Key

Concepts

and

Skills

本章要求Describe

the

basic

features

of

common

andpreferred

stock.能描述普通

和優(yōu)先股的基本特征。Understand

the

different

types

of

bonds

andhow

bond

characteristics

impact

the

requiredyield.理解不同類型的債券以及債券的特征是如何影響必要收益率的。15-1Chapter

Outline

本章內(nèi)容Some

Features

of

Common

and

Preferred

Stock

普通股和優(yōu)先股的一些特征Corpora

ong-Term

Debt

公司長期Some

Different

Types

of

Bonds

不同類型債券Long-Term

Syndicated

Bank

Loans

長期銀團(tuán)借款I(lǐng)nternational

Bonds

國際債券Patterns

of

Financing

融資方式Recent

Trends

in

Capital

Structure資本結(jié)構(gòu)的

趨勢(shì)15-2Features

of

Common

Stock普通股的特征股東權(quán)利公司基本章程規(guī)定，由股東選出董事會(huì)（董事長），再由董事會(huì)選出公司的 管理

（總經(jīng)理CEO）。因此，股東通過選擇董事的權(quán)利控制公司，只有股東才有這個(gè)權(quán)利。不過上司公司通常會(huì)有代表小股東利益的獨(dú)立董事，，指的是獨(dú)立于公司股東且不在公司中公司經(jīng)營管理者沒有重要的任職，并與公司或或?qū)I(yè)聯(lián)系，并對(duì)公司事務(wù)做出獨(dú)立判斷的董事。一般說來，獨(dú)立董事，即不在公司任職，不參與具體事務(wù)，沒有公司，能為公司出謀劃策。15-3Features

of

Common

Stock普通股的特征每年股東大會(huì)都會(huì)

每一年的董事

（一股一票）Voting

rights

(Cumulative

vs.

Straight)投票權(quán)（累計(jì)投票制對(duì)直線投票制）累計(jì)投票制有利于小股東更容易 董事錯(cuò)開 機(jī)制有利于大股東Proxy

voting

委托Classes

of

stock投票權(quán)種類（公眾持有）

B股

（

人持有，更大投票權(quán)）1:10國家股、法人股、非流通股、股權(quán)分置到

，滬深

流通市值為18.8萬億元；總市值為24.42萬億元。其中滬市流通市值為13.86萬億元，總市值為16.77萬億元；深市流通市值為4.04萬億元，總市值為7.64萬億元）。15-4例子：15.1

董事15-5Features

of

CommonStock普通股的特征Other

rights

其他權(quán)利Share

proportionally

in

declared

dividends按比例

公司支付的股利的權(quán)利Share

proportionally

in

remaining

assets

during

liquidation公司 時(shí)，享有按比例分配剩余資產(chǎn)的權(quán)利Preemptive

right

– shot

at

new

stock

issue

to

maintainproportional

ownership

if

desired

優(yōu)先 權(quán)——按比例公司新

的權(quán)利重大問題投票的權(quán)利，如兼并、退市15-6股利的特征而股利不是公司的義務(wù)。公司不會(huì)因?yàn)楣衫础?/p>

股利支付不能作為經(jīng)營費(fèi)用，所以無法抵稅。從稅后利潤中進(jìn)行

。股利作為投資者的普通收入進(jìn)行納稅。15-7Features

of

Preferred

Stock優(yōu)先股的特征Dividends股利Stated

dividend

must

be

paid

before

dividends

can

be

paid

to

commonstockholders.在股利支付給普通

持有者之前先支付給優(yōu)先股持有者。Dividends

are

not

a

liability

of

the

firm,

and

preferred

dividends

can

bedeferred

indefini

y.股利不是企業(yè)的負(fù)債，優(yōu)先股股利可以無限延期Most

preferred

dividends

are

cumulative

–

any

missed

preferreddividends

have

to

be

paid

before

common

dividends

can

be

paid.必須在普大部分優(yōu)先股股利是累計(jì)的——任何錯(cuò)過支付期的通股股利能夠被支付前予以支付Preferred

stock

generally

does

not

carry

voting

rights.優(yōu)先股一般沒有投票權(quán)。15-8De ersus

Equity負(fù)債對(duì)權(quán)益Debt

負(fù)債Not

an

ownershi非所有者利益Creditors

do

not

have

votingrights

債權(quán)人無投票權(quán)Interest

is

considered

a

cost

ofng

business

and

is

taxdeductible

利息被視為經(jīng)商的成本，可免稅Creditors

have

legal

recourse

ifinterest

or

principal

paymentsaremissed若利息本金支付沒兌現(xiàn)債權(quán)人有法律追訴權(quán)Excess

debt

can

lead

to

financialdistress

and

bankruptcy

過度的負(fù)債會(huì)導(dǎo)致財(cái)務(wù)緊張甚至Equity

權(quán)益Ownershi

所有者利益Common

stockholders

vote

for

theboard

of

directors

and

other

issues普通股東可以對(duì)選董事會(huì)和其他問題進(jìn)行投票Dividends

are

not

considered

a

cost

ofng

business

and

are

not

taxdeductible

股息不被認(rèn)為是經(jīng)商的成本，不可免稅Dividendsare

not

a

liability

of

thefirm,

andstockholders

have

no

legalrecourse

if

dividends

are

not

paid股息不是企業(yè)的負(fù)債，若不支付股利股東沒有法律資源l-equity

firm

cannot

go

bankrupt一個(gè)純權(quán)益企業(yè)不會(huì)15-9The

Bond

Indenture

債券契約Contract

between

the

company

and

the

bondholdersthat

includes:

