武汉大学公司管理系统金融课件(十)

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1、实用文案RAISINGCAPITAL&LEASINGVenturecapitalfirmsIPOClearWaterInc.has1millionsharesoutstanding,sellingat$20pershare.Tofinancethedevelopmentofanewwell,ClearWaterplansarightsissue,allowing1newsharetobepurchasedforeach10sharescurrentlyheld.Thepurchasepricewillbe$10pershare.1.Howmuchmoneywi

2、llberaised?2.Whatwillthestockpricebeaftertherightsissue?3.Whatisthevalueof1right?标准文档实用文案1.Showtheimpactson2shareholders,eachwith50,000shares:JackexerciseshisrightsandJillsellsherrights.LEASING§Discussthedifferenttypesofleases;ØOperatingleases.ØFinancialleases.§Focusontheevaluationo

3、ffinancialleasesby:ØIdentifyingtherelevantincrementalcashflows;and,ØUsingdiscountedcashflowanalysistocomparethevalue标准文档实用文案addedtothefirmbyleasingascomparedtobuying.TYPESOFLEASESALEASEisarentalagreementthatextendsforayearormoreandinvolvesaseriesoffixedpayments.Ourfocuswillbeonleasi

4、ngbyfirmsasanalternativetobuyingcapitalequipment.TheLESSEEistheuseroftheassetwhomakesperiodicpaymentstotheLESSOR,whoistheowneroftheassets.Thereare2principaltypesofleases:AnOPERATINGLEASEisusuallyashorter-termleasewherethelessoris标准文档实用文案responsibleforinsurance,taxesandmaintenance.Op

5、eratingleasescantypicallybecancelledonshortnotice.Becausethelessorcancancelonshortnotice,thelessorassumestheriskofobsolescenceandtheriskthattheassetcannotbeleasedtoanotherlessee.Thisriskwillhavetobereflectedincomparativelyhighleasecharges,particularlyforspecialtyassetsorthosefacingr

6、apidtechnologicalchange.AFINANCIALLEASEisalonger-termleasethatisdifferentiatedfromanoperatingleaseby3essentialcharacteristics:§Theyarefullyamortizedinamannerthatallowsthelessor,theowner,torecoverthefullcostoftheasset标准文档实用文案plusacompetitiverateofreturnduringtheperiodofthelease.§Thec

7、ontractualcommitmentcannotbecancelledpriortoitsexpirationwithoutconsiderablepenalty.§Thecostofinsurance,repairs,andmaintenancenormallyrestwiththelessee,justastheywouldiftheyownedtheasset.Financialleasesareanalternativesourceoffinancing.§Animmediatecashinflow§Thelesseeassumesabinding

8、obligationtomakethe