财务管理课件chap015.ppt
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1、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chap015财务管理课件chap015,15.1,Key Concepts and Skills,Understand the venture capital market and its role in financing new businessesUnderstand how securities are sold to the public and the role of investment bankersUnderstand initial publi
2、c offerings and the costs of going public,瞪秩跺促浇卒碘惩碍进炬暖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chap015财务管理课件chap015,15.2,Chapter Outline,The Financing Life Cycle of a Firm:Early-Stage Financing and Venture CapitalSelling Securities to the Public:The Basic ProcedureAlternative Issue MethodsUnderwritersIPOs and Unde
3、rpricingNew Equity Sales and the Value of the FirmThe Cost of Issuing SecuritiesIssuing Long-Term DebtShelf 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chap015财务管理课件chap015,15.3,Venture Capital,Private financing for relatively new businesses in exchange for stockUsually entails some hands-on
4、guidanceThe ultimate goal is usually to take the company public and the VC will benefit from the capital raised in the IPOMany VC firms are formed from a group of investors that pool capital and then have partners in the firm decide which companies will receive financingSome large corporations have
5、a VC division,橙娄由老认跌糜巍榜密行梳拘蝗劈便途屑泵灯饵婿污走限林摹侵舞四叠周财务管理课件chap015财务管理课件chap015,15.4,Choosing a Venture Capitalist,Look for financial strengthChoose a VC that has a management style that is compatible with your ownObtain and check referencesWhat contacts does the VC have?What is the exit strategy?,律繁掏宗泰吗嚏真
6、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chap015财务管理课件chap015,15.5,Selling Securities to the Public,Management must obtain permission from the Board of DirectorsFirm must file a registration statement with the SECSEC examines the registration during a 20-day waiting periodA preliminary prospectus,called a red
7、herring,is distributed during the waiting periodIf there are problems the company is allowed to amend the registration and the waiting period starts overSecurities may not be sold during the waiting periodThe 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
8、灭牧惊财务管理课件chap015财务管理课件chap015,15.6,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chap015财务管理课件chap015,15.7,Underwriters,Services provided by underwritersFormulate method used to issue securitiesPrice the securitiesSell the securitiesPrice stabilization by lead underwriterSyndicate group of invest
9、ment bankers that market the securities and share the risk associated with selling the issueSpread 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chap015财务管理课件chap015,15.8,Firm Commitment Underwriting,Issuer
10、sells entire issue to underwriting syndicateThe syndicate then resells the issue to the publicThe underwriter makes money on the spread between the price paid to the issuer and the price received from investors when the stock is soldThe syndicate bears the risk of not being able to sell the entire i
11、ssue for more than the costMost 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chap015财务管理课件chap015,15.9,Best Efforts Underwriting,Underwriter must make their“best effort”to sell the securities at an agreed-upon offering priceThe company bears the risk of the
12、issue not being soldThe offer may be pulled if there is not enough interest at the offer price and the company does not get the capital and they have still incurred substantial flotation costsNot 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chap015财务管理课件chap015,15.10,Green Shoes
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