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0,Part 3 Corporate Finance,主讲:许宁 ,1,Latest Economic news,China central bank pledges more co-operation to stem global financial crisis 中国央行投入更多合作来遏制全球金融危机,2,BEIJING, Oct. 10 (Xinhua) - Chinas central bank on Friday said it will continue international cooperation to tackle the global financial crisis and maintain market stability. The pledge came two days after the Peoples Bank of China (PBOC) announced an interest rate cut in a co-ordinated(共同调整) global move to revive solvency(偿付能力) in the international financial system.,3,The PBOC on Wednesday cut the benchmark lending and deposit rates(存贷款基准利率) by 0.27 percentage points and the reserve requirement ratio by 0.5 percentage points amid growing fears of a slowing economy and falling equities market.,4,“The PBOC will continue close contacts and cooperation with counterparts and international financial organizations to jointly maintain stability of global financial market,“ PBOC spokesman Li Chao told Xinhua.,5,The PBOC would closely watch the developments and effects of the crisis and take timely and flexibly measures according to changes in the domestic and international situations to guard against financial risks, Li said.,6,The global economic slowdown(放缓) reduced demand for Chinese exports and inevitably(不可避免的) affected Chinas economy, he said. The central bank was fully confident and capable of dealing with the crisis and maintaining stable and relatively fast economic growth.,7,“China has a huge domestic market and the liquidity is abundant,” he said. “As long as we take strong measures to boost(推进) domestic demand, the economy has big potential for sustainable(持续的) growth.“,8,A PBOC statement on the third-quarter meeting of its monetary policy committee said it would take flexible and prudent(谨慎) macro-economic control measures to boost economic growth. The PBOC was not optimistic in its global economic outlook(展望) as intensifying (加强的)fluctuations in the financial markets had affected the real economy.,9,It said it would boost coordination between monetary policies and fiscal(财政), industry, export and financial regulation policies to help transform economic growth mode(方式) and boost domestic demand to balance international payments(国际支付).,10,Chapter Outline,3.1 Venture capital 3.2 Stocks and shares(1) 3.3 Stocks and shares(2) 3.4 Shareholders 3.5 Share price 3.6 Describing charts and graphs 3.7 Bonds 3.8 Futures,11,Chapter Outline(2),3.9 Derivatives 3.10 Asset management 3.11 Hedge funds and structures products 3.12 Mergers and takeovers 3.13 Conglomerate 3.14 Raiders 3.15 Financial planning,12,3.1 Venture capital,3.1.1 raising capital Venture capital = risk capital = start-up capital, means funds for new enterprises. New business, called start-ups, are all private companies that arent allowed to sell stocks or shares to the general publics. In this case, venture capital can give a help. Some rich people, called angles or angel investors, also invest in star-ups.,13,3.1.2 Return on capital,At first, entrepreneurs(企业家) should provide a business plan(商业计划). Because of the high level of risk involved, investors in start-ups usually expect a higher than average rate of return(回报率). If they cant get a quick return in cash, they can buy the new companys shares. If the company is successful and later becomes a public company(上市公司), the venture capitalists will be able to sell their shares, at a profit. This is exit strategy(退出战略).,14,If these companies need further capital to expand before they join a stock exchange. This is called mezzanine financing(二次融资). It usually consists of convertible bonds(可转换债券) or preference shares(优先股) that receive a fixed dividend(固定股利). Investors at this stage have a lower risk of loss than venture capitalist, but less chance of making a big profit.,15,3.2 Stocks and shares(1),Stocks and shares are certificates representing part ownership of a company. The word equity or equities is also used to describe stocks and shares. In Britain, stock is also used to refer to all kinds of securities(有价证券), including government bonds. The place where stocks are bought and sold are called stock markets or stock exchange(股票交易所).,16,3.2.1 Going public,Procedure of going public: Get advice from investment bank about how many shares to offer and at what price; Get independent accountants to produce a due diligence report (尽职调查报告); Produce a prospectus(公告书) to public; Make a flotation (浮选) or IPO (initial public offering); An investment bank underwrites the stock issue (承销股票发行).,A detailed examination of a company and its financial situation,A document stating the terms of sale, financial results and other information about the company,An offer of a companys shares to investors,Guarantees to buy the shares if there are not enough buyers,17,3.2.2 Ordinary and preference shares,Except the ordinary shares(普通股), some companies also have preference shares whose holders receive a fixed dividend that