Corporate Finance课件 Chpt001
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《Corporate Finance (公司金融学)》课件 (2)
Balance Sheet Analysis
• When analyzing a balance sheet, the financial manager should be aware of three concerns:
1. Accounting liquidity 2. Debt versus equity 3. Value versus cost
Sources of Information
• Annual reports • Wall Street Journal • Internet
– NYSE () – Nasdaq () – Text (/cj)
• SEC
– EDGAR – 10K & 10Q reports
Total operating revenues Cost of goods sold Selling, general, and administrative expenses Depreciation Operating income Other income Earnings before interest and taxes Interest expense Pretax income Taxes
Current: $71 Deferred: $13 Net income Retained earnings: Dividends:
$2,262 - 1,655
- 327 - 90 $190 29 $219 - 49 $170 - 84
$86 $43 $43
U.S.C.C. Income Statement
Accounting Liquidity
• Refers to the ease and quickness with which assets can be converted to cash.
《Corporate Finance (公司金融学)》课件 (16)
Cost of investment is $200 (all the firm’s cash) Required return is 50%
Expected CF from the Gamble = $1000 × 0.10 + $0 = $100
NPV $200 $100 1.50
NPV $133
16.5 Shirking, Perquisites, and Bad Investments: The Agency Cost of Equity
• An individual will work harder for a firm if he is one of the owners than if he is one of the “hired help”.
Selfish Strategy 3: Milking the Property
• Liquidating dividends
– Suppose our firm paid out a $200 dividend to the shareholders. This leaves the firm insolvent, with nothing for the bondholders, but plenty for the former shareholders.
Agency Cost of Equity 16.6 The Pecking-Order Theory 16.7 Growth and the Debt-Equity Ratio 16.8 Personal Taxes 16.9 How Firms Establish Capital Structure 16.10 Summary and Conclusions
公司理财PPTchap001
McGraw-Hill/Irwin
Government
The cash flows from the firm must exceed the cash flows from the financial markets.
Copyright © 2008 by The McGraw-Hill Companies, Inc. All rights reserved
McGraw-Hill/Irwin
Copyright © 2008 by The McGraw-Hill Companies, Inc. All rights reserved
Slide 4
1.1 What is Corporate Finance?
Corporate Finance addresses the following three questions:
Slide 13
1.2 The Corporate Firm
• The corporate form of business is the standard method for solving the problems encountered in raising large amounts of cash. • However, businesses can take other forms.
Shareholders’ Equity
McGraw-Hill/Irwin
Copyright © 2008 by The McGraw-Hill Companies, Inc. All rights reserved
Slide 9
Capital Structure
The value of the firm can be thought of as a pie. The goal of the manager is to increase the size of the pie. The Capital Structure decision can be viewed as how best to slice the pie. 70% 30% 25%50% DebtDebt Equity 75% 50% Equity
Government
The cash flows from the firm must exceed the cash flows from the financial markets.
Copyright © 2008 by The McGraw-Hill Companies, Inc. All rights reserved
McGraw-Hill/Irwin
Copyright © 2008 by The McGraw-Hill Companies, Inc. All rights reserved
Slide 4
1.1 What is Corporate Finance?
Corporate Finance addresses the following three questions:
Slide 13
1.2 The Corporate Firm
• The corporate form of business is the standard method for solving the problems encountered in raising large amounts of cash. • However, businesses can take other forms.
Shareholders’ Equity
McGraw-Hill/Irwin
Copyright © 2008 by The McGraw-Hill Companies, Inc. All rights reserved
Slide 9
Capital Structure
The value of the firm can be thought of as a pie. The goal of the manager is to increase the size of the pie. The Capital Structure decision can be viewed as how best to slice the pie. 70% 30% 25%50% DebtDebt Equity 75% 50% Equity
《Corporate Finance (公司金融学)》课件 (3)
3.5 Practicing the Principle: A Lending Example
Consider an investment opportunity that costs $50,000
this year an provides a certain cash flow of $54,000
Intertemporal Consumption Opportunity Set
Consumption at t+1
$120,000 $100,000 $80,000 $60,000 $40,000 $20,000
$0 $0
A person with $95,000 who faces a 10% interest rate has the following opportunity set.
now; invest the remaining $35,000; consume $38,500 next year.
