CORPORATE FINANCEGENERAL PRINCIPLES 公司融资 基本原则.pptVIP

CORPORATE FINANCE : GENERAL PRINCIPLES公司融资 : 基本原则 Purpose 目的 Management power 管理权 Share capital and loan capital 股权资本与借贷资本 Security 担保 SHARE CAPITAL Issuance of shares to raise capital in private limited companies. Private to public unlisted companies. Private to public listed companies. Public unlisted to public listed companies. Rights issue. 股权资本 私人有限公司发行股票以筹集资本 私人公司转为公众非上市公司 私人公司转为公众上市公司 公众非上市公司转为公众上市公司 认沽权 LOAN CAPITAL Legal mortgage: secured by real estate. Bonds and notes: without security. Debentures: floating charges. Specialised loan capital: structured trade financing and bareboat charter party for trading and shipping companies. 借贷资本 法定按揭：不动产担保 债券和票据 ： 无担保 债券：浮动抵押 特定借贷资本：贸易和海运公司的结构性贸易融资和光船租船合同 DEBENTURES Contractual in nature: creditor and debtor Nature of a debenture Publicly traded like shares, part of securities, raise loan capital Security: floating charges 债券 本质上是合同关系：债权人与债务人 债券的性质 属于证券的一种，可以像股票一样公开交易，用于筹集借贷资本 担保：浮动抵押 ISSUANCE TRANSFER OF DEBENTURES Transfer mode: same as shares, executed in writing Debentures may be stored in central depository and transfer will be in the form of deposit receipts. Transfer can also be perfected by registration 债券的发行与转让 转让模式：与股票相同，以书面形式进行 债券可以托管在中央托管机构，并以交付存托证的方式进行转让 登记可以使转让手续更为完备 TRUSTEES FOR DEBENTURE HOLDERS Security given by the company is vested in the professional trustee. The trustee is the intermediary between the debenture holders and the company. Legal mortgage is registered in the name of the trustee. Trustee can also have a floating charge over the machinery and assets of the company. 债券持有人的信托受托人 公司授权专业信托受托人对其提供的担保进行管理。信托受托人是公司与债券持有人之间的中介机构。 法定抵押以信托受托人的名义登记。 信托受托人也可以在公司的机器和资产之上设定浮动抵押。 REDEMPTION OF DEBENTURES Can be redeemed anytime by the company or holder, at a fixed date or a determinable date under the contract. Same debenture can be re-issued or another debenture be issued in its place. Holder of a re-issued debenture will enjoy same rights and priorities as the previous holder. 债券的赎回 依据合同确