must be paid before holders of ordinary shares receive a dividend. If the company goes into liquidation(进入清算), holders of preference shares are repaid(偿还) before other shareholders, but after owners of bonds and other debts.,18,3.3 Stocks and shares(2),After newly issued shares have been sold for the first time-this is called the primary market(一级市场), they can be repeatedly traded at the stock exchange on which the company is listed-this is called the secondary market(二级市场). Most companies use over-the-counter (OTC) markets, such as NASDAQ in New York and the Alternative Investment Market (AIM) in London.,19,3.3.1 Buying and selling shares(2),The nominal value(票面价值) of a share is rarely the same as its market price(市场价值). It can change every minute during trading hours, because it depends on supply and demand. Most customers place their buying and selling orders with a stockbroker(股票经纪人). Some stock exchange have computerized automatic trading systems(自动交易系统), others have market makers(做市商): traders in stocks who quote bid and offer prices.,20,3.3.2 New share issues,Companies that require further capital can issue new shares. Rights issue(增股): the existing shareholders have the first right to buy new shares. Scrip issue(发红利): issue new shares to existing shareholders instead of paying them a dividend, also called capitalization issue, or bonus issue(红利股). Own shares(自持股): buy back some their own shares on the secondary market.,21,3.3.3 Categories of stocks and shares,Blue chips(蓝筹股): stocks in large companies with a reputation for quantity, reliability and profitability. Growth stocks(增长股): be expected to rise regularly in value. Income stocks(收入股): have a history of paying consistently high dividends. Defensive stocks(防御股): provide a regular dividend and stable earnings(稳定收益), not to rise or fall much. Value stocks(价值股): nominal worth less than the real value.,22,Exercises:,1. A stock whose price has suddenly fallen a lot after a company had bad news could be a value stock, as it will probably rise again. 2. The stocks of food, tobacco and oil companies are usually defensive stocks, as demand doesnt rise or fall very much in periods of economic expansion or contraction.,23,3. Pension funds and insurance companies, which cant take risks, usually only invest in blue chips. 4. The best way to make a profit in the long term is to invest in growth stocks. 5. This stock used to be considered an income stocks, but two years ago the company started to cut its dividend and reinvest its cash in the business.,24,3.4 Shareholders,3.4.1 Investors Investors in stock market are named by animals. Bulls: investors who expect prices to rise; Bears: investors who expect them to fall; Stags(鹿): investors who buy new share issues hoping that they will be over-subscribed(超额订购), and immediately sell them at a profit.,25,3.4.2 Speculators,Speculator(投机者): people who buy and sell shares rapidly, hoping to make a profit. These include day traders(日交易者), who buy stocks and sell them again before the settlement day. Day traders usually work with online brokers (网上经纪人), who charge low commissions. Take a short position: 做空 Take a long position: 做多,26,3.4.3 Dividends and capital gains,Companies that make a profit either pay a dividend to their stockholders, or retain their earnings by keeping the profits in the company, which causes the value of stocks to rise. When an investor buys shares on the secondary market they are either cum div(带息), meaning the investor will receive the next dividend the company pays, or ex div (不带息), meaning they will not, but to sell their stocks to make a capital gain(资本收益).,27,3.5 Share prices,Stock markets are measured by stock indexes(股指), such as Dow Jones Industrial Average (DJIA)(道琼斯工业指数). A period when most of the stocks on a market rise is called a bull market(牛市); A period when most of them fall in value is a bear market(熊市). When these indexes fall considerably on a single day, the stock market crashes happen(崩盘).,28,Latest Economic news,Citigroup posts another loss amid credit woes 花旗集团宣布在信用危机中的另一项损失 Thursday October 16, 8:16 am ET By Madlen Read, AP Business Writer,29,NEW YORK (AP) - Citigroup Inc. suffered its fourth straight quarterly loss due to credit-related missteps(失误) and cut another 11,000 jobs. The New York-based bank said Thursday that it lost $2.8 billion, or 60 cents per share, in the third quarter, compared with a profit of $2.2 billion, or 44 cents per share, a year ago.,30,That deficit for the June-to-September period brings Citis total losses over the past 12 months to $20.2 billion. The shortfall(赤字) for the quarter was narrower than anticipated. Analysts polled(调查) by Thomson Reuters(汤姆森 路透) expected a loss of 70 cents per share.,31,“While our third quarter results reflect both a difficult environment as well as continued write-downs(价值缩水,减记) on our legacy assets(遗留资产), we are making excellent progress on the parts of our business we control, including expense