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1、第十四章 长期融资简介,李连军 教授,第四篇 资本结构和股利政策,第二篇重点讨论了公司资本预算决策及投资项目评价 第三篇讨论了单个资产与资产组合的期望收益与风险之间的关系，重点是资本资产定价模型（CAPM） 第四篇将重点学习公司的融资决策问题 共包括六章内容 第13章 公司融资决策和有效资本市场 第14章 长期融资简介 第15章 资本结构：基本概念 第16章 资本结构：债务运用的限制 第17章 杠杆企业的估价与资本预算 第18章 股利政策：为什么相关,Chapter-14 Outline,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： 14.1
2、 普通股（Common Stock） 14.2 公司长期负债：基本概念（Corporate Long-Term Debt: The Basics） 14.3 优先股（Preferred Stock） 14.4 融资模式（Patterns of Financing） 14.5 资本结构的最新趋势（Recent Trends in Capital Structure） 14.6 本章小结（Summary and Conclusions）,14.1 普通股,与普通股相关的基本概念 面值和非面值股（Par and No-Par Stock） 额定发行普通股和已发行普通股（Authorized vers
3、us Issued Common Stock） 资本盈余（Capital Surplus） 留存收益（Retained Earnings） 市场价值、账面价值和重置价值（Market Value, Book Value, and Replacement Value） 股东的权利（Shareholders Rights） 股利（Dividends） 股票种类（Classes of Stock）,面值和非面值股,面值：每张股票的固定价格 Par value is an accounting value, not a market value. The total par value (the nu
4、mber of shares multiplied by the par value of each share) is sometimes called the dedicated capital （实收资本）of the corporation. 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）,Usually refers to amounts of directly contributed equity cap
5、ital in excess of the par value.（直接缴入的权益资本中超过股票面值的部分） For example, suppose 1,000 shares of common stock having a par value of $1 each are sold to investors for $8 per share. The capital surplus would be ($8 $1) 1,00= $7,000,留存收益（retained earnings）,Not many firms pay out 100 percent of their earnings
6、 as dividends. The earnings that are not paid out as dividends are referred to as retained earnings. 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,Market Value is the price of the stock multiplied by the number of shares outstanding. Also known as Market Capitalization Book Value The
7、 sum of par value, capital surplus, and accumulated retained earnings is the common equity of the firm, usually referred to as the book value of the firm. Replacement Value The current cost of replacing the assets of the firm. At the time a firm purchases an asset, market value, book value, and repl
8、acement value are equal.,股东权利,The right to elect the directors of the corporation by vote constitutes the most important control device of shareholders. Directors are elected each year at an annual meeting by a vote of the holders of a majority of shares who are present and entitled to vote. The exa
9、ct mechanism varies across companies. The important difference is whether shares are to be voted cumulatively or voted straight. 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。,委托代理投票权,A proxy rights is the legal grant of authority by a share
10、holder to someone else to vote his or her shares. For convenience, the actual voting in large public corporations is usually done by proxy. The fight for proxy votes,股利,Unless a dividend is declared by the board of directors of a corporation, it is not a liability of the corporation. A corporation c
11、annot default on an undeclared dividend. The payment of dividends by the corporation is not a business expense. Therefore, they are not tax-deductible. Dividends received by individual shareholders are for the most part considered ordinary income by the IRS and are fully taxable. There is an intra-c
12、orporate dividend exclusion.,股票种类,When more than one class of stock exists, they are usually created with unequal voting rights. Many companies issue dual classes of common stock. The reason has to do with control of the firm. Lease, McConnell, and Mikkelson found the market prices of stocks with su
13、perior voting rights to be about 5 percent higher than the prices of otherwise-identical stocks with inferior voting rights.,14.2 公司长期负债：基本概念,与公司债务相关的基本概念 利息与股利（Interest versus Dividends） 是负债还是权益？（Is It Debt or Equity?） 长期负债的基本特征（Basic Features of Long-Term Debt） 负债类别（Different Types of Debt） 债务偿付（R
14、epayment） 高级债券（Seniority） 担保（Security） 债务契约（Indenture）,利息与股利,Debt is not an ownership interest（所有者权益） 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 af
15、ter-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.,负债还是权益？,Some securities blur（模糊了） the line between debt and equity. Corporations are very adept at creating hybrid securities（混合性证券） that look like equity but are calle
16、d debt. Obviously, 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.,长期负债的基本特征,The bond indenture usually lists Amount of Issue, Date of Issue, Maturity Denomination (本金，票面价值) Annual Coupon, Dates of Coupon Payments Security（担保） Sinking Funds（偿债基金） Call Provisions（赎回条款） Covenants（债务契约） Features that may change over time Rating（债券评级） Yield-to-Maturity（到期收益率） Market price（债券市价）,
