次级公司债.PPT

16 Raising Capital Key Concepts and Skills Understand the venture capital market and its role in financing new businesses Understand how securities are sold to the public and the role of investment bankers Understand initial public offerings and the costs of going public Chapter Outline The Financing Life Cycle of a Firm: Early-Stage Financing and Venture Capital Selling Securities to the Public: The Basic Procedure Alternative Issue Methods Underwriters IPOs and Underpricing New Equity Sales and the Value of the Firm The Cost of Issuing Securities Rights Dilution Issuing Long-Term Debt Shelf Registration Venture Capital Private financing for relatively new businesses in exchange for stock Usually entails some hands-on guidance The company should have an “exit” strategy Sell the company – VC benefits from proceeds from sale Take the company public – VC benefits from IPO Many VC firms are formed from a group of investors that pool capital and then have partners in the firm decide which companies will receive financing Some large corporations have a VC division Choosing a Venture Capitalist Look for financial strength Choose a VC that has a management style that is compatible with your own Obtain and check references What contacts does the VC have? What is the exit strategy? Selling Securities to the Public Management must obtain permission from the Board of Directors Firm must file a registration statement with the SEC SEC examines the registration during a 20-day waiting period A preliminary prospectus, called a red herring, is distributed during the waiting period If there are problems, the company is allowed to amend the registration and the waiting period starts over Securities may not be sold during the waiting period The price is determined on the effective date of the registration Table 16.1 - I Table 16.1 - II Underwriters Services provided by underwriters Formulate method used to issue securities Price the securities Sell the securities Price stabilization