內(nèi)容提要與學(xué)習(xí)要點(diǎn)

吳東立經(jīng)濟(jì)管理學(xué)院金融教研室第十章長期融資簡介內(nèi)容提要與學(xué)習(xí)要點(diǎn)內(nèi)容提要：本章主要介紹企業(yè)長期融資的基本來源及其方式、特點(diǎn)。學(xué)習(xí)要點(diǎn)：1.普通股；

2.企業(yè)長期債券；

3.優(yōu)先股

1、股票概述

含義：股票是股份有限公司公開發(fā)行的、用以證明投資者的股東身份和權(quán)益并據(jù)以獲得股息和紅利的憑證。

性質(zhì)：股票是一種所有權(quán)憑證，本身沒有任何價值，是一種獨(dú)立于實(shí)際資本之外的虛擬資本。

據(jù)考證我國最早的股票是1907年發(fā)行的川漢鐵路股票1.1股票的構(gòu)成要素1.面值2.市值3.股息和分紅4.股權(quán)資本公積（CapitalSurplus）Usuallyreferstoamountsofdirectlycontributedequitycapitalinexcessoftheparvalue.Forexample,suppose1,000sharesofcommonstockhavingaparvalueof$1eacharesoldtoinvestorsfor$8pershare.Thecapitalsurpluswouldbe($8–$1)×1,000=$7,000留存收益（RetainedEarnings）Notmanyfirmspayout100percentoftheirearningsasdividends.Theearningsthatarenotpaidoutasdividendsarereferredtoasretainedearnings.MarketValue,BookValue,andReplacementValueMarketValueisthepriceofthestockmultipliedbythenumberofsharesoutstanding.AlsoknownasMarketCapitalizationBookValueThesumofparvalue,capitalsurplus,andaccumulatedretainedearningsisthecommonequityofthefirm,usuallyreferredtoasthebookvalueofthefirm.ReplacementValueThecurrentcostofreplacingtheassetsofthefirm.Atthetimeafirmpurchasesanasset,marketvalue,bookvalue,andreplacementvalueareequal.1.2股票的特征股票不可償還性收益性流動性風(fēng)險性波動性參與性伸縮性1.3股票的種類1、普通股與優(yōu)先股2、表決權(quán)股與無表決權(quán)股3、記名股與不記名股4、有面值股與無面值股5、流通股與非流通股其他股票類型1、償還股股票：指在發(fā)行時就確定償還本金的股票。2、藍(lán)籌股(BlueChips)：指一些業(yè)績優(yōu)良穩(wěn)定的大公司發(fā)行的普通股股票。3、紅籌股股票：指在境外注冊、在香港上市的帶有中國大陸概念的股票。4、成長性股票：指那些銷售額和收益額穩(wěn)定增長的股票。2.普通股普通股（commonshares）：是相對于優(yōu)先股而言的，是指每一股份對公司財產(chǎn)都擁有平等權(quán)益，在股利和破產(chǎn)清算方面不具任何特殊優(yōu)先權(quán)的股票。優(yōu)先股(preferenceshares)是指由股份有限公司發(fā)行的，在分配公司收益和剩余資產(chǎn)方面比普通股票具有優(yōu)先權(quán)的股票。思考A.如果你購買了IBM的100股普通股，你將被給予什么樣的權(quán)利？B.這一投資在下一年度至多可賺多少錢？C.如果你購買的價格為95美元/股，一年后你可能的最大損失為多少？如果你買的是IBM公司的債券呢？優(yōu)先股呢？2.1普通股股東享有的權(quán)利優(yōu)先認(rèn)股權(quán)利潤分配權(quán)股東權(quán)利剩余資產(chǎn)分配權(quán)公司決策參與權(quán)2.2CumulativeversusStraightVotingTheeffectofcumulativevoting（累計投票制）

