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1、CHAPTER14Long-TermFinancingAnIntroductionInFebruary2006,JapaneseconglomerateSanyoElec-Whatformsoflong-term?nancingareavailabletricCo.announcedamassiverecapitalizationplan.Antocompanies,andwhywouldcompanieslikeSanyoinvestorgroupthatincludedGoldmanSachs,Daiwachoosetoengageintransactionssuc
2、hasthisone?Securities,andSumitomoMitsuiFinancialGroupThischapterintroducesthebasicsourcesoflong-termpurchased429millionsharesofnewpreferredstock?nancing:commonstock,preferredstock,andlong-termworthabout300billionyen($2.6billion).Eachofthedebt.Subsequentchaptersaddresstheoptimalmixofshare
3、sofpreferredstockcouldlaterbeconvertedintothesesources.Wewillalsodiscusshowcompanies10sharesofcommonstock,whichwouldtriplethehave?nancedthemselvesinrecentyears.numberofsharesofSanyoElectricstock.14.1CommonStockThetermcommonstockhasnoprecisemeaning.Itisusuallyappliedtostockthathasnospecia
4、lpreferenceineitherdividendsorinbankruptcy.AdescriptionofthecommonstockofAnheuser-Buschin2005ispresentedhere:ANHEUSER-BUSCHCommonStockandOtherShareholders’EquityDecember31,2005(inmillions)Commonstock,$1parvalue,authorized1.6billionshares,issued1,468.6millionshares$1,468.6Capitalinexcesso
5、fparvalue1,601.8Retainedearnings16,445.6Treasurystockatcost(15,258.9)Accumulatednonownerchangesinshareholderequity(913.8)Totalequity$3,343.3ParandNo-ParStockOwnersofcommonstockinacorporationarereferredtoasshareholdersorstockholders.Theyreceivestockcerti?catesforthesharestheyown.Thereisus
6、uallyastatedvalueon405ros05902_ch14.indd40510/6/063:06:06PM406PartIVCapitalStructureandDividendPolicyeachstockcerti?catecalledtheparvalue.However,somestockshavenoparvalue.TheparvalueofeachshareofthecommonstockofAnheuser-Buschis$1.Thetotalparvalueisthenumberofsharesissuedmultipliedbythepa
7、rvalueofeachshareandissometimesreferredtoasthededicatedcapitalofacorporation.ThededicatedcapitalofAnheuser-Buschis$11,468.6millionshares$1,468.6million.AuthorizedversusIssuedCommonStockSharesofcommonstockarethefundamentalownershipunitsofthecorporation.Thear-ticlesofinco
