投资学英文版课件Ch2 The Creation of Financial Assets

Chapter2TheCreationofFinancialAssetsChapter2coversTheTransferofFundstoBusinessTheissuingandsellingofnewsecuritiesTheRoleofFinancialIntermediariesThemechanicsofinvestinginsecuritiesMayo/BasicInvestments-Ch022Chapter2SecuritiesMarketSection1-TheTransferofFundstoBusinessSection2-TheIssuingandSellingofNewSecurities

Section3--TheRoleofFinancialIntermediariesSection4:ThemechanicsofinvestinginsecuritiesMayo/BasicInvestments-Ch023Section1

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TheTransferofFundstoBusinessTheCreationofSecuritiesTwomodesofissuingsecuritiesPrivateplacementPublicofferingIssuingnewsecuritiestothegeneralpublicTwowaystoissuenewsecurities

Firmsissuenewsecurities(usuallycommonstock)andsellthemtothegeneralpublic,usuallythroughinvestmentbankersPrivatePlacementthedirectsaleofanentireissueofbondsorstocktoaninvestor(orgroupofinvestors)ortoafinancialinstitutionsuchasapensionfundoralifeinsurancecompanyPublicOfferingMayo/BasicInvestments-Ch027AdvantagesofThePrivatePlacementEliminatessellingcoststoraisersEliminatesbrokeragefeestoinvestorsFeaturescanbetailor-madeforbothpartiesNodisclosurerequirementsforfirmsCollectslargeamountsofcashPrivateplacementsareespeciallyimportantforsmall,emergingfirms.VentureCapital(VC)AmajorsourceoffinanceforsmallfirmsorfirmsdevelopingnewtechnologiesWithexceptionalgrowthpotentialLargelossesontheirinvestmentsOncesuccess,averylargereturn

风险投资（venturecapital）简称VC创业投资,创业资金广义的风险投资泛指一切具有高风险、高潜在收益的投资狭义的风险投资是指对以高新技术为基础，生产与经营技术密集型产品的投资根据美国全美风险投资协会的定义，风险投资是由职业金融家投入到新兴的、迅速发展的、具有巨大竞争潜力的企业中一种权益资本Mayo/BasicInvestments-Ch029

风险投资（venturecapital）简称VC创业投资,创业资金风险投资的运作包括融资、投资、管理、退出四个阶段融资阶段解决“钱从哪儿来”的问题投资阶段解决“钱往哪儿去”的问题管理阶段解决“价值增值”的问题。风险投资机构主要通过监管和服务实现价值增值退出阶段解决“收益如何实现”的问题。风险投资机构主要通过IPO、股权转让和破产清算三种方式退出所投资的创业企业，实现投资收益。退出完成后，风险投资机构还需要将投资收益分配给提供风险资本的投资者Mayo/BasicInvestments-Ch0210风险投资人IDG技术创业投资基金投资新浪、搜狐、网易，携程、百度收益颇丰Mayo/BasicInvestments-Ch0211PrivateEquity（PE）私募股权投资PE主要是投资于非公开发行的公司股权，主要投资于未上市公司的股权在中国也可以理解为买原始股等待上市Mayo/BasicInvestments-Ch0212Mayo/BasicInvestments-Ch0213白手起家创业天使投资（亲戚朋友民间融资）成立初期VC创业投资发展壮大期，拟上市

公开上市PE私募股权投资VC/PE获利退出Section2-

TheIssuingandSelling

ofNewSecurities

InitialPublicOfferingsIPO:Newsecuritiesareissuedandsoldtothegeneralpublic;Insufficientinternallygeneratedfunds;Advantageoustoobtainoutsidefundingfromthegeneralpublic;ReasonAdvantageIncreasepublicinterestinthefirmBypasstherestrictivecovenantsofbankloans

股票的发行

PrimaryMarket

发行者（筹资者）

Issuer投资者（股东）StockHolder新发行的股票资金证券公司服务

股票的发行市场/初级市场/一级市场

PrimaryMarket

发行者（筹资者）

Issuer投资者（股东）StockHolder新发行的股票资金

发行者（筹资者）

投资者（股东）新发行的股票资金

投资者投资者投资者股票股票资金资金发行市场二级市场证券的发行与上市证券交易所结算所经纪商和自营商投资者证券公司发行公司

IPOinAmerica:Aprospectus;RegisteredwiththeSEC;EmployInvestmentbankerstohelpmarketingMayo/BasicInvestments-Ch0222TheroleofinvestmentbankersIssuingfirmunderwritersPublicinvestorsinvestmentbankersMiddlemanofservice

RoleofInvestmentBankersroleAmiddlemantochannelmoneyfrominvestorstoborrowersDonotcreateclaimsonthemselvesAninvestmentbankerisoftennotabankerandgenerallydoesnotinvest.Usuallyabrokeragefirm;sometimesbuyingandsellingsecuritiesB.MechanicsofUnderwritingInanunderwriting:Threepartiesinvolved:Underwriter—investmentbankIssuer—IPOcompaniesBuyers--investors

