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1、McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Raising Capital Chapter 15 耕 垣 河 矮 票 帚 木 禽 所 报 予 我 迷 态 策 帘 闽 哥 乐 员 瞳 阶 峨 妈 犹 抛 揍 阉 纺 茹 絮 滨 财 务 管 理 课 件 c h a p 0 1 5 财 务 管 理 课 件 c h a p 0 1 5 1 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserve
2、d. McGraw-Hill/Irwin Key Concepts and Skills nUnderstand the venture capital market and its role in financing new businesses nUnderstand how securities are sold to the public and the role of investment bankers nUnderstand initial public offerings and the costs of going public 瞪 秩 跺 促 浇 卒 碘 惩 碍 进 炬 暖
3、 立 绘 蚁 染 烃 嘘 挡 亮 辆 梧 筏 交 悉 盖 拥 钠 屿 桩 撩 宛 财 务 管 理 课 件 c h a p 0 1 5 财 务 管 理 课 件 c h a p 0 1 5 2 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Chapter Outline nThe Financing Life Cycle of a Firm: Early-Stage Financing and Venture Capital nSelling Securities to
4、 the Public: The Basic Procedure nAlternative Issue Methods nUnderwriters nIPOs and Underpricing nNew Equity Sales and the Value of the Firm nThe Cost of Issuing Securities nIssuing Long-Term Debt nShelf Registration 诉 伯 揖 斤 塔 盲 最 制 刷 诛 淮 料 萌 永 富 鸳 趋 紫 妆 捞 堂 挑 掏 溃 炎 虑 栗 仆 拐 适 窿 汕 财 务 管 理 课 件 c h a p
5、 0 1 5 财 务 管 理 课 件 c h a p 0 1 5 3 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Venture Capital nPrivate financing for relatively new businesses in exchange for stock nUsually entails some hands-on guidance nThe ultimate goal is usually to take the company
6、public and the VC will benefit from the capital raised in the IPO nMany VC firms are formed from a group of investors that pool capital and then have partners in the firm decide which companies will receive financing nSome large corporations have a VC division 橙 娄 由 老 认 跌 糜 巍 榜 密 行 梳 拘 蝗 劈 便 途 屑 泵 灯
7、 饵 婿 污 走 限 林 摹 侵 舞 四 叠 周 财 务 管 理 课 件 c h a p 0 1 5 财 务 管 理 课 件 c h a p 0 1 5 4 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Choosing a Venture Capitalist nLook for financial strength nChoose a VC that has a management style that is compatible with your own
8、nObtain and check references nWhat contacts does the VC have? nWhat is the exit strategy? 律 繁 掏 宗 泰 吗 嚏 真 淖 审 盘 稿 谭 藕 书 函 鞍 驴 另 捉 熟 仪 喷 摇 漾 艺 京 逮 固 峦 珍 柱 财 务 管 理 课 件 c h a p 0 1 5 财 务 管 理 课 件 c h a p 0 1 5 5 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Sell
9、ing Securities to the Public nManagement must obtain permission from the Board of Directors nFirm must file a registration statement with the SEC nSEC examines the registration during a 20-day waiting period nA preliminary prospectus, called a red herring, is distributed during the waiting period nI
10、f there are problems the company is allowed to amend the registration and the waiting period starts over nSecurities may not be sold during the waiting period nThe price is determined on the effective date of the registration 丫 延 假 笺 染 稿 入 伏 恳 龄 遭 霄 菜 雏 拘 窥 痒 频 钥 潭 莎 枝 幽 可 何 辞 桓 碑 砒 灭 牧 惊 财 务 管 理 课
11、件 c h a p 0 1 5 财 务 管 理 课 件 c h a p 0 1 5 6 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Table 15.1 展 葬 过 播 写 茶 湾 搬 策 蓑 利 手 尤 它 荫 探 像 篡 骡 讣 力 千 泛 离 噪 橡 晌 它 抢 许 花 符 财 务 管 理 课 件 c h a p 0 1 5 财 务 管 理 课 件 c h a p 0 1 5 7 McGraw-Hill 2004 The McGraw-Hill Compan
12、ies, Inc. All rights reserved. McGraw-Hill/Irwin Underwriters nServices provided by underwriters nFormulate method used to issue securities nPrice the securities nSell the securities nPrice stabilization by lead underwriter nSyndicate group of investment bankers that market the securities and share
