第十章 财务杠杆与资本结构政策.ppt

文档介绍：Chapter 10
Financial Leverage and Capital Structure Policy
阿基米德
给我一个支点,我能撬起整个地球
1. Raising Capital
Start-up Growing
Venture capital (Ground floor)
(Seed money)
securities to the public
capital (mezzanine level)
Stage
Sales
Bufett
Rogers
Securities to the Public
permission
registration statement
20-day waiting period
The price is determined on the effective date of the registration
Methods: Table - I
underwriter-承销商
包销承销
尽力承销
荷兰式拍卖承销
Methods: Table - II
Underwriters (承销商)
Services provided by underwriters
Formulate method used to issue securities
Price the securities
Sell the securities
Price stabilization by lead underwriter
Syndicate (承销团)
Spread (差价)
Issuance Costs for IPO
Underpricing – below market issue price on IPOs
IPO
Initial Public Offering – IPO
May be difficult to price an IPO because there isn’t a current market price available
Underwriters want to ensure that, on average, their clients earn a good return on IPOs
Underpricing causes the issuer to “leave money on the table”
Figure