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1、LEARNINGOBJECTIVESAfterstudyingthischapter,youshouldunderstand:LO1TheventurecapitalmarketanditsroleintheÞnancingofnew,high-RAISINGCAPITALriskventures.LO2Howsecuritiesaresoldtothepublicandtheroleofinvestmentbanksintheprocess.15LO3Initialpublicofferingsandsomeofthecostsofgoingpu
2、blic.LO4Howrightsareissuedtoexistingshareholdersandhowtovaluethoserights.INANEAGERLYAWAITEDINITIALPUBLICday,a28percentincrease.TheVisaofferraisedatotalOFFERING(IPO),creditcardgiantVisawentpublicof$19.65billion,easilythelargestIPOinU.S.history.onMarch19,2008.AssistedbyJ.P.Morga
3、n,GoldmanThelargestIPOhadbeentheAT&TWirelessofferinginSachs,andBankofAmerica,Visasoldabout447mil-2000,whichraised$10.6billion.Inthischapter,welionsharesofstocktothepublicatapriceof$44.InawillexaminetheprocessbywhichcompaniessuchasnodtothepublicÕsunfortunatefascinationwithcredi
4、t,Visasellstocktothepublic,thecostsofdoingso,andthestockpricejumpedto$56.50attheendofthetheroleofinvestmentbanksintheprocess.Mastertheabilitytosolveproblemsinthischapterbyusingaspreadsheet.AccessExcelMasteronthestudentWebsitewww.mhhe.com/rwj.Allfirmsmust,atvaryingtimes,obtainca
5、pital.Todoso,afirmmusteitherborrowthemoney(debtfinancing),sellaportionofthefirm(equityfinancing),orboth.Howafirmraisescapitaldependsagreatdealonthesizeofthefirm,itslife-cyclestage,anditsgrowthprospects.Inthischapter,weexaminesomeofthewaysinwhichfirmsactuallyraisecapital.Webeginbylook
6、ingatcompaniesintheearlystagesoftheirlivesandtheimportanceofven-turecapitalforsuchfirms.Wethenlookattheprocessofgoingpublicandtheroleofinvestmentbanks.Alongtheway,wediscussmanyoftheissuesassociatedwithsellingsecuritiestothepublicandtheirimplicationsforalltypesoffirms.Weclosethec
7、hapterwithadiscussionofsourcesofdebtcapital.1CostofCapitalandLong-TermFinancialPolicyPART61WeareindebtedtoJayR.RitteroftheUniversityofFloridaforhelpfulcommentsandsuggestionsforthischapter.471rros46128_ch15.indd471os46128_ch15.indd47111/15/096:34:16PM/15/096:34:16PM472PART6Cost
8、ofCapitalandLong-TermFinancialPolicy15.1TheFinancingLifeCycle