公司和債權(quán)人間的合約包括：The

basic

terms

of

the

bonds債券的基本構(gòu)成The

total

amount

of

bonds

issued

債券的總額A

description

of

property

used

as

security,

if

applicable做為 的屬性描述Sinking

fund

provisions

償債基金Call

provisions

贖回條款Details

of

protective

covenants

保護(hù)性條款的細(xì)節(jié)（公司不能做什么，應(yīng)該做什么）15-10Bond

Classifications

債券分類與無記名形式Registered

vs.

Bearer

FormsSecurity

擔(dān)保Collateral

–

securedby

financial

securities質(zhì)押-用金融 進(jìn)行擔(dān)保Mortgage

–

secured

by

real

property,

normally

land

orbuildings

抵押-用實(shí)際資產(chǎn)、正常土地或建筑進(jìn)行擔(dān)保Debentures–unsecured

信用債券-無擔(dān)保Notes

–

unsecured

debt

with

original

maturity

less

than

10years

票據(jù)-初始 期在10年以內(nèi)的無擔(dān)保負(fù)債Seniority

優(yōu)先級(jí)債券15-1115-12Required

Yields

必要收益率The

couponrate

depends

on

the

risk

characteristics

of

the

bondwhen

issued.

票面利率依賴于債券 時(shí)的風(fēng)險(xiǎn)特點(diǎn)Which

bonds

will

have

the

higher

coupon,

all

else

equal?在其它條件相同下，哪個(gè)債券的票面利率更高？Secured

de ersus

a

debenture

有擔(dān)保

與信用債券Subordinated

debenture

versus

senior

debt次級(jí)信用債券與優(yōu)先級(jí)債券A

bond

with

a

sinking

fund

versus

one

without帶償債基金的債券與無償債基金的債券A

callable

bond

versus

a

non-callable

bond一個(gè)可贖回的債券與不可贖回的債券15-13Zero

Coupon

Bonds零息債券Make

no

periodic

interest

payments

(coupon

rate

=

0%)沒有定期的利息付款（票面利率=0%）The

entire

yield

to

maturity

comes

from

the

difference

between

thepurchase

price

and

the

par

value整個(gè)到期收益率來自

價(jià)格與面值的差價(jià)Cannot

sell

for

morethan

par

value

不能以高于面值價(jià)格出售Sometimes

called

zeroes,

deep

discount

bonds,

or

original

issuediscount

bonds

(OIDs)有時(shí)被稱為零息債券、高折扣債券或原始

貼現(xiàn)債券(OIDs)Treasury

Bills

and

principal-only

Treasury

strips

are

good

examplesofzeroes短期無息國庫券和僅有本金的國庫券條子都是零息債券的好例子15-14Pure

Discount

Bonds

純貼現(xiàn)債券Information

needed

for

valuing

pure

discount

bonds:對(duì)純貼現(xiàn)債券進(jìn)行估值時(shí)所需信息：Time

to

maturity

(T)

=

Maturity

date

-

today’s

date到期時(shí)間(T)=到期日期-當(dāng)前日期Face

value(F)面值(F)Discount

rate(r)貼現(xiàn)率(r)(1

r)TPV

Present

value

of

a

pure

discount

bond

at

time

0:0時(shí)刻純貼現(xiàn)債券的現(xiàn)值為：F15$

0

$

0 $

00

1

2

T

1$

FT15-Find

the

value

of

a

30-year

zero-coupon

bond

with

a

$1,000par

value

and

a

YTM

of

6%.

求出 期30年面值為$1,000到期收益率為6%的零息債券的價(jià)值(1.06)30

$1,000

$174.11(1

r)TFPV

012$0

$029$0

$1,0003015-1615-17Floating

Rate

Bonds浮動(dòng)利率債券Coupon

rate

floats

depending

on

some

index

value票面的浮動(dòng)利率依賴于某一指數(shù)值Examples

–

adjustable

rate

mortgages

and

inflation-linked

Treasuries例子-可調(diào)整利率抵押和通脹保值國債There

is

less

price

risk

with

floating

rate

bonds浮動(dòng)利率債券的價(jià)格風(fēng)險(xiǎn)較低The

coupon

floats,

so

it

is

less

likely

to

differ

substantially

from

theyield

to

maturity.票息是浮動(dòng)的，所以它同到期收益率有巨大差異的可能性不大Coupons

may

have

a

“collar”

