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第十五章 长期融资简介主要内容：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：15.1 普通股（Common Stock）15.2 公司长期负债：基本概念（Corporate Long-Term Debt:The Basics）15.3 优先股（Preferred Stock）15.4 融资模式（Patterns of Financing）15.5 资本结构的最新趋势（Recent Trends in Capital Structure）15.6 本章小结（Summary and Conclusions）15.1 普通股15.1.1 普通股特征普通股（common stock）通常是指在股利支付或是公司破产时不享有特别优先权的股票。股东权利 公司基本章程规定，由股东选出董事，再由董事选出公司的高层人员。因此，股东通过选择董事的权利控制着公司，只有股东才有这个权利。委托代理投票权 委托代理投票权是股东授权他人代理其行使投票表决权的一项法定权利。15.2 公司长期债务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（Repayment）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 after-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 called 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 listsAmount of Issue,Date of Issue,MaturityDenomination(本金，票面价值)Annual Coupon,Dates of Coupon PaymentsSecurity（担保）Sinking Funds（偿债基金）Call Provisions（赎回条款）Covenants（债务契约）Features that may change over timeRating（债券评级）Yield-to-Maturity（到期收益率）Market price（债券市价）负债类别A debenture（信用债券）is an unsecured corporate debt,whereas a bond（债券）is secured by a mortgage on the corporate property.A note（票据）usually refers to an unsecured debt with a maturity shorter than that of a debenture,perhaps under 10 years.债务偿付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（赎回）.Amortization is usually arranged by a sinking fund（偿债基金）.Each year the corporation places money into a sinking fund,and the money is used to buy back the bonds.高级债券Seniority indicates preference in position over other lenders.（债券的偿付地位优于其他债券）Some debt is subordinated.一旦公司违约，次级债券持有人必须给予其他债权人优先清偿的权利；这意味着次级债券持有人只有在其他债权人的债务得以偿付后才能获取补偿次级债券的清偿地位不能次于权益担保（Security，也可以翻译成抵押品）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（信用债券）are not secured by a mortgage.债务契约The written agreement between the corporate debt issuer and the lender.Sets forth the terms of the loan:MaturityInterest rateProtective covenants.债务契约中通常包括一些限制性条款：对公司进一步发行债券的限制对公司所能支付的最高股利额的限制对公司最低营运资本水平的限制14.3 优先股Represents equity of a corporation,but is different from common 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.未付的优先股股利不属于公司债务优先股到底是不是债券？A good 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 taxable corporate income.Most preferred stock in the U.S.is held by corporate investors.They get a 70-percent income tax exemption.优先股之谜There are two offsetting tax effects to consider in evaluating preferred stock:1.计算发行公司的应纳税额时，优先股无法从公司的应税收入中扣除。2.公司因购入优先股而获取的股利中有70%可以免于缴纳公司所得税。Most agree that 2)does 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.优先股之谜对公司为什么要发行优先股的解释：属于公用事业行业的公司通常发行大量的优先股股票，因为它可较容易将税收劣势转嫁给客户向美国税务总署汇报亏损的公司，可以发行优先股发行优先股的公司可以避免债务融资方式下可能出现的破产威胁权益与负债的区别14.4 融资模式以美国资本市场为例美国公司将80的现金流量作为资本支出，另外20则用作净营运资本内部产生的现金流构成了公司主要的融资渠道一般地，公司支出总额会多于内部产生的现金流，这两者之间的差额就构成了财务赤字一般而言，财务赤字可以借助举债和发行新股这两种外部融资方式予以填补同其他国家的公司相比，美国公司更多地通过内部现金流融集资金。而其他国家的公司比美国公司更大规模地依靠外部权益资本融集资金14.4 融资模式Internally generated cash flow dominates as a source of financing,typically between 70 and 90%.Firms usually spend more than they generate internallythe deficit is financed by new sales of debt and equity.Net new issues of equity are dwarfed（相形见绌）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 Cash 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 资本结构的最新趋势This important question is difficult to answer definitively.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 below 50 percent of total financing.14.6 本章小结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.
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