chap015Debt Policy(公司金融原理-台湾大学,Matthew Will)
公司理财015
0
$0
$0
$1,000
1
2
29
30
F $1,000 PV $174.11 T 30 (1 r ) (1.06)
15-11
浮动利率债券
票面利率随某些指数波动而浮动的债券 例如，可调整利率房贷（adjustable rate mortgages） 和抗通膨公债（inflation-linked Treasuries） 浮动利率债券的价格风险较低。
15-9纯折价ຫໍສະໝຸດ 券为估算纯折价债券的价值，所需信息包括： 距离到期时间 (T) = 到期日期 – 现今日期 面值 (F) 贴现率 (r)
$0
0
$0
$0
$F
T
1
2
T 1
纯贴现债券在时刻0的现值为：
F PV T (1 r )
15-10
例：纯折价债券
一种30年期、面值为1 000美元的零息券， 当YTM为6%时，该债券的价值是多少？
可赎回的 具有偿债基金条款的
15-20
15-15
15.5 国际债券
欧元债券：以某国货币为面值的债券同时在多个国家的 债券市场中发行 外国债券：外国借款人在某个国家的债券市场上发行的 以这一国家货币为面值货币的债券。
15-16
15.6 融资模式
内部产生的现金流是公司资金的主要来源，通常 占到70%至90% 公司的支出需求常常超过他们的内部积累——赤 字需要通过新发行的债务或权益予以平衡 在新发行中，公司更倾向于发行债券而不是权益 资本 这与融资的啄序假说是一致的 其他国家的公司比美国公司对外部权益资金的依 赖更高一些
chap009Project Analysis(公司金融原理-台湾大学,Matthew Will)
9- 8
Sensitivity Analysis
Example - continued Possible Outcomes
Variable Pessim istic Investm ent (000s) 6,200 Sales(000s ) 14,000 Var Cost (% of sales) 83% Fixed Costs(000s ) 2,100 Range Expected Optim istic 5,400 5,000 16,000 18,000 81.25% 80% 2,000 1,900
McGraw-Hill/Irwin
Year 0 Years1 - 6 $900 15.5xP lane s Sold 8.5xP lanes Sold 175 900/6 = 150 (7xP lanes Sold) - 325 (3.5xP lane s Sold) - 162.5 (3.5xP lane s Sold) - 162.5 (3.5xP lane s Sold) - 12.5
McGraw-Hill/Irwin
NPV= ($121)
Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved
9- 10
Sensitivity Analysis
Example - continued NPV Possibilities
forecasts 確保預測一致性 Conflict of interest 消除利益衝突 Forecast bias 降低預測偏差 Selection criteria (NPV and others) 去蕪存菁 提出自己的NPV為正的理由 譬如:有成本優勢 或是這是最新構想 其他公司要好幾年以後 才會跟上等等….
审计学原理英文课件 (15)
appropriate
15-4
Ø Similar to accounts payable in that understatement of debt is a major potential audit problem
Ø Perform procedures to identify notes payable to related parties
Ø Send confirmation letters about financing arrangements
l Separate confirmation letter to verify details of financing arrangements.
c. Amount of year-end balance of the account is proved through the step-by-step examination of all changes in the account during the year
d. Misstatements may be due to improper reporting of debt, incomplete recording of debt or improper amortization
dividends paid to amounts allowed by agreements
Ø Verify authority for issuance of debt to corporate minutes
金融理论及公司政策
金融理论中的角色:家庭和企业 家庭在理论中占据特殊位置，因为 体系的最终目标是满足人们的偏好， 而且理论认为那些偏好是给定的。金 融理论以人们满足偏好的努力来解释 家庭的行为。 企业的行为是从其如何影响家庭福 利的角度来研究的。
家庭面临四种基本金融决策
• 储蓄决策：将收入的多大部分储蓄起来，以备 日后之需？（如为退休或孩子的教育准备多少 钱） • 投资决策：如何投资用于储蓄的金钱？（如投 资于股票或证券多少资金） • 融资决策：家庭在何时及如何使用他人的钱来 完成消费和投资计划？（如购买房子或汽车使 用那类贷款） • 风险管理决策：如何减少家庭面临的经济方面 的不确定性，或者说，如何减少风险？（如是 否购买伤残保险）
Recent Trends in Finance
– Information Technology
• Need for enhanced IT skills for financial managers • Information dissemination occurs at a faster pace • Transactions conducted at a faster pace • Shorter response time for managerial decisions
企业的财务决策有三个主要方面
• 融资决策（资本结构）（如资本结构种的负债和资产 的比例如何）。一旦企业决定采用哪个项目，就必须 考虑如何为其融资。与资本预算决策不同，资本结构 决策分析的基础不是个别的投资项目，而是整个企业。 制定资本结构决策的起点是为企业制定一个富有灵活 性的融资方案。一旦得到一个灵活的融资计划，便可 考虑对融资组合进行优化。 • 资本预算决策（如是否建一个新工厂生产新产品。资 本预算决策分析的基础部分是投资项目。资本预算的 过程包括明确新的投资项目的想法，对其进行评估， 决定采取那种方案，然后实施项目）
chap018Long-Term Financial Planning(公司金融原理-台湾大学,Matthew Will)
$
2,000 1,800 200 40 160 64 96 64 32
90% of sales Difference = 10% of sales 10% of debt at start of year EBIT-interest 40% of (EBIT-interest) EBIT-interest-taxes Payout ratio=2/3 Net income - dividends
Fundamentals of Corporate Finance
Fifth Edition
Chapter 18
Long-Term Financial Planning
McGraw-Hill/Irwin
Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved
McGraw-Hill/Irwin
Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved
18- 5
Financial Planning
Why Build Financial Plans? Contingency planning Considering options Forcing consistency
220 880 1,100 400 636 1,036 64
10% higher 10% higher 10% higher Temp held fixed Increased by RE Sum of debt plus equity
Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved
chap017Financial Statement Analysis(公司金融原理-台湾大学,Matthew Will)
17- 14
Market Value Ratios
Price per share = P0 Div 1 = r - g
stock price Market to book ratio = book value per share
Tobins Q =
m arket value of assets estim ated replcem ent cost
17- 12
Profitability Ratios
dividends Payout ratio = earnings
earnings - dividends Plowback ratio = earnings = 1 - payout ratio
earnings - dividends Growth in equity from plowback = earnings
Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved
17- 3
Type of Financial Ratios