–

the

rate

cannot

go

above

a

specified“ceiling”

or

below

a

specified

“floor.”票息可能有“利率雙限”-利率不能高于一個(gè)特定的上限或低于一個(gè)特定的下限。Other

Bond

Types

其它債券類型e

bonds

收益?zhèn)ɡ⒅Ц度Q于公司）Convertible

bonds

可轉(zhuǎn)換債券

（轉(zhuǎn)換成

）Put

bonds

可回售債券（強(qiáng)制

人回購）There

are

many

other

types

of

provisions

that

can

beadded

to

a

bond,

and

many

bonds

have

severalprovisions

–

it

is

important

to

recognize

how

theseprovisions

affect

required

returns.有許多其他類型的規(guī)定可以被加到債券上，并且很多債券都有一些規(guī)定-

這些條款是如何影必要收益率是很重要的。15-1815-19Securitized

Bonds資產(chǎn)

化債券Also

called

asset-backed

bonds

也稱資產(chǎn)支持債券Bondholders

receive

interest

and

principal

paymentsfrom

a

specific

asset

rather

than

a

specific

companyovernment

債券持有人從一個(gè)特定的資產(chǎn)而不是從特定的公司或

中獲得利息和本金支付Mortgage

backed

securities

are

the

best-known

typeof

securitized

bond,

but

others

include是最著名的資產(chǎn)

化債券類抵押

支持型，其它的包括Car

loans汽車Credit

cards15.4

Long-Term

Syndicated

Bank

Loans長期銀團(tuán)借款Large

money-center

banks

frequently

have

more

demand

for

loans

thantheyhave

supply.大型銀行經(jīng)常借款需求超過了他們能提供的數(shù)額Small

regional

banks

are

often

in

the

opposite

situation.小的區(qū)域性的銀行經(jīng)常處于相反的情況As

a

result,

a

lager

money

center

bank

may

arrange

a

loan

with

a

firm

orcountry

and

then

sell

portions

of

the

loan

to

a

syndicate

of

other

banks.結(jié)果，一個(gè)大型中心銀行可能與一家企業(yè)或國家簽訂一筆借款合約，可以是公開交易的。然后將

的一部分出售給其他銀行的財(cái)團(tuán)。A

syndicated

loan

may

be

publicly

traded.銀團(tuán)Syndicated

loans

are

always

rated

investment

grade.銀團(tuán)

總是處于投資等級(jí)However,

a

leveraged

syndicated

loan

is

junk.但是一份杠桿銀團(tuán)借款卻被

等級(jí)。15-2015.5

International

Bonds

國際債券Eurobonds:

bonds

denominated

in

a

particular

currency

and

issuedsimultaneously

in

the

bond

markets

of

several

countries歐洲債券：同時(shí)向多個(gè)國家債券市場券。（歐洲國家在，但只用單一貨幣計(jì)價(jià)的債債券）Foreign

bonds:

bonds

issued

in

another

nation’s

capital

market

by

aforeign

borrower外國債券：由國外借款者在其它國家的資本市場

的債券。揚(yáng)基債券（揚(yáng)基債券是在）、武士債券（

），公牛債券（英國）債券市場上的外國債券，即國內(nèi)市場以外的的、以、為計(jì)金融機(jī)構(gòu)、工商企業(yè)和國際組織在值貨幣的債券。15-2115.6

Patterns

of

Financing融資方式Internally

generatedcash

flow

dominates

as

a

source

of

financing,typicallybetween

70and90%.積累的現(xiàn)金流在融資方式中占主導(dǎo)地位，一般在70%至90%之間。Firms

usuallyspend

more

than

theygenerate

internally—the

deficitisfinancedbynewsalesofdebtandequity.企業(yè)支出經(jīng)常超過內(nèi)部積累的-赤字由新出售的債券和權(quán)益填補(bǔ)。Net

new

issues

of

equity

are

dwarfed

by

new

sales

of

debt.凈新發(fā)權(quán)益相對(duì)于債券的出售并沒那么重要。This

is

consistent

with

the

pecking

order

hypothesis.這同優(yōu)序融資理論一致。Firmsin

other

countries

rely

to

a

greater

extent

than

U.S.

firms

onexternal

equity.

其他國家的企業(yè)比起

企業(yè)而言更依賴于外部權(quán)益15-22公司的融資方式15-23The

Long-Term

Financial

Deficit長期赤字Internal

cashflow

(retainedearnings

plusdepreciation)現(xiàn)金流（留存收益及折舊）

80%Long-term

debtandequity長期負(fù)債和權(quán)益20%Sources

of

Cash

Flow現(xiàn)金流來源(100%)Uses

of

Cash

Flow現(xiàn)金流用途(100%)Capitalspending資本支出80%Networkingcapital

plusother

uses凈運(yùn)營資本加其它使用20%Internalcash

flow現(xiàn)金流Externalcash

flow外部現(xiàn)金流Financialdeficit財(cái)務(wù)缺口15-2415.7

Recent

Trends

in

Capital

Structure資本結(jié)構(gòu)的趨勢(shì)負(fù)債與權(quán)益的賬面價(jià)值比15-