13、the risk associated with selling the issue nSpread difference between what the syndicate pays the company and what the security sells for in the market 描 煮 惹 该 缕 亮 矩 扣 磅 拨 瞅 示 懂 爱 优 傲 臆 侨 加 沸 乔 扛 甭 取 詹 信 碍 榆 崔 掏 咖 莽 财 务 管 理 课 件 c h a p 0 1 5 财 务 管 理 课 件 c h a p 0 1 5 8 McGraw-Hill 2004 The McGraw-Hi
14、ll Companies, Inc. All rights reserved. McGraw-Hill/Irwin Firm Commitment Underwriting nIssuer sells entire issue to underwriting syndicate nThe syndicate then resells the issue to the public nThe underwriter makes money on the spread between the price paid to the issuer and the price received from
15、investors when the stock is sold nThe syndicate bears the risk of not being able to sell the entire issue for more than the cost nMost common type of underwriting in the United States 廓 缅 胞 纪 讨 绵 们 喉 泞 枫 勤 藉 晰 驾 秀 葱 湛 样 殷 坐 依 适 蚀 垛 旷 彰 予 秒 舞 支 舌 散 财 务 管 理 课 件 c h a p 0 1 5 财 务 管 理 课 件 c h a p 0 1 5
16、9 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Best Efforts Underwriting nUnderwriter must make their “best effort” to sell the securities at an agreed-upon offering price nThe company bears the risk of the issue not being sold nThe offer may be pulled if t
17、here is not enough interest at the offer price and the company does not get the capital and they have still incurred substantial flotation costs nNot as common as it used to be 曼 童 瓶 辙 贝 迅 蒸 舱 馅 瑚 午 砂 薛 东 增 匠 宿 邹 隆 郸 只 竭 远 音 巳 护 厘 恒 街 夹 讹 同 财 务 管 理 课 件 c h a p 0 1 5 财 务 管 理 课 件 c h a p 0 1 5 10 McGr
18、aw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Green Shoes and Lockups nGreen Shoe provision nAllows syndicate to purchase an additional 15% of the issue from the issuer nAllows the issue to be oversubscribed nProvides some protection for the lead underwriter as
19、they perform their price stabilization function nLockup agreements nRestriction on insiders that prevents them from selling their shares of an IPO for a specified time period nThe lockup period is commonly 180 days nThe stock price tends to drop when the lockup period expires due to market anticipat
20、ion of additional shares hitting the street 愚 苹 幽 畴 贸 治 利 观 芳 老 山 消 考 紧 塑 原 诺 虾 手 捉 嘉 频 伍 荒 结 简 拦 米 亿 淤 背 仇 财 务 管 理 课 件 c h a p 0 1 5 财 务 管 理 课 件 c h a p 0 1 5 11 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin IPO Underpricing nInitial Public Offering IPO nMa
21、y be difficult to price an IPO because there isnt a current market price available nAdditional asymmetric information associated with companies going public nUnderwriters want to ensure that their clients earn a good return on IPOs on average nUnderpricing causes the issuer to “leave money on the ta
22、ble” 活 粘 饵 舟 华 动 驼 粉 作 脾 讥 毯 痰 昆 伺 滑 裤 争 雪 噶 提 瓶 忱 呀 拦 圈 嫂 欧 催 名 砌 睁 财 务 管 理 课 件 c h a p 0 1 5 财 务 管 理 课 件 c h a p 0 1 5 12 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Figure 15.2 啸 违 筛 霄 蔚 卉 闷 放 咯 缮 隙 媒 垛 寻 雀 戊 无 磨 顷 吮 骡 既 硝 毋 茅 莆 恍 粗 铺 峪 儡 恍 财 务 管 理 课 件
23、c h a p 0 1 5 财 务 管 理 课 件 c h a p 0 1 5 13 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Figure 15.3 廖 宇 迎 汹 捞 蜘 乍 墓 窄 艘 思 鸥 霹 毛 早 物 离 准 兵 蚜 畸 差 扭 上 众 坠 骤 询 舟 基 赦 踢 财 务 管 理 课 件 c h a p 0 1 5 财 务 管 理 课 件 c h a p 0 1 5 14 McGraw-Hill 2004 The McGraw-Hill Compa
24、nies, Inc. All rights reserved. McGraw-Hill/Irwin Work the Web Example nHow have recent IPOs done? nClick on the web surfer to go to the Bloomberg site and follow the “IPO Center” link nHow many companies have gone public in the last week? nHow have companies that went public three months ago done?
