金融市场与金融机构第九章.ppt

Why Firms Borrow To acquire new assets or replace existing assets These can be financed by internal financing (from retained earnings) external financing (debt or equity issue) Capital Markets Original maturity is greater than one year. Best known capital market securities: Stocks and Bonds Primary issuers of securities: Federal and Local Governments Corporations Largest purchasers of securities: Households Chapter Preview Our goal in this chapter is to get a “big picture” overview of who owns stocks, how a stock exchange works, and how to read and understand the stock market information reported in the financial press. Chapter Outline Stocks Represents ownership in a firm Earn a return in two ways Appreciation/Depreciation – the price of the stock rises/falls over time Cash Flows - dividends are paid to the stockholder periodically 除息和除权 除息和除权 除权:在年度分红派息时,如果是送红股或者是配股,称为除权.大盘显示:XRxxx 除息:在年度分红派息时,如果是分现金,称为除息.大盘显示:DRxxx 除权除息:在年度分红派息时,如果是既送红股或者是配股又分现金,称为除权除息.大盘显示:XDxxx. 某股票股权登记日的收盘价是24.75元，每10股送3股，即每股送红股数为0.3，则次日除权报价为：　　 某股票股权登记日的收盘价为18.00元，10股配3股，即每股配股数为0.3，配股价为每股6.00元，则次日除权价为： 某股票股权登记日的收盘价为20.35元，送1股，配2股，配股价为5.50元/股，即每股送0.1股，配0.2股，则次日除权价为： 某股票股权登记日的收盘价为20.35元，每10股派发现金红利4.00元，送1股，配2股，配股价为5.50元/股，即每股分红0.4元，送0.1股，配0.2股，则次日除权除息价为： Common stock vs. Preferred stock Characteristics of Preferred Stock Primary and Secondary Markets Overview Primary Market firm can raise equity capital in its initial public offering (IPO) firm can raise equity capital in a subsequent seasoned equity offering (SEO) Secondary Markets trading of shares among investors Initial public offerings (IPOs) First-time offering of shares to the public Firm must provide information to public Registration statement to SEC Prospectus Firm is assisted by an investment banker Performance of IPOs Price generally rises on first day Longer-term performance of IPOs is poor Securities are sold to hundreds, and often thousands, of investors under a formal contract overseen b