《第15章长期融资简介》-公开课件.pptVIP

第十四章 长期融资简介 Chapter-14 Outline 主要内容： 长期融资的基本来源、种类、特征，及其相关的概念 长期融资的主要发展趋势和模式 结构： 14.1 普通股（Common Stock） 14.2 公司长期负债：基本概念（Corporate Long-Term Debt: The Basics） 14.3 优先股（Preferred Stock） 14.4 融资模式（Patterns of Financing） 14.5 资本结构的最新趋势（Recent Trends in Capital Structure） 14.6 本章小结（Summary and Conclusions） 14.1 普通股 与普通股相关的基本概念 股东的权利（Shareholders’ Rights） 股利（Dividends） 股票种类（Classes of Stock） 股东权利 The right to elect the directors of the corporation by vote constitutes the most important control device of shareholders. Directors are elected each year at an annual meeting by a vote of the holders of a majority of shares who are present and entitled to vote. The exact mechanism varies across companies. The important difference is whether shares are to be voted cumulatively or voted straight. 累计投票制 多数投票制 委托代理投票权 A proxy rights is the legal grant of authority by a shareholder to someone else to vote his or her shares. For convenience, the actual voting in large public corporations is usually done by proxy. The fight for proxy votes 股利 Unless a dividend is declared by the board of directors of a corporation, it is not a liability of the corporation. A corporation cannot default on an undeclared dividend. The payment of dividends by the corporation is not a business expense. Therefore, they are not tax-deductible. Dividends received by individual shareholders are for the most part considered ordinary income by the IRS and are fully taxable. There is an intra-corporate dividend exclusion. 股票种类 When more than one class of stock exists, they are usually created with unequal voting rights. Many companies issue dual classes of common stock. The reason has to do with control of the firm. Lease, McConnell, and Mikkelson found the market prices of stocks with superior voting rights to be about 5 percent higher than the prices of otherwise-identical stocks with inferior voting rights. 14.3 优先股 通常没有投票权。 在股利支付和公司破产清偿时的财产索取方面都具有优先权。 未付的优先股股利不属于公司债务 优先股到底是不是债券？ A good case can be made th