第15章长期融资简介

第15章长期融资简介Chapter-15Outline•主要内容：–长期融资的基本来源、种类、特征，及其相关的概念–长期融资的主要发展趋势和模式•结构：–15.1普通股和优先股的一些特征–15.2公司长期债务：–15.3不同类型债券–15.4长期银团借款–15.5国际债券–15.6融资方式–15.7资本结构的最新趋势15.1普通股和优先股的一些特征•与普通股相关的基本概念–股东的权利–委托代理权–股票种类–其他权利–股利股东权利–累计投票制–多数投票制累计投票制与多数投票制•累计投票制的作用在于允许少数股东的参与。–事先确定每位股东可以投出的选票总数。选票总数通常是按股东拥有或控制的股票数乘以所要选举的董事人数计算而得。•多数投票制。与普通股相关的基本概念•面值和非面值股（ParandNo-ParStock）•额定发行普通股和已发行普通股（AuthorizedversusIssuedCommonStock）•资本公积（CapitalSurplus）•留存收益（RetainedEarnings）•市场价值、账面价值和重置价值（MarketValue,BookValue,andReplacementValue）•股东的权利（Shareholders’Rights）•股利（Dividends）•股票种类（ClassesofStock）面值和非面值股•面值：每张股票的固定价格–Parvalueisanaccountingvalue,notamarketvalue.–Thetotalparvalue(thenumberofsharesmultipliedbytheparvalueofeachshare)issometimescalledthededicatedcapital（实收资本）ofthecorporation.•一些股票没有面值。额定发行普通股和已发行普通股•普通股股份是公司最基本的所有权单位。新公司设立章程中必须说明公司额定发行的普通股股份。•公司董事会在股东授权下可以修改公司章程，增加普通股的额定发行数量。资本盈余（资本公积）•Usuallyreferstoamountsofdirectlycontributedequitycapitalinexcessoftheparvalue.（直接缴入的权益资本中超过股票面值的部分）–Forexample,suppose1,000sharesofcommonstockhavingaparvalueof$1eacharesoldtoinvestorsfor$8pershare.Thecapitalsurpluswouldbe($8–$1)×1,00=$7,000留存收益（retainedearnings）•Notmanyfirmspayout100percentoftheirearningsasdividends.•Theearningsthatarenotpaidoutasdividendsarereferredtoasretainedearnings.•普通股股东权益构成：–普通股面值总额–资本盈余（或资本公积）–留存收益•亦称为公司的账面价值市场价值、账面价值和重置价值•MarketValueisthepriceofthestockmultipliedbythenumberofsharesoutstanding.–AlsoknownasMarketCapitalization•BookValue–Thesumofparvalue,capitalsurplus,andaccumulatedretainedearningsisthecommonequityofthefirm,usuallyreferredtoasthebookvalueofthefirm.•ReplacementValue–Thecurrentcostofreplacingtheassetsofthefirm.•Atthetimeafirmpurchasesanasset,marketvalue,bookvalue,andreplacementvalueareequal.委托代理投票权•Aproxyrightsisthelegalgrantofauthoritybyashareholdertosomeoneelsetovotehisorhershares.•Forconvenience,theactualvotinginlargepubliccorporationsisusuallydonebyproxy.•Thefightforproxyvotes15.1普通股和优先股的一些特征•与优先股相关的基本概念–优先股的特征–设定价值–累积和非累积–是否应该视为债券•Representsequityofacorporation,butisdifferentfromcommonstockbecauseithaspreferenceovercommoninthepaymentsofdividendsandintheassetsofthecorporationintheeventofbankruptcy.•Preferredshareshaveastatedliquidatingvalue,usually$100pershare.•Preferreddividendsareeithercumulativeornoncumulative.–未付的优先股股利不属于公司债务优先股到底是不是债券？•Agoodcasecanbemadethatpreferredstockisreallydebtindisguise.–Thepreferredshareholdersreceiveastateddividend.–Intheeventofliquidation,thepreferredshareholdersareentitledtoafixedclaim.