$40,000
$38,500 $35,000 (1.10)1
$20,000
$0 $0
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
Consumption today
– Risk intermediation
• Financial intermediaries can tailor the risk characteristics of securities for borrowers and lenders with different degrees of risk tolerance.
• The intermediary in turn loans $30,000 to each of the 4
Corporate Finance PPT
多数国家来说，投资者保护的改进 要求法律体系发生重大变化。证券法、公司 法和破产法一般都需要修改保护小股东的各 种法律可能要有重要的相互补充.
在缺乏债权人保护的国家中，最大份额的信 贷主要是流向少数大公司
五、改革的可能性
改革在投资者保护方面需要注意的一些关键原则 第一个原则: 法规至关重要 Eg:德国纽尔(neuer)市场 第二个原则: 好的法律法规是那些能够实施的法律法规 Eg:成功范例是美国1933—1934年颁布的美国 证券立法 第三个原则: 在无法依靠法庭实施私人合同和法律时，政府对 金融市场加以规制可能有用。
意大利：
股票市场极不发达，而且银行体制也是如此．一个公司一般要分别从十二 个银行中才筹集少量资金
四、以银行和以市场为中心的治理结构
所有的金融家都依靠法律保护来运作。如果一种融资方法 受到法律保护，使金融家有权收回投资，那么，这种融资 方法就会发展起来。因为德国和其他一些别的德国民法国 家对投资者，特别是对有担保的债权人，进行了强大的法 律保护，所有它们有发达的银行体系。没有这类权利时， 德国银行的力量就会更小。因为英国的债权人有广泛的权 利，英国也有一个大的证券市场，所以它同样也有一个大 的银行部门和公共债务部门。比较而言，在意大利和比利 时，既没有发展起一个债务市场，也没有发展起一个证券 市场，因为那里的外部投资者并不受保护。有一点是很简 单明了的：对于所有的外部投资者来说，不管他们是大还 是小，是债权人还是股东，他们都要有收回资金的权益。 与一些特殊机构的规模相比，投资者权利是金融发展的一 个更基本的决定因素。
相对而言，在关系型公司治理结构中，主银行在每个 公司的融资和治理中都占有一个重要地位。而在与之 相对的以市场为中心的公司治理中，融资是由大量投 资者提供的，收购者扮演了一个重要的治理角色。
在缺乏债权人保护的国家中，最大份额的信 贷主要是流向少数大公司
五、改革的可能性
改革在投资者保护方面需要注意的一些关键原则 第一个原则: 法规至关重要 Eg:德国纽尔(neuer)市场 第二个原则: 好的法律法规是那些能够实施的法律法规 Eg:成功范例是美国1933—1934年颁布的美国 证券立法 第三个原则: 在无法依靠法庭实施私人合同和法律时，政府对 金融市场加以规制可能有用。
意大利：
股票市场极不发达，而且银行体制也是如此．一个公司一般要分别从十二 个银行中才筹集少量资金
四、以银行和以市场为中心的治理结构
所有的金融家都依靠法律保护来运作。如果一种融资方法 受到法律保护，使金融家有权收回投资，那么，这种融资 方法就会发展起来。因为德国和其他一些别的德国民法国 家对投资者，特别是对有担保的债权人，进行了强大的法 律保护，所有它们有发达的银行体系。没有这类权利时， 德国银行的力量就会更小。因为英国的债权人有广泛的权 利，英国也有一个大的证券市场，所以它同样也有一个大 的银行部门和公共债务部门。比较而言，在意大利和比利 时，既没有发展起一个债务市场，也没有发展起一个证券 市场，因为那里的外部投资者并不受保护。有一点是很简 单明了的：对于所有的外部投资者来说，不管他们是大还 是小，是债权人还是股东，他们都要有收回资金的权益。 与一些特殊机构的规模相比，投资者权利是金融发展的一 个更基本的决定因素。
相对而言，在关系型公司治理结构中，主银行在每个 公司的融资和治理中都占有一个重要地位。而在与之 相对的以市场为中心的公司治理中，融资是由大量投 资者提供的，收购者扮演了一个重要的治理角色。
《Corporate Finance》公司财务课件 (19)
3. Create a New Security
• Sometimes a firm can find a previously-unsatisfied clientele and issue new securities at favorable prices.