reduction, headcount(员工总数), and balance sheet and capital management,“ said CEO Vikram Pandit in a statement.,32,The frailty(弱点) of the financial system has led the government to pledge $25 billion to each of the big four U.S. banks - Citigroup, JPMorgan Chase & Co., Bank of America Corp. and Wells Fargo & Co(美国富国银行).,33,Of these four institutions, Citi appears to be on the shakiest footing(最动摇的基础). It is the only one to have posted quarterly losses over the past year, and it is shrinking while its peers are growing.,34,Citi not only eliminated 11,000 jobs during the third quarter - bringing its total headcount reduction so far this year to 23,000 - but it also shed(流出) $50 billion in assets.,35,Pandit announced in May that Citi intends to rid itself of(消除) nearly $500 billion in assets to get out of businesses such as risky mortgages; the bank said that over the past year, it has lopped off(消减) $308 billion in total assets.,36,Meanwhile, the bank has not made any major acquisitions. While JPMorgan Chase snapped up(迅速买下) Bear Stearns Cos. (贝尔斯登 )and Washington Mutual Inc., and Bank of America Corp. bought Merrill Lynch(美林), Citigroup lost a bid for Wachovia Corp.(瓦乔维亚银行 ) and its massive deposit base to Wells Fargo.,37,Paper task(20分),1.The impact of RMB appreciation to Chinas export. 2.How will US financial crisis affect Chinas economy? Requirement: 条理清楚,内容充实,文题相符; 二选一,字数6000(字符),38,3.5.1 influence on share prices,Points that influence the share price: The financial situation of the company; The situation of the industry in which the company operates; The state of the economy in general; The beliefs of investors; When price-sensitive(价格敏感) information arrives, a share price will change.,39,3.5.2 Predicting prices,Theories to predict share prices: The random walk hypothesis(随机游走假设): the day-to-day change of stock prices are completely random(随意的) or unpredictable(不可预测的). The efficient market hypothesis(有效市场假设): share prices always accurately or exactly reflect all relevant information.,40,Technical analysis(技术分析): studying past share prices to forecast future price changes. Fundamental analysis(基本面分析): the analysis of macro-economic indexes, capital markets and political factors.,time,price,Left shoulder,head,Right shoulder,neckline,sell,Head and shoulders pattern 头肩图形,41,3.5.3 Types of risk,Unsystematic risk(非系统风险): things that affect individual companies, such as production problems, which can be reduced by making a diversified portfolio(分散化的投资组合). Systematic risk(系统风险): things that affect the whole market, cannot be avoided by diversification(分散化). If a stock market falls, all the shares listed on it will fall to some extent.,42,3.6 Describing charts and graphs,3.6.1 Increase and decrease,43,3.6.1 Increase and decrease,44,3.6.2 Rate of change,45,3.6.3 High points, low points, and staying the same,46,3.7 Bonds,Bonds are loans to local and national governments and to large companies. Bondholders are creditors, not owners, of a corporation. The holders of bonds generally receive fixed interest payments(固定利息支付), once or twice a year, and get their principal(本金) back on a given maturity date(到期日).,47,In Britain, government bonds are known as gilt-edged stock(金边债券); In the US, they are called Treasury notes(国库券), which have a maturity of 2-10years, and Treasury bonds, with a maturity of 10-30 years. A municipal bond(地方债券) is a debt issue of a state or political subdivision(政治机构), such as county, city, township, or village.,48,secured bonds,A secured bond is backed by specific pledges(抵押) of company assets. Mortgage bonds(抵押债券) are backed by real and personal property owned by the firm, such as machinery or furniture. Collateral trust bonds(间接信用债券) are backed by stocks and bonds of other companies owned by borrowing firm. Equipment trust certificate(设备信托债券), railroads and airline companies use rolling stock(全部车辆) and airplanes as collateral(担保品).,49,Unsecured bonds,Debenture(信用债券): a bond backed only by the reputation of the issuing corporation or governmental unit. Junk bonds(垃圾债券): pay a high interest rate but with a low credit rating.,50,Other types of bonds,Convertible shares(可转换债券) or convertibles: pay lower interest rates than ordinary bonds, because the buyer gets the chance of making a profit with the convertible option. Zero coupon bonds(零息债券): pay no interest but sold at a discount on their par value (票面价值), and repaid at 100% at maturity.,51,Credit rating,Governments issue bonds to raise money and there is almost no risk that the borrower will default(违约). Companies issue bonds, called corporate bonds, which should be given credit ratings(信用分级) by credit agencies, according to their ability to repay the loan to the bondholders. The highest grade is known as AAA, or Aaa, lower grades are Baa, BBB,C, etc.,52,3.8 Derivatives,Derivatives(衍生品) are financial products whose value is derived from(源自) another financial product, such as a stock, a stock market index, or interest rate payments. They can be used to manage the