公司理财14-长期融资简介课件

1、公司理财14-长期融资简介,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,公司理财14-长期融资简介,14.1 普通股Common Stock,面值和非面值股 Par and No-Par Stock 额定发行股和已发行股 Authorized versus Issued Common Stock 资本盈余 Capital Surplus 留存收益 Retained Earnings 市场价值、账面价值和重置价值 Market Value, Book Value, and Replacemen

2、t Value 股东权利 Shareholders Rights 股利 Dividends 股票种类 Classes of Stock,公司理财14-长期融资简介,14.1.1 面值和非面值股 Par and No-Par Stock,The stated value on a stock certificate（证书） is called the par value. Par value is an accounting value, not a market value. The total par value (the number of shares multiplied by the

3、 par value of each share) is sometimes called the dedicated capital（注册资本） of the corporation. Some stocks have no par value.,公司理财14-长期融资简介,14.1.2 额定发行股和已发行普通股 Authorized vs. Issued Common Stock,The articles of incorporation（公司章程） must state the number of shares of common stock the corporation is aut

4、horized to issue. The board of directors（董事会）, after a vote of the shareholders, may amend the articles of incorporation to increase the number of shares. Authorizing a large number of shares may worry investors about dilution（稀释） because authorized shares can be issued later with the approval of th

5、e board of directors but without a vote of the shareholders.,公司理财14-长期融资简介,14.1.3 资本盈余Capital Surplus,直接缴入权益资本中超过面值的部分。Usually refers to amounts of directly contributed equity capital in excess of the par value. For example, suppose 1,000 shares of common stock having a par value of $1 each are sold

6、 to investors for $8 per share. The capital surplus would be ($8 $1) 1,000 = $7,000,公司理财14-长期融资简介,14.1.4 留存收益Retained Earnings,Not many firms pay out 100 percent of their earnings as dividends. The earnings that are not paid out as dividends are referred to as retained earnings.,公司理财14-长期融资简介,14.1.5

7、 市场价值、账面价值和重置价值 Market Value, Book Value, and Replacement Value,Market Value is the price of the stock multiplied by the number of shares outstanding（发行在外）. Also known as Market Capitalization Book Value（账面的股东权益） The sum of par value, capital surplus, and accumulated retained earnings is the common

8、equity of the firm, usually referred to as the book value of the firm. Replacement Value The current cost of replacing the assets of the firm. At the time a firm purchases an asset, market value, book value, and replacement value are equal.,公司理财14-长期融资简介,14.1.6 股东权利Shareholders Rights,投票选董事会的权利构成了股东

9、最重要的控制机制 The right to elect the directors of the corporation by vote constitutes the most important control device of shareholders. Directors are elected each year at an annual meeting by a vote of the holders of a majority of shares who are present and entitled to vote. The exact mechanism varies a

10、cross companies. 重要差别在于是累计投票或是直接投票 The important difference is whether shares are to be voted cumulatively or voted straight.,公司理财14-长期融资简介,累计投票和直接投票Cumulative versus Straight Voting,累计投票制的作用在于允许少数股东的参与。The effect of cumulative voting is to permit minority participation. Under cumulative voting, the

11、 total number of votes that each shareholder may cast is determined first. Usually, the number of shares owned or controlled by a shareholder is multiplied by the number of directors to be elected. Each shareholder can distribute these votes as he wishes over one or more candidates.,公司理财14-长期融资简介,直接

12、投票制类似美国的政治选举 Straight voting works like a U.S. political election. 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 Shareholders have as many votes as shares and each position on the board has its own election. 排除少数股东的权利 A tendency to freeze out minority shareholders.,公司理财14-长期融资简介,累计投票与直接投票举例Cumulative vs. Straight Vot

13、ing: Example,Imagine a firm with two shareholders: Mr. Smith and Ms. Wesson. Mr. Smith owns 60% of the firm ( = 600 shares) and Ms. Wesson 40% ( = 400 shares). There are three seats up for election on the board. Under straight voting, Mr. Smith gets to pick all three seats. Under cumulative voting,

14、Ms. Wesson has 1,200 votes ( = 400 shares 3 seats) and Mr. Smith 1,800 votes. Ms. Wesson can elect at least one board member.,公司理财14-长期融资简介,委托代理投票Proxy Voting,A proxy is the legal grant of authority by a shareholder to someone else to vote his or her shares. For convenience, the actual voting in lar

15、ge public corporations is usually done by proxy.,公司理财14-长期融资简介,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” 。Unless a dividend is declared by the board of directors of a corporation, it is not a liability of the corporatio

16、n. A corporation cannot default（拖欠） on an undeclared dividend.,公司理财14-长期融资简介,2. 股利不能作为经营费用，无法实现抵扣税金的目的 The payment of dividends by the corporation is not a business expense. Therefore, they are not tax-deductible（免税）. 3. 个人股东所得股利要全额纳税 Dividends received by individual shareholders are for the most pa

17、rt considered ordinary income by the IRS and are fully taxable. 美国企业间的股利70%免税。There is an intra-corporate dividend exclusion.,公司理财14-长期融资简介,14.1.8 股票种类Classes of Stock,当存在一种以上的普通股时，他们往往拥有不同的表决权 When more than one class of stock exists, they are usually created with unequal voting rights. 许多公司发行两种普通股

18、，其用意在于掌握公司的控制权 Many companies issue dual classes of common stock. The reason has to do with control of the firm. 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。,公司理财14-长期融资简介,14.2 公司长期负债Corporate Long-Term Debt: The Basics,利息与股利 Interest versus Dividends 负债还是权益 Is It Debt or Equity? 长期负债的基本特征 Basic Feat

