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Lecture 6 Equity - additional

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Preferred dividends
GOING PUBLIC
IPO – process of selling stock to the public for the first time time.
Advantages
Liquidity Access t Capital A to C it l Owners more widely dispersed Legal, statutory requirements Primary
Corporate investors
Often invest in private companies for companies for strategic purposes Mature companies – p preferential dividends and seniority in liquidation
INITIAL PUBLIC OFFERING
Winners Curse Example
If one issue/month: 1.1512 1 = 4.35% Thomson, underwriters, guarantee–customers a piece of every IPO it is involved in. On each deal you must commit When oversubscribed 16 orders for every 1 oversubscribed, to buying 2000 shares shares. Assume issue price $15, and an allocation rationed If a deal is oversubscribed, you get request 2000 shares 2000/16 = 125 in proportion to the oversubscription. 80% of the time deals are over-subscribed. 20%(125) x to decline On average, price tends$15/sh = $375 by 5% on the first day. Based on these statistics, what is the average -5%(2000) x $15/sh = -$1500 underpricing of a Thompson IPO? .8(375) + .2( 1500) = $0 8(375) 2(-1500) Av first day return = .8(20%) + .2( 5%) = 15% 8(20%) 2(-5%)
Alternative Forms/Sources of Equity q y
[1] Public company Jensen and Meckling – agency theory conflict of interest [2] Private Equity
Define corporate finance narrowly Define corporate finance narrowly or broadly? We want to be able to recognise the limitations of the listed company and maximisation of d f shareholder wealth as the primary goal. Internal capital markets ‐ conglomerates
short position by repurchasing the greenshoe allotment in the aftermarket, supporting the ll t t i th ft k t ti th price.
INITIAL PUBLIC OFFERING
IPO PUZZLES First Day IPO Returns Fi D R Underpricing • set the issue price so When IPO goes well – demand that first day returns are exceeds supply allocation rationed. exceeds supply – allocation rationed. positive (av 18%) (av. When IPO goes poorly – demand weak • pre-IPO shareholders – initial orders filled completely. bear the cost • although IPO returns are attractive, all investors cannot earn these returns You win when demand low and IPO • Winners curse more likely to do poorly
g Pricing the Deal • Spread Greenshoe: an option that allows the underwriter underwriter exposed to • With a firm commitment – to issue more stock, usually amounting to 15% of shares at less than the offer the risk that have to sell the original offer size, at the IPO offer price. price and take a loss. [Only 9% experience decrease] • Over-allotment allocation (Greenshoe provision) If issue a success, underwriter exercises the If issue a success, underwriter exercises the • Why d U d greenshoe often short-sell the greenshoe Wh do Underwriters option, covering its short position. it s ft sh t s ll th sh allotment? If issue not a success, underwriter covers Lockup [restricts shareholders from selling for x days]
[3] Government Equity ownership of infrasructure - monopoly privatisation What design of the organisation will provide bail outs
access to best sources of t b t f funds and to best investment choices.
The underwriter guarantees that it will sell Secondary all of the stock at the offer price
Dis‐advantages
For smaller IPOs, a situation in which the situation in which the underwriter does not Types of offeringsguarantee that the stock Underwriter will be sold, but instead tries to sell the stock for ti t ll th t k f The underwriter in an the best possible price auction IPO takes bids from investors and then sets the investors and then sets the price that clears the market.
INITIAL Company’s senior management and its PUBLIC OFFERING
Valuation • Roadshow • Bookbuilding B kb ildi
underwriters travel around promoting the company and explaining their rationale for an offer price coming up with an offer price based on customers’ expressions b d ’ of interest The fee a company pays to its and underwriters that is a percentage of the Managing Risk g g issue price of a share of stock i i f h f k
Best efforts Firm commitment Auction IPO
INITIAL PUBLIC OFFERING
The M h i Th Mechanics of an IPO f Lead underwriter group of underwriters Syndicate Prospectus
GOING PUBLIC
A private company seeks outside capital for growth Individual investors How will this effect control of the company? who buy equity in

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注会6科加分常用英语

注会6科加分常用英语


39. Capital surplus 资本溢价 40. Surplus reserves 盈余公积 41. Undistributed profit 未分配利润 42. Owner’s equity 所有者权益 43. Comprehensive income 综合收益 44. Other comprehensive income其他综合收益 Difference on translation of foreign currency financial statements 外币报表 折算差 45. retained earnings (accumulated deficit)未分配利润(或累积亏损) 46. net income or loss for current period 本期损益 47. unrealized loss on market value decline of long-term equity investments 长 期股权投资跌价损失 48. repair(s) and maintenance (expense )修理维护费 49. manufacturing overhead-outsourced委托加工费 50. advertisement expense, advertisement广告费 51. general and administrative expenses管理费用 52. research and development expense 研发费用 53. other general and administrative expenses其他管理及总务费用 54. other research and development expenses 其他研究发展费用 55. non-operating income (revenue) and expenses, other income(expense)营业外收入 及费用 56. investment income recognized under equity method 权益法下核算的投资收益 57. gain on market price recovery of short-term investment 短期投资市价转回所得 58. gain from price recovery of inventory 存货跌价回升利益 59. other non-operating revenue-other items 其他营业外收入-其他 60. investment loss recognized under equity method权益法下核算的投资损失 61. unrealized loss on reduction of short-term investments to market 短期投资未 实现跌价损失 62. loss on disposal of investments 处分投资损失 63. loss for market price decline and obsolete and slow-moving inventories 存 货跌价及呆滞损失 64. other non-operating expenses-other其他营业外支出-其他 65. income tax expense (or benefit) 所得税费用(或利益) 66. assets 资产 67. current assets 流动资产 68. cash on hand 库存现金 69. cash at banks 银行存款 70. cash in transit 在途现金 71. short-term investment 短期投资 72. short-term investments-stocks 短期投资-股票 73. short-term investments-other短期投资-其他 74. notes receivable 应收票据 75. discounted notes receivable 应收票据贴现 76. other notes receivable 其他应收票据
2015公司理财(双语)-知识重点