Leverage ratios show how heavily the company is in debt. Liquidity ratios measure how easily the firm can lay its hands on cash. Efficiency or turnover ratios measure how productively the firm is using its assets. Profitability ratios are used to measure the firm’s return on its investments.
F4-chapter 15
ACCAInstructor: GabrielleChapter 15Capital maintenanceand dividend lawChapter Guide•Explain the doctrine of capital maintenance and capital reduction.•Explain the rules governing the distribution of dividends in both public and private companies.Capital maintenanceand dividend lawCapitalreductionDividendsAcquisition of ownshares Share repurchasePCPDistribution rules Unlawful dividendsFinancial assistance OverviewCAPM and Dividends CAPM and Dividends Dividends Dividends Capital maintenanceCapital maintenance Creditors’buffer Creditors’buffer1.1The single greatest advantage of trading through a company is the limited liability afforded to its members. In order to secure this companies face additional disclosure requirements, and have to follow the rules on capital maintenance, which prevent the members withdrawing their capital without restriction.The rules which dictate how a company is to manage and maintain its capital exist to maintain the delicate balance between the members’ enjoyment of limited liability and the creditors’ requirements that the company shall remain able to pay its debt.1.2The doctrine of capital maintenance operates through the maintenance of the creditors’ buffer. In essence this is a collection of undistributable reserves that must be maintained by the company, thereby restricting the ability of a company to return capital to its members via dividends and share repurchases.Company Y Balance Sheet at 31/12/200X Net Assets Share capital Share premium Revaluation reserve Capital redemption reserve Retained earnings Shareholders’ funds 1,0001001502001004501,000Cred’s buffer 1.Capital Maintenance1.3Creditors’ buffer•The company has suffered a loss in the value of itsassets and it reduces its capital to reflect that fact.•The company wishes to extinguish the interests ofsome members entirely.•The capital reduction is part of a complicatedarrangement of capital which may involve, for instance, replacing share capital with loan capital.Why reduce share capital?2.Capital Reductiona)Removing liability for unpaid calls on issued sharecapitalb)Paying back excess capital to shareholders, on fullypaid sharesc)Cancelling paid up share capital that has been lost 2.1The procedures under which a company may reduce its capital are stated in the CA 2006, allowing for three ways in which this can be achieved: (pls refer to BPP P283)Chapter 15 Capital maintenance and dividend law2.Capital Reductiona) A special resolution is passedb) A statement of solvency is produced within 15 days ofthe resolutionc) A copy of the solvency statement and a statement ofcapital are sent to the registrar within 15 days of the resolution2.2Per the CA 2006 private companies may reduce capital without court approval by following the procedures below:Chapter 15 Capital maintenance and dividend law2.Capital Reduction2.Capital Reduction2.3Public companies must continue to follow the established procedure which requires court approval for any reduction of capital and allows any member or creditor to object.• 3.1share repurchase(a) A market purchase(b)Off-market purchase3.2Public companies are forbidden from repurchasing shares out of capital (creditors’ buffer); however the rules for private companies are relaxed, allowing for purchases out of capital, known as Permissible Capital Payments (PCPs).Rules related to the power to declare a dividend:• The company in general meeting may declare dividends•No dividend may exceed the amount recommended by the directors who have an implied power in their discretion to set aside profits as reserves.•The directors may declare such interim dividends as their consider justified.•Dividends are normally declared payable on the paid up amount of share capital.•A dividend may be paid otherwise than in cash.