taiwan财务管理_lecture14(ch14)

©TheMcGraw-HillCompanies,Inc.,200114-1Irwin/McGraw-HillIrwin/McGraw-HillChapter14FundamentalsofCorporateFinanceThirdEditionHowCorporationsIssueSecuritiesBrealeyMyersMarcusslidesbyMatthewWillIrwin/McGraw-Hill©TheMcGraw-HillCompanies,Inc.,2001©TheMcGraw-HillCompanies,Inc.,200114-2Irwin/McGraw-HillTopicsCoveredVentureCapitalTheInitialPublicOfferingTheUnderwritersGeneralCashOffersThePrivatePlacement©TheMcGraw-HillCompanies,Inc.,200114-3Irwin/McGraw-HillVentureCapitalSincesuccessofanewfirmishighlydependentontheeffortofthemanagers,restrictionsareplacedonmanagementbytheventurecapitalcompanyandfundsareusuallydispersedinstages,afteracertainlevelofsuccessisachieved.VentureCapitalMoneyinvestedtofinanceanewfirm©TheMcGraw-HillCompanies,Inc.,200114-4Irwin/McGraw-HillVentureCapitalFirstStageMarketValueBalanceSheet($mil)AssetsLiabilitiesandEquityCashfromnewequity0.5Newequityfromventurecapital0.5Otherassets0.5Youroriginalequity0.5Value1.0Value1.0©TheMcGraw-HillCompanies,Inc.,200114-5Irwin/McGraw-HillVentureCapitalSecondStageMarketValueBalanceSheet($mil)AssetsLiabilitiesandEquityCashfromnewequity1.0Newequityfrom2ndstage1.0Otherassets2.0Equityfrom1ststage1.0Youroriginalequity1.0Value3.0Value3.0©TheMcGraw-HillCompanies,Inc.,200114-6Irwin/McGraw-HillInitialOfferingInitialPublicOffering(IPO)-Firstofferingofstocktothegeneralpublic.Underwriter-Firmthatbuysanissueofsecuritiesfromacompanyandresellsittothepublic.Spread-Differencebetweenpublicofferpriceandpricepaidbyunderwriter.Prospectus-Formalsummarythatprovidesinformationonanissueofsecurities.Underpricing-Issuingsecuritiesatanofferingpricesetbelowthetruevalueofthesecurity.©TheMcGraw-HillCompanies,Inc.,200114-7Irwin/McGraw-HillInitialOfferingAverageExpenseson1767IPOsfrom1990-1994ValueofIssues($mil)DirectCosts(%)AvgFirstDayReturn(%)TotalCosts(%)2-9.9916.9616.3610-19.9911.639.6520-39.999.712.4840-59.998.7213.6560-79.998.211.3180-99.997.918.91100-199.997.067.16200-499.996.535.70500andup5.727.53AllIssues11.0012.052516181518181795163514141278111010361869..........©TheMcGraw-HillCompanies,Inc.,200114-8Irwin/McGraw-HillTheUnderwriters820,1$ersUnderwritAll61JenretteLufkinDonaldson71ManhattanChase83StearnsBear89MorganJP127ostonCS/FirstB147BrothersLehman192SachsGoldman203WitteranStanleyDeMorgan225BrothersSaloman$304LynchMerrillissues)totalof($bil1998inrsUnderwriteU.S.Top©TheMcGraw-HillCompanies,Inc.,200114-9Irwin/McGraw-HillTheUnderwriters5.665$ersUnderwritAll25.7ostonCS/FirstB31.1CapitalBarclays36.0MorganJP38.7Paribas39.0BankDeutsche41.5AMROABN42.5SachsGoldman43.6WitteranStanleyDeMorgan52.3LynchMerrill$63.6ReadDillonWarburgissues)totalof($bil1998inrsUnderwriteU.S.-NonTop©TheMcGraw-HillCompanies,Inc.,200114-10Irwin/McGraw-HillGeneralCashOffersSeasonedOffering-Saleofsecuritiesbyafirmthatisalreadypubliclytraded.GeneralCashOffer-Saleofsecuritiesopentoallinvestorsbyanalreadypubliccompany.ShelfRegistration-Aprocedurethatallowsfirmstofileoneregistrationstatementforseveralissuesofthesamesecurity.PrivatePlacement-Saleofsecuritiestoalimitednumberofinvestorswithoutapublicoffering.©TheMcGraw-HillCompanies,Inc.,200114-11Irwin/McGraw-HillRightsIssueRightsIssue-Issueofsecuritiesofferedonlytocurrentstockholders.Example-YRUCorpcurrentlyhas9millionsharesoutstanding.Themarketpriceis$15/sh.YRUdecidestoraiseadditionalfundsviaa1for3rightsofferat$12pershare.Ifweassume100%subscription,whatisthevalueofeachright?©TheMcGraw-HillCompanies,Inc.,200114-12Irwin/McGraw-HillRightsIssueCurrentMarketValue=9milx$15=$135milTotalShares=9mil+3mil=12milAmountofnewfunds=3milx$12=$36milNewSharePrice=(136+36)/12=$14.25/shValueofaRight=15-14.25=$0.75Example-YRUCorpcurrentlyhas9millionsharesoutstanding.Themarketpriceis$15/sh.YRUdecidestoraiseadditionalfundsviaa1for3rightsofferat$12pershare.Ifweassume100%subscription,whatisthevalueofeachright?