• In the long-run, this value creation is relatively small, however.
Time
13-11
Semi-rity Prices reflect all publicly available information. Publicly available information includes:
Historical price and volume information Published accounting statements. Information found in annual reports.
13-10
Why Technical Analysis Fails
Investor behavior tends to eliminate any profit opportunity associated with stock price patterns.
Stock Price
Sell Sell
13-12
Strong Form Market Efficiency
Security Prices reflect all information— public and private. Strong form efficiency incorporates weak and semi-strong form efficiency. Strong form efficiency says that anything pertinent to the stock and known to at least one investor is already incorporated into the security’s price.
• Sometimes a firm can find a previously-unsatisfied clientele and issue new securities at favorable prices.
• In the long-run, this value creation is relatively small, however.
Time
13-11
Semi-rity Prices reflect all publicly available information. Publicly available information includes:
Historical price and volume information Published accounting statements. Information found in annual reports.
13-10
Why Technical Analysis Fails
Investor behavior tends to eliminate any profit opportunity associated with stock price patterns.
Stock Price
Sell Sell
13-12
Strong Form Market Efficiency
Security Prices reflect all information— public and private. Strong form efficiency incorporates weak and semi-strong form efficiency. Strong form efficiency says that anything pertinent to the stock and known to at least one investor is already incorporated into the security’s price.
罗斯《公司理财CorporateFinance》(第七版)英文课件Ch
5705% Equity
If how you slice the pie affects the size of the pie, then the capital struቤተ መጻሕፍቲ ባይዱture decision matters.
1-9
Hypothetical Organization Chart
Board of Directors Chairman of the Board and Chief Executive Officer (CEO)
Shareholders’ Equity
1-5
The Balance-Sheet Model
of the Firm
The Capital Budgeting Decision
Current
Current Assets
Liabilities
Long-Term Debt
Fixed Assets 1 Tangible 2 Intangible
Cost Accounting Data Processing
1-10
The Financial Manager
To create value, the financial manager should: 1. Try to make smart investment decisions. 2. Try to make smart financing decisions.
How much shortterm cash flow does a company need to pay its bills?
Shareholders’ Equity
1-8
Capital Structure
The value of the firm can be thought of as a pie.
If how you slice the pie affects the size of the pie, then the capital struቤተ መጻሕፍቲ ባይዱture decision matters.
1-9
Hypothetical Organization Chart
Board of Directors Chairman of the Board and Chief Executive Officer (CEO)
Shareholders’ Equity
1-5
The Balance-Sheet Model
of the Firm
The Capital Budgeting Decision
Current
Current Assets
Liabilities
Long-Term Debt
Fixed Assets 1 Tangible 2 Intangible
Cost Accounting Data Processing
1-10
The Financial Manager
To create value, the financial manager should: 1. Try to make smart investment decisions. 2. Try to make smart financing decisions.
How much shortterm cash flow does a company need to pay its bills?
Shareholders’ Equity
1-8
Capital Structure
The value of the firm can be thought of as a pie.
《Corporate Finance》公司财务课件 (17)
on which we want to focus:
1. Inflation
2. GDP growth 3. The dollar-euro
spot exchange rate, S($,€)
Our model is:
R =R +m +ε R = R + βI FI + βGDP FGDP + βS FS + ε βI is the inflation beta βGDP is the GDP beta
The beta coefficient, b, tells us teturn to a systematic risk.