2015公司理财(双语)-知识重点

第一篇价值第一章公司理财导论1.公司理财是对以下三个问题的研究：1) 资本预算（Capital Budgeting）：长期资产的投资和管理2) 资本结构（Capital Structure）：公司短期及长期负债与所有者权益的比例3) 净营运资本（Net Working Capital）：现金流量的短期管理（流动资产–流动负债）2.财务管理目标：最大化现有股票的每股价值（最大化现有所有者权益的市场价值）。

因此，可以把公司理财定义为研究企业决策和企业股票价值的关系。

第二章会计报表与现金流量1.财务现金流量（FCFF 企业自由现金流、资产的现金流）= 经营性现金流量–资本性支出–净营运资本的增加= 折旧资本性支出净营运资本的增加其中：经营性现金流量= 折旧= 营业收入营业支出折旧资本性支出= 购入的固定资产–卖出的规定资产= 期末固定资产净额–期初固定资产净额+ 折旧净营运资本的增加= 期末净营运资本–期初净营运资本（用current asset）注：EBIT = 销售收入–销售成本–销售费用、一般费用及管理费用–折旧+ 其他利润这里，可以看出NOPAT = NOPLAT2.计算项目的现金流：看第六章。

3.会计现金流量表= 经营活动产生的现金流量+ 投资活动产生的现金流量+ 筹资活动产生的现金流量第三章 财务报表分析与财务模型1. 盈余的度量指标：1 ) Net Income: 净利润 = 总收入 – 总支出 2) EPS: 每股收益 = 净利润/发行在外的总股份数3) EBIT: 息税前利润 = 经营活动总收入 – 经营活动总成本= 净利润 + 财务费用 + 所得税（可排除资本结构（利息支出）和税收的影响） 4) EBITDA: 息税及折旧和摊销前利润 = EBIT + 折旧和摊销 2. 财务比率分析 看Excel 表格总结3.偿债能力比率分析 a) 短期偿债能力分析i.流动比率ii. 速动比率iii. 现金比率b) 长期偿债能力分析i.资产负债率ii.利息保障倍数（TIE ）iii.产权比率iv.强制性现金支付比率4. 如果ROE 不太令人满意，可以从杜邦恒等式（Du Pont Identity ）中看出要从哪里寻找原因。

CPA 注册会计师 会计 讲义 会计英语 第五章 股份支付

CPA 注册会计师 会计 讲义 会计英语 第五章 股份支付

2019年注册会计师考试辅导会计英语第五章股份支付随着各公司股权激励机制的推行，股份支付的会计处理成为近年考试的热点。

从历年专业阶段考试情况来看，主要会考查两种股份支付方式下对报表项目的影响，具有一定的综合性。

在复习时应重点把握权益结算的股份支付和现金结算的股份支付以及集团内股份支付的处理。

I. 权益结算的股份支付的确认和计量Recognition and Measurement of Equity-settled Share-based Payments以权益结算的股份支付换取职工提供服务的，应当以授予职工权益工具的公允价值计量。

The equity-settled share-based payment in return for employee services shall be measured at the fair value of the equity instruments granted to the employees.II. 现金结算的股份支付的确认和计量Recognition and Measurement of Cash-settled Share-based Payment以现金结算的股份支付，应当按照企业承担的以股份或其他权益工具为基础计算确定的负债的公允价值计量。

A cash-settled share-based payment shall be measured in accordance with the fair value of liability assumed by the enterprise which is calculated and recognized based on the shares or other equity instruments.III. 集团股份支付的处理Accounting Treatment of Group Share-based Payments企业集团（由母公司和其全部子公司构成）内发生的股份支付交易，应当按照以下规定进行会计处理：Share-based payment transactions which occur within the group （parent company and all its subsidiaries） should follow the accounting treatments below:（一）结算企业以其本身权益工具结算的，应当将该股份支付交易作为权益结算的股份支付处理；除此之外，应当作为现金结算的股份支付处理。

FRM_06

FRM_06


Implementation risk is the risk of errors resulting from the implementation of the model
VAR does not tell the investor the how much may actual lose over a given period. It only offer a probability about the maximum value can lose in a given period.
long-dated over-the-counter equity derivatives.
18
Approximate of 10-day VaR from Daily VaR
19
Two Steps in Calculating VaR
1. First, derive the forward distribution of the portfolio, or the returns on the portfolio, at the chosen time horizon. (or, equivalently, the distribution of the changes in the value of the portfolio)
The VaR for the portfolio with a six month time horizon and a 99% confidence level is $21.3 million.
4
Example 1
All outcomes between a loss of $50 million and a gain of $50 million are equally likely for a one-year project