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1、第14章长期融资简介14.1普通股14.2企业长期负债14.3优先股14.4融资模式14.5资本结构最新趋势14.6小结14.1普通股CommonStock面值和非面值股ParandNo-ParStock额定发行股和已发行股AuthorizedversusIssuedCommonStock资本盈余CapitalSurplus留存收益RetainedEarnings市场价值、账面价值和重置价值MarketValue,BookValue,andReplacementValue股东权利Shareholders’Rights股利Dividends股票种类Classe
2、sofStock14.1.1面值和非面值股ParandNo-ParStockThestatedvalueonastockcertificate（证书）iscalledtheparvalue.Parvalueisanaccountingvalue,notamarketvalue.Thetotalparvalue(thenumberofsharesmultipliedbytheparvalueofeachshare)issometimescalledthededicatedcapital（注册资本）ofthecorporation.Somestockshaven
3、oparvalue.14.1.2额定发行股和已发行普通股Authorizedvs.IssuedCommonStockThearticlesofincorporation（公司章程）muststatethenumberofsharesofcommonstockthecorporationisauthorizedtoissue.Theboardofdirectors（董事会）,afteravoteoftheshareholders,mayamendthearticlesofincorporationtoincreasethenumberofshares.Auth
4、orizingalargenumberofsharesmayworryinvestorsaboutdilution（稀释）becauseauthorizedsharescanbeissuedlaterwiththeapprovaloftheboardofdirectorsbutwithoutavoteoftheshareholders.14.1.3资本盈余CapitalSurplus直接缴入权益资本中超过面值的部分。Usuallyreferstoamountsofdirectlycontributedequitycapitalinexcessofthepar
5、value.Forexample,suppose1,000sharesofcommonstockhavingaparvalueof$1eacharesoldtoinvestorsfor$8pershare.Thecapitalsurpluswouldbe($8–$1)×1,000=$7,00014.1.4留存收益RetainedEarningsNotmanyfirmspayout100percentoftheirearningsasdividends.Theearningsthatarenotpaidoutasdividendsarereferredtoas
6、retainedearnings.14.1.5市场价值、账面价值和重置价值MarketValue,BookValue,andReplacementValueMarketValueisthepriceofthestockmultipliedbythenumberofsharesoutstanding（发行在外）.AlsoknownasMarketCapitalizationBookValue（账面的股东权益）Thesumofparvalue,capitalsurplus,andaccumulatedretainedearningsisthecommonequi
7、tyofthefirm,usuallyreferredtoasthebookvalueofthefirm.ReplacementValueThecurrentcostofreplacingtheassetsofthefirm.Atthetimeafirmpurchasesanasset,marketvalue,bookvalue,andreplacementvalueareequal.14.1.6股东权利Shareholders’Rights投票选董事会的权利构成了股东最重要的控制机制Therighttoelectthedirectorsofthecorpo
8、rationbyvoteconstitutesthe
