长期融资导论：与债券关键概念.pptx

Long-TermFinancing:AnIntroductionChapter15Copyright?2010bytheMcGraw-HillCompanies,Inc.Allrightsreserved.McGraw-Hill/Irwin

KeyConceptsandSkillsDescribethebasicfeaturesofcommonandpreferredstock.Understandthedifferenttypesofbondsandhowbondcharacteristicsimpacttherequiredyield.

ChapterOutline15.1SomeFeaturesofCommonandPreferredStock15.2CorporateLong-TermDebt15.3SomeDifferentTypesofBonds15.4Long-TermSyndicatedBankLoans15.5InternationalBonds15.6PatternsofFinancing15.7RecentTrendsinCapitalStructure

FeaturesofCommonStockVotingrights(Cumulativevs.Straight)ProxyvotingClassesofstockOtherrightsShareproportionallyindeclareddividendsShareproportionallyinremainingassetsduringliquidationPreemptiveright–firstshotatnewstockissuetomaintainproportionalownershipifdesired

FeaturesofPreferredStockDividendsStateddividendmustbepaidbeforedividendscanbepaidtocommonstockholders.Dividendsarenotaliabilityofthefirm,andpreferreddividendscanbedeferredindefinitely.Mostpreferreddividendsarecumulative–anymissedpreferreddividendshavetobepaidbeforecommondividendscanbepaid.Preferredstockgenerallydoesnotcarryvotingrights.

DebtversusEquityDebtNotanownershipinterestCreditorsdonothavevotingrightsInterestisconsideredacostofdoingbusinessandistaxdeductibleCreditorshavelegalrecourseifinterestorprincipalpaymentsaremissedExcessdebtcanleadtofinancialdistressandbankruptcyEquityOwnershipinterestCommonstockholdersvotefortheboardofdirectorsandotherissuesDividendsarenotconsideredacostofdoingbusinessandarenottaxdeductibleDividendsarenotaliabilityofthefirm,andstockholdershavenolegalrecourseifdividendsarenotpaidAnall-equityfirmcannotgobankrupt

TheBondIndentureContractbetweenthecompanyandthebondholdersthatincludes:ThebasictermsofthebondsThetotalamountofbondsissuedA