公司理财本科班FinancingDecisions中文.pptx

存款存款-投资现金流投资现金流金融市金融市场证券市券市场固定收益市固定收益市场现金市金市场商品，外商品，外汇，和衍生品市，和衍生品市场全球范全球范围内投内投资者者金融机构金融机构银行，保行，保险机构机构金融中介金融中介互惠基金，养老基金互惠基金，养老基金公司公司实物投物投资再再投投资资金融市场和金融中介功能金融市场为股票和债券发行提供融资渠道投资者间可以互相交易公司进行风险控制金融中介机构从储户吸收存款，再发放融资资金银行，保险公司，投资基金2011年3季度美国金融中介机构金融资产总值基金类金融机构投资基金投资基金互互惠基金惠基金目标是跑赢大市通过销售基金份额融资现金市场基金现金市场基金短期安全证券封闭式基金封闭式基金固定基金份额中介类金融机构商业银行商业银行提供贷款，较为安全的存款途径投资银行投资银行协助公司融资业务提供并购兼并等专业服务保险公司保险公司销售保险吸收资金，投资公司股票和债券金融中介功能提供便利的支付机制快捷，安全性高：网上银行，网上基金投资借贷中介的功能吸收存款，发放贷款促进经济发展The role of financial markets and intermediariesPooling RiskAllows individuals to share risk,i.e.,insurance companiesInformationAllows estimation of expected rates of returnFinancing Decisions(融资决策)Internal Financing(Plowing back profits)External FinancingEquity FinancingEquity Issuance(Private and Public Sales of Equity)Payout PolicyDebt FinancingCapital StructureMM theoremFigure 14.1 sources of funds,u.s.nonfinancial corporationsWhat is an efficient market?Three Forms of Market EfficiencyWeakPrices 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 informationSix lessons of market efficiencyMarkets Have No MemoryTrust Market PricesRead the EntrailsThere are No Financial IllusionsRemember the Do-It-Yourself AlternativeSeen One Stock,Seen Them AllCommon stockCommon Stock(普通股股票)Residual claim on assets and cash flow(剩余财产分配权)Mostly held by financial institutionsStockholders have ultimate right of controlFigure 14.3 corporate equity holdings,third quarter,2011 Common stockVoting ProceduresBoard of directors comes up for re-election every yearClassified board of directorsOne-third of directors come up for re-election every yearEntrenches managementCommon stockDual-Class Shares(类别股)and Private BenefitsSome companies have two classes of stockSame cash-flow rights,different control rightsGreater control rights grant private benefitsCommon stockEquity in DisguisePartnerships(合伙制)Avoid corporate income taxLimited life spanTrusts(信托)Passive ownership of assetReal Estate Investment Trust(REIT房地产信托投房地产信托投资基金资基金)Not taxedLimited to real estateCommon stockPreferred Stock（优先股）Takes priority over common stock when receiving dividendsGains some voting rights if corporation fails to pay preferred dividendDebtHow Do We Define Debt?DebtDebt Comes in Many FormsShort-term versus long-term（短期和长期）Fixed versus floating rate（固定和浮动利率）Dollars versus foreign currency（美金和外币）Senior versus junior debt(优先债和次级债)Straight versus convertible bonds（普通债券和可转换债券）Figure 14.4 U.S.bond holdings,third quarter,2011DebtDebt by Any Other NameSome debts treated differently in accountsAccounts Payable(应付账户)Good received,not yet paid forVery short-term debtUnfunded obligations(没有资金支持的责任)Senior debt,e.g.,employee pensionsSpecial-Purpose Entities(SPEs 特殊目的主体)Raise cash through equity and debtDo not show up on balance sheetHow Corporates Issue SecuritiesVenture Capital（风险投资）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 certain level of successVENTURE CAPITAL VENTURE CAPITALFIGURE 15.1 U.S VENTURE CAPITAL INVESTMENTS 中国风投公司排名排名排名 公司名称公司名称 投资阶段投资阶段 1 IDG技术创业投资基金技术创业投资基金 初创期初创期 成长期成长期 成熟期成熟期 2 红杉资本中国基金红杉资本中国基金 成长期成长期 3 软银中国风险投资基金软银中国风险投资基金 初创期初创期 成长期成长期 成熟期成熟期 4 鼎晖创业投资中心鼎晖创业投资中心 成长期成长期 成熟期成熟期 5 深圳市创新投资集团有限公司深圳市创新投资集团有限公司 成长期成长期 成熟期成熟期 6 软银赛富投资顾问有限公司软银赛富投资顾问有限公司 初创期初创期 成长期成长期 成熟期成熟期 7 联想投资有限公司联想投资有限公司 成长期成长期 8 高盛中国高盛中国 成长期成长期 成熟期成熟期 9 兰馨亚洲投资集团兰馨亚洲投资集团 成长期成长期 10 凯鹏华盈中国基金凯鹏华盈中国基金 初创期初创期 成长期成长期 成熟期成熟期 风投国际排名（福布斯排名-成功退出）风投国际排名（福布斯排名-知名合伙人）THE INITIAL PUBLIC OFFERING Initial Public Offering(IPO，首次公开募股)First offering of stock to publicUnderwriter(承销商)Firm that buys and resells an issue of securities Spread(差价)Difference between public-offer price and price paid by underwriterTHE INITIAL PUBLIC OFFERINGProspectus（招股说明书）Provides information on issue of securitiesUnderpricing（低价发行）Issuing securities at price set below true value of security FIGURE 15.2 MOTIVES FOR IPO TABLE 15.1 TOP MANAGING UNDERWRITERS,2011(承销商)FIGURE 15.3 AVERAGE INITIAL IPO RETURNS Return,percent140120100806040200ChinaIndiaMalaysiaKoreaGreeceJapanTaiwanThailandBulgariaBrazilSri LankaSwitzerlandSingaporeSwedenIndonesiaGermanyIrelandCyprusPolandAustraliaIranPhilippinesNew ZealandS.AfricaFinlandUSAItalyUKMexicoHong KongIsraelBelgiumNigeriaPortugalSpainTurkeyFranceNetherlandsNorwayChileDenmarkCanadaAustriaArgentinaRussiaFIGURE 15.4 IPO PROCEEDS AND FIRST-DAY RETURNS ALTERNATIVE ISSUE PROCEDURES FOR IPOsGeneral Cash Offer Sale of securities to all investors by already public companyShelf Registration Allows firms to file one registration statement for several issues of same security Private Placement Sale of securities to limited investors with no public offering TABLE 15.3 UNDERWRITING SPREADSSECURITY SALES BY PUBLIC COMPANIESRights 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?SECURITY SALES BY PUBLIC COMPANIESCurrent Market Value 1 x C$24.73=C$24.73Total Shares 20+3=23Amount of new funds 3 x C$13.93=C$41.79Ex-Rights Price(C$41.79+C$494.60)/23=C$23.32Value of a Right C$23.32 C$13.93=C$9.39 SECURITY SALES BY PUBLIC COMPANIESRights IssueLafarge Corp needs to raise 1.28 billionThe market price is 60/shLafarge decides to raise additional funds via a 4 for 17 rights offer at 41 per shareIf we assume 100%subscription,what is the value of each right?SECURITY SALES BY PUBLIC COMPANIESRights IssueCurrent market 17 x 60=1,020Total shares17+4=21Amount of funds1,020+(4 x 41)=1,184New share price(1,184)/21 =56.38Value of a right56.38 41=15.38