第11节-股东权益分析.ppt

What have we learned about equity? Accounting equation Asset = Liabilities + Equity A source of financing Ownership interest of corporation Shareholders’ equity is a residual interest, representing the shareholders’ claims on the assets of a firm in excess of the claims of creditors. Intel’s stockholders’ equity Components of equity Contributed Capital: Common Stock (every firm has common stock) Preferred Stock (not necessary) Retained Earnings: Results of past operation and distribution Other comprehensive income Treasury stock Common shareholders vs. Preferred shareholders Capital Stock authorized capital stock number of shares that can be issued legally as defined in the corporate charter issued capital stock number of shares that have been issued outstanding capital stock (used to compute EPS) number of shares currently in shareholders’ hands—available for trading Par value Changes of equity Capital Contributions: Corporations issue common or preferred stock to obtain funds to finance operating and investing activities. Operating Transactions: Firms use assets provided by creditors and owners to generate earnings. Distributions: Firms distribute assets to shareholders either as a dividend or as repurchase of common or preferred stock. Issuing Capital Stock Issue for Cash. Issue for non-cash Assets. Issue under Option Arrangements. (Employee Stock Option Plans.) Stock Rights. Stock Warrants. Convertible Bonds or Preferred Stock. Capital Contributions -- Issue for Cash A firm needing financing may issue new shares of stock. In return for the shares, the firm gets cash. IPO (Initial Public Offering) 初次上市 SEO (Secondary Equity Offering) 增发 for historical and legal reasons, the increase in equity is separated into an increase in common stock at par and the remainder, an increase in additional paid-in capital. A Further Discussion on SEO Why SEO? Wealth effects on existing shareholders. Before SEO: 100 shares Issue 20 more shares at market pric