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1、第十五章 長期融資簡介主要內(nèi)容：長期融資的基本來源、種類、特征，及其相關(guān)的概念長期融資的主要發(fā)展趨勢和模式結(jié)構(gòu)：15.1 普通股（Common Stock）15.2 公司長期負債：基本概念（Corporate Long-Term Debt:The Basics）15.3 優(yōu)先股（Preferred Stock）15.4 融資模式（Patterns of Financing）15.5 資本結(jié)構(gòu)的最新趨勢（Recent Trends in Capital Structure）15.6 本章小結(jié)（Summary and Conclusions）15.1 普通股15.1.1 普通股特征普通股（comm
2、on stock）通常是指在股利支付或是公司破產(chǎn)時不享有特別優(yōu)先權(quán)的股票。股東權(quán)利 公司基本章程規(guī)定，由股東選出董事，再由董事選出公司的高層人員。因此，股東通過選擇董事的權(quán)利控制著公司，只有股東才有這個權(quán)利。委托代理投票權(quán) 委托代理投票權(quán)是股東授權(quán)他人代理其行使投票表決權(quán)的一項法定權(quán)利。15.2 公司長期債務(wù)與公司債務(wù)相關(guān)的基本概念利息與股利（Interest versus Dividends）是負債還是權(quán)益？（Is It Debt or Equity?）長期負債的基本特征（Basic Features of Long-Term Debt）負債類別（Different Types of Deb
3、t）債務(wù)償付（Repayment）高級債券（Seniority）擔(dān)保（Security）債務(wù)契約（Indenture）利息與股利Debt is not an ownership interest（所有者權(quán)益）in the firm.Creditors do not usually have voting power.The corporations payment of interest on debt is considered a cost of doing business and is fully tax-deductible.Dividends are paid out of aft
4、er-tax dollars.Unpaid debt is a liability of the firm.If it is not paid,the creditors can legally claim the assets of the firm.負債還是權(quán)益？Some securities blur（模糊了）the line between debt and equity.Corporations are very adept at creating hybrid securities（混合性證券）that look like equity but are called debt.Ob
5、viously,the distinction is important at tax time.A corporation that succeeds is creating a debt security that is really equity obtains the tax benefits of debt while eliminating its bankruptcy costs.長期負債的基本特征The bond indenture usually listsAmount of Issue,Date of Issue,MaturityDenomination(本金，票面價值)A
6、nnual Coupon,Dates of Coupon PaymentsSecurity（擔(dān)保）Sinking Funds（償債基金）Call Provisions（贖回條款）Covenants（債務(wù)契約）Features that may change over timeRating（債券評級）Yield-to-Maturity（到期收益率）Market price（債券市價）負債類別A debenture（信用債券）is an unsecured corporate debt,whereas a bond（債券）is secured by a mortgage on the corpor
7、ate property.A note（票據(jù)）usually refers to an unsecured debt with a maturity shorter than that of a debenture,perhaps under 10 years.債務(wù)償付Long-term debt is typically repaid in regular amounts over the life of the debt.The payment of long-term debt by installments（分期付款）is called amortization（贖回）.Amortiz
8、ation is usually arranged by a sinking fund（償債基金）.Each year the corporation places money into a sinking fund,and the money is used to buy back the bonds.高級債券Seniority indicates preference in position over other lenders.（債券的償付地位優(yōu)于其他債券）Some debt is subordinated.一旦公司違約，次級債券持有人必須給予其他債權(quán)人優(yōu)先清償?shù)臋?quán)利；這意味著次級債券持
9、有人只有在其他債權(quán)人的債務(wù)得以償付后才能獲取補償次級債券的清償?shù)匚徊荒艽斡跈?quán)益擔(dān)保（Security，也可以翻譯成抵押品）Security is a form of attachment to property.It provides that the property can be sold in event of default to satisfy the debt for which the security is given.A mortgage is used for security in tangible property.debenture（信用債券）are not secu
10、red by a mortgage.債務(wù)契約The written agreement between the corporate debt issuer and the lender.Sets forth the terms of the loan:MaturityInterest rateProtective covenants.債務(wù)契約中通常包括一些限制性條款：對公司進一步發(fā)行債券的限制對公司所能支付的最高股利額的限制對公司最低營運資本水平的限制14.3 優(yōu)先股Represents equity of a corporation,but is different from common