risks associated with securities, to protect against fluctuations in value(价值波动), or to speculate.,53,3.8.1 Forward contracts,Forward contracts are agreements by two parties to engage in a financial transaction at a future point in time. The advantage of forward contracts is that they can be as flexible as the parties involved want them to be.,54,However, forward contracts suffer from two problems that severely limit their usefulness. The first is that it may be very hard for an institution to find another party to make the contract with; The second is that forward contracts are subject to default risk(违约风险 ).,55,3.8.2 Futures,Forward(远期) and future contracts(期货合约) both are agreements to sell an asset at a fixed price on a fixed date in the future. Futures are standardized(标准化的) contracts, with fixed quantities, fixed time periods, traded on a special exchange. Forwards are individual, non-standardized contracts between two parties, traded over-the - counter.,56,Futures Contracts,Standardizing Features: Contract Size Delivery Month Daily resettlement(每日结算) Initial Margin (about 4% of contract value, cash or T-bills held in a street name at your brokers). 原始押金(大约是合约价值的4%,你的经纪人户头上持有现金或者支票),57,Commodity futures,Futures are traded on a wide range of agricultural products (including wheat, maize, soybeans, pork, beef, sugar, tea, coffee, cocoa and orange juice), industrial metals (aluminium, copper, lead, nickel and zinc), precious metals (gold, silver, platinum and palladium) and oil. Futures were invented to enable regular buyers and sellers of commodities to protect themselves against losses or to hedge(避险) against future changes in the price.,58,Financial futures,Financial futures are standardized contracts traded on exchange, to buy and sell financial assets, such as currencies, interest rates, stocks and stock market indexes. Financial futures are used to fix a value for a specified future date. Futures trading is a zero-sum game(零和游戏), because the amount of money gained by one party will be the same as the sum lost by the other.,59,Reading a Futures Quote,Expiry month,Opening price,Highest price that day,Lowest price that day,Closing price,Daily Change,Highest and lowest prices over the lifetime of the contract.,Number of open contracts 持仓量,60,In Time of Crisis, Candidates Present Economic Plans,This week, the two major presidential candidates gave new details of their plans to help Americans deal with the economic crisis. On Monday, Democrat(民主党人) Barack Obama offered proposals totaling sixty billion dollars over two years. The next day, Republican(共和党人) John McCain announced proposals totaling about fifty-three billion dollars. Both plans call for new tax breaks(减免税务 ).,61,Senator(议员) Obama proposes to suspend the capital gains tax(资本收益税 ) on small businesses. He also wants to give businesses a three thousand dollar tax credit(税收减免) for each new employee they hire in the United States over the next two years.,奥巴马,62,Senator McCain proposes to cut the fifteen percent tax on long-term capital gains(长期资本收益) in half for two years. And he would let investors reduce their taxable income by up to fifteen thousand dollars for stock losses, five times the current limit.,麦凯恩,63,Both candidates want to temporarily suspend taxes on unemployment aid(失业补贴). Senator Obama would also extend the payments. To deal with the housing crisis, he proposes a ninety-day ban on some home repossessions by banks. And he says he would provide twenty-five billion dollars in aid to states, along with assistance in restructuring troubled mortgages.,64,Senator McCain recently proposed to have the federal government buy troubled mortgages. These would be replaced with government-guaranteed(政府担保) loans at a lower cost. The plan would cost three hundred billion dollars. The money would come from the rescue measure passed by Congress to bail out the financial services industry.,65,To help older Americans, both candidates want to temporarily suspend withdrawal requirements(意指可自由取款) for retirement savings accounts. That would give investments more time to recover lost value. Senator McCain also wants to reduce taxes to the lowest rate, ten percent, for two years on withdrawals up to fifty thousand dollars.(在两年内,退休人员从养老金账户中提取不超过5万美元资金,可享受10%的低税率 ),66,With the Obama plan, workers could withdraw up to ten thousand dollars in retirement savings without an early withdrawal charge. That policy would also be in effect for two years. In other news this week, the Treasury Department said it will inject(注入) up to two hundred fifty billion dollars in banks.,67,The government will gain partial ownership(获得部分所有权) in return but not have voting rights. Americas nine largest banks agreed to the plan under pressure from Treasury Secretary(财政部长) Henry Paulson. He warned them not to hold on to this new capital “but to deploy(配置)it.“,68,3.8.3 Options Contracts,Options are like futures except that they give t
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