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Screen View Company 一,情景概述
Screen View 公司是一家专注于电影放映的私人公司,总部位于洛杉机。目前拥有 34 家 电影院, 数家保龄球馆以及不少土地建筑所有权, 而且公司的电影院基本上是建立在公司自 有土地上的。公司目前发行有 200000 份普通股股票,面值为 5 元,由公司两个创始家族各 占 50%。电影院的运营收入占公司总收入的一半,另一半来自于固定资产出租和土地投资 收益。公司最近四年的收入一直在增长,经营状况比较稳定。公司面临的主要问题在于公司 的杆率水平高于行业平均, 公司现阶段的发展主要依赖于内源融资, 即主要依靠公司的留存 收益。 1989 年,为了解决公司经常面临的资金不足的问题,公司主席 Bret Marcus 与公司其他 所有者正在考虑将公司连锁电影院业务推向市场,进行 IPO 融资。公司打算用公开发行股 票所获得的资金用于新电影院的建设、 偿还部分到期债务以及改善公司营运资产的状况。 目 前 IPO 市场处于相对热销状态,市场估值水平较高,是一个发行新股的好时机。 但从历史数据来看, 市场并未对与 Screen View 公司类似的公司提供一个准确估值水平, 很多这样的公司都是以低于面值的水平进行 IPO 发售的。公司管理层认为出现这种现象的 原因在于电影院公司的大部分固定资产是以土地形式存在的, 所以也在考虑建立一个附属子 公司来专门处置公司的土地资产,但结果是否能影响市场估值水平也是不确定的。因此,公 司管理层对于 IPO 融资的最大忧虑在于能否得到一个合适的 IPO 初始发行价。

二,问题
由于公司的杠率水平较高,已经不能通过债务融资获取新的资金。而公司扩张政策、未 来面临债务压力的增加以及降低公司杠杆风险的需要, 这些问题不能单纯的依靠公司的留存 收益解决,公司必须进行 IPO 融资。因此,公司面临的主要问题是要提出一个最佳的 IPO 方案。具体包括:1,估算公司的筹资规模;2,确定公司新股的初始发行价;3,IPO 后公 司的资本结构与控制权问题讨论;4,公司 IPO 前后的 WACC 的比较。

三,具体的分析思路及过程
我们首先计算通过发行股票进行筹资的总额,包括三部分:扩张规模所需资金、弥 补营运资本缺口所需的资金及降低杠杆率所需资金。然后比较 IPO 前后的 WACC。 (一)IPO 价格及 IPO 后的股本成本 1. 股价。由于市场并没能给出此类公司的准确估值水平,出于保守原则,根据与该公 司类似的三个公司股价的最低点时的市盈率平均水平, 确定该公司的市盈率, 并以此确定该 公司的应有股价。 (2)与该公司类似的三个公司股价最低点的平均市盈率= (2.424242+4.5+13.44697)/3=6.790404; (2)该公司的应有股价为:每股盈利*市盈率 =2.48042*6.790404=16.843054 2. IPO 后的股本成本。 根据类似的三个公司的平均股利水平来确定该公司上市后的股利 水平,并由前面计算出的股价以及股利来确定该公司的权益成本。 权益成本=股利/股价=0.215666667/16.843054=0.012804487 (二)筹资额 发股票进行筹资的总额包括三部分: 扩张规模所需资金、 弥补营运资本缺口所需的资金 及降低杠杆率所需资金。 1.扩张规模所需资金。计算方法:我们假定公司新建 2 所剧院来扩张公司的规模,从而 扩张所需要的资金=(厂房、设备资产/34)*2=(1,346,104/34)*2=79182.58824 2.弥补营运资本缺口所需的资金。计算方法:按照该公司现有的流动负债规模,根据 与该公司类似的三个公司的平均流动比率来计算所需的流动资产的规模。 该值与公司现有的 流动资产的差额即为弥补营运资本缺口所需的资金。三个公司的平均的流动比率:

(1.7059258+1.047533+1.159182)/3=1.304214; 该公司的应有流动资产规模:1.304214*流 动 负 债 =1.304214*1,223,731=1596006.761 ; 从 而 , 弥 补 营 运 资 本 缺 口 所 需 的 资 金 : 1596006.761-现有流动资产=1596006.761-1,346,104=249,903。 3.降低杠杆率所需资金。根据三个类似公司的杠杆率的平均值,作为该公司应有的杠杆 率水平, 从而算出该公司应有的股东权益以及所需筹集的总资金。 类似公司的杠杆率的平均 值:

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