Financial Management：Theory and Practice (25)
Financial_Management_Theory_and_Practice (12)
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12 - 6
Total Corporate Value
Total corporate value is sum of:
Value of operations Value of nonoperating assets
V Op
FCF
1
WACC
FCF
0
g g
All rights reserved.
(1 g )
WACC
ห้องสมุดไป่ตู้
Copyright © 2002 Harcourt, Inc.
12 - 13
Find Value of Operations
FCF (1 g ) g
V Op V Op
12 - 5
Nonoperating Assets
Marketable securities
Ownership of non-controlling interest in another company Value of nonoperating assets usually is very close to figure that is reported on balance sheets.
0
WACC 0 . 10
20 (1 0 . 05 ) 0 . 05
420
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All rights reserved.
12 - 14
Value of Equity
Sources of Corporate Value
跨国公司财务管理
n The most advantage of MNC is the international diversification ofs.
跨国公司财务管理
1.3 MULTINATIONAL FINANCIAL MANAGEMENT: THEORY AND PRACTICE
跨国公司财务管理
Learning Objectives
● To identify the advantages of being multinational, including the benefits of international diversification
● To describe the general importance of financial economics to multinational financial management and the particular importance of the concepts of arbitrage, market efficiency, capital asset pricing, and total risk
floating exchange rate system ● To calculate the amount of currency appreciation or
人大财金学院金融学专业推荐阅读书目
人大财金学院金融学专业推荐阅读书目一、经济学基础和工具类1、Principles of Economics（上下册）N.Gregory Mankiw2、Macroeconomics（Seventh Edition）Rudiger Dornbush etc.3、Advanced Macroeconomics Romer D.4、Macroeconomic Theory﹡Sargent T.J.5、Dynamic Macroeconomics﹡Sargent T.J.6、Handbook of Macroeconomics (Volume1A 1B 1C) J.B. Taylor & M. Woodford7、International Economics：Theory and Policy（Fifth Edition）R.Krugman, Maurice Obtesfeld8、Intermediate Microeconomics：A Modern Approach Varian H.9、Microeconomic Theory﹡Mas-colell A.Whinston M.D.&Green J.R.10、Basic Econometrics Gujarati D.N.11、Econometric Analysis (Fourth Edition)﹡Willian H. Greene12、The Econometrics of Financial Markets﹡Campbell J.Y. Lo, A.W.&Mackinlay A.C.13、The Analysis of Uncertainty and Information﹡Laffont J.J.14、A Concise Economic History of the World Cameron R15、World Economic Primacy：1500 to 1990 Chales P.Kindleberger二、金融学基础类16、Foundation for Financial Economics Huang C.F. & Litzenberger R.H.17、Principles of Financial Economics S.F. Leroy & Jan Werner18、Handbooks of Monetary Economics(1 and 2) Benjamin M. Friedman& Frank H.Hahn19、The Economics of Money, Banking and Financial Markets Frederic S. Mishkin20、Public Finance(fifth Edition) Harvey S.Rosen21、Comparing Financial System Allen & Gale22、Investments(Fifth Edition) Zvi Bodie, Alex Kane,Man J. Marcus23、International Financial Markets：Prices and Policies Richard M. Levich24、Methods of Mathematical Finance﹡Karatzas l. &Shreve S.E.25、Asset Pricing John H. Cochrane26、Dynamic Asset Pricing Theory﹡Darrell Duffie金融学专业分类：（一）货币政策与理论27、Monetary Theory and Policy Carl E. Walsh28、Financial Management and Policy James C. Van Horne29、The role of central banking in China's economic reform﹡Carsten Holz（二）商业银行30、Financial Institutions Management：A Modern Perspective (Third Edition) Anthorny Saunders31、Microeconomics of Banking Xavier Freixas & Jean-Charles Rochet32、Risk Management in Banking﹡Jol Bessis33、Banking Technology Handbook edited by Jessica Keyes（三）国际金融34、International Economics(II) (International Monetary Theory And Open-Economy Macroeconomics) Gandolfo G.35、International Finance Ephraim Clark36、International Financial Management Jeff Madura37、International Money and Finance（Sixth Edition）﹡Michael Melvin.38、The Handbook of International Trade Finance Dunford, Campbell39、Theory of International Trade﹡Dixit A.K.&Norman V.40、International Finance：Management, Markets, and Institutions Prentice Hall（四）证券投资41、Fundamentals of Investment Appraisal Steve Lumby, Chris Jones42、Modern Investment Theory Prentice Hall43、Investment under Uncertainty﹡Dixit A.K.&Pindyck R.S.44、Investment Science﹡David G. Luenberger（五）公司财务45、Fundamentals of Corporate Finance（Sixth Edition）Stephen A. Ross, Randolph W. Westerfield, Bradford D. Jordan.46、Principles of Corporate Finance Brealey & Myers47、New Corporate Finance：Where Theory meets Practice(Third Edition) Chew. （六）金融工程48、Financial Engineering Marshall J.F.&bansal V.K.49、Options, Futures and other Derivative Securities Hull J.50、Derivative Securities﹡Robert Jarrow & Stuart Turnbull注：﹡标明难度较高的读物，Prentice Hall 表示美国的一家出版社，其余为书的编著者。
英国留学国际金融专业
英国留学国际金融专业英国留学金融专业详解分类及介绍国外关于金融专业的设置，是两方面都有。
一、以微观为主，也就是研究与公司个体有关的投资、融资等行为。
另一方面就是和国内类似的宏观金融的研究。
专业细分英国大学的金融专业按细分不同通常设置在商学院、经济学院或数学学院。
在参考专业排名时需要考虑会计与金融、经济、商学三个方向。
金融专业细分可分为：金融学、公司金融、金融与投资、国际金融、银行与金融、金融与管理、会计与金融、风险管理、房地产金融与投资、金融与经济、金融工程。
金融学：对金融各个细分领域的综合介绍。
下面以曼彻斯特大学为例来看下金融学专业的课程设置：第一学期必修课：Introductory Research Methods for Accounting and Finance; 会计与金融学方法导论Essentials of Finance;金融学精要Derivative Securities衍生证券选修一门：Portfolio Investment证券投资International Macroeconomics and Global Capital Markets国际宏观经济学与全球资本市场Foundations of Finance Theory金融学基础第二学期Financial Econometrics金融计量经济学Advanced Empirical Finance高级实证金融学Corporate Finance; 公司金融选修一门International Finance国际金融Financial Statement Analysis财务报表分析Real Options in Corporate Finance公司金融中的实物期权Mergers and Acquisitions: Economic and Financial Aspects关于企业并购的经济金融思考Dissertation毕业论文公司金融：解决以公司财务、公司融资、公司治理为核心的公司治理结构方面的问题，综合运用各种形式的金融工具与方法，进行风险管理和财富创造。
Financial Management：Theory and Practice (1)
Subsequent issues of debt and equity
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10
Agency Problems and Corporate Governance
Agency problem: managers may act in their own interests and not on behalf of owners (stockholders) Corporate governance is the set of rules that control a company’s behavior towards its directors, managers, employees, shareholders, creditors, customers, competitors, and community. Corporate governance can help control agency problems.
