金融市场与金融机构 第九章

1PartIVFinancialMarketsChapter9TheStockMarket2WhyFirmsBorrowToacquirenewassetsorreplaceexistingassetsThesecanbefinancedbyinternalfinancing(fromretainedearnings)externalfinancing(debtorequityissue)Questions3CapitalMarketsOriginalmaturityisgreaterthanoneyear.Bestknowncapitalmarketsecurities:StocksandBondsPrimaryissuersofsecurities:FederalandLocalGovernmentsCorporationsLargestpurchasersofsecurities:Households4Ourgoalinthischapteristogeta“bigpicture”overviewofwhoownsstocks,howastockexchangeworks,andhowtoreadandunderstandthestockmarketinformationreportedinthefinancialpress.ChapterPreviewGoal5ChapterOutline1.InvestinginStocks2.ComputingthePriceofCommonStock3.StockMarketIndexes6StocksRepresentsownershipinafirmEarnareturnintwowaysAppreciation/Depreciation–thepriceofthestockrises/fallsovertimeCashFlows-dividendsarepaidtothestockholderperiodically7深圳发展银行股份有限公司历年分配情况表（1，2）（单位：股、元）持有股数送股配股现金红利投资额分配方案88年10050070200010送5派7元89年15075750300010送5配5，配股价40元/股90年6000300060002136拆细，1拆20，后10送配1，配股价3.56元/股，91年96003840288003456010送4配3，股价12元/股92年163201387204896010送8.5派393年30192150963019150964830410送5派5配1配股价16元/股94年4830796614831144922415510送2派3配1配股价5元/股95年627996279900010送1096年12559862799025120010送5派297年1883970000不分配98年1883970000不分配99年18839700113038010派6元00年24491656519045215210配3，配股价8元∕股01年0002年00合计244916172712566307Example820010年3月19日因实施10转增10股而出现向下的大缺口，但这并不意味着股价的下跌除权大缺口Example9宣布日登记日除权除息日支付日例:某上市公司3月8日公布上年度分红方案:在3月8日公司召开的股东大会上,通过了董事会关于每股普通股分派股息1元的年度分红方案.所有在3月18日前持有本公司股票的股东如将在3月17日登记都将获得这一股利.股利将在4月4日发放.在本例中,3月8日即是股利的宣布日登记日就是3月17日3月18日就是除权除息日,在这天之后购入股票的投资者就不能获得股利,如果市场有效,股票价格会在这日下跌4月4日是股利的支付日除息和除权10除权:在年度分红派息时,如果是送红股或者是配股,称为除权.大盘显示:XRxxx除息:在年度分红派息时,如果是分现金,称为除息.大盘显示:DRxxx除权除息:在年度分红派息时,如果是既送红股或者是配股又分现金,称为除权除息.大盘显示:XDxxx.除息和除权11某股票股权登记日的收盘价是24.75元，每10股送3股，即每股送红股数为0.3，则次日除权报价为：pC=1+RspC-1Example24.75÷（1＋0.3）=19.04（元）12某股票股权登记日的收盘价为18.00元，10股配3股，即每股配股数为0.3，配股价为每股6.00元，则次日除权价为：（18.00＋6.00×0.3）÷（1＋0.3）=15.23（元）pC=1+RppC-1+Pp*RpExample13某股票股权登记日的收盘价为20.35元，送1股，配2股，配股价为5.50元/股，即每股送0.1股，配0.2股，则次日除权价为：（20.35＋5.50×0.2）÷（1＋0.1＋0.2）＝16.5（元）pC=1+Rs+RppC-1+Pp*RpExample14某股票股权登记日的收盘价为20.35元，每10股派发现金红利4.00元，送1股，配2股，配股价为5.50元/股，即每股分红0.4元，送0.1股，配0.2股，则次日除权除息价为：pC=1+Rs+RppC-1+Pp*Rp-e（20.35－0.4＋5.50×0.2）÷（1＋0.1＋0.2）＝16.19（元）Example15Commonstockvs.PreferredstockThefundamentalownershipclaiminapubliccorporationAhybridsecuritythathascharacteristicsofbothbondsandcommonstock16CharacteristicsofCommonStockDividendsVotingRightsResidualClaimLimitedLiability17CharacteristicsofPreferredStockSimilartocommonstockinthatitrepresentsanownershipinterestbut,likebonds,paysafixedperiodicdividendSeniortocommonstockbutjuniortobondsGenerallydonothavevotingrights18BluechipAstockBstockNstockHstock19PrimaryandSecondaryMarketsOverviewPrimaryMarketfirmcanraiseequitycapitalinitsinitialpublicoffering(IPO)firmcanraiseequitycapitalinasubsequentseasonedequityoffering(SEO)SecondaryMarketstradingofsharesamonginvestors20发行者证交所证券商投资者承销商流通市场发行市场（初级发行、再发行）（交易市场、二级市场）证券投资咨询机构证券评级机构证券结算登记机构会计师事务所资产评估事务所律师事务所自律性组织21PublicIssue公募--Saleofbondsorstocktothegeneralpublic.Thedominantprivateplacementlenderinthisgroupisthelife-insurancecategory(pensionfundsandbanktrustdepartmentsareveryactiveaswell).PublicIssuevs.PrivateIssuePrivatePlacement私募--Thesaleofanentireissueofunregisteredsecurities(usuallybonds)directlytoonepurchaseroragroupofpurchasers(usuallyfinancialintermediaries).PrimaryMarket22Initialpublicofferings(IPOs)First-timeofferingofsharestothepublicFirmmustprovideinformationtopublicRegistrationstatementtoSECProspectusFirmisassistedbyaninvestmentbankerPerformanceofIPOsPricegenerallyrisesonfirstdayLonger-termperformanceofIPOsispoorPublicIssue承销(purchasesatafixedpriceonafixeddate)newsecuritiesforresale.InvestmentBankerStocksStocksIssuingInvestmentInvestorsCorporationBankFundsFundsfirmcommitmentunderwritingorbesteffortsunderwriting代销25Ifthesecurityissuedoesnotsellwell,eitherbecauseofanadverseturninthemarketorbecauseitisoverpriced,theunderwriter,notthecompany,takestheloss.Underwriting--firmcommitmentunderwriting.UnderwritingSyndicate承销团--Atemporarycombinationofinvestmentbankingfirmsformedtosellanewsecurityissue.26BestEffortsOffering--Asecurityofferinginwhichtheinvestmentbankersagreetouseonlytheirbesteffortstoselltheissuer’ssecurities.Theinvestmentbankersdonotcommittopurchaseanyunsoldsecurities.27SecondaryMarketsOrganizedexchangesLargesU.S.ExchangeistheNYSEOthersincludeNikkei,LSE,DAX,etc.ListingrequirementsexcludesmallfirmsMustownaseatonexchangeinordertotradeTradingresemblesanauctionOver-the-countermarketsBestexampleisNASDAQDealersstandreadytomakeamarketNotradingfloororspecificlocationTelecommunicationsnetwork28按照组织程度将证券流通市场分为场内交易市场和场外交易市场。国外还有第三市场、第四市场。交易所场外交易市场第三市场第四市场（场内交易市场）SecondaryMarkets