue 14 1 2额定发行股和已发行普通股Authorizedvs IssuedCommonStock Thearticlesofincorporation 公司章程 muststatethenumberofsharesofcommonstockthecorporationisauthorizedtoissue Theboardofdirectors 董事会 afteravoteoftheshareholders mayamendthearticlesofincorporationtoincreasethenumberofshares Authorizingalargenumberofsharesmayworryinvestorsaboutdilution 稀释 becauseauthorizedsharescanbeissuedlaterwiththeapprovaloftheboardofdirectorsbutwithoutavoteoftheshareholders 14 1 3资本盈余CapitalSurplus 直接缴入权益资本中超过面值的部分 Usuallyreferstoamountsofdirectlycontributedequitycapitalinexcessoftheparvalue Forexample suppose1 000sharesofcommonstockhavingaparvalueof 1eacharesoldtoinvestorsfor 8pershare Thecapitalsurpluswouldbe 8 1 1 000 7 000 14 1 4留存收益RetainedEarnings Notmanyfirmspayout100percentoftheirearningsasdividends Theearningsthatarenotpaidoutasdividendsarereferredtoasretainedearnings 14 1 5市场价值 账面价值和重置价值MarketValue BookValue andReplacementValue MarketValueisthepriceofthestockmultipliedbythenumberofsharesoutstanding 发行在外 AlsoknownasMarketCapitalizationBookValue 账面的股东权益 Thesumofparvalue capitalsurplus andaccumulatedretainedearningsisthecommonequityofthefirm usuallyreferredtoasthebookvalueofthefirm ReplacementValueThecurrentcostofreplacingtheassetsofthefirm Atthetimeafirmpurchasesanasset marketvalue bookvalue andreplacementvalueareequal 14 1 6股东权利Shareholders Rights 投票选董事会的权利构成了股东最重要的控制机制Therighttoelectthedirectorsofthecorporationbyvoteconstitutesthemostimportantcontroldeviceofshareholders Directorsareelectedeachyearatanannualmeetingbyavoteoftheholdersofamajorityofshareswhoarepresentandentitledtovote Theexactmechanismvariesacrosscompanies 重要差别在于是累计投票或是直接投票Theimportantdifferenceiswhethersharesaretobevotedcumulativelyorvotedstraight 累计投票和直接投票CumulativeversusStraightVoting 累计投票制的作用在于允许少数股东的参与 Theeffectofcumulativevotingistopermitminorityparticipation Undercumulativevoting thetotalnumberofvotesthateachshareholdermaycastisdeterminedfirst Usually thenumberofsharesownedorcontrolledbyashareholderismultipliedbythenumberofdirectorstobeelected Eachshareholdercandistributethesevotesashewishesoveroneormorecandidates 直接投票制类似美国的政治选举StraightvotingworkslikeaU S politicalelection 股东拥有与持股数一样多的投票权 每个董事会席位单独选举Shareholdershaveasmanyvotesassharesandeachpositionontheboardhasitsownelection 排除少数股东的权利Atendencytofreezeoutminorityshareholders 累计投票与直接投票举例Cumulativevs StraightVoting Example Imagineafirmwithtwoshareholders 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 委托代理投票ProxyVoting Aproxyisthelegalgrantofauthoritybyashareholdertosomeoneelsetovotehisorhershares Forconvenience theactualvotinginlargepubliccorporationsisusuallydonebyproxy 14 1 7股利Dividends 公司的显著特征是发行股票以及依法向股票持有人发放股利 特点 1 除非董事会已经宣布发放股利 否则股利发放就不是公司的一项义务 公司对并未宣告发放的股利不存在 拖欠 问题 因此 不会因为不放股利而 破产 Unlessadividendisdeclaredbytheboardofdirectorsofacorporation itisnotaliabilityofthecorporation Acorporationcannotdefault 拖欠 onanundeclareddividend 2 股利不能作为经营费用 无法实现抵扣税金的目的Thepaymentofdividendsbythecorporationisnotabusinessexpense Therefore theyarenottax deductible 免税 3 个人股东所得股利要全额纳税DividendsreceivedbyindividualshareholdersareforthemostpartconsideredordinaryincomebytheIRSandarefullytaxable 美国企业间的股利70 免税 Thereisanintra corporatedividendexclusion 14 1 8股票种类ClassesofStock 当存在一种以上的普通股时 他们往往拥有不同的表决权Whenmorethanoneclassofstockexists theyareusuallycreatedwithunequalvotingrights 许多公司发行两种普通股 其用意在于掌握公司的控制权Manycompaniesissuedualclassesofcommonstock Thereasonhastodowithcontrolofthefirm 如 福特公司发行的B类普通股 福特家族持有 属于非上市交易股 有40 的投票表决权 14 2公司长期负债CorporateLong TermDebt TheBasics 利息与股利InterestversusDividends负债还是权益IsItDebtorEquity 长期负债的基本特征BasicFeaturesofLong TermDebt负债类别DifferentTypesofDebt偿付Repayment高级债券Seniority担保Security债务契约Indenture 14 2 1利息与股利InterestversusDividends 公司发行的证券可粗略地分为权益性证券与债务性证券 从财务的角度分析 负债与权益的主要差别是 1 债务不属于公司的所有者权益 没有表决权Debtisnotanownershipinterestinthefirm Creditorsdonotusuallyhavevotingpower 2 公司对负债所支付的利息被视为一种经营费用 具有完全的抵税作用 Thecorporation spaymentofinterestondebtisconsideredacostofdoingbusinessandisfullytax