金融市场与金融机构 第九章
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17
A stock Blue chip
B stock
N stock
H stock
18
Primary and Secondary Markets Overview
Primary Market
firm can raise equity capital in its initial public offering (IPO)
4
Chapter Outline
1. Investing in Stocks 2. Computing the Price of Common
Stock
3. Stock Market Indexes
5
Stocks
Represents ownership in a firm Earn a return in two ways
Exam7 ple
20010年3月19日因实施
10转增10股而出现向下
Example
的大缺口，但这并不意 味着股价的下跌
除权大缺口
8
除息和除权
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
9
除息和除权
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
Stocks and Bonds
Primary issuers of securities:
Federal and Local Governments Corporations
Largest purchasers of securities: Households
3
Chapter Preview
Goal Our goal in this chapter is to get a “big picture” overview of who owns stocks, how a stock exchange works, and how to read and understand the stock market information reported in the financial press.
Appreciation/Depreciation – the price of the stock rises/falls over time
Cash Flows - dividends are paid to the stockholder periodically
6
深圳发展银行股份有限公司历年分配情况
22
Public Issue
Securities are sold to hundreds, and often thousands, of investors under a formal contract overseen by federal and state regulatory authorities. When a company issues securities to the general public, it is usually uses the services of an investment banker.
Registration statement to SEC Prospectus Firm is assisted by an investment banker
Performance of IPOs
Price generally rises on first day Longer-term performance of IPOs is poor
（20.35－0.4＋5.50×0.2）÷ （1＋0.1＋0.2）＝16.19（元）
pC-1+Pp*Rp-e pC=
1+Rs+Rp 14
Common stock vs. Preferred stock
The fundamental ownership claim in a public corporation
（20.35＋5.50×0.2）÷（1＋ 0.1＋0.2）＝16.5（元）
pC-1+Pp*Rp
pC=
1+Rs+Rp
13
Example
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：
internal financing (from retained earnings)
external financing (debt or equity issue)
2
Capital Markets
Original maturity is greater than one year. Best known capital market securities:
流通市场
（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
发行市场
（初级发行、再发行）
20
Primary Market Public Issue vs. Private Issue
PublTichIessduoem公inant 募-p- rSiavlaeteofplacement bolennddseorrin this group stocisktthoetlhifee-insurance gceanteergaolry (pension pfuubnldics.and bank trust departments are
very active as well).
Private Placement私募-The sale of an entire issue of unregistered securities (usually bonds) directly to one purchaser or a group of purchasers (usually financial intermediaries).
Funds
Investment Bank
Stocks Funds
Investors
firm commitment underwriting or best efforts
underwriting代销
24
Underwriting -- firm commitment underwriting.
If the security issue does not sell well, either because of an adverse turn in the market or because it is overpriced, the underwriter, not the company, takes the loss.
源自文库
A hybrid security that has characteristics of both bonds and common stock
15
Characteristics of Common Stock
Dividends Residual Claim
Limited Liability
Voting Rights
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.
10
Example
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：
24.75÷（1＋0.3）=19.04（元）
pC-1 pC=
1+Rs
11
Example
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+Pp*Rp pC=
1+Rp
12
Example
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：
Underwriting Syndicate承销团 -- A temporary combination of investment banking firms formed to sell a new security issue.
16
Characteristics of Preferred Stock
Similar to common stock in that it represents an ownership interest but, like bonds, pays a fixed periodic dividend Senior to common stock but junior to bonds Generally do not have voting rights
Part IV Financial Markets
Chapter 9 The Stock Market
1
Questions
Why Firms Borrow
To acquire new assets or replace existing assets
These can be financed by
21
Public Issue
http://www.h oovers.com
Initial public offerings (IPOs)
First-time offering of shares to the public Firm must provide information to public
23
Investment Banker
A financial institution
that underwrites 承销(purchases at a fixed
price on a fixed date) new securities for resale.
Issuing
Stocks
Corporation
firm can raise equity capital in a subsequent seasoned equity offering (SEO)
Secondary Markets
trading of shares among investors
19
证交所 证券商 投资者 承销商 发行者
34560 0 48304 24155 0 0 0 0 0 452152 0 0 566307
（单位：股、元）
分配方案 10 送 5 派 7 元 10 送 5 配 5，配股价 40 元/股 拆细，1 拆 20，后 10 送配 1， 配股价 3.56 元/股， 10 送 4 配 3，股价 12 元/股 10 送 8.5 派 3 10 送 5 派 5 配 1 配股价 16 元/股 10 送 2 派 3 配 1 配股价 5 元/股 10 送 10 10 送 5 派 2 不分配 不分配 10 派 6 元 10 配 3，配股价 8 元∕股
9600 16320 30192 48307 62799 125598 188397 188397 188397 244916
244916
3840 13872 15096 9661 62799 62799 0 0 0
2880 0 3019 4831 0 0 0 0 0 56519
0 4896 15096 14492 0 25120 0 0 113038 0 0 0 172712
表（1，2）
88 年 89 年 90 年
持有股数 100 150 6000
送股 50 75 3000
配股 0 75 600
现金红利 70 0 0
投资额 2000 3000 2136
91 年 92 年 93 年 94 年 95 年 96 年 97 年 98 年 99 年 00 年 01 年 02 年 合计
A stock Blue chip
B stock
N stock
H stock
18
Primary and Secondary Markets Overview
Primary Market
firm can raise equity capital in its initial public offering (IPO)
4
Chapter Outline
1. Investing in Stocks 2. Computing the Price of Common
Stock
3. Stock Market Indexes
5
Stocks
Represents ownership in a firm Earn a return in two ways
Exam7 ple
20010年3月19日因实施
10转增10股而出现向下
Example
的大缺口，但这并不意 味着股价的下跌
除权大缺口
8
除息和除权
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
9
除息和除权
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
Stocks and Bonds
Primary issuers of securities:
Federal and Local Governments Corporations
Largest purchasers of securities: Households
3
Chapter Preview
Goal Our goal in this chapter is to get a “big picture” overview of who owns stocks, how a stock exchange works, and how to read and understand the stock market information reported in the financial press.
