corporate financegeneral principles 公司融资 基本原则

CORPORATE FINANCE : GENERAL PRINCIPLES公司融资 : 基本原则,Purpose目的Management power管理权Share capital and loan capital股权资本与借贷资本Security担保,SHARE CAPITAL,Issuance of shares to raise capital in private limited companies.Private to public unlisted companies.Private to public listed companies.Public unlisted to public listed companies.Rights issue.,股权资本,私人有限公司发行股票以筹集资本私人公司转为公众非上市公司私人公司转为公众上市公司公众非上市公司转为公众上市公司认沽权,LOAN CAPITAL,Legal mortgage: secured by real estate.Bonds and notes: without security.Debentures: floating charges.Specialised loan capital: structured trade financing and bareboat charter party for trading and shipping companies.,借贷资本,法定按揭：不动产担保债券和票据 ： 无担保债券：浮动抵押特定借贷资本：贸易和海运公司的结构性贸易融资和光船租船合同,DEBENTURES,Contractual in nature: creditor and debtorNature of a debenturePublicly traded like shares, part of securities, raise loan capitalSecurity: floating charges,债券,本质上是合同关系：债权人与债务人债券的性质属于证券的一种，可以像股票一样公开交易，用于筹集借贷资本担保：浮动抵押,ISSUANCE & TRANSFER OF DEBENTURES,Transfer mode: same as shares, executed in writingDebentures may be stored in central depository and transfer will be in the form of deposit receipts.Transfer can also be perfected by registration,债券的发行与转让,转让模式：与股票相同，以书面形式进行债券可以托管在中央托管机构，并以交付存托证的方式进行转让登记可以使转让手续更为完备,TRUSTEES FOR DEBENTURE HOLDERS,Security given by the company is vested in the professional trustee. The trustee is the intermediary between the debenture holders and the company.Legal mortgage is registered in the name of the trustee.Trustee can also have a floating charge over the machinery and assets of the company.,债券持有人的信托受托人,公司授权专业信托受托人对其提供的担保进行管理。信托受托人是公司与债券持有人之间的中介机构。法定抵押以信托受托人的名义登记。信托受托人也可以在公司的机器和资产之上设定浮动抵押。,REDEMPTION OF DEBENTURES,Can be redeemed anytime by the company or holder, at a fixed date or a determinable date under the contract.Same debenture can be re-issued or another debenture be issued in its place.Holder of a re-issued debenture will enjoy same rights and priorities as the previous holder.,债券的赎回,依据合同确定的时间或商定的期限，公司或债券持有人可以随时赎回债券。同种债券可以再次发行，或在原处发行新的债券。再次发行债券的持有人享有与前持有人一样的权利和优先权。,PRINCIPLES OF CREDIT SECURITY,Possessory and non possessory.Common law recognises 4 kinds of security.Possessory: pledges and liens. Inconvenience of physical possessionNon possessory: mortgages and charges. Borrower carries on business and manage the assets mortgaged or charged.,信用担保的原则,占有和非占有普通法下认可4种担保占有：质押和留置 （实体占有的不便）非占有: 按揭和抵押 （借贷者继续营业并且管理被按揭和被抵押的资产）,DIFFERENCES BETWEEN A MORTGAGE & A CHARGE,Legal mortgage: a conveyance of the legal title in the property subject to the right of redemption.Legal charge: the creation of a contract and gives the holder certain rights over the property.Floating and fixed charges: A floating charge becomes a fixed charge upon crystallisation.,按揭和抵押的区别,法定按揭：财产所有权的转移不应与赎回权相抵触法定抵押：通过合同赋予抵押权人在财产上的特定权利浮动抵押和固定抵押：当抵押物固定化时，浮动抵押转化为固定抵押,SECURITY GENERAL PRINCIPLES,Mortgagee or chargee.Secured creditor and unsecured creditor.Remedies of secured creditor, pursue the proceeds of the sold assets, enforcement proceedings etcControl over the business activities and management of the company.,担保 一般原则,按揭权人或者抵押权人有担保的债权人和无担保的债权人有担保的债权人以变卖担保物、强制执行等手段获得救济控制公司的商业活动和管理,FLOATING CHARGE,Assets: book debts, stock in trade or inventory, machineries etc Advantage: Company can carry on business using the charged assets.Floating charge becomes a fixed charge upon crystallization.Examples of companies: manufacturing and trading.,浮动抵押,资产：应收账款，交易中的股票，存货，机器等优点：公司可以使用已设定抵押的资产继续营业 抵押物固定化时，浮动抵押转为固定抵押范例：制造业公司和贸易公司,CRYSTALLISATION: FLOATING CHARGE,Effect: loss of management control over the charged assets.Triggered off automatically by: service of notice of crystallization, in the event of winding up order, administrative receivership.Priority at the time of crystallization: does not affect its priority ranking with other security interests at the time of crystallization.,抵押物固定化：浮动抵押,效果：对已设定抵押的资产失去控制以下情况自动引发效果：抵押物固定化后的送达通知书、清算令、行政接管抵押物固定化时的优先权：不影响与其他担保利益之间的优先次序,FLOATING CHARGES: PRIORITIES & DIFFICULTIES,Dissipation and disposal without knowledge of debenture holder.Can be used for creation of a fixed charge priority over floating charge.Lien on assets priority over floating charges.Restrictive clause for creation of similar charges. No effect on chargee/mortgagee without notice.,浮动抵押：优先权和困难,无须告知债券持有人即可消耗和处分资产可以用于设定固定抵押优先于浮动抵押资产上的留置权优先于浮动抵押设定类似抵押的限制性条款。没有通知抵押权人则设定无效。,REGISTRATION OF CHARGES,Purposes: debenture holder to obtain security interest against the company, potential lenders can have a list of security interests.Register opens to the public.Company secretary will provide full particulars of a charge to the Registrar of Companies for the purpose of registration.Effect of non registration within 21 days will affect the interest of the debenture holder.,抵押登记,目的：债券持有人获得可对抗公司的担保利益，潜在贷款人可以获得一系列的担保利益。登记具有公示作用董秘需向公司登记机关提供抵押事项的详细说明。21天内不进行登记，将影响债券持有人的利益。,STRUCTURED TRADE FINANCING,Loan agreement between lender and borrower. Characteristics.International sale agreement between borrower and seller. Bill of lading and shipment to lender company and lender warehouse.Borrower draws goods from warehouse and remits payment to lender.,结构性贸易融资,贷款人和借款人之间的借款协议。特征。借款人和卖方之间的国际销售合同海运提单，发货至贷款人的公司和仓库借款人从仓库中提取货物并向贷款人汇付价款,SHIPPING: PROJECT FINANCING & BAREBOAT CHARTER PARTY,Vessel under construction: project financing. Characteristics and risks.Completed vessel: revenue from ch