Debt-EquityChoice企业资本结构选择

Debt-EquityChoicePlayingGameswithTaxesandIncentivesTypesofDebtFinancing•1.Bankloans•2.Leases•3.CommercialPaper•4.CorporateBondsBankLoans•Lineofcredit–Anarrangementbetweenabankandafirmthatrequiresthebanktoquoteaninterestrate,typicallyforashort-termloan,whenthefirmrequeststheloan.Thebankauthorizesthemaximumloanamountwhensettingupthelineofcredit.•Loancommitment–Anarrangementthatrequiresabanktolenduptoamaximumprespecifiedloanamountataprespecifiedinterestrateatthefirm’srequestaslongasthefirmmeetstherequirementsestablishedwhenthecommitmentwasdrawnup.Therearetwotypesofloancommitments:•Revolver,inwhichfundsflowbackandforthbetweenthebankandthefirmwithoutanypredeterminedschedule.Fundsaredrawnfromtherevolverwheneverthefirmwantsthem,uptothemaximumamountspecified.Theymaybesubjecttoanannualcleanupinwhichthefirmmustretireallborrowings.•Nonrevolvingloancommitmentinwhichthefirmmaynotpaydowntheloanandthensubsequentlyincreasetheamountofborrowing.Leases•Adebtinstrumentinwhichtheownerofanasset,thelessor,givestherighttousetheassettoanotherparty,thelessee,inreturnforasetofcontractuallyfixedpayments.–Operatinglease:Anagreement,usuallyshortterm,allowingthelesseetoretaintherighttocanceltheleaseandreturntheassettothelessor.–Financiallease(orcapitallease):Anagreementthatgenerallyextendsoverthelifeoftheassetandindicatesthatthelesseecannotreturntheassetexceptwithsubstantialpenalties.•Leveragedlease(assetpurchasefinancedbyathirdparty),•Directlease(assetpurchasefinancedbythemanufactureroftheasset),and•Saleandleaseback(assetpurchasedfromthelesseebythelessor).CommercialPaper•Commercialpaperisacontractbywhichaborrowerpromisestopayaprespecifiedamounttothelenderofthecommercialpaperatsomedateinthefuture,usuallyonetosixmonths.•Thisprespecifiedamountisgenerallypaidoffbyissuingnewcommercialpaper(rollover).•Typicallyonlyavailabletoverylargecompanieswithveryhighcreditratings.•Thesecontractsaretypicallytradedinpublicmarketsandcarryverylowinterestrates.CorporateBonds•Bondsaretradablefixed-incomesecurities.•Alwayshaveafaceamountof$1,000.•Nearlyalwayshavesemi-annualcouponpayments.–Couponrateequalsthesumofthetwosemi-annualpaymentsdividedby1,000.–Ifthecouponrateis6%thebondpays$30everysixmonths.The6%represents(30+30)/1000.•Generallyissuedatwithacouponratesothatthebondsellsfor$1,000intheopenmarket.Thisisknownassellingat“par.”•Theinitialcouponrateistypicallysetbythesyndicatedeskoftheinvestmentbank,whichissuesthebondstoits(largelyinstitutional)clients.DecipheringBondQuotes•Bondpricesarequotedper$100offacevalue(thatis1/10thoftheirtruevalue).•Abondsellsforparifitsquotedpriceis100.•Abondsellsatapremiumifitsquotedpriceisabove100.•Abondsellsatadiscountifitsquotedpriceisbelow100.QuotesandAccruedInterest•Bondpricesarequotednetofaccruedinterest.•Accruedinterestistheamountofinterestthecurrentownerhas“accrued”sincethelastcouponpayment.•Iftheaccruedinterestonabondis$4,andthequoteis$98,thenitwillcostyou$102per$100offaceamountyoubuy.–Inotherwordsasinglebondwillrunyou$1,020.CalculatingAccruedInterest•Corporatebondsaccrueinterestona30day/360dayyearrate.•Why?Becauseithasalwaysbeenso.–Actually,duetothefactthatbondshavebeenaroundalotlongerthanthecalculator.–Goaheadtrytodividedsay6.25by365andthenmultiplyby14byhand.AccruedInterestCalculation•Formula–Couponpaymentof$C.–Lastpaymentatdatet0.–Todayisdatet.–AccruedInterest=C(t-t0)/180.•Notethathalfayearhasonly180days!WhatAboutthe5or6“Extra”Days?•Soyounoticedayearhasmorethan360days.Whattodo?•Sinceallmonthsareassumedtohave30daysthismeansthattheaccruedinterestonAugust31andSeptember1willbethesame.•Example:BondpayscouponsonJanuary15andJuly15.–OnMarch15twomonthshavepassedandtheaccruedinterestequalsC(60/180).–EvenFebruaryisassumedtohave30days!OnMarch31theaccruedinterestisC(75/180)andonApril1itisC(75/180).SecondaryMarketinCorporateBonds•Thesecondarymarketforcorporatedebtislargelyabroker-dealermarket.–Secondarymarketmakersofftobuyandsellparticularbonds.–Quotedpricesarebetterthoughtofas“ads”sayingadealerishereandreadytotradethebond.–Togetapriceatwhichyoucantradeyouneedtoactuallycallthemarketmaker.Yes,asinpickupatelephoneandcall.•Afewcorporatebondsarealsotradedonexchanges(seetheNewYorkBondExchangelistingintheWSJ).Butthemarketislimitedtoverysmallretailorders,generallyof10bondsorless.•Mostcorporatebondsarenotactivelytradedanywhere.BondCovenants•Equityholderswhocontrolthefirmcanexpropriatewealthfrombondholdersbymakingassetsmorerisky,reducingassetsthroughthepaymentofdividends,andaddingliabilities.•Virtuallyalldebtcontractscontaincovenantstorestrictthesekindsofactivities:AssetCovenants•Seniorityandcollateralprovisionsensureeachdebtinstrument’spositioninlineshouldbankruptcyoccur.–Seniordebtmustbepaidinfullpriortothejuniordebtreceivingfunds.Juniordebtmustbepaidinfullpriortothepreferredshareholders.–Secureddebthasalienonaphysicalasset,thecollateral.(Thinkcarloanorhomemortgage.)•Ifthefirmdoesnotpaythesecureddebtontimethedebtholderscanrepossessthecollateral.Ifsellingthecollateraldoesnotpaytheclaiminfullthesecureddebtholdersbecomeunsecuredclaimantsforther