Chapter 14 Learning Objectives Explain why managers should assume that the securities they issue are fairly priced. Summarize the changing ways that U.S. firms have financed their growth. Interpret shareholder equity accounts in the firm’s financial statements. Describe voting procedures for the election of a firm’s board of directors and other matters. Describe the major classes of securities sold by the firm.

公司融資概論 公司有三種現金的來源，可以融資公司的活動 本章介紹負債、權益和內部產生資金的概論 Chapter 14 Outline ­­Financial Market Competition Corporate Financing 3 Sources of Cash Internally Generated Funds Why Internal Funds? Equity Equity Terminology Understanding Stock Issues Net Common Equity Corporate Ownership Two Owner Entitlements: Profits Corporate Control Voting Procedures Majority vs. Cumulative Voting Proxy Contests Preferred Stock Advantages & Disadvantages Corporate Debt Limited Liability & Default Risk Debt Characteristics Interest Rate Fluctuations Funded vs. Unfunded Debt Sinking Funds Callable Bonds Subordinated Debt Secured Debt Foreign Debt Public vs. Private Placements Protective Covenants Leases Convertible Securities Warrants Convertible Bonds

金融市場 金融市場的競爭是很激烈的—遠大於產品市場的競爭 很少有受到保護的利基(niches)(如: 無法讓新證券的結構取得專利權) 證券以其真實價值出售 Unlike in product markets, there are few protected niches in financial markets. Example: You can’t patent the design of a new security. Financial markets are highly efficient and securities generally sell for their true values: True value – a price that incorporates all the information currently available to investors

公司融資 公司有三類廣泛的現金來源 內部產生資金 權益的發行 新負債的發行 Internally generated funds – Cash reinvested in the firm: depreciation plus earnings not paid out as dividends.

內部產生資金 FedEx公司歷史性的資金來源 1995-2010年 Just as with most firms, FedEx’s largest source of cash by far came from internally generated funds. FedEx公司歷史性的資金來源 1995-2010年

為何是內部資金？ 經理人偏好內部資金再投資的數個理由： 發行證券的成本 新權益宣告的含意 The announcement of a new equity issue is usually bad news for investors. Can be perceived as an attempt by management to sell overpriced stock. Raising capital internally avoids the costs and bad omens associated with new equity issues.

公司融資 當公司無法對其所有的活動以再投入的資金融資時會怎樣？ 金融赤字 新權益的發行 新負債的發行 Financial Deficit – The difference between the cash a company needs and the amount generated internally. To fix this deficit, firms either issue new equity or issue new debt.

權益發行 範例 : 大部分的公司都大到無法被單一投資者所擁有，因此他們發行股票給許多投資者 Dow公司被650,000個不同的投資者所擁有，如果該公司有1.167十億股流通在外，則一個持有1股的投資者擁有多少的Dow公司？ 投資者擁有Dow公司的 :   或 0.000000085%

權益詞彙 庫藏股票 發行且流通在外股票 資本授權股數 被公司買回且置於保險庫中的股票 公司發行且被股東持有的股票 無須股東的額外同意，公司就可以發行的最大股數 Treasury Stock –Stock that has been repurchased by the company and held in its treasury. Issued Shares – Shares that have been issued by the company. Outstanding Shares – Shares that have been issued by the company and are held by investors. Authorized Share Capital – Maximum number of shares that the company is permitted to issue without additional shareholder approval.

權益詞彙 : 範例 假設公司有100百萬股在NYSE交易，公司發行20百萬的新股，並在一個月後買回 5百萬股。 庫藏股的總變動是多少？ 發行股數的總變動是多少？ 流通在外數數的總變動是多少？

權益詞彙 當公司發行新股時，每一新股是以面額登錄的。 額外投入股本？ 保留盈餘 股票發行價格和股票面值的差額 盈餘中未作為股利支付出去的 Par Value – Value of security shown in the company’s accounts. Note: par value has little economic significance. Additional Paid-in Capital – Difference between issue price and par value of stock. Also called capital surplus Retained Earnings – Earnings not paid out as dividends.

權益詞彙 : 範例 假設公司最近以每股$15發行10百萬股的新股，每股面額是$1.50。 額外投入股本的價值是多少？ (APIC)    

普通股權益淨額 - 代表當公司發行新股時股東對公司的直接貢獻，以及當公司將部分盈餘再度投入回到公司時的間接貢獻，兩者的總額。 普通股權益 = 面額 + 額外 投入股本 保留盈餘 - 股票買回 Net common equity - represents the total amount contributed directly by shareholders when the firm issued new stock, and indirectly when it plowed back part of its earnings.

