武汉大学公司金融课件(十).doc

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1、RAISINGCAPITAL&LEASINGVenturecapitalfirmsIPOClearWaterInc.has1millionsharesoutstanding,sellingat$20pershare.Tofinancethedevelopmentofanewwell,ClearWaterplansarightsissue,allowing1newsharetobepurchasedforeach10sharescurrentlyheld.Thepurchasepricewillbe$10pershare.1.Howmuchmoneywillberaised?2.Whatwill

2、thestockpricebeaftertherightsissue?3.Whatisthevalueof1right?4.Showtheimpactson2shareholders,eachwith50,000shares:JackexerciseshisrightsandJillsellsherrights.LEASING§Discussthedifferenttypesofleases;ØOperatingleases.ØFinancialleases.§Focusontheevaluationoffinancialleasesby:ØIdentifyingtherelevantincr

3、ementalcashflows;and,ØUsingdiscountedcashflowanalysistocomparethevalueaddedtothefirmbyleasingascomparedtobuying.TYPESOFLEASESALEASEisarentalagreementthatextendsforayearormoreandinvolvesaseriesoffixedpayments.Ourfocuswillbeonleasingbyfirmsasanalternativetobuyingcapitalequipment.TheLESSEEistheuserofth

4、eassetwhomakesperiodicpaymentstotheLESSOR,whoistheowneroftheassets.Thereare2principaltypesofleases:AnOPERATINGLEASEisusuallyashorter-termleasewherethelessorisresponsibleforinsurance,taxesandmaintenance.Operatingleasescantypicallybecancelledonshortnotice.Becausethelessorcancancelonshortnotice,theless

5、orassumestheriskofobsolescenceandtheriskthattheassetcannotbeleasedtoanotherlessee.Thisriskwillhavetobereflectedincomparativelyhighleasecharges,particularlyforspecialtyassetsorthosefacingrapidtechnologicalchange.AFINANCIALLEASEisalonger-termleasethatisdifferentiatedfromanoperatingleaseby3essentialcha

6、racteristics:§Theyarefullyamortizedinamannerthatallowsthelessor,theowner,torecoverthefullcostoftheassetplusacompetitiverateofreturnduringtheperiodofthelease.§Thecontractualcommitmentcannotbecancelledpriortoitsexpirationwithoutconsiderablepenalty.§Thecostofinsurance,repairs,andmaintenancenormallyrest

7、withthelessee,justastheywouldiftheyownedtheasset.Financialleasesareanalternativesourceoffinancing.§Animmediatecashinflow§Thelesseeassumesabindingobligationtomakethepaymentsspecifiedintheleasecontract.