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Chapter 9 長期融資概論. 學習重點. 了解公司的募資管道及籌資過程 熟悉股票首次公開發行的種類、機制及銷售方式 介紹再次發行所使用的現金增資及私募的情形 了解公司債的重要契約及條件 說明公司債評等機構與評價方式. 私人公司資金的來源. 創業企業家本身或其家族的資金 外部籌措資金 天使投資人 創業投資公司 機構投資人 公司投資人. 天使投資人 (Angel Investors). 又稱為個別投資人 一間剛成立的私人公司,通常第一筆外部的資金來源很有可能是來自於天使投資人 可能是創業企業家的好朋友、家族親戚等 - PowerPoint PPT Presentation
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*Chapter 9
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(Angel Investors) *
(Venture Capital Firms) (Limited Partner) (General Partner) 199820061600 *
(Institutional Investors) (Pension Funds)(Endowment Funds) *
(Corporate Investors) *
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200320020052005000.4A20051.550AA *
5001.575090.9%A501.5759.1%550825100%
75090.9%750(Pre-Money Valuation)825(Post-Money Valuation) *
200620072008604075
20087.6 *
2005A501.5752006B602.51502007C406.42562008D757.6570
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(Initial Public Offering) (Initial Public Offering, IPO) IPO IPO(Best-Effort)(Firm Commitment)(Auction) *
(Primary Offering)(Secondary Offering)IPOIPO*
(Best-Effort) IPO(Underwriter) IPOIPO IPO IPOIPO IPOIPO*
(Firm Commitment) IPO IPO(Offer Price) IPO *
(Auction) IPO IPO200
9 *
()1020209.51001209802008.51203208105425
IPO IPO(Syndicate) (Leader Underwriter)IPO
IPO
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IPO E.g.A4,000200AIPOA *
IPO
A500A19.82003,960A7.92(=3,960/500) AA1.074,0004,2808.56(4,280/500) A7~9 *
(P/E Ratio)B16.81.5C22.40.8D20.20.919.81.07
IPO(Road Show)IPO *
(Seasoned Security Offering) (Private Placement) *
(SEO)IPO(Seasoned Security OfferingSEO) IPO (Cash Offer) (Rights Offer)
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SEO SEO *
(Private Placement) *
(Indenture)(Sinking Funds)
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(Face Value)1,00010 (Bearer Bonds) (Registered Bonds)
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(Bond Certificate)
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(Unsecured Debt) (Secured Debt) *
(Mortgage Bonds)()(Debentures)(Asset-backed Bonds)()
(Seniority) (Subordinated Debenture)(Senior Debt)
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(Protective Covenant) (Positive Covenant)(Negative Covenant) *
MoodysStandard & Poors MoodysStandard and Poors *
(Investment Grade Debt) *
MoodysS&Ps
AaaAAAAaAAAAAAAAAAABaaBBB
(Junk Bonds) *
BaBBBBCaaCCCCaCCCC, DD
MoodysS&Ps
BBBa(High-Yield Bonds)(Speculative Bonds)
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