第十五章 长期融资 Long-Term Financing?

5.1 Common Stocks and Preferred Stocks 普通股和优先股

1. Shareholder Rights 普通股股东权利

① Control the company 控制权

Shareholders elect directors, who in turn, hire management to carry out their directives. Therefore, shareholders control the corporation through the right to elect the directors. 股东选举董事，董事聘用管理层以执行董事的命令，从而达到控制公司的目的。

分：Cumulative voting 累计投票制?

Straight



voting 多数投票制

另：

Proxy voting 委托代理投票权

A proxy is the grant of authority by the shareholders to someone else to vote their rights. Much of the voting in large public corporations is actually done by proxy. 委托代理投票权是股东授权他人代理行使投票权的权利。大型股份公司的投票表决权通常采用委托代理的方式（主动或者被动）

Management always tries to get as many proxies as possible transferred to it. If the shareholders are not satisfied with management, an outside group of shareholders can try to obtain votes via proxy. They can vote by proxy in an attempt to replace management by electing enough directors. The resulting battle is called a proxy fight. 公司的管理层会尽可能多的去收集委托表决权以免被换掉。如果股东对管理层不满，或者是有外部的新股东对管理层不满，他们就会收集委托投票权来获取更多的投票权，从而换掉现有的管理层。

另：By issuing dual or multiple classes of stock, and issuing nonvoting or limited-voting stock, the management can maintain control of the

company while raising new equity capital. 公司可能会将普通股分成两类甚至更多类型，通过发行无表决权或者是表决权受限的股票，管理层可以保持公司的控制权不变的情况下增加权益资本。

② The right to share proportionally in dividends paid. 按比例分享股利

普通股股利的特点：

Unless a dividend is declare by the board of directors of a company, it is not a liability of the corporation. 如果董事会不宣布发放股利，那么股利不会成为公司的一项义务

The payment of dividends by the corporation is not a business expense, so dividends are not deductible for corporate tax purposes. The dividends are paid out of the corporation's aftertax profits. 股利不是公司的费用，不能抵扣公司所得税，所以股利是公司税后利润支付的。

Dividends receives by individual shareholders should be taxable. 股东受到的股利应视为一项普通所得，应全额征税。

③ The right to share proportionally in assets remaining after liabilities have been paid in a liquidation. 公司破产清算以后，在公司债务清偿后，股东按比例分得剩余财产。

④ The right to vote on stockholder matters

of great importance. 重大事项的表决权

⑤ Preemptive Right 优先购买权

Company that wishes to sell stock first offers it to the existing stockholders before offering it to the general public. 公司增发新股首先应该讲股票发行给现有的股东，然后再发行给普通的公众。

2. 普通股融资的特点和优缺点：

特点（优点）：

筹集的资本具有永久性，无到期日，无需偿还；没有固定股利负担，股利支付有否取决于公司的决定；能增加公司的信誉，增强公司的举债能力；普通股预期收益率较高可以一定程度上抵御通货膨胀的影响。

缺点：

资本成本较高，因为普通股风险相对较高；

普通股融资会增加新股东，可能会分散公司的控制权；

新股东参与分享之前积累的盈余，降低每股净利润，可能引起股价的下跌。