•Dividends may be paid by cheque or warrant sent through the post to the shareholder at his registered address. If shares are held jointly, payment of dividend is made to the first-named joint holder on the register.4.DividendsPower to declare dividendsPrivatePublic Accumulated realised profitsAccumulated realised profits lessless Accumulated realised losses Accumulated realised losseslessAccumulated unrealised lossesChapter 15 Capital maintenance and dividend law4.Dividends4.14.2In essence therefore, a private company may only pay out itsretained earnings as a dividend; a public company must further deduct any losses it has made, but has yet to realise, such as negative revaluation reserves.4.3 Should a company make a distribution in excess of that allowed bythe rules above (i.e. out of capital) the dividend is deemedunlawful.4.4 Should directors have knowingly authorised an unlawful dividendthey will be liable to replace any such dividends personally.Where a shareholder ought to have reasonably known thedividend they received was unlawful they will be similarly liable.4.5 Should the company‘s auditors have advised on an unlawfuldividend policy they may be liable for professional negligence. Chapter 15 Capital maintenance and dividend law4.DividendsUsing the following balance sheet extracts, advise on the maximum lawful dividend that could be paid if it was from:(a) a private company(b) a public companyShare CapitalShare Premium Revaluation Reserve Capital Redemption Reserve Retained Earnings Shareholders' Funds $m 200 150 (200) 100 750 1,000Chapter 15 Capital maintenance and dividend law Lecture example 1•Profits available for distribution in a private company may be defined as•A Accumulated realised profits lessaccumulated realised losses•B Accumulated realised profits less losses for the current year•C Accumulated realised profits•D Accumulated realised profits lessaccumulated realised and unrealised lossesChapter 15 Capital maintenance and dividend lawLecture example 2Section Topic Summary1Capitalmaintenance The rules on capital maintenance restrict the ability of a company to return funds to shareholders via share repurchases and dividends.2Capitalreduction A company may reduce its capital by removing liability for unpaid calls, paying back excess capital, or cancelling lost shares. Private companies no longer require court approval for this process.3Acquisition ofown shares Share repurchases may be either on, or off-market. Private companies only may repurchase shares to a value in excess of their retained earnings via a PCP. The rules governing PCP’s are extremely strict.Chapter 15 Capital maintenance and dividend law Chapter summarySection Topic Summary4Dividends The payment of dividends in a private company are limited ineffect to its retained earnings. Public companies have tofurther restrict this amount by any unrealised accumulatedlosses they have suffered. Unlawful dividends will have torepaid by the directors, and possibly shareholders.5Financialassistance Public companies are generally forbidden fromproviding financial assistance to anyone wishing to purchase shares in the company. However number of statutory exceptions exist to the general rule of prohibition including employee share schemes and banks. Failure to comply with the law is a criminal offence.Chapter 15 Capital maintenance and dividend law Chapter summary。
Fundamentals of Corporate Finance(台湾大学,Matthew Will)
McGraw-Hill/Irwin
Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved
1- 14
Goals of The Corporation
Agency Problem Solutions 1 - Compensation plans 2 - Board of Directors 3 - Takeovers 4 - Specialist Monitoring 5 - Auditors
McGraw-Hill/Irwin
Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved
1- 10
Corporate Structure
Sole Proprietorships
Unlimited Liability Personal tax on profits
Partnerships
Limited Liability Corporations
Corporate tax on profits +
McGraw-Hill/Irwin
Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reiness
Types of Business Organizations
Sole
McGraw-Hill/Irwin
Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved
台湾大学课件—财务管理—lecture12(ch12)
©The McGraw-Hill Companies, Inc.,2001
12- 2
Topics Covered
Investment Decision vs. Financing Decision Market Efficiency
Weak form efficiency Semi-strong form efficiency Strong form efficiency
12-F1 undamentals of Corporate Finance
Third Edition
Chapter 12
Corporate Financing and the Lessons of Market Efficil
Brealey Myers Marcus
Lessons of Market Efficiency
Irwin/McGraw-Hill
©The McGraw-Hill Companies, Inc.,2001
12- 3
Investment vs. Financing
Investment decision are made based on the risk of the project, with total disregard for how the project will be financed (flotation costs being the exception).
Irwin/McGraw-Hill
©The McGraw-Hill Companies, Inc.,2001
12- 5
Market Efficiency
Efficient Capital Markets - Financial markets in which security prices rapidly reflect all relevant information about asset values.
