公司理财本科班第六讲FinancingDecisions中文.ppt
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1、第六讲 融资决策,Corporate Finance (Part 4, 5, 7),存款-投资现金流,再投资,金融市场和金融中介功能,金融市场 为股票和债券发行提供融资渠道 投资者间可以互相交易 公司进行风险控制 金融中介机构 从储户吸收存款,再发放融资资金 银行,保险公司,投资基金,2011年3季度美国金融中介机构金融资产总值,基金类金融机构,投资基金 互惠基金 目标是跑赢大市 通过销售基金份额融资 现金市场基金 短期安全证券 封闭式基金 固定基金份额,中介类金融机构,商业银行 提供贷款,较为安全的存款途径 投资银行 协助公司融资业务 提供并购兼并等专业服务 保险公司 销售保险吸收资金,投资
2、公司股票和债券,金融中介功能,提供便利的支付机制 快捷,安全性高:网上银行,网上基金投资 借贷中介的功能 吸收存款,发放贷款 促进经济发展,The role of financial markets and intermediaries,Pooling Risk Allows individuals to share risk, i.e., insurance companies Information Allows estimation of expected rates of return,Financing Decisions (融资决策),Internal Financing (Plo
3、wing back profits) External Financing Equity Financing Equity Issuance (Private and Public Sales of Equity) Payout Policy Debt Financing Capital Structure MM theorem,Figure 14.1 sources of funds, u.s. nonfinancial corporations,What is an efficient market?,Three Forms of Market Efficiency Weak Prices
4、 reflect all historical information; so past prices can not predict future prices Semistrong Prices reflect all publicly available information immediately and in an unbiased fashion Strong Prices reflect all private and public information,Six lessons of market efficiency,Markets Have No Memory Trust
5、 Market Prices Read the Entrails There are No Financial Illusions Remember the Do-It-Yourself Alternative Seen One Stock, Seen Them All,Common stock,Common Stock (普通股股票) Residual claim on assets and cash flow (剩余财产分配权) Mostly held by financial institutions Stockholders have ultimate right of control
6、,Figure 14.3 corporate equity holdings, third quarter, 2011,Common stock,Voting Procedures Board of directors comes up for re-election every year Classified board of directors One-third of directors come up for re-election every year Entrenches management,Common stock,Dual-Class Shares (类别股) and Pri
7、vate Benefits Some companies have two classes of stock Same cash-flow rights, different control rights Greater control rights grant private benefits,Common stock,Equity in Disguise Partnerships (合伙制) Avoid corporate income tax Limited life span Trusts (信托) Passive ownership of asset Real Estate Inve
8、stment Trust (REIT房地产信托投资基金) Not taxed Limited to real estate,Common stock,Preferred Stock (优先股) Takes priority over common stock when receiving dividends Gains some voting rights if corporation fails to pay preferred dividend,Debt,How Do We Define Debt?,Debt,Debt Comes in Many Forms Short-term vers
9、us long-term(短期和长期) Fixed versus floating rate (固定和浮动利率) Dollars versus foreign currency (美金和外币) Senior versus junior debt (优先债和次级债) Straight versus convertible bonds (普通债券和可转换债券),Figure 14.4 U.S. bond holdings, third quarter, 2011,Debt,Debt by Any Other Name Some debts treated differently in accoun
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