In the CAPM, b measured the responsiveness of a
security’s return to a specific risk factor, the return
11-0
CHAPTER
11
An Alternative View of Risk and Return: The APT
11-1
Chapter Outline
11.1 Factor Models: Announcements, Surprises, and Expected Returns
11.2 Risk: Systematic and Unsystematic 11.3 Systematic Risk and Betas 11.4 Portfolios and Factor Models 11.5 Betas and Expected Returns 11.6 The Capital Asset Pricing Model and the
罗斯《公司金融》第十版课件Chap001
Corporation
1-8
Sole Proprietorship
Advantages:
• Easiest to start
• Least regulated
• Single owner keeps all the profits • Taxed once as personal income
1-9
1-16
Chapter Outline
• • • • •
1-17
Corporate Finance and the Financial Manager Forms of Business Organization The Goal of Financial Management The Agency Problem and Control of the Corporation Financial Markets and the Corporation
•
• •
1-2
The Goal of Financial Management
The Agency Problem and Control of the Corporation Financial Markets and the Corporation
Chapter Outline Chapter Outline
Financial Markets
Cash flows to the firm
Primary vs. secondary markets
Dealer vs. auction markets
Listed vs. over-the-counter securities
NYSE NASDAQ
《Corporate Finance (公司金融学)》课件 (13)
3. Create a New Security
• Sometimes a firm can find a previously-unsatisfied clientele and issue new securities at favorable prices.
• In the long-run, this value creation is relatively small, however.
past prices
Some Common Misconceptions
• Much of the criticism of the EMH has been based on a misunderstanding of the hypothesis says and does not say.
Stock Price
Sell Sell
Buy Buy
If it were possible to make big money simply by finding “the pattern” in the stock price movements, everyone would do it and the profits would be competed away.
13.1 Can Financing Decisions Create Value? 13.2 A Description of Efficient Capital Markets 13.3 The Different Types of Efficiency 13.4 The Evidence 13.5 Implications for Corporate Finance 13.6 Summary and Conclusions
• Sometimes a firm can find a previously-unsatisfied clientele and issue new securities at favorable prices.
• In the long-run, this value creation is relatively small, however.
past prices
Some Common Misconceptions
• Much of the criticism of the EMH has been based on a misunderstanding of the hypothesis says and does not say.
Stock Price
Sell Sell
Buy Buy
If it were possible to make big money simply by finding “the pattern” in the stock price movements, everyone would do it and the profits would be competed away.
13.1 Can Financing Decisions Create Value? 13.2 A Description of Efficient Capital Markets 13.3 The Different Types of Efficiency 13.4 The Evidence 13.5 Implications for Corporate Finance 13.6 Summary and Conclusions
公司金融学课件 Topic00-公司金融概述
NWC
流动负债
流动资产
长期负债
固定资产
股东权益
12
4
（1）长期投资管理——资本预算
资本预算（Capital Budgeting） 即固定资产的投资决策过程 资本预算的典型特点 支出金额巨大；投资回收期长
13
案例分析：史玉柱与巨人集团
在没有有效的环境分析、稳健的资 金保障和完善的管理机制下，采取 激进的扩张战略结果。
微观金融学——金融经济学
以公司金融学为基础
8
公司金融的内涵
公司金融是研究企业当前或未来经 营活动所需的财务资源的取得与使 用的一种管理活动。
9
3
公司金融的外延
三大研究主题 资本预算（Capital Budgeting） 资本结构（Capital Structure） 净营运资本管理（NWC Management）
22
（3） 公司理财学的沿革
筹资管理时期（1890—1950） 侧重于研究公司如何卓有成效地筹集资本，被称为“传统理财理 论”。阿瑟•S•大明于1920年出版的《公司理财论》可以成为“传统 理财论”的代表。 资产管理时期（1950—1964） 主要任务是解决资本利用效率问题。最早研究投资财务理论的美国 人乔尔•迪恩于1958年出版了《资本预算》，对财务管理由筹资管理 向资产管理的飞跃发展起到了决定性的影响；1958年—1961年，米 勒和莫迪格利亚尼提出了著名的MM定理，奠定了现代公司财务理论 的基础。
6
2
财务管理与金融学
财务管理是研究某一经济部门当前或未来经营活 动所需的财务资源的取得与使用的一种管理活动。
财务资源——资本 （capital） 资源的取得——筹资活动（financing） 资源的使用——投资活动（investment）
《Corporate Finance (公司金融学)》课件 (4)
Continuous Compounding (Advanced)
• The general formula for the future value of an investment compounded continuously over many periods can be written as: FV = C0×erT
FV $50 (1 .12)23 $50 (1.06)6 $70.93 2
The Effective Annual Interest Rate (EAR) is the annual rate that would give us the same end-ofinvestment wealth after 3 years:
4.1 The One-Period Case: Present Value
• In the one-period case, the formula for PV can be written as:
PV C1 1 r
Where C1 is cash flow at date 1 and r is the appropriate interest rate.
