Debt-EquityChoice企业资本结构选择PPT文档格式.ppt

Debt-EquityChoice企业资本结构选择PPT文档格式.ppt

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Debt-EquityChoicePlayingGameswithTaxesandIncentivesTypesofDebtFinancing1.Bankloans2.Leases3.CommercialPaper4.CorporateBondsBankLoansLineofcreditAnarrangementbetweenabankandafirmthatrequiresthebanktoquoteaninterestrate,typicallyforashort-termloan,whenthefirmrequeststheloan.Thebankauthorizesthemaximumloanamountwhensettingupthelineofcredit.LoancommitmentAnarrangementthatrequiresabanktolenduptoamaximumprespecifiedloanamountataprespecifiedinterestrateatthefirmsrequestaslongasthefirmmeetstherequirementsestablishedwhenthecommitmentwasdrawnup.Therearetwotypesofloancommitments:

@#@Revolver,inwhichfundsflowbackandforthbetweenthebankandthefirmwithoutanypredeterminedschedule.Fundsaredrawnfromtherevolverwheneverthefirmwantsthem,uptothemaximumamountspecified.Theymaybesubjecttoanannualcleanupinwhichthefirmmustretireallborrowings.Nonrevolvingloancommitmentinwhichthefirmmaynotpaydowntheloanandthensubsequentlyincreasetheamountofborrowing.LeasesAdebtinstrumentinwhichtheownerofanasset,thelessor,givestherighttousetheassettoanotherparty,thelessee,inreturnforasetofcontractuallyfixedpayments.Operatinglease:

@#@Anagreement,usuallyshortterm,allowingthelesseetoretaintherighttocanceltheleaseandreturntheassettothelessor.Financiallease（orcapitallease）:

@#@Anagreementthatgenerallyextendsoverthelifeoftheassetandindicatesthatthelesseecannotreturntheassetexceptwithsubstantialpenalties.Leveragedlease（assetpurchasefinancedbyathirdparty）,Directlease（assetpurchasefinancedbythemanufactureroftheasset）,andSaleandleaseback（assetpurchasedfromthelesseebythelessor）.CommercialPaperCommercialpaperisacontractbywhichaborrowerpromisestopayaprespecifiedamounttothelenderofthecommercialpaperatsomedateinthefuture,usuallyonetosixmonths.Thisprespecifiedamountisgenerallypaidoffbyissuingnewcommercialpaper（rollover）.Typicallyonlyavailabletoverylargecompanieswithveryhighcreditratings.Thesecontractsaretypicallytradedinpublicmarketsandcarryverylowinterestrates.CorporateBondsBondsaretradablefixed-incomesecurities.Alwayshaveafaceamountof$1,000.Nearlyalwayshavesemi-annualcouponpayments.Couponrateequalsthesumofthetwosemi-annualpaymentsdividedby1,000.Ifthecouponrateis6%thebondpays$30everysixmonths.The6%represents（30+30）/1000.Generallyissuedatwithacouponratesothatthebondsellsfor$1,000intheopenmarket.Thisisknownassellingat“par.”Theinitialcouponrateistypicallysetbythesyndicatedeskoftheinvestmentbank,whichissuesthebondstoits（largelyinstitutional）clients.DecipheringBondQuotesBondpricesarequotedper$100offacevalue（thatis1/10thoftheirtruevalue）.Abondsellsforparifitsquotedpriceis100.Abondsellsatapremiumifitsquotedpriceisabove100.Abondsellsatadiscountifitsquotedpriceisbelow100.QuotesandAccruedInterestBondpricesarequotednetofaccruedinterest.Accruedinterestistheamountofinterestthecurrentownerhas“accrued”sincethelastcouponpayment.Iftheaccruedinterestonabondis$4,andthequoteis$98,thenitwillcostyou$102per$100offaceamountyoubuy.Inotherwordsasinglebondwillrunyou$1,020.CalculatingAccruedInterestCorporatebondsaccrueinterestona30day/360dayyearrate.Why?

@#@Becauseithasalwaysbeenso.Actually,duetothefactthatbondshavebeenaroundalotlongerthanthecalculator.Goaheadtrytodividedsay6.25by365andthenmultiplyby14byhand.AccruedInterestCalculationFormulaCouponpaymentof$C.Lastpaymentatdatet0.Todayisdatet.AccruedInterest=C（t-t0）/180.Notethathalfayearhasonly180days!

@#@WhatAboutthe5or6“Extra”Days?

@#@Soyounoticedayearhasmorethan360days.Whattodo?

@#@Sinceallmonthsareassumedtohave30daysthismeansthattheaccruedinterestonAugust31andSeptember1willbethesame.Example:

@#@BondpayscouponsonJanuary15andJuly15.OnMarch15twomonthshavepassedandtheaccruedinterestequalsC（60/180）.EvenFebruaryisassumedtohave30days!

@#@OnMarch31theaccruedinterestisC（75/180）andonApril1itisC（75/180）.SecondaryMarketinCorporateBondsThesecondarymarketforcorporatedebtislargelyabroker-dealermarket.Secondarymarketmakersofftobuyandsellparticularbonds.Quotedpricesarebetterthoughtofas“ads”sayingadealerishereandreadytotradethebond.Togetapriceatwhichyoucantradeyouneedtoactuallycallthemarketmaker.Yes,asinpickupatelephoneandcall.Afewcorporatebondsarealsotradedonexchanges（seetheNewYorkBondExchangelistingintheWSJ）.Butthemarketislimitedtoverysmallretailorders,generallyof10bondsorless.Mostcorporatebondsarenotactivelytradedanywhere.BondCovenantsEquityholders