Appreciation/Depreciation – the price of the stock rises/falls over time
Cash Flows - dividends are paid to the stockholder periodically
6
深圳发展银行股份有限公司历年分配情况
22
Public Issue
Securities are sold to hundreds, and often thousands, of investors under a formal contract overseen by federal and state regulatory authorities. When a company issues securities to the general public, it is usually uses the services of an investment banker.
Registration statement to SEC Prospectus Firm is assisted by an investment banker
Performance of IPOs
Price generally rises on first day Longer-term performance of IPOs is poor
（20.35－0.4＋5.50×0.2）÷ （1＋0.1＋0.2）＝16.19（元）
pC-1+Pp*Rp-e pC=
1+Rs+Rp 14
Common stock vs. Preferred stock
The fundamental ownership claim in a public corporation
（20.35＋5.50×0.2）÷（1＋ 0.1＋0.2）＝16.5（元）
pC-1+Pp*Rp
pC=
1+Rs+Rp
13
Example
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：
internal financing (from retained earnings)
external financing (debt or equity issue)
2
Capital Markets
Original maturity is greater than one year. Best known capital market securities:
流通市场
（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
发行市场
（初级发行、再发行）
20
Primary Market Public Issue vs. Private Issue
PublTichIessduoem公inant 募-p- rSiavlaeteofplacement bolennddseorrin this group stocisktthoetlhifee-insurance gceanteergaolry (pension pfuubnldics.and bank trust departments are
very active as well).
Private Placement私募-The sale of an entire issue of unregistered securities (usually bonds) directly to one purchaser or a group of purchasers (usually financial intermediaries).
Funds
Investment Bank
Stocks Funds
Investors
firm commitment underwriting or best efforts
underwriting代销
24
Underwriting -- firm commitment underwriting.
If the security issue does not sell well, either because of an adverse turn in the market or because it is overpriced, the underwriter, not the company, takes the loss.
源自文库
A hybrid security that has characteristics of both bonds and common stock
15
Characteristics of Common Stock
Dividends Residual Claim
Limited Liability
Voting Rights
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.
10
Example
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：
24.75÷（1＋0.3）=19.04（元）
pC-1 pC=
1+Rs
11
Example
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+Pp*Rp pC=
1+Rp
12
Example
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：
Underwriting Syndicate承销团 -- A temporary combination of investment banking firms formed to sell a new security issue.
16
Characteristics of Preferred Stock
Similar to common stock in that it represents an ownership interest but, like bonds, pays a fixed periodic dividend Senior to common stock but junior to bonds Generally do not have voting rights
Part IV Financial Markets
Chapter 9 The Stock Market
1
Questions
Why Firms Borrow
To acquire new assets or replace existing assets
These can be financed by
21
Public Issue
http://www.h oovers.com
Initial public offerings (IPOs)
First-time offering of shares to the public Firm must provide information to public
23
Investment Banker
A financial institution
that underwrites 承销(purchases at a fixed
price on a fixed date) new securities for resale.
Issuing
Stocks
Corporation
firm can raise equity capital in a subsequent seasoned equity offering (SEO)
Secondary Markets
trading of shares among investors
19
证交所 证券商 投资者 承销商 发行者
34560 0 48304 24155 0 0 0 0 0 452152 0 0 566307
（单位：股、元）
分配方案 10 送 5 派 7 元 10 送 5 配 5，配股价 40 元/股 拆细，1 拆 20，后 10 送配 1， 配股价 3.56 元/股， 10 送 4 配 3，股价 12 元/股 10 送 8.5 派 3 10 送 5 派 5 配 1 配股价 16 元/股 10 送 2 派 3 配 1 配股价 5 元/股 10 送 10 10 送 5 派 2 不分配 不分配 10 派 6 元 10 配 3，配股价 8 元∕股
9600 16320 30192 48307 62799 125598 188397 188397 188397 244916
244916
3840 13872 15096 9661 62799 62799 0 0 0
2880 0 3019 4831 0 0 0 0 0 56519
0 4896 15096 14492 0 25120 0 0 113038 0 0 0 172712
表（1，2）
88 年 89 年 90 年
持有股数 100 150 6000
送股 50 75 3000
配股 0 75 600
现金红利 70 0 0
投资额 2000 3000 2136
91 年 92 年 93 年 94 年 95 年 96 年 97 年 98 年 99 年 00 年 01 年 02 年 合计