$1.10 $1.54 $2.16 $3.02 $4.23 $5.92
0
1
2
3
4
5
Present Value and Compounding
• How much would an investor have to set aside today in order to have $20,000 five years from now if the current rate is 15%?
FV C0 (1 r)T
《Corporate Finance》公司财务课件 (2)
Pearson’s tax rate is 40%, so they have an interest tax shield worth TCBrB = .40×$600×.08 = $19.20 each present value of the project under leverage is:
rS
r0
B S
(1 TC )(r0
rB )
To calculate the debt to equity ratio, B , start with B
S
V
$125 $250 $375 $500 4 19.20
PV (1.10) (1.10)2 (1.10)3 (1.10)4 t1 (1.08)t
NPVloan
$600
4 t 1
$600.08 (1 .4) (1.08)t
$600 (1.08)4
NPVloan $63.59
APV = NPV + $7.09
Which is the same answer as before.
17-8
Two Ways to Find the NPV of the loan:
P V = $943.50 + $63.59 = $1,007.09
B = $600 when V = $1,007.09 so S = $407.09.
rS
.10
$600 (1.40)(.10 .08) $407.09
11.77%
17-12
Step Three: Valuation for Pearson
CF3 = $375 – 28.80 CF4 = $500 – 28.80 – 600
rS
r0
B S
(1 TC )(r0
rB )
To calculate the debt to equity ratio, B , start with B
S
V
$125 $250 $375 $500 4 19.20
PV (1.10) (1.10)2 (1.10)3 (1.10)4 t1 (1.08)t
NPVloan
$600
4 t 1
$600.08 (1 .4) (1.08)t
$600 (1.08)4
NPVloan $63.59
APV = NPV + $7.09
Which is the same answer as before.
17-8
Two Ways to Find the NPV of the loan:
P V = $943.50 + $63.59 = $1,007.09
B = $600 when V = $1,007.09 so S = $407.09.
rS
.10
$600 (1.40)(.10 .08) $407.09
11.77%
17-12
Step Three: Valuation for Pearson
CF3 = $375 – 28.80 CF4 = $500 – 28.80 – 600
Chpt001-公司金融导论
公司证券对公司价值的或有索取权
• 负债的基本特这是借债的公司承诺在某一 确定的时间支付给债权人一笔固定金额. • 股东在年末对公司价值的索取权等于支付 给债权人之后的剩余部分. • 如果公司的价值少于承诺给债权人的数 额，股东什么也得不到.
Klein Yuan
GUANGDONG University of Business Studies
Klein Yuan
GUANGDONG University of Business Studies
1-17
1.4 代理问题和公司控制
• 公司可以看成是一系列契约的集合 • 代理关系：所有权和经营权分离，存在委 托代理关系（principal-agent problem): 委托人和代理人的利益有冲突的可能。
所有者权益
Klein Yuan
GUANGDONG University of Business Studies
1-11
资产负债表
净营运资本决策
流动负债 流动资产
净运营 资本
长期负债
固定资产 1 有形资产 2 无形资产
短期现金流？
所有者权益
Klein Yuan
GUANGDONG University of Business Studies
GUANGDONG University of Business Studies
1-16
1.3 财务管理的目标 • 可能的目标： 7个或更多 • 利润最大化目标是引用最频的目标， 但含义不够明确 • 两种类型的目标：一是获利能力；二 是关系到稳定和安全性 • 为了使现有股票的当前价值最大化 • 更一般的，使现有所有者权益的市场 价值最大化
财务长
主计长
corporate finance
V： 企业的价值 CFt：企业在各期预计得到的现金净流量 r： 对企业各期所得到的净现金流入量的贴现率 t： 各期现金流入的时间 N： 产生现金流量的总的期数
CFt V t t 1 (1 r)
n
公 司 金 融
二、影响股东财富最大化的因素 1、相关的社会职责与股东财富最大化。 2、委托－代理问题与股东财富最大化。 在公司财务中，主要有两种代理关系： 股东与经理之间的代理关系、股东与债权人 之间的代理关系。 代理成本（agency cost）：为减少代理 问题，通常会发生一系列代理费用，包括： 股东的监督成本；实施控制方法的成本。 如：为限制经理们的一些与股东利益相悖的 行为而导致的支出（审计支出）p.7 由于债权人得到的收益是固定的，股东的收 益是变化的，则债权人与股东间也会产生冲突