19、ures of Long-Term Debt 负债类别 Different Types of Debt 偿付 Repayment 高级债券 Seniority 担保 Security 债务契约 Indenture,公司理财14-长期融资简介,14.2.1 利息与股利Interest versus Dividends,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 Debt is not an ownership interest in the firm. Creditors do not usuall

20、y have voting power.,公司理财14-长期融资简介,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。The corporations payment of interest on debt is considered a cost of doing business and is fully tax-deductible. Dividends are paid out of after-tax dollars. 3. 未付债务是公司的责任。Unpaid debt is a liability of the firm. If it is not paid,

21、the creditors can legally claim the assets of the firm.,公司理财14-长期融资简介,14.2.2 是负债还是权益Is It Debt or Equity?,有些证券在权益和债务之间模糊不清 Some securities blur the line between debt and equity. 公司非常善于制造混合性证券，看似权益但被视作负债。 Corporations are very adept at creating hybrid securities that look like equity but are called d

22、ebt. 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。,公司理财14-长期融资简介,14.2.3 长期负债的基本特征Basic Features of Long-Term Debt,The bond indenture（契约） usually lists Amount of Issue, Date of Issue, Maturity Denomination (Par value) Annual Coupon（年利息）, Dates of Coupon Payments Security（担保） Sinking Funds（ 偿债基

23、金 ） Call Provisions（赎回条款） Covenants（契约，合同） Features that may change over time Rating（等级） Yield-to-Maturity（到期收益率） Market price（市价）,公司理财14-长期融资简介,14.2.4 负债的类别Different Types of Debt,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 A debenture is an unsecured corporate debt, whereas a bond is secured by a mortgage on th

24、e corporate property. 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 A note usually refers to an unsecured debt with a maturity shorter than that of a debenture, perhaps under 10 years.,公司理财14-长期融资简介,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-term debt is typically repaid in regular amounts over the life of the deb

25、t. The payment of long-term debt by installments is called amortization. 典型的债务分期摊销是以偿债基金的形式进行的Amortization is usually arranged by a sinking fund. Each year the corporation places money into a sinking fund, and the money is used to buy back the bonds.,公司理财14-长期融资简介,14.2.6 高级债券Seniority,高级债券一般表明债券的偿付地

26、位优于其他债券 Seniority indicates preference in position over other lenders. 有些债券则属于次级债券，清偿地位次于其他债券 Some debt is subordinated. In the event of default, holders of subordinated debt must give preference other specified creditors who are paid first.,公司理财14-长期融资简介,14.2.7 担保Security,担保是一种财产的附属形式 Security is a

27、 form of attachment to property. 它能保证在公司违约时出售财产偿付债务 It provides that the property can be sold in event of default to satisfy the debt for which the security is given. 抵押品是用于担保的有形财产 A mortgage is used for security in tangible property. 信用债券无抵押品担保 Debentures are not secured by a mortgage.,公司理财14-长期融资简

28、介,14.2.8 债务契约Indenture,债务人和债权人之间的书面协议 The written agreement between the corporate debt issuer and the lender. 贷款条件 Sets forth the terms of the loan: 到期日 Maturity 利率 Interest rate 保护条款 Protective covenants.,公司理财14-长期融资简介,14.3 优先股Preferred Stock,Represents equity of a corporation, but is different fro

29、m common stock because it has preference over common in the payments of dividends and in the assets of the corporation in the event of bankruptcy（破产）. Preferred shares have a stated liquidating（清算） value, usually $100 per share. Preferred dividends are either cumulative or noncumulative（非累积的）.,公司理财1

30、4-长期融资简介,优先股是债券吗？Is Preferred Stock Really Debt?,事实可以证明，优先股是伪装了的债券 A good case can be made that preferred stock is really debt in disguise. 优先股股东获得既定的股息The preferred shareholders receive a stated dividend. 公司清算时，优先股股东获得固定价值的补偿 In the event of liquidation, the preferred shareholders are entitled to a

31、 fixed claim.,公司理财14-长期融资简介,不像债务，优先股股息不能税前扣除 Unlike debt, preferred stock dividends cannot be deducted as interest expense when determining taxable corporate income. 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 Most preferred stock in the U.S. is held by corporate investors. They get a 70-percent income

32、 tax exemption.,公司理财14-长期融资简介,优先股之谜The Preferred-Stock Puzzle,There are two offsetting（抵消） tax effects to consider in evaluating preferred stock: Dividends are not deducted from corporate income in computing the tax liability of the issuing corporation. When a corporation buys preferred stock, 70 pe

33、rcent of the dividends received are exempt（免除） from corporate taxation. Most agree that 2) does not fully offset 1). Given that preferred stock offers less flexibility（灵活性） to the issuer than common stock, some have argued that preferred stock should not exist.,公司理财14-长期融资简介,14.4 融资模式Patterns of Fin

34、ancing,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。Internally generated cash flow dominates as a source of financing, typically between 70 and 90%.,公司理财14-长期融资简介,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 Firms usually spend more than

35、they generate internallythe deficit is financed by new sales of debt and equity. 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。Net new issues of equity are dwarfed by new sales of debt. 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 Firms in other countries rely to a greater extent than U.S. firms on external equity.,公司理财14-长期融资简介,长期融资债赤字The Long-Term Financial Deficit (1999),现金流来源 Sources of Cash Flow