《海归黄埔军校》课程《股权融资》第三章《股权融资》:美国股票的类型

美国股票的类型

Corporations may issues two type of stock: common stock and preferred. When speaking of stocks, people generally refer to common stock. Preferred stock represents equity ownership in a corporation, but it usually does not have the same voting rights or appreciation potential as common stock. Preferred stock normally pays a fixed, semiannual dividend and has priority claims over common stock; that is, the preferred is paid first if a company declares bankruptcy.

公司可以发行两种类型的股票:普通股和优先股。当说到股票时,人们通常说的是普通股。优先股代表着公司的权益所有权,但通常没有同样的投票权或和象普通股的潜在增值。优先股通常收益是固定的,每半年的分红和超过普通股优先权;即如公司破产时的优先支付权。

Common stock can be classified as:;
普通股可以分成以下类别

1. Authorized已授权的
2. Issued已发行的
3. Outstanding; and流通的
4. Treasury.库存

1. Authorized Stock
已授权股票

Authorized stock refers to a specific number of shares the company has authorization to issue or sell. This is laid out in the company’s original charter. Often, a company sells only a portion of the authorized shares to raise enough capital for its foreseeable needs. The company may sell the remaining authorized shares in the future or use them for other purposes. Should the company decide to sell more shares than are authorized, the charter must be amended through a stockholder vote.

已授权股票指公司会被授权一个具体数量的份额用以发行或销售(该部分股票即为已授权股票)。这会记载在公司的原始执照上。经常,公司仅仅销售一部分被授权的份额就可以筹集到足够的所需资金。公司可以在未来销售剩余的被授权份额或用于其它目的。公司决定销售超过授权数量的份额,执照就要通过股东投票来修改。

2. Issued Stock
已发行股票

Issued Stock has been authorized and distributed to investors. When a corporation issues, or sells, fewer shares than the total number authorized, it normally reserves the unissued shares for future needs including:

已发行股票是已经被授权发行并已经分发给投资者的股票。当公司发行或销售,少于被授权总量的份额时,公司通常会为未来的需要保留这些为发行的份额,包括:

Raising new capital for expansion;
为发展筹集新资本

Paying stock dividends;
支付股票红利

Providing stock purchase plan for employees or stock options for corporate officers;
提供给员工持股计划或公司高级职员的股票保留购买权

Exchanging common stock for outstanding convertible bonds or preferred stock; or
为可转换债券或优先股交换为普通股,或

Satisfying the exercise of outstanding stock purchase warrants.
满足执行流通股认股权证的需要

Authorized but unissued stock does not carry the right and privileges of issued and is not considered in determining a company’s total capitalization.

经授权但未发行的股票不能履行已发行股票的权力,并不影响公司总资本的测定。

3. Outstanding Stock
流通股

Outstanding stock includes any shares that a company has issued but has not repurchased-that is, stock that is investor owned.

流通股包括任何已经发行但公司还没有回购的股份,股票为投资人拥有。

4. Treasury Stock
库存股

Treasury Stock is stock a corporation has issued and subsequently repurchased from the public. The corporation can hold this stock indefinitely or can reissue or retire it. A corporation could reissue its treasury stock to fund employee bonus plan, distribute it to stockholders as a stock dividend, or under certain circumstances, redistribute it to the public in an additional offering. Treasury stock does not carry the rights of outstanding common shares, such as voting rights and the right to receive dividends.

库存股是公司已经发行并在发行之后又从公众购买回来的股票。公司可以无期限的持有或重新发行或注销。公司可以重新发行库存股给员工红利计划基金,或作为红利发给股东,或在某种情况下另外发行重新分发给公众。库存股不附带流通股的权力,诸如投票权和分红权。

By buying its own shares in the open market, the corporation reduces the number of shares outstanding. If fewer shares are outstanding and operating income remains the same, earnings per share increase. A corporation buys back its stock for a number of reasons, such as to:

通过在公开市场购买自己的股份,公司可以减少一定数量流通的股份。如果较少的流通股份并且营运收入相同,则每股收益就会加大。公司购回自己的股票的一些原因:

Increase earning per share;
增加每股收益

Have an inventory of stock available to distribute as stock options, fund an employees pension plan, and so on; or
拥有一些库存股可以用于分配给股票保留购买权,员工退休金计划等等

Use for future acquisitions.
用于未来的收购

(Issued stock – treasury stock = outstanding stock 已发行股票-库存股=流通股)

资料来源: General Securities Representative Exam/Series 7

中文翻译仅供参考,请以英文原意为准。由Fred Hsiung提供翻译。

关键字: none

Leave a Reply