复件 花旗培训_

EquityFinancing06/08/94EquityFinancingWarningThisworkbookistheproductof,andcopy-rightedby,CitibankN.A.ItissolelyfortheinternaluseofCitibank,N.A.,andmaynotbeusedforanyotherpurpose.Itisunlawfultoreproducethecontentsofthesematerials,inwholeorinpart,byanymethod,printed,electronic,orotherwise;ortodisseminateorsellthesamewithoutthepriorwrittenconsentoftheProfessionalDevelopmentCenterofLatinAmericaGlobalFinanceandtheCiti-bankAsiaPacificBankingInstitute.Pleasesignyournameinthespacebelow.TableofContentsv.06/08/94ver.1.001/10/00TABLEOFCONTENTSIntroduction:EquityFinancingCourseOverview.............................................................................vCourseObjectives...........................................................................viTheWorkbook...............................................................................viiUnit1:FundamentalsofEquityIntroduction...................................................................................1-1UnitObjectives..............................................................................1-1WhatIsEquity?.............................................................................1-1TypesofEquity.............................................................................1-2CommonStock..................................................................1-2PreferredStock..................................................................1-3EquityMarkets..............................................................................1-5U.S.EquityMarkets............................................................1-6NationalMarkets......................................................1-6RegionalMarkets.....................................................1-7OtherEquityMarkets..........................................................1-8EquityMarketTransactions................................................1-8InitialPublicOffering(IPO)......................................1-8SeasonedOffering...................................................1-8Investor-to-investorTransactions............................1-9TypesofEquitySecurities..................................................1-9RegisteredShares...................................................1-9BearerShares.......................................................1-10DepositoryReceipts...............................................1-10PurchasersofEquitySecurities.......................................1-11UnitSummary.............................................................................1-12ProgressCheck1........................................................................1-15iiTABLEOFCONTENTSVer.1.0v.06/08/9401/10/00Unit2:IssuingEquitySecuritiesIntroduction...................................................................................2-1UnitObjectives..............................................................................2-1PublicPlacement..........................................................................2-1InitialPublicOffering..........................................................2-2FirmCommitmentOffering......................................2-2BestEffortsOffering................................................2-5OtherOfferings........................................................2-6PricinganIPO.........................................................2-7SeasonedOfferings...........................................................2-8GeneralCashOffering.............................................2-9RightsOffering.......................................................2-13PrivatePlacement.......................................................................2-16UnitSummary.............................................................................2-17ProgressCheck2........................................................................2-21Unit3:ValuingEquitySecuritiesIntroduction...................................................................................3-1UnitObjectives..............................................................................3-1CommonEquity............................................................................3-1RatioValuation...................................................................3-2Price/EarningsRatio..............................................3-3Market/BookRatio.................................................3-4DividendValuation...................................................3-5OtherPrice-to-characteristicsRatios.......................3-6RelativeValuation..............................................................3-7LiquidationValue.....................................................3-7Asset-basedValuation.............................................3-8DiscountedCashFlowValuation.......................................3-8ForecastCashFlows...............................................3-9EstimateCostofCapital........................................3-11TABLEOFCONTENTSiiiv.06/08/94ver.1.001/10/00Unit3:ValuingEquitySecurities(Continue