(三) 公司的组织形式
公 司 金 融
目前存在三种基本的企业形式，即独资制、合伙 制和公司制。三者的区别在于企业所有者的人数 、每个所有者对企业行为负的法律责任程度、企 业所得税待遇等。
1、独资企业（Sole Proprietorship） 是只有一个所有者的企业。企业的财产归所有 者个人所有，同时所有者对公司的全部债务负 责，企业利润作为企业家的普通所得课征。
公 司 金 融
对单一股东而言，股东财富最大化 是股东 各期获取的收益的现值与资本利得 之和的 最大化。对股份公司而言，则表现 为公司 股票市值的最大化。
公 司 金 融
公司价值（财富）最大化 决定企业价值或股东财富的，是企业经营 活动产生的净现金流量。现金流量的计算 既考虑了企业经营利润的高低，又考虑了 企业可以支配和使用的资金的多少及获取 这些现金的时间。企业价值由下式决定：
二、投资决策
公 司 1、做什么，即投资方向。 金 2、做多少，即投资的数量（投资额）的确 定。 融
企业理财课程讲义ppt课件
16~19世纪，资本的原始积累→金融业的兴起→ 生产与交换的规模扩大→工业技术的发明与运用 →股份公司的不断发展导致财务管理逐步完善。
19世纪末至20世纪初期以来，股份公司迅速发展， 企业规模进一步扩大，财务管理作为一项独立的 专业职能开始从企业管理中分离出来。
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29
企业理财的发展阶段
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9
企业理财目标的特征
变动性 多样性 层次性 可度量性 可分解性 可操作性
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10
理财目标的类别和内容
按层次分：
基本目标、具体目标
按内容分：
融资阶段目标
投资阶段目标
运营阶段目标
按管理环节分：预测目标
决策目标
控制目标
分析目标
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11
多元化的理财目标的分立和融合
MBA经典教材《财务管理与政策教程》(第十版) （Financial Management and Policy）[美] 詹姆斯·范霍恩著 宋逢明等译 华夏出版社
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2
关于企业
关于企业的概念
关于企业的目标
与市场相联系的目标：生存、发展、获利（利润最大 化）
与企业内部控制相联系的目标：
取得了各种经济资源的支配权→利润最大化有利于资源的合 理配置。 追求企业利润最大化目标→整个社会财富实现最大化。
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4
财务管理目标(2)
选择此目标的局限
利润概念不清楚 未区分不同时期的报酬 没有考虑风险问题 没有反映投入产出之间的关系
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5
财务管理目标(3)
股东财富最大化
筹资理财阶段：
预测公司资金需要量 筹集公司所需要资金
19世纪末至20世纪初期以来，股份公司迅速发展， 企业规模进一步扩大，财务管理作为一项独立的 专业职能开始从企业管理中分离出来。
精选ppt课件
29
企业理财的发展阶段
精选ppt课件
9
企业理财目标的特征
变动性 多样性 层次性 可度量性 可分解性 可操作性
精选ppt课件
10
理财目标的类别和内容
按层次分：
基本目标、具体目标
按内容分：
融资阶段目标
投资阶段目标
运营阶段目标
按管理环节分：预测目标
决策目标
控制目标
分析目标
精选ppt课件
11
多元化的理财目标的分立和融合
MBA经典教材《财务管理与政策教程》(第十版) （Financial Management and Policy）[美] 詹姆斯·范霍恩著 宋逢明等译 华夏出版社
精选ppt课件
2
关于企业
关于企业的概念
关于企业的目标
与市场相联系的目标：生存、发展、获利（利润最大 化）
与企业内部控制相联系的目标：
取得了各种经济资源的支配权→利润最大化有利于资源的合 理配置。 追求企业利润最大化目标→整个社会财富实现最大化。
精选ppt课件
4
财务管理目标(2)
选择此目标的局限
利润概念不清楚 未区分不同时期的报酬 没有考虑风险问题 没有反映投入产出之间的关系
精选ppt课件
5
财务管理目标(3)
股东财富最大化
筹资理财阶段：
预测公司资金需要量 筹集公司所需要资金
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Shareholders’ Equity
McGraw-Hill/Irwin
Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
1-7
Capital Structure
The value of the firm can be thought of as a pie. The goal of the manager is to increase the size of the pie. 70% 30% 25%50% DebtDebt Equity 75% 50% Equity
What longterm investments should the firm engage in?