•Unlikedebt,preferredstockdividendscannotbedeductedasinterestexpensewhendeterminingtaxablecorporateincome.•MostpreferredstockintheU.S.isheldbycorporateinvestors.–Theygeta70-percentincometaxexemption.优先股之谜•Therearetwooffsettingtaxeffectstoconsiderinevaluatingpreferredstock:1.计算发行公司的应纳税额时，优先股无法从公司的应税收入中扣除。2.公司因购入优先股而获取的股利中有70%可以免于缴纳公司所得税。•Mostagreethat2)doesnotfullyoffset1).Giventhatpreferredstockofferslessflexibilitytotheissuerthancommonstock,somehavearguedthatpreferredstockshouldnotexist.•Yetitdoes.优先股之谜•对公司为什么要发行优先股的解释：–属于公用事业行业的公司通常发行大量的优先股股票，因为它可较容易将税收劣势转嫁给客户–向美国税务总署汇报亏损的公司，可以发行优先股–发行优先股的公司可以避免债务融资方式下可能出现的破产威胁15.2公司长期债务•与公司债务相关的基本概念–是负债还是权益？–债券契约与公司债务相关的基本概念•利息与股利（InterestversusDividends）•是负债还是权益？（IsItDebtorEquity?）•长期负债的基本特征（BasicFeaturesofLong-TermDebt）•负债类别（DifferentTypesofDebt）•债务偿付（Repayment）•高级债券（Seniority）•担保（Security）•债务契约（Indenture）利息与股利•Debtisnotanownershipinterest（所有者权益）inthefirm.Creditorsdonotusuallyhavevotingpower.•Thecorporation’spaymentofinterestondebtisconsideredacostofdoingbusinessandisfullytax-deductible.•Dividendsarepaidoutofafter-taxdollars.•Unpaiddebtisaliabilityofthefirm.Ifitisnotpaid,thecreditorscanlegallyclaimtheassetsofthefirm.负债还是权益？•Somesecuritiesblur（模糊了）thelinebetweendebtandequity.•Corporationsareveryadeptatcreatinghybridsecurities（混合性证券）thatlooklikeequitybutarecalleddebt.–Obviously,thedistinctionisimportantattaxtime.–Acorporationthatsucceedsiscreatingadebtsecuritythatisreallyequityobtainsthetaxbenefitsofdebtwhileeliminatingitsbankruptcycosts.长期负债的基本特征•Thebondindentureusuallylists–AmountofIssue,DateofIssue,Maturity–Denomination(本金，票面价值)–AnnualCoupon,DatesofCouponPayments–Security（担保）–SinkingFunds（偿债基金）–CallProvisions（赎回条款）–Covenants（债务契约）•Featuresthatmaychangeovertime–Rating（债券评级）–Yield-to-Maturity（到期收益率）–Marketprice（债券市价）负债类别•Adebenture（信用债券）isanunsecuredcorporatedebt,whereas•abond（债券）issecuredbyamortgageonthecorporateproperty.•Anote（票据）usuallyreferstoanunsecureddebtwithamaturityshorterthanthatofadebenture,perhapsunder10years.债务偿付•Long-termdebtistypicallyrepaidinregularamountsoverthelifeofthedebt.Thepaymentoflong-termdebtbyinstallments（分期付款）iscalledamortization（赎回）.•Amortizationisusuallyarrangedbyasinkingfund（偿债基金）.Eachyearthecorporationplacesmoneyintoasinkingfund,andthemoneyisusedtobuybackthebonds.高级债券•Seniorityindicatespreferenceinpositionoverotherlenders.（债券的偿付地位优于其他债券）•Somedebtissubordinated.–一旦公司违约，次级债券持有人必须给予其他债权人优先清偿的权利；这意味着次级债券持有人只有在其他债权人的债务得以偿付后才能获取补偿–次级债券的清偿地位不能次于权益担保（Security，也可以翻译成抵押品）•Securityisaformofattachmenttoproperty.–Itprovidesthatthepro