25、What about six months ago? 碗 官 仇 公 彬 介 脸 锯 锄 冠 答 风 查 疲 殖 金 采 涯 岂 衰 股 奴 卡 薄 摈 闰 噬 昔 峭 趴 淮 娥 财 务 管 理 课 件 c h a p 0 1 5 财 务 管 理 课 件 c h a p 0 1 5 15 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin New Equity Issues and Price nStock prices tend to decline when new
26、 equity is issued nPossible explanations for this phenomenon nSignaling and managerial information nSignaling and debt usage nIssue costs nSince the drop in price can be significant and much of the drop may be attributable to negative signals, it is important for management to understand the signals
27、 that are being sent and try to reduce the effect when possible 爽 谁 巢 耿 伎 逛 广 滔 箕 导 挝 虞 诸 酒 婶 特 浩 慈 拘 狸 钧 周 墨 愿 造 赊 徘 哟 工 饭 扬 咳 财 务 管 理 课 件 c h a p 0 1 5 财 务 管 理 课 件 c h a p 0 1 5 16 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Issuance Costs nSpread nOther
28、 direct expenses legal fees, filing fees, etc. nIndirect expenses opportunity costs, i.e., management time spent working on issue nAbnormal returns price drop on existing stock nUnderpricing below market issue price on IPOs nGreen Shoe option cost of additional shares that the syndicate can purchase
29、 after the issue has gone to market 绒 骂 羌 惦 敲 造 母 叼 元 蔑 功 瘪 啮 房 蒋 沼 钦 膀 施 售 蜀 脖 茅 她 岳 惧 秸 分 荣 歼 搭 率 财 务 管 理 课 件 c h a p 0 1 5 财 务 管 理 课 件 c h a p 0 1 5 17 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Types of Long-term Debt nBonds public issue of long-term
30、debt nPrivate issues nTerm loans nDirect business loans from commercial banks, insurance companies, etc. nMaturities 1 5 years nRepayable during life of the loan nPrivate placements nSimilar to term loans with longer maturity nEasier to renegotiate than public issues nLower costs than public issues
31、滥 跟 构 讽 硫 放 醉 厩 覆 馈 隙 发 渴 骇 牺 念 扣 潍 益 洼 涤 晃 侩 晴 滚 馒 捞 沙 烦 庆 艾 鄙 财 务 管 理 课 件 c h a p 0 1 5 财 务 管 理 课 件 c h a p 0 1 5 18 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Shelf Registration nPermits a corporation to register a large issue with the SEC and sell it
32、in small portions nReduces the flotation costs of registration nAllows the company more flexibility to raise money quickly nRequirements nCompany must be rated investment grade nCannot have defaulted on debt within last three years nMarket value of stock must be greater than $150 million nNo violati
33、ons of the Securities Act of 1934 in the last three years 玖 琢 彻 磐 灵 夜 浙 韶 倚 疡 抛 砾 子 脏 儿 嗓 民 担 械 庶 奎 幂 饶 和 讫 障 徊 娱 榨 居 今 夹 财 务 管 理 课 件 c h a p 0 1 5 财 务 管 理 课 件 c h a p 0 1 5 19 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Quick Quiz nWhat is venture capital
34、 and what types of firms receive it? nWhat are some of the important services provided by underwriters? nWhat type of underwriting is the most common in the United States and how does it work? nWhat is IPO underpricing and why might it persist? nWhat are some of the costs associated with issuing securities? nWhat are some of the characteristics of private placement debt? nWhat is shelf registration? 错 熄 勤 限 荫 弥 抽 节 妓 幢 隘 图 致 宠 熏 裳 数 碾 遣 御 讣 缮 炭 睡 惕 刽 彤 命 参 炊 模 墟 财 务 管 理 课 件 c h a p 0 1 5 财 务 管 理 课 件 c h a p 0 1 5 20