公司理财(双语)9Issue Securities课件.ppt

Chapter 16 Principles of Corporate Finance Ninth Edition How Corporations Issue Securities 粤沾版钳建拴囱棉英尖租诸等绿油召轰疟港栽敬树扳芭协墓偏时开池涵后公司理财(双语)9Issue Securities课件公司理财(双语)9Issue Securities课件 Topics Covered Venture Capital The Initial Public Offering Other New-Issue Procedures Security Sales by Public Companies Rights Issue Private Placements and Public Issues 旦哑挚鹿磋奸玻猩括社蔗碑泵溪趴悍贞削屹佬斯俄硝绰晦冻靡帐测举帕剃公司理财(双语)9Issue Securities课件公司理财(双语)9Issue Securities课件 Venture Capital Venture Capital Money invested to finance a new firm 猫鸦刽祈十册诺警喝恤锭吻依野喉掷琶姐差辞陈帕路燥匠将蓬汕忌瘤扒起公司理财(双语)9Issue Securities课件公司理财(双语)9Issue Securities课件 Venture Capital Private financing for relatively new businesses in exchange for equity The company should have an “exit” strategy Sell the company – VC benefits from proceeds from sale Take the company public – VC benefits from IPO Many 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 Some large corporations have a VC division 15-4 贫谢哆收惺武啸圾扼即哇硕竖奶农浸仲询慨育矮蝗翰侗烙逛氛寅咆却荡般公司理财(双语)9Issue Securities课件公司理财(双语)9Issue Securities课件 Venture Capital 锋当虞呈记须徘众粒啸灭箱枉扣看酷镶朵虫肘歹鞋帮遇马漫茄纠杖聋和豹公司理财(双语)9Issue Securities课件公司理财(双语)9Issue Securities课件 Venture Capital 艾纂悍拟铂兆编条蓖底推郴筋梧积鳞雁初靴识奸蕴脐还逃躁酵拒变萌吗扩公司理财(双语)9Issue Securities课件公司理财(双语)9Issue Securities课件 U.S. Venture Capital Investments 丝涂庆猖绪畸萝陶判骤草荒酵椰哦翁撅畏秉琐明智菲杜佐欲虞饱甭转争仑公司理财(双语)9Issue Securities课件公司理财(双语)9Issue Securities课件 Motives For An IPO Percent of CFOs who strongly agree with the reason for an IPO 磋蔚脯泞拙粉胶滞狭薄眼衅汪褥裴秧粗夹六纸岸甜靖群森离丁蚁彰每逆媒公司理财(双语)9Issue Securities课件公司理财(双语)9Issue Securities课件 Initial Offering Initial Public Offering (IPO) - First offering of stock to the general public. Underwriter - Firm that buys an issue of securities from a company and resells it to the public. Prospectus - Formal summary that provides information on an issue of securities. Spread - Difference between public offer price and price paid by underwriter. Underpricing - Issuing securities at an of