Underwriting

theprocessofsellingnewsecurities.Risk-bearing:

Underwriterbearstheriskassociatedwiththesale;

FailuretosellthesecuritiesImposeslossesontheunderwriterMuststillpaytheagreed-uponsumtotheissuer

Negotiatetheissuanceterms:TheamountoffundsneededThetypeofsecurityThepriceAnyspecialfeaturesofthesecurityThecostOriginatinghouseNotbeasinglefirmif…Jointlyunderwrite

Originatinghouse

发起人aninvestmentbankerthatmakesanagreementwithafirmtosellanewissueofsecuritiesandformsthesyndicatetomarketthem.ASyndicateAsyndicateisasellinggroupassembledtomarketanissueofsecurities.Agroupofbrokeragehouses;Jointogethertounderwriteaspecificsaleofsecurities;TheLeadUnderwriter:Allocatesthespecificnumberofsecuritiestoeachmember;承销辛迪加(increasetheprofitability)(reducetherisk)1.Haveaccesstomorepotentialbuyers2.ReducethenumberofsecuritiessoldbyeachbrokeragefirmadvantagesAdvantagesofusingunderwritingsyndicate

TypesofAgreementsTwotypesofunderwritingagreements:Abest-effortsagreement尽力销售协议Anagreementwithaninvestmentbankerwhodoesnotguaranteethesaleofasecuritybutwhoagreestomakethebestefforttosellit.MakethebestefforttosellDonotguaranteetheamountofmoneyraisedRiskofsellingiswiththeissuingfirms代销AFirmCommitmentAnagreementwithaninvestmentbankerwhoguaranteesasaleofsecuritiesbyagreeingtopurchasetheentireissueataspecifiedprice.Purchasetheentireissueofsecurities;Ataspecifiedprice;Subsequentlyselltothegeneralpublic;RiskofsellingiswiththeunderwritersThepricingoftheunderwrittensecuritiesiscrucial.Toohighinitialofferprice—unabletosellthesecurities—twochoices:Maintaintheofferprice/holdthesecuritiesininventory…Letthemarketfindalowerpricelevel…Tieupfunds;DecreaseprofitmarginBringlossestoinitialbuyersUnderpricingnewsecurities—demandexceedsupply—risepriceInitialpurchasers:reapwindfallprofitsunderwriters:sufferlossesThereisagreaterincentivetounderpricethesecurities.Facilitatethesale;Generateimmediateprofitsfortheinitialbuyers;

MarketingNewSecuritiesRegistrationwithSECIssueafinalprospectusMarketnewsecuritiesIssueapreliminaryprospectusIfacceptedunderwritingRegistrationRegistrationwiththeSecuritiesandExchangeCommission(SEC);Registrationthedisclosureofinformationconcerningthefirm,thesecuritiesbeingofferedforsale,andtheuseoftheproceedsfromthesaleIssuanceofaPreliminaryProspectus:(aredherring)aninitialdocumentdetailingthefinancialconditionofafirmthatmustbefiledwiththeSECtoregisteranewissueofsecuritiesThecostofprintingtheredherringisbornebytheissuingfirm.初步（非正式）招股说明书红鲱鱼Majorcontents:Incomestatement,balancesheetsCurrentactivitiesRegulatorybodiesNatureofcompetitionNotincludethepriceofthesecuritiesIfimmature,thefirmhastheoptionofpostponingorevencancelingtheunderwriting.主要内容PublishafinalprospectusTheSECisresponsiblefor:Allrequiredinformationprovided;Theprospectuscompleteinformatandcontent;Addedcontents:PriceofsecuritiesProceedstothecompanyUnderwritingdiscountAnymorerecentfinancialdata新增内容MarketnewsecuritiesCostofunderwritingFlotationcosts/underwritingdiscountThedifferencebetweenthepriceofsecuritiestothepublicandtheproceedsreceivedbythefirm.Priceofsecurities-ProceedsOffirm=UnderwritingcostOver-allotment:超额配售，追加发行Tocoverthesaleofadditionalsharesifthereissufficientdemand;FluctuationofIPOThelate1990sAlargeincreaseinthenumberofIPOsVeryspeculativeatbest;EspeciallythetechnologyandInternetfirmsRosedramatically,subsequentlydeclined;Thosefirmswereoperatingataloss—thequestionofvaluation)Thelureoflargegainsattractsspeculativeinvestors.Importance:Theabilitytospotthecompaniesthatpromisethegreatestgrowthforthefutureisrare(很少有投资者具有如此良好的前瞻力，能发现这些有巨大增长潜力的公司)Shelf-registration(暂时搁置注册，提前注册)Firmsthathavepreviouslyissuedsecuritiesandarecurrentlypublicalsoraisefundsbysellingnewsecurities.(thesaleofadditionalsecurities)Thesamebasicprocedure;differencespriceInformationLessneedforadetailedprospectus,onlytellingtheplanneduseofthefundsraiseddifferencesApproximateitsmarketprice