公司理财(双语)9issue securities

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1、Chapter16PrinciplesofCorporateFinanceNinthEditionHowCorporationsIssueSecuritiesTopicsCoveredVentureCapitalTheInitialPublicOfferingOtherNew-IssueProceduresSecuritySalesbyPublicCompaniesRightsIssuePrivatePlacementsandPublicIssuesVentureCapitalVentureCapi

2、talMoneyinvestedtofinanceanewfirmVentureCapitalPrivatefinancingforrelativelynewbusinessesinexchangeforequityThecompanyshouldhavean“exit”strategySellthecompany–VCbenefitsfromproceedsfromsaleTakethecompanypublic–VCbenefitsfromIPOManyVCfirmsareformedfroma

3、groupofinvestorsthatpoolcapitalandthenhavepartnersinthefirmdecidewhichcompanieswillreceivefinancingSomelargecorporationshaveaVCdivision15-4VentureCapitalVentureCapitalU.S.VentureCapitalInvestmentsMotivesForAnIPOPercentofCFOswhostronglyagreewiththereaso

4、nforanIPOInitialOfferingInitialPublicOffering(IPO)-Firstofferingofstocktothegeneralpublic.Underwriter-Firmthatbuysanissueofsecuritiesfromacompanyandresellsittothepublic.Prospectus-Formalsummarythatprovidesinformationonanissueofsecurities.Spread-Differe

5、ncebetweenpublicofferpriceandpricepaidbyunderwriter.Underpricing-Issuingsecuritiesatanofferingpricesetbelowthetruevalueofthesecurity.SellingSecuritiestothePublicManagementmustobtainpermissionfromtheBoardofDirectorsFirmmustfilearegistrationstatementwith

6、theSECTheSECexaminestheregistrationduringa20-daywaitingperiodApreliminaryprospectus,calledaredherring,isdistributedduringthewaitingperiodIfthereareproblems,thecompanyisallowedtoamendtheregistrationandthewaitingperiodstartsoverSecuritiesmaynotbesoldduri

7、ngthewaitingperiodThepriceisdeterminedontheeffectivedateoftheregistration15-10墓碑式广告的例子TheTopManagingUnderwritersUnderwritersServicesprovidedbyunderwritersFormulatemethodusedtoissuesecuritiesPricethesecuritiesSellthesecuritiesSyndicate–groupofinvestment

8、bankersthatmarketthesecuritiesandsharetheriskassociatedwithsellingtheissueSpread–differencebetweenwhatthesyndicatepaysthecompanyandwhatthesecuritysellsforinitiallyinthemarket15-13AverageInitialIPOReturnsInitialOfferingAverageExpenseson1