《债券相关分录》PPT课件

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1、2ChapterSixteenNon-currentLiabilities非流動負債PowerPointpresentationbyAnneAbrahamUniversityofWollongong©2007JohnWiley&SonsAustralia,Ltd3BONDBASICS債卷基礎Bondsareinterest-bearingnotespayablethatareissuedbycompanies,universitiesandgovernmentagencies.債卷是由公司、大學和政府各處室所發行的附息票據Theyareinsmalldenominations(usu

2、allyathousanddollars).通常以小面額(1千元)發行Toobtainlargeamountsofnon-currentcapital,managementusuallymustdecidewhethertoissueordinaryshares(equityfinancing)orbonds(debtfinancing).管理單位為籌集大額非流動資金，必須決定發行股票(權益融資)或債卷(債權融資)LO14WhyIssueBonds?Bondshavethefollowingadvantagesoverordinaryshares:Shareholdercontrol

3、isnotaffected.Taxsavingsresult.Earningspersharemaybehigher.優點：不影響股權、節稅和可能較高的每股盈餘(EPS)Themajordisadvantagesofbonds:Interestmustbepaidonaperiodicbasis.Principal(facevalue)mustberepaidatmaturity.缺點：按期支付利息、到期必須還本5TypesofBondsSecuredandunsecuredbonds擔保(抵押)及無擔保(信用)債卷Securedbondsarehavespecificassetso

4、ftheissuerpledgedascollateralforthebonds.發行者有特定資產作為債卷的抵押品Unsecuredbonds(ordebentures)areissuedagainstthegeneralcreditoftheborrower.依借款者信用而發行者Termbonds定期還本債卷arebondsthatmatureatasinglespecifiedfuturedate.6TypesofBonds(cont'd)Registeredandbearerbonds記名和不記名債卷Registeredbondsarebondsissuedinthenameo

5、ftheowner.Interestpaymentsaremadebychequetothebondholderofrecord.利息以記名支票支付Bearer(orcoupon)bondsarebondsthatarenotregisteredtotheowner.Holdersofthebearerbondsmustsendincouponstoreceiveinterestpayments.利息以息票方式支付7TypesofBonds(cont'd)Convertibleandcallablebonds可轉換和可贖回債卷Convertiblebondscanbeconverte

6、dintoordinarysharesatthebondholder’soption.債卷持有人可轉換成普通股Callablebondscanberetiredatstateddollaramountpriortomaturityattheissuer’soption.Mostcorporatebondsareissuedwithacallfeature.債卷發行人於到期前可贖回債卷，大部分公司債卷具有可贖回特色8IssuingProcedures發行程序Approvalbyboththeboardofdirectorsandshareholdersisusuallyrequired

7、.通常需要董事會及股東之認可Inauthorisingabondissue,theboardofdirectorsmuststate:Numberofbondstobeauthorised.Totalfacevalue.Contractualissuerate.董事會授權債卷發行，需書明：授權債卷總數、總面額及契約利率(票面利率)IssuingProcedures(cont'd)Facevalueisamountofprincipaltheissuermu