11、stock because it has preference over common in the payments of dividends and in the assets of the corporation in the event of bankruptcy.Preferred shares have a stated liquidating value,usually$100 per share.Preferred dividends are either cumulative or noncumulative.未付的優(yōu)先股股利不屬于公司債務(wù)優(yōu)先股到底是不是債券？A good
12、case can be made that preferred stock is really debt in disguise.The preferred shareholders receive a stated dividend.In the event of liquidation,the preferred shareholders are entitled to a fixed claim.Unlike debt,preferred stock dividends cannot be deducted as interest expense when determining tax
13、able corporate income.Most preferred stock in the U.S.is held by corporate investors.They get a 70-percent income tax exemption.優(yōu)先股之謎There are two offsetting tax effects to consider in evaluating preferred stock:1.計算發(fā)行公司的應(yīng)納稅額時，優(yōu)先股無法從公司的應(yīng)稅收入中扣除。2.公司因購入優(yōu)先股而獲取的股利中有70%可以免于繳納公司所得稅。Most agree that 2)does
14、not fully offset 1).Given that preferred stock offers less flexibility to the issuer than common stock,some have argued that preferred stock should not exist.Yet it does.優(yōu)先股之謎對公司為什么要發(fā)行優(yōu)先股的解釋：屬于公用事業(yè)行業(yè)的公司通常發(fā)行大量的優(yōu)先股股票，因為它可較容易將稅收劣勢轉(zhuǎn)嫁給客戶向美國稅務(wù)總署匯報虧損的公司，可以發(fā)行優(yōu)先股發(fā)行優(yōu)先股的公司可以避免債務(wù)融資方式下可能出現(xiàn)的破產(chǎn)威脅權(quán)益與負債的區(qū)別14.4 融資模式以
15、美國資本市場為例美國公司將80的現(xiàn)金流量作為資本支出，另外20則用作凈營運資本內(nèi)部產(chǎn)生的現(xiàn)金流構(gòu)成了公司主要的融資渠道一般地，公司支出總額會多于內(nèi)部產(chǎn)生的現(xiàn)金流，這兩者之間的差額就構(gòu)成了財務(wù)赤字一般而言，財務(wù)赤字可以借助舉債和發(fā)行新股這兩種外部融資方式予以填補同其他國家的公司相比，美國公司更多地通過內(nèi)部現(xiàn)金流融集資金。而其他國家的公司比美國公司更大規(guī)模地依靠外部權(quán)益資本融集資金14.4 融資模式Internally generated cash flow dominates as a source of financing,typically between 70 and 90%.Firms
16、usually spend more than they generate internallythe deficit is financed by new sales of debt and equity.Net new issues of equity are dwarfed（相形見絀）by new sales of debt.Firms in other countries rely to a greater extent than U.S.firms on external equity.The Long-Term Financial Deficit(1995)Sources of C
17、ash Flow(100%)Internal cash flow(retained earnings plus depreciation)70%Long-term debt and equity 30%Uses of Cash Flow(100%)Capital spending 80%Net working capital plus other uses 20%Internal cash flowExternal cash flowFinancial deficit14.5 資本結(jié)構(gòu)的最新趨勢This important question is difficult to answer def
18、initively.Which are best:book or market values?In general,financial economists prefer market values.However,many corporate treasurers may find book values more appealing due to the volatility of market values.Whether we use book or market values,debt ratios for U.S.non-financial firms have been belo
19、w 50 percent of total financing.14.6 本章小結(jié)The basic sources of long-term financing are:Long-Term DebtCommon StockPreferred StockCommon shareholders have voting rights,limited liability,and a residual claim on the corporation.Bondholders have a contractual claim against the corporation.Preferred stock has some of the features of debt and equity.Firms need financingmost of it is generated internally.
公司理財(第9版) 第15章 長期融資簡介
