Debt-EquityChoice企业资本结构选择.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