istopermitminorityparticipation.Undercumulativevoting,thetotalnumberofvotesthateachshareholdermaycastisdeterminedfirst.Usually,thenumberofsharesownedorcontrolledbyashareholderismultipliedbythenumberofdirectorstobeelected.Eachshareholdercandistributethesevotesashewishesoveroneormorecandidates.Straightvoting（多數(shù)投票制）

workslikeaU.S.politicalelection.Shareholdershaveasmanyvotesassharesandeachpositionontheboardhasitsownelection.Atendencytofreezeoutminorityshareholders.Cumulativevs.StraightVoting:ExampleImagineafirmwithtwoshareholders:Mr.SmithandMs.Wesson.Mr.Smithowns60%ofthefirm(=600shares)andMs.Wesson40%(=400shares).Therearethreeseatsupforelectionontheboard.Understraightvoting,Mr.Smithgetstopickallthreeseats.Undercumulativevoting,Ms.Wessonhas1,200votes(=400shares×3seats)andMr.Smith1,800votes.Ms.Wessoncanelectatleastoneboardmember.2.3ProxyVoting（委托代理投票權(quán)）Aproxyisthelegalgrantofauthoritybyashareholdertosomeoneelsetovotehisorhershares.Forconvenience,theactualvotinginlargepubliccorporationsisusuallydonebyproxy.2.4股利（Dividends）Unlessadividendisdeclaredbytheboardofdirectorsofacorporation,itisnotaliabilityofthecorporation.Acorporationcannotdefaultonanundeclareddividend.Thepaymentofdividendsbythecorporationisnotabusinessexpense.Therefore,theyarenottax-deductible.DividendsreceivedbyindividualshareholdersareforthemostpartconsideredordinaryincomebytheIRSandarefullytaxable.Thereisanintra-corporatedividendexclusion.2.4普通股股票的種類

（ClassesofStock）Whenmorethanoneclassofstockexists,theyareusuallycreatedwithunequalvotingrights.Manycompaniesissuedualclassesofcommonstock.Thereasonhastodowithcontrolofthefirm.Lease,McConnell,andMikkelsonfoundthemarketpricesofstockswithsuperiorvotingrightstobeabout5percenthigherthanthepricesofotherwise-identicalstockswithinferiorvotingrights.3.企業(yè)長期債券債務(wù)契約(Indenture)到期時間(TimetoMaturity)面值(Faceorparvalue)息票率(Couponrate)零息票債券(Zerocouponbond)舉例假定有一面值1000美元，息票率為8%的債券，以1000美元的價格出售給投資者。債券持有人有權(quán)在表明的有效期內(nèi)（假設(shè)為30年）每年得到1000美元的8%的報酬，即每年80美元。這80美元一般分做兩個半年期支付，即每次支付40美元。當(dāng)債券30年有效期滿時，發(fā)行人再將1000美元的面值支付給債券持有人。3.1InterestversusDividendsDebtisnotanownershipinterestinthefirm.Creditorsdonotusuallyhavevotingpower.Thecorporation’spaymentofinterestondebtisconsideredacostofdoingbusinessandisfullytax-deductible.Dividendsarepaidoutofafter-taxdollars.Unpaiddebtisaliabilityofthefirm.Ifitisnotpaid,thecreditorscanlegallyclaimtheassetsofthefirm.3.2IsItDebtorEquity?Somesecuritiesblurthelinebetweendebtandequity.Corporationsareveryadeptatcreatinghybridsecuritiesthatlooklikeequitybutarecalleddebt.Obviously,thedistinctionisimportantattaxtime.Acorporationthatsucceedsiscreatingadebtsecuritythatisreallyequityobtainsthetaxbenefitsofdebtwhileeliminatingitsbankruptcycosts.3.3BasicFeaturesofLong-TermDebtThebondindentureusuallylistsAmountofIssue,DateofIssue,MaturityDenomination(Parvalue)（面值）AnnualCoupon,DatesofCouponPaymentsSecuritySinkingFunds（償債基金）CallProvisionsCovenantsFeaturesthatmaychangeovertimeRatingYield-to-MaturityMarketprice3.4DifferentTypesofDebtAdebenture（信用債券）