Shareholders’ Equity
McGraw-Hill/Irwin
Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
McGraw-Hill/Irwin
Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
1-10
The Firm and the Financial Markets
Firm
Invests in assets (B)
1-5
The Balance-Sheet Model of the Firm
The Capital Structure Decision
Current Liabilities
Long-Term Debt
Current Assets
How can the firm raise the money for the required Fixed Assets investments? 1 Tangible
McGraw-Hill/Irwin
Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
1-3
The Balance-Sheet Model of the Firm
Total Value of Assets: Total Firm Value to Investors:
1-1
Chapter Outline
1.1 What is Corporate Finance? 1.2 Corporate Securities as Contingent Claims on Total Firm Value
1.3 The Corporate Firm
1.4 Goals of the Corporate Firm
1-4
The Balance-Sheet Model of the Firm
The Capital Budgeting Decision
Current Liabilities
Long-Term Debt
Current Assets
Fixed Assets 1 Tangible 2 Intangible
Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
1-11
1.2 Corporate Securities as Contingent Claims on Total Firm Value • The basic feature of a debt is that it is a promise by the borrowing firm to repay a fixed dollar amount of by a certain date. • The shareholder’s claim on firm value is the residual amount that remains after the debtholders are paid. • If the value of the firm is less than the amount promised to the debtholders, the shareholders get nothing.
2 Intangible
Shareholders’ Equity
McGraw-Hill/Irwin
Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
1-6
The Balance-Sheet Model of the Firm
Case: SUPOR Corporate Finance addresses the following three questions:
1. What long-term investments should the firm engage in? 2. How can the firm raise the money for the required investments? 3. How much short-term cash flow does a company need to pay its bills?
Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
1-9
The Financial Manager vs. Investors
• • To create value, the financial manager should:
Treasurer
Controller
Cash Manager
Capital Expenditures
McGraw-Hill/Irwin
Credit Manager
Tax Manager
Financial Accounting
Cost Accounting
Financial Planning
Data Processing
McGraw-Hill/Irwin
Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
1-8
Hypothetical Organization Chart
Board of Directors Chairman of the Board Байду номын сангаасnd Chief Executive Officer (CEO) President and Chief Operating Officer (COO) Vice President and Chief Financial Officer (CFO)
1.5 Financial Markets
1.6 Outline of the Text
McGraw-Hill/Irwin
Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
1-2
What is Corporate Finance?
1. Try to make smart investment decisions. 2. Try to make smart financing decisions.
To make a goo Investment the investor should:
1. Try to make a good decipher or decode a financial data and information 2. Try to make an prediction of valuation 3. Try to make a good investment of the stocks or Bonds and others. 4. Try to monitor the company
The Capital Structure decision can be viewed as how best to slice up a the pie. If how you slice the pie affects the size of the pie, then the capital structure decision matters.
The Net Working Capital Investment Decision
Current Liabilities
Net Working Capital
Current Assets
Long-Term Debt
Fixed Assets 1 Tangible 2 Intangible
How much shortterm cash flow does a company need to pay its bills?
Current Assets
Current Liabilities
Long-Term Debt
Fixed Assets 1 Tangible 2 Intangible Shareholders’ Equity
McGraw-Hill/Irwin
Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
1-0
Chapter One
Introduction to Corporate Finance Ross Westerfield Jaffe Corporate Finance