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财务综合案例分析报告

迪斯尼公司发行债券案例

公司背景:

迪士尼全称是The Walt Disney Company,取名自其创
始人华特·
迪士尼,是总部设在美国的大型跨国公司,主
要业务包括娱乐节目制作,主题公园,玩具,图书,电
子游戏和传媒网络。点金石电影公司,Miramax电影,
好莱坞电影公司,博伟音像制品,ESPN体育,ABC电视
网都是其齐下的公司。迪士尼,作为一个娱乐品牌,在
2005年Interbrand/BusinessWeek 的世界100强品牌排名
为第7位。它的主题公园和旅游胜地这一部分产生的收入
占其总收入的40%左右,电影业约占40%,消费品占
20%。迪士尼乐园成为很多人向往的地方,迪士尼制作
的许多电影也深得广大观众喜爱,其最具代表性的唐老
鸭米老鼠维尼熊等动漫形象流行至今。

案例概况:
1993年7月,迪斯尼公司决定增发100年期长期负债。迪斯尼
公司资本状况稳健,长期负债被穆迪公司评级为A1级,被标
准普尔公司评为AA级。过去几年中,利率在下降,接近过去
20年来最低水平。这使长期负债的发行具有较强的吸引力。
众多投资者开始相信,美国已控制住了通货膨胀,长期利率
不可能回到80年代初期的高水平。他们认为由于长期国债收
益率(30年期债券为6.40%)与预计的通货膨胀率(3%)之间
的差距,按历史标准看已相对很高,所以长期利率可能进一
步下跌,因此,100年的期限在几年前几乎是不可想象的,但
根据迪斯尼公司在摩根·
斯坦利公司的投资银行家顾问的看法
,现在是可能的。

若迪斯尼公司行100年期债券,它希望保留一
些灵活性,以便能在到期以前就赎回。摩根·
斯坦
利公司建议迪斯尼公司发行本金数额为3亿美元的
100年期债券,自发行日起30年后开始,债券可提
前偿还。利息成本为年利率7.55%。首次的提前偿
债价格将是面值的103.02%。从发行日起的50年后
开始,提前偿还价格将逐步下降直至面值。

1993年6月30日的资本总额如表所示:
资本

单位:百万美元
账面价值
1993年6月30日

短期负债
长期负债
股东权益
资本总额
资本总额(包括短期负债)

503.7
1455.5
5169.
16624.6
7128.3

在至1993年6月30日为止的12个月内,利息保障如表所示:
利息保障
单位:百万美元
至1993年6月30日为止的12个月内

息税前盈余
利息费用
利息保障比率

1640.5
122.4
13.4

迪斯尼公司可按下表收益率发行不可提前赎回的长期债券(每半年支付一
次利息)

期限(年)

提供的收益率(%)

3
5
7
10
20
30
100

5.15
5.85
6.25
6.60
7.25
7.35
7.35

思考:
1、迪斯尼公司为什么选择债券筹资而不是股票筹资?
• 答: 债券融资是指企业通过举债筹措资金,资金供给者作为债
权人享有到期收回本息的融资方式。
• 采用发行债券的方式进行融资,其好处在于还款期限较长,附
加限制少,资金成本也不太高,筹资对象广,市场大。债券利
息可从税前利润扣除,而股息则从税后利润支付,存在公司法
人和股份持有人双重课税的问题,还可以发挥财务杠杆的作用
,增加每股税后盈余。债券融资不影响原有股东的控制权,债
券投资者只有按期收取本息的权力,没有参与企业经营管理和
分配红利的权力,对于想控制股权,维持原有管理机构不变的
企业管理者来说,发行债券比发行股票更有吸引力。

2、为什么该公司能发行100年期的债券?

答:(1)迪斯尼公司的资本状况很稳健,它的长期负债被
穆迪投资者服务公司评为A级,被标准普尔公司评为AA级
(2)在过去几年中,利率在下降,而且接近过去20年
来的最低水平。这使长期负债成为一种有吸引力的筹资方
式。当时,固定利率的长期债券的众多投资者开始相信,
美国已控制住了通货膨胀,长期利率不可能再回到20世纪
80年代初期的那种高水平。他们认为,由于长期国债收益
率(30年期债券为6.40%)与预计的通货膨胀率(3%)之
间的差距,按历史标准看已相对很高,所以长期利率甚至
可能进一步下跌,因此,100年的期限在几年前几乎是不可
想象的,但根据迪斯尼公司在摩根·
斯坦利公司的投资银行
家顾问的看法,现在是可能的。

3、公司发行债券时应注意哪些问题?

• 答:发行额、债券面值、债券期限、债券偿还方式、
票面利率、付息方式、发行价格、发行方式、

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