台湾财务管理 lecture16(Dividend Policy)
Irwin/McGraw-Hill
©The McGraw-Hill Companies, Inc.,2001
16- 8
Stock Repurchase
Example - Cash dividend versus share repurchase
Assets A. Original balance sheet
Liabilities & Equity
Cash
$150,000
Other assets 850,000
Value of Firm 1,000,000
Debt
0
Equity
1,000,000
Value of Firm 1,000,000
Shares outstanding = 100,000 Price per share = $1,000,000 / 100,000 = $10
16-F1 undamentals of Corporate Finance
Third Edition
Chapter 16
Dividend Policy
Irwin/McGraw-Hill
Brealey Myers Marcus
slides by Matthew Will
©The McGraw-Hill Companies, Inc.,2001
Answer 2 mil x .50 = 1 mil + 2 mil = 3 mil shares
Irwin/McGraw-Hill
©The McGraw-Hill Companies, Inc.,2001
16- 7
Stock Dividend
Example - cont - After the stock dividend what is the new price per share and what is the new value of the firm?
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Market Value of Shares $ 1 million Outcome Operating Income Earnings per share Return on shares
McGraw-Hill/Irwin
McGraw-Hill/Irwin
Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved
15- 6
M&M (Debt Policy Doesn’t Matter)
Assumptions By issuing 1 security rather than 2, company diminishes investor choice. This does not reduce value if: Investors do not need choice, OR There are sufficient alternative securities Capital structure does not affect cash flows e.g... No taxes No bankruptcy costs No effect on management incentives
15- 4
Average Book Debt Ratios
Industry Debt Ratio Software and programming 0.06 Semiconductors 0.09 Communications equipment 0.13 Biotech 0.28 Retail 0.34 Hotels and motels 0.37 Chemical manufacturing 0.53 Airlines 0.59 Electric utilities 0.60 Real estate operations 0.62 Beverages (alcohol) 0.63 -------------------------------------- -------Average for US Companies 0.51
State of the Economy Slump $75,000 $.75 7.5% Expected 125,000 1.25 12.5% Boom 175,000 1.75 17.5%
Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved
Fundamentals of Corporate Finance
Fifth Edition
Chapter 15
Debt Policy
Slides by
Matthew Will
McGraw-Hill/Irwin
Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved
Liabilities and Stockholder’s Equity
Market value of debt Market value of equity
Value of Firm
Value of Firm
McGraw-Hill/Irwin
Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved
Outcome Earnings on one share PLUS : Interest@ 10% Net earnings on investment Return on $10 investment
McGraw-Hill/Irwin
State of the Economy Slump $0.50 $1.00 $1.50 7.5% Expected Boom 1.50 1.00 2.50 12.5% 2.50 1.00 3.50 17.5%
15- 16
C.S. & Corporate Taxes
Example - You own all the equity of Space Babies Diaper Co. The company has no debt. The company’s annual cash flow is $10,000, before interest and taxes. The corporate tax rate is 35%. You have the option to exchange part of your equity position for 6% bonds with a face value of $50,000.
Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved
15- 11
C.S. & Corporate Taxes
Operating Risk (business risk) – Risk in the firm’s operating income. Financial Risk - Risk to shareholders resulting from the use of debt. Financial Leverage - Increase in the variability of shareholder returns that comes from the use of debt. Interest Tax Shield- Tax savings resulting from deductibility of interest payments.
15- 14
MM’s Proposition II (w/riisk free debt Risky debt
Includes Bankruptcy Risk
McGraw-Hill/Irwin
D V
Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved
15- 2
Topics Covered
Debt and Value in a Tax Free Economy Capital Structure and Corporate Taxes Cost of Financial Distress Explaining Financial Choices
McGraw-Hill/Irwin
Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved
15- 3
Value and Capital Structure
Assets
Value of cash flows from firm’s real assets and operations
15- 8
M&M (Debt Policy Doesn’t Matter)
Example cont. 50% debt
Data Number of shares Price per share Market value of debt Outcome Operating Income Interest Equity earnings Earnings per share Return on shares
McGraw-Hill/Irwin
Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved
15- 7
M&M (Debt Policy Doesn’t Matter)
Example - River Cruises - All Equity Financed
McGraw-Hill/Irwin
50,000 $10 $ 500,000 State of the Economy Slump $75,000 $50,000 $25,000 $.50 5% Expected 125,000 50,000 75,000 1.50 15% Boom 175,000 50,000 125,000 2.50 25%
there are no taxes and capital markets function well, the market value of a company does not depend on its capital structure. In other words, financial managers cannot increase value by changing the mix securities used to finance the company.
Market Value of Shares $ 500,000
Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved
15- 9
M&M (Debt Policy Doesn’t Matter)
Example - River Cruises - All Equity Financed - Debt replicated by investors
McGraw-Hill/Irwin
Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved