公司理財本科班第六講FinancingDecisions中課件

1、公司理財本科班第六講FinancingDecisions中第六講第六講 融資決策融資決策Corporate Finance (Part 4, 5, 7)公司理財本科班第六講FinancingDecisions中存款存款- -投資現金流投資現金流再投資再投資公司理財本科班第六講FinancingDecisions中金融市場和金融中介功能金融市場為股票和債券發(fā)行提供融資渠道投資者間可以互相交易公司進行風險控制金融中介機構從儲戶吸收存款，再發(fā)放融資資金銀行，保險公司，投資基金公司理財本科班第六講FinancingDecisions中2011年3季度美國金融中介機構金融資產總值公司理財本科班第六講Fi

2、nancingDecisions中基金類金融機構投資基金投資基金互惠基金互惠基金目標是跑贏大市通過銷售基金份額融資現金市場基金現金市場基金短期安全證券封閉式基金封閉式基金固定基金份額公司理財本科班第六講FinancingDecisions中中介類金融機構商業(yè)銀行商業(yè)銀行提供貸款，較為安全的存款途徑投資銀行投資銀行協(xié)助公司融資業(yè)務提供并購兼并等專業(yè)服務保險公司保險公司銷售保險吸收資金，投資公司股票和債券公司理財本科班第六講FinancingDecisions中金融中介功能提供便利的支付機制快捷，安全性高：網上銀行，網上基金投資借貸中介的功能吸收存款，發(fā)放貸款促進經濟發(fā)展公司理財本科班第六講Fin

3、ancingDecisions中The role of financial markets and intermediariesPooling RiskAllows individuals to share risk, i.e., insurance companiesInformationAllows estimation of expected rates of return公司理財本科班第六講FinancingDecisions中Financing Decisions (融資決策)Internal Financing (Plowing back profits)External Fina

4、ncingEquity FinancingEquity Issuance (Private and Public Sales of Equity)Payout PolicyDebt FinancingCapital StructureMM theorem公司理財本科班第六講FinancingDecisions中Figure 14.1 sources of funds, u.s. nonfinancial corporations公司理財本科班第六講FinancingDecisions中What is an efficient market?Three Forms of Market Effic

5、iencyWeakPrices reflect all historical information; so past prices can not predict future pricesSemistrongPrices reflect all publicly available information immediately and in an unbiased fashionStrongPrices reflect all private and public information公司理財本科班第六講FinancingDecisions中Six lessons of market

6、efficiencyMarkets Have No MemoryTrust Market PricesRead the EntrailsThere are No Financial IllusionsRemember the Do-It-Yourself AlternativeSeen One Stock, Seen Them All公司理財本科班第六講FinancingDecisions中Common stockCommon Stock (普通股股票)Residual claim on assets and cash flow (剩余財產分配權)Mostly held by financia

7、l institutionsStockholders have ultimate right of control公司理財本科班第六講FinancingDecisions中Figure 14.3 corporate equity holdings, third quarter, 2011 公司理財本科班第六講FinancingDecisions中Common stockVoting ProceduresBoard of directors comes up for re-election every yearClassified board of directorsOne-third of d

8、irectors come up for re-election every yearEntrenches management公司理財本科班第六講FinancingDecisions中Common stockDual-Class Shares (類別股) and Private BenefitsSome companies have two classes of stockSame cash-flow rights, different control rightsGreater control rights grant private benefits公司理財本科班第六講Financing

9、Decisions中Common stockEquity in DisguisePartnerships (合伙制)Avoid corporate income taxLimited life spanTrusts (信托)Passive ownership of assetReal Estate Investment Trust (REIT房地產信房地產信托投資基金托投資基金)Not taxedLimited to real estate公司理財本科班第六講FinancingDecisions中Common stockPreferred Stock （優(yōu)先股）Takes priority o

10、ver common stock when receiving dividendsGains some voting rights if corporation fails to pay preferred dividend公司理財本科班第六講FinancingDecisions中DebtHow Do We Define Debt?52.856, 7362, 2759, 1assets TotalDebt31.552, 3618, 1618, 1equitysliabilitie term-Longsliabilitie term-Long公司理財本科班第六講FinancingDecision

11、s中DebtDebt Comes in Many FormsShort-term versus long-term（短期和長期）Fixed versus floating rate （固定和浮動利率）Dollars versus foreign currency （美金和外幣）Senior versus junior debt (優(yōu)先債和次級債)Straight versus convertible bonds （普通債券和可轉換債券）公司理財本科班第六講FinancingDecisions中Figure 14.4 U.S. bond holdings, third quarter, 2011

12、公司理財本科班第六講FinancingDecisions中DebtDebt by Any Other NameSome debts treated differently in accountsAccounts Payable (應付賬戶)Good received, not yet paid forVery short-term debtUnfunded obligations (沒有資金支持的責任)Senior debt, e.g., employee pensionsSpecial-Purpose Entities (SPEs 特殊目的主體) Raise cash through equ

13、ity and debtDo not show up on balance sheet公司理財本科班第六講FinancingDecisions中How Corporates Issue SecuritiesVenture Capital （風險投資）Money invested to finance new firmSuccess of new firm dependent on managersRestrictions placed on management by venture capital company Funds usually dispersed in stages after

14、 certain level of success公司理財本科班第六講FinancingDecisions中VENTURE CAPITAL 公司理財本科班第六講FinancingDecisions中VENTURE CAPITAL公司理財本科班第六講FinancingDecisions中FIGURE 15.1 U.S VENTURE CAPITAL INVESTMENTS 公司理財本科班第六講FinancingDecisions中中國風投公司排名排名排名 公司名稱公司名稱 投資階段投資階段 1 IDG技術創(chuàng)業(yè)投資基金技術創(chuàng)業(yè)投資基金 初創(chuàng)期初創(chuàng)期 成長期成長期 成熟期成熟期 2 紅杉資本中國基金

15、紅杉資本中國基金 成長期成長期 3 軟銀中國風險投資基金軟銀中國風險投資基金 初創(chuàng)期初創(chuàng)期 成長期成長期 成熟期成熟期 4 鼎暉創(chuàng)業(yè)投資中心鼎暉創(chuàng)業(yè)投資中心 成長期成長期 成熟期成熟期 5 深圳市創(chuàng)新投資集團有限公司深圳市創(chuàng)新投資集團有限公司 成長期成長期 成熟期成熟期 6 軟銀賽富投資顧問有限公司軟銀賽富投資顧問有限公司 初創(chuàng)期初創(chuàng)期 成長期成長期 成熟期成熟期 7 聯(lián)想投資有限公司聯(lián)想投資有限公司 成長期成長期 8 高盛中國高盛中國 成長期成長期 成熟期成熟期 9 蘭馨亞洲投資集團蘭馨亞洲投資集團 成長期成長期 10 凱鵬華盈中國基金凱鵬華盈中國基金 初創(chuàng)期初創(chuàng)期 成長期成長期 成熟期成熟

16、期 公司理財本科班第六講FinancingDecisions中風投國際排名 （福布斯排名-成功退出）公司理財本科班第六講FinancingDecisions中風投國際排名 （福布斯排名-知名合伙人）公司理財本科班第六講FinancingDecisions中THE INITIAL PUBLIC OFFERING Initial Public Offering (IPO，首次公開募股) First offering of stock to publicUnderwriter (承銷商) Firm that buys and resells an issue of securities Spread

17、 (差價) Difference between public-offer price and price paid by underwriter公司理財本科班第六講FinancingDecisions中THE INITIAL PUBLIC OFFERINGProspectus （招股說明書）Provides information on issue of securitiesUnderpricing （低價發(fā)行）Issuing securities at price set below true value of security 公司理財本科班第六講FinancingDecisions中F

18、IGURE 15.2 MOTIVES FOR IPO 公司理財本科班第六講FinancingDecisions中TABLE 15.1 TOP MANAGING UNDERWRITERS, 2011 (承銷商)公司理財本科班第六講FinancingDecisions中FIGURE 15.3 AVERAGE INITIAL IPO RETURNS Return, percent公司理財本科班第六講FinancingDecisions中15-2 THE INITIAL PUBLIC OFFERINGV alue of Issues($m il)D irectC osts (% )A vg First

19、 D ayR eturn (% )T otalC osts (% )2- 9.9916.9616.3610 - 19.9911.639.6520 - 39.999.712.4840 - 59.998.7213.6560 - 79.998.211.3180 - 99.997.918.91100 - 199.997.067.16200 - 499.996.535.70500 and up5.727.53A ll Issues11.0012.0525 1618 1518 1817 9516 3514 1412 7811 1010 3618 69.Average Expenses on 1767 IP

20、Os from 1990-1994 公司理財本科班第六講FinancingDecisions中FIGURE 15.4 IPO PROCEEDS AND FIRST-DAY RETURNS 公司理財本科班第六講FinancingDecisions中ALTERNATIVE ISSUE PROCEDURES FOR IPOsGeneral Cash Offer Sale of securities to all investors by already public companyShelf Registration Allows firms to registration statement fo

21、r several issues of same security Private Placement Sale of securities to limited investors with no public offering 公司理財本科班第六講FinancingDecisions中TABLE 15.3 UNDERWRITING SPREADS公司理財本科班第六講FinancingDecisions中FIGURE 15.5 COSTS OF RAISING CAPITAL 公司理財本科班第六講FinancingDecisions中SECURITY SALES BY PUBLIC COMP

22、ANIESRights IssuesIssues of securities offered only to current stockholdersExampleIvanhoe Mines needs C$1.2 billion of new equity. Market price C$24.73. Ivanhoe Mines decides to raise additional funds by offering the right to buy 3 new shares for 20 at C$13.93 per share. With 100% subscription, what is value of each right?公司理財本科班第六講FinancingDecisions中SECURITY SALES