财务管理专业英语 教学课件 作者 崔刚主编 Chapter 7.pptx

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1、g10byzw主编7.1Long-TermFinancing7.2Short-TermFinancingChapter7FinancingModes7.1　Long-TermFinancing7.1.1　IssuingStocks7.1.2　Long-termDebt7.1.3　Long-termLeasing7.1.4　WarrantsandConvertiblebonds7.1.1　IssuingStocksIssuingstockstothepublicisn’tfree,andthecostsofdifferentmetho

2、dsareimportantdeterminantsofwhichwillbeused.Thecostsfallintofivecategories.1.Spread.2.Otherdirectexpenses.3.Indirectexpenses.4.Abnormalreturns.5.Underpricing.1.Spread.Thedifferencebetweenthepricetheissuereceivesandthepriceofferedtothepublicisthespread.2.Otherdirectexpe

3、nses.Thecostsincurredbytheissuerwhicharenotpartofthecompensationtounderwritersareotherdirectexpenses.Theexpensesincludefilingfees,legalfees,andtaxes,andallofthemshouldbereportedintheprospectus.3.Indirectexpenses.Thecostswhicharenotreportedintheprospectusareindirectexpe

4、nses.4.Abnormalreturns.Ifstockisissuedseveraltimes,thepriceoftendropsbysomepercentupontheannouncementoftheissue.Thedropprotectsnewshareholdersagainstthecompany’ssellingoverpricedstocktothem.5.Underpricing.Thestocktypicallyrisessubstantiallyaftertheissuedateofinitialpub

5、licofferings.Thisisacosttothecompanybecausethestockissoldforlessthanitsefficientpriceintheaftermarket.7.1.2　Long-termDebtThefirstsectionintroducedthemethodsofnewlong-termfinancing,withanemphasisonequity.Andthissectionwillintroducethelong-termdebtinstruments.7.1.3　Long-

6、termLeasing1.OperatingLeases2.FinancialLeases1.OperatingLeases(1)OperatingLeasesareusuallynotfullyamortizedthroughtherentalincome.(2)OperatingLeasesusuallyrequirethelessortomaintainandinsuretheleasedassets.(3)Theoperatingleasehasthecancellationoption.Thelesseehasarigh

7、ttocanceltheleasecontractbeforetheexpirationdatethroughthecancellationoption.2.FinancialLeases(1)Financialleasesdonotprovideformaintenanceorservicebythelessor.(2)Financialleasesarefullyamortizedthroughtherentalincome.(3)Thelesseeusuallyhasarighttorenewtheleaseonexpirat

8、ion.(4)Generally,financialleasescannotbecanceled.Inotherwords,thelesseemustmakeallpaymentsorfacetheriskofbankruptcy.7