isanunsecuredcorporatedebt,whereasabondissecuredbyamortgageonthecorporateproperty.Anote（票據(jù)）

usuallyreferstoanunsecureddebtwithamaturityshorterthanthatofadebenture,perhapsunder10years.3.5償付（Repayment）Long-termdebtistypicallyrepaidinregularamountsoverthelifeofthedebt.Thepaymentoflong-termdebtbyinstallmentsiscalledamortization（分期償還）.

Amortizationisusuallyarrangedbyasinkingfund.Eachyearthecorporationplacesmoneyintoasinkingfund,andthemoneyisusedtobuybackthebonds.3.6Seniority（高級債券）Seniorityindicatespreferenceinpositionoverotherlenders.Somedebtissubordinated（次級債券）.Intheeventofdefault,holdersofsubordinateddebtmustgivepreferenceotherspecifiedcreditorswhoarepaidfirst.3.7Security（擔(dān)保）Securityisaformofattachmenttoproperty.Itprovidesthatthepropertycanbesoldineventofdefaulttosatisfythedebtforwhichthesecurityisgiven.Amortgageisusedforsecurityintangibleproperty.Debenturesarenotsecuredbyamortgage.3.8Indenture（債務(wù)契約）Thewrittenagreementbetweenthecorporatedebtissuerandthelender.Setsforththetermsoftheloan:MaturityInterestrateProtectivecovenants.4.優(yōu)先股優(yōu)先股：屬公司的權(quán)益，但是它不同于普通股。優(yōu)先股與債券的區(qū)別與聯(lián)系：聯(lián)系：通常都有固定的收入權(quán)區(qū)別：在利息和股息的支付時，先支付利息，后支付股息；在剩余資產(chǎn)清償時，先清償債券持有人，后優(yōu)先股股東；在不能支付承諾的股息時，優(yōu)先股并不會導(dǎo)致公司破產(chǎn)；優(yōu)先股的股息不能享受稅收的減免，即無抵稅效應(yīng)；4.1PreferredStockRepresentsequityofacorporation,butisdifferentfromcommonstockbecauseithaspreferenceovercommoninthepaymentsofdividendsandintheassetsofthecorporationintheeventofbankruptcy.Preferredshareshaveastatedliquidatingvalue,usually$100pershare.Preferreddividendsareeithercumulativeornoncumulative.4.2IsPreferredStockReallyDebt?Agoodcasecanbemadethatpreferredstockisreallydebtindisguise.Thepreferredshareholdersreceiveastateddividend.Intheeventofliquidation（清償）,thepreferredshareholdersareentitledtoafixedclaim.Unlikedebt,preferredstockdividendscannotbedeductedasinterestexpensewhendeterminingtaxablecorporateincome.MostpreferredstockintheU.S.isheldbycorporateinvestors.Theygeta70-percentincometaxexemption.4.3ThePreferred-StockPuzzleTherearetwooffsettingtaxeffectstoconsiderinevaluatingpreferredstock:Dividendsarenotdeductedfromcorporateincomeincomputingthetaxliabilityoftheissuingcorporation.Whenacorporationbuyspreferredstock,70percentofthedividendsreceivedareexemptfromcorporatetaxation.Mostagreethat2)doesnotfullyoffset1).Giventhatpreferredstockofferslessflexibilitytotheissuerthancommonstock,somehavearguedthatpreferredstockshouldnotexist.5.企業(yè)融資方式債券融資

股權(quán)融資

內(nèi)源融資

留利和折舊公司債券發(fā)行股票TheLong-TermFinancialDeficit(1999)SourcesofCashFlow(100%)Internalcashflow(retainedearningsplusdepreciation)70%Long-termdebtandequity30%UsesofCashFlow(100%)Capitalspending80%Networki