deductible Dividendsarepaidoutofafter taxdollars 3 未付债务是公司的责任 Unpaiddebtisaliabilityofthefirm Ifitisnotpaid thecreditorscanlegallyclaimtheassetsofthefirm 14 2 2是负债还是权益IsItDebtorEquity 有些证券在权益和债务之间模糊不清Somesecuritiesblurthelinebetweendebtandequity 公司非常善于制造混合性证券 看似权益但被视作负债 Corporationsareveryadeptatcreatinghybridsecuritiesthatlooklikeequitybutarecalleddebt 比如 某企业发行了种50年期债券 其利息仅在公司盈利时才予以支付 并且该债券的偿付级别低于公司其他债券 14 2 3长期负债的基本特征BasicFeaturesofLong TermDebt Thebondindenture 契约 usuallylistsAmountofIssue DateofIssue MaturityDenomination Parvalue AnnualCoupon 年利息 DatesofCouponPaymentsSecurity 担保 SinkingFunds 偿债基金 CallProvisions 赎回条款 Covenants 契约 合同 FeaturesthatmaychangeovertimeRating 等级 Yield to Maturity 到期收益率 Marketprice 市价 14 2 4负债的类别DifferentTypesofDebt 信用债券是指无担保的公司债券 债券是以公司的财产为抵押担保Adebentureisanunsecuredcorporatedebt whereasabondissecuredbyamortgageonthecorporateproperty 票据通常指期限短于信用债券 或者短于10年的无担保债务Anoteusuallyreferstoanunsecureddebtwithamaturityshorterthanthatofadebenture perhapsunder10years 14 2 5偿付Repayment 长期债务通常以定额的方式偿还 称为分期摊销Long termdebtistypicallyrepaidinregularamountsoverthelifeofthedebt Thepaymentoflong termdebtbyinstallmentsiscalledamortization 典型的债务分期摊销是以偿债基金的形式进行的Amortizationisusuallyarrangedbyasinkingfund Eachyearthecorporationplacesmoneyintoasinkingfund andthemoneyisusedtobuybackthebonds 14 2 6高级债券Seniority 高级债券一般表明债券的偿付地位优于其他债券Seniorityindicatespreferenceinpositionoverotherlenders 有些债券则属于次级债券 清偿地位次于其他债券Somedebtissubordinated Intheeventofdefault holdersofsubordinateddebtmustgivepreferenceotherspecifiedcreditorswhoarepaidfirst 14 2 7担保Security 担保是一种财产的附属形式Securityisaformofattachmenttoproperty 它能保证在公司违约时出售财产偿付债务Itprovidesthatthepropertycanbesoldineventofdefaulttosatisfythedebtforwhichthesecurityisgiven 抵押品是用于担保的有形财产Amortgageisusedforsecurityintangibleproperty 信用债券无抵押品担保Debenturesarenotsecuredbyamortgage 14 2 8债务契约Indenture 债务人和债权人之间的书面协议Thewrittenagreementbetweenthecorporatedebtissuerandthelender 贷款条件Setsforththetermsoftheloan 到期日Maturity利率Interestrate保护条款Protectivecovenants 14 3优先股PreferredStock Representsequityofacorporation butisdifferentfromcommonstockbecauseithaspreferenceovercommoninthepaymentsofdividendsandintheassetsofthecorporationintheeventofbankruptcy 破产 Preferredshareshaveastatedliquidating 清算 value usually 100pershare Preferreddividendsareeithercumulativeornoncumulative 非累积的 优先股是债券吗 IsPreferredStockReallyDebt 事实可以证明 优先股是伪装了的债券Agoodcasecanbemadethatpreferredstockisreallydebtindisguise 优先股股东获得既定的股息Thepreferredshareholdersreceiveastateddividend 公司清算时 优先股股东获得固定价值的补偿Intheeventofliquidation thepreferredshareholdersareentitledtoafixedclaim 不像债务 优先股股息不能税前扣除Unlikedebt preferredstockdividendscannotbedeductedasinterestexpensewhendeterminingtaxablecorporateincome 在美国 大多数优先股为公司投资者持有 因为优先股息中70 可以免于缴纳公司所得税MostpreferredstockintheU S isheldbycorporateinvestors Theygeta70 percentincometaxexemption 优先股之谜ThePreferred StockPuzzle Therearetwooffsetting 抵消 taxeffectstoconsiderinevaluatingpreferredstock Dividendsarenotdeductedfromcorporateincomeincomputingthetaxliabilityoftheissuingcorporation Whenacorporationbuyspreferredstock 70percentofthedividendsreceivedareexempt 免除 fromcorporatetaxation Mostagreethat2 doesnotfullyoffset1 Giventhatpreferredstockofferslessflexibility 灵活性 totheissuerthancommonstock somehavearguedthatpreferredstockshouldnotexist 14 4融资模式PatternsofFinancing 内部融资主要源自内部自然产生的现金流 它等于净利润加上折旧减去股利 外部融资是公司新发行的负债及权益扣除它们被赎回部分的净额 长期融资方式的几个特点 1 内部产生的现金流是公司资金的主要来源 Internallygeneratedcashflowdominatesasasourceoffinancing typicallybetween70and90 2 一般地 公司支出总额会多于内部产生的现金流 这两者之差构成了财务赤字 赤字可以借助举债和发行新股弥补Firmsusuallyspendmorethantheygenerateinternally thedeficitisfinancedbynewsalesofdebtandequity 3 外部融资最显著的特点之一是新发行的权益资本只占融资总额的很小一部分 Netnewissuesofequityaredwarfedbynewsalesofdebt 4 其他国家的公司比美国公司更大规模地依靠外部权益资本筹集资金FirmsinothercountriesrelytoagreaterextentthanU S firmsonexternalequity 长期融资债赤字TheLong TermFinancialDeficit 1999 现金流来源SourcesofCashFlow 100 内部现金流Internalcashflow reta