普通股權益淨額 : 範例 某公司有 $1百萬的普通股淨值， $50,000的授權股本， 發行股數共有25,000股，有20,000股流通在外。則普通股權益每股的帳面價值為多少？ $1,000,000/20,000 = $50 (每股)

公司擁有者 公司是由普通股股東所擁有 擁有者的權力 利潤 控制公司 Profits: The shareholders are entitled to whatever profits are left over after the lenders have received their dues. A portion of profits are usually paid out in dividends and the rest is plowed back into the firm. Plowed back profits should allow the company to earn higher profits and pay higher dividends in the future. Control of the firm: Shareholders retain all residual rights of control over the operation of the firm

公司擁有者 多數投票法 累計投票法 委託書爭奪戰 股東以行使投票權選出董事會來控制公司 一種投票的系統，每一位董事分別被選出 一種投票的系統，每個股東可以將所有的選票集中投給一位董事候選人 委託書爭奪戰 外部股東和經營者爭奪股東選票的一種接管企圖 Majority Voting – Voting system in which each director is voted on separately. Most companies use a system of majority voting. Cumulative Voting – Voting system in which all votes that one shareholder is allowed to cast can be cast for one candidate for the board of directors. Proxy Contest – Takeover attempt in which outsiders compete with management for shareholders’ votes. Note: Corporations sometimes issue multiple classes of common stock, some with different voting rights than others.

公司擁有者 : 範例 某位股東持有公司100股的股票，參加公司的董事會選舉，該公司採用累計投票法。如果預計選出四位董事，且該股東準備將他最多的股數投給董事A，則他將可以投出幾票給董事A？ 400

特別股 淨值 = 普通股權益 + 特別股權益 特別股的優點： 股利 稅賦優惠 潛在的缺點： 利率波動 浮動股利率較受歡迎 Preferred Stock – Stock that takes priority over common stock in regards to dividends. Net Worth – Book value of common stockholders’ equity plus preferred stock. Advantages: Dividends – Preferred stock dividends must be paid to shareholders before common shareholders can receive anything. Tax Advantages – If one corporation buys another’s stock, only 30% of the dividends it receives is taxable. Disadvantages: Interest rate fluctuations – As interest rates rise, the present value of the preferred securities falls. This problem is solved with floating-rate preferred shares. Floating-Rate Preferred – Preferred stock paying dividends that vary with short-term interest rates.

公司負債 當發行債券時，公司承諾支付利息並償還本金，但是公司有限責任，負債並不一定被償還。 Limited Liability – The promise to repay a firm’s debt is not always kept. The company has the right to default on the debt and to hand over the assets to the firm’s lenders.

負債的特性 利率波動 附息債券vs. 零息債券 基本放款利率 LIBOR倫敦銀行間拆放款利率 A bond’s interest payment, its coupon, is usually fixed at time of issue. The present value of the bond changes with fluctuations in the interest rate. A zero coupon bond pays no regular payments; it simply makes a single payment at maturity. Most loans carry a floating interest rate, usually tied to the prime rate or the LIBOR. Prime Rate – Benchmark interest rate charged by banks. LIBOR – London Interbank Offered Rate; the rate at which international banks lend to one another. 你是否預期10年期浮動利率債券的價格對利率變動的敏感度，大於或小於 10年期固定利率債券的價格敏感度？

負債的特性 資金負債和非資金負債 償債基金 可贖回債券 如果利率上升時，可贖回債券的持有者是否預期公司會買回負債 超過一年以上到期的負債，和一年內即將到期的負債。 償債基金 在到期日前為了償還負債所建立的基金 可贖回債券 在到期日前公司可以用特定贖回價格買回的債券 Funded Debt – Debt with more than 1 year remaining to maturity Unfunded Debt – Debt due in less than one year. Carried on the balance sheet as a current liability. Sinking Fund – Fund established to retire debt before maturity. When a sinking fund exists, investors are prepared to lend at a lower rate of interest. Callable Bond – Bond that may be repurchased by a firm before maturity at a specified call price. 如果利率上升時，可贖回債券的持有者是否預期公司會買回負債

負債的特性 優先性 次級順位負債 擔保 有擔保負債 貨幣和來源國家 歐洲美元 歐洲債券 In the event of default, a subordinated lender gets repaid only after the firm’s general creditors are paid. Subordinated Debt – Debt that may be repaid in bankruptcy only after senior debt is paid. If a loan is backed by collateral (assets held as security for a loan), the loan is said to be secured. Secured Debt – Debt that has first claim on specified collateral in the event of default. Financial markets know few national boundaries; many U.S. firms often borrow abroad. Eurodollars – Dollars held on deposit in a bank outside the United States. Eurobond – Bond that is marketed internationally.

負債的特性 公開發行 vs. 私下募集 保護條款 租賃 為了保護債券持有者對公司所做的限制 長期租用協議 Public vs. Private Placements: Publicly issued bonds are sold to anyone who wishes to buy, and are resold and traded in securities markets. Private Placement – Sale of securities to a limited number of investors without a public offering. Bondholders sometimes place restrictions on the company to prohibit it from taking unreasonable risks. Protective Covenant – Restriction on a firm to protect bondholders. Lease – Long-term rental agreement.

可轉換證券 認股權證 可轉換債券 給予投資者在需要時轉換投資的選擇 在特定期限前可以依特定價格向公司買入股票的權利 持有者可以轉換成特定其他證券數量的債券 Warrant – Right to buy shares from a company at a stipulated price before a set date. Convertible Bond – Bond that the holder may exchange for a specified amount of another security.

可轉換證券 : 範例 某投資者持有的債券售價$1,000。此債券可以轉換成20股的股票，股票目前的售價每股$55。該投資者應該將債券轉換成股票嗎？ 沒有轉換： 投資價值 = $1,000 轉換後： 投資價值 = (20*$55) = $1,100