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ID:34618645
大小:66.29 KB
页数:10页
时间:2019-03-08
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1、FINM7402LearningObjectives¢Understandthecharacteristicsofequity¢OutlinethemainsourcesofprivateLecture2:Sourcesoffinance:equityequity¢OutlinetheprocessoffloatingapublicReadings:PBEHPchapter9company.¢Discussalternativeexplanationsfortheunderpricingofinitia
2、lpublicofferings.LearningObjectivesOrdinaryShares¢Understanddifferentwaystoraise¢Ordinarysharesrepresentanownershipcapitalinterestinabusiness¢Outlinethedifferenttypesofemployee¢Residualclaimonassetsshareplans¢Fullyv.partiallypaidshares¢Outlinetheadvantag
3、esofinternal¢Limitedliabilityequityasasourceoffinance¢Noliability(NL)companiesSharesasasourceoffinance:Rightsofshareholdersadvantagesanddisadvantages¢Proportionalshareofdividends¢Dividendsare¢Issuingmoresharescandiscretionarydiluteexisting¢Votingrightssh
4、areholders’ownership¢Nomaturitydateandcontrol¢Therighttoselltheirshares¢Thehighertheproportionofcapital¢Returnstoshareholdersstructuremadeupbycanbesubjecttoequity,thelowerthedoubletaxation(non-costofdebtresidents)¢TransactioncostsofissuingsharesPreferenc
5、eSharesPreferenceShares¢Preferencesharesgivetheholderpreference¢Cumulativeornon-cumulativeoverordinaryshareholderswithrespecttodividends,andcapitalintheeventof¢Redeemableorirredeemableliquidation.¢Convertibleornon-convertible¢Dividendistypicallyfixed,tho
6、ughitcanvary(resetpreferenceshare)andcanbefully¢Participatingornon-participatingfranked,partlyfrankedorunfranked.¢Votingornon-voting¢Preferenceshareholdersrankafterlendersandothercreditors.¢ClassificationasdebtorequityPrivateEquityPrivateEquity¢Whatispri
7、vateequity?¢Threeimportantinformationproblemswithnewventures:¢Fourcategories¢(i)Informationonvalueofventureislikelytobe¢Start-upfinancingincompleteanduncertain.¢(ii)Informationasymmetry—eitherparty,the¢Expansionfinancingentrepreneurorinvestor,mayhavemore
8、¢Turnaroundfinancinginformationthantheother.¢(iii)Ideamaybestolenbypotentialinvestorswho¢Managementbuy-out(MBO)havebeenshowntheidea.¢Illiquidmarketandinvestorsmustbewillingtoholdonfor5–10years.SourcesofNewVentureFinanceFin
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