公司理财原版英文课件Chap015.ppt

15-* Long-Term Financing: An Introduction Chapter 15 Copyright ? 2010 by the McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Key Concepts and Skills Describe the basic features of common and preferred stock. Understand the different types of bonds and how bond characteristics impact the required yield. Chapter Outline 15.1 Some Features of Common and Preferred Stock 15.2 Corporate Long-Term Debt 15.3 Some Different Types of Bonds 15.4 Long-Term Syndicated Bank Loans 15.5 International Bonds 15.6 Patterns of Financing 15.7 Recent Trends in Capital Structure Features of Common Stock Voting rights (Cumulative vs. Straight) Proxy voting Classes of stock Other rights Share proportionally in declared dividends Share proportionally in remaining assets during liquidation Preemptive right – first shot at new stock issue to maintain proportional ownership if desired Features of Preferred Stock Dividends Stated dividend must be paid before dividends can be paid to common stockholders. Dividends are not a liability of the firm, and preferred dividends can be deferred indefinitely. Most preferred dividends are cumulative – any missed preferred dividends have to be paid before common dividends can be paid. Preferred stock generally does not carry voting rights. Debt versus Equity Debt Not an ownership interest Creditors do not have voting rights Interest is considered a cost of doing business and is tax deductible Creditors have legal recourse if interest or principal payments are missed Excess debt can lead to financial distress and bankruptcy Equity Ownership interest Common stockholders vote for the board of directors and other issues Dividends are not considered a cost of doing business and are not tax deductible Dividends are not a liability of the firm, and stockholders have no legal recourse if dividends are not paid An all-equity firm cannot go bankrupt The Bond Indenture Contract between the company and the bondholders that includes: The basic terms