文档介绍：Chapter 13
Introduction to corporate financing and governance
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Objectives
Explain why managers should assume that the securities they issue are fairly priced
Describe the major classes of securities sold by the firm
Summarize the changing ways that . firms have financed their growth
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Content
Creating value with financing decisions
Common stock
Preferred stock
Corporate debt
Convertible securities
Patterns of corporate financing
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In an efficient capital market all securities are fairly priced given the information available to investors. In that case the sale of securities at their market price can never be a positive-NPV transaction
Large firms use many different kinds of securities
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True value: 真实价值
Efficient capital market: mercial paper: 短期融资券、商业票据
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Content
Creating value with financing decisions
Common stock
Preferred stock
Corporate debt
Convertible securities
Patterns of corporate financing
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Treasury stock: stock that has been repurchased by pany and held in its treasury
Issued shares: shares that have been issued by pany
Outstanding shares: shares that have been issued by pany and are held by investors
Authorized share capital: maximum number of shares that pany is permitted to issue
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Par value: value of security shown in pany’s accounts
Additional paid-in capital: difference between issue price and par value of stock, also called capital surplus
Retained earnings: earnings not paid out as dividends
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Ownership of the corporation
A corporation is owned by mon stockholders
The stockholders are entitled to whatever profits are left over after the lenders have received their entitlement
Shareholders have the ultimate control over how pany is run
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