4
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考研英语作文大学生理财
Financial Management for UniversityStudents: A Crucial Step towardsIndependenceIn the fast-paced world of today, financial management has become a crucial skill for individuals, regardless of their age or stage of life. This is especially true for university students, who are often faced with the dual challenges of managing their studies and their finances. As they transition from dependency to independence, mastering the art of financial management becomes imperative.**Setting Financial Goals**The journey of financial management begins with setting clear and achievable goals. For university students, these goals could range from saving up for textbooks and tuition fees to planning for future investments or emergency funds. Defining these goals helps students stay focused and motivated in their financial decisions.**Budgeting Basics**Creating a budget is the backbone of financial management. It involves estimating income and expenses,allocating funds to various categories such as accommodation, food, transport, entertainment, and savings. By tracking their spending and sticking to their budget, students can avoid unnecessary expenses and save money for their future goals.**Saving Habits**Saving money is an integral part of financial management. University students should aim to save a portion of their income every month, even if it's a small amount. Saving habits can be cultivated by setting aside a fixed amount of money into a savings account or investing in low-risk financial products. These savings can serve as a safety net in case of emergencies or as a foundation for future investments.**Informed Decision-Making**Financial management also involves making informed decisions about spending and investing. Students should research and compare different options before committing to any financial product or service. They should be aware of the risks involved and make decisions based on their financial goals and risk tolerance.**Financial Education**To become proficient in financial management, university students should seek financial education opportunities. This could include attending workshops, reading books and articles, or seeking advice from financial experts. Financial education helps students understand the intricacies of money management and equips them with the knowledge and skills necessary to make sound financial decisions.In conclusion, financial management is a crucial skill for university students. By setting financial goals, creating a budget, cultivating saving habits, making informed decisions, and seeking financial education, students can lay the foundation for a secure financial future. As they embark on this journey, they should remember that financial management is not just about managing money, but also about managing their lives and future.**大学生理财：迈向独立的重要一步**在当今快速发展的世界中，理财已成为每个人无论年龄或生活阶段都必须掌握的重要技能。
Financial_Management_Theory_and_Practice (2)
$40,000
$40,000
All rights reserved.
2-6
Statement of Retained Earnings (2001)
Balance of retained earnings, 12/31/00 Add: Net income, 2001 Less: Dividends paid Balance of retained earnings, 12/31/01
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2 - 14
What effect did the company’s expansion have on its net cash flow and operating cash flow?
NCF01 = NI + DEP = -$519,936 + $116,960 = -$402,976. NCF00 = $87,960 + $18,900 = $106,860. OCF01 = NOPAT + DEP = -$414,336 + $116,960 = -$297,376. OCF00 = $125,460 + $18,900 = $144,360.
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$203,768 (519,936) (11,000)
($327,168)
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2-7
Statement of Cash Flows: 2001
OPERATING ACTIVITIES Net Income Adjustments: Depreciation Change in AR Change in inventories Change in AP378,560 Change in accruals Net cash provided by ops.
金融理论及公司政策
金融理论中的角色:家庭和企业 家庭在理论中占据特殊位置，因为 体系的最终目标是满足人们的偏好， 而且理论认为那些偏好是给定的。金 融理论以人们满足偏好的努力来解释 家庭的行为。 企业的行为是从其如何影响家庭福 利的角度来研究的。
家庭面临四种基本金融决策
• 储蓄决策：将收入的多大部分储蓄起来，以备 日后之需？（如为退休或孩子的教育准备多少 钱） • 投资决策：如何投资用于储蓄的金钱？（如投 资于股票或证券多少资金） • 融资决策：家庭在何时及如何使用他人的钱来 完成消费和投资计划？（如购买房子或汽车使 用那类贷款） • 风险管理决策：如何减少家庭面临的经济方面 的不确定性，或者说，如何减少风险？（如是 否购买伤残保险）
Recent Trends in Finance
– Information Technology
• Need for enhanced IT skills for financial managers • Information dissemination occurs at a faster pace • Transactions conducted at a faster pace • Shorter response time for managerial decisions
企业的财务决策有三个主要方面
• 融资决策（资本结构）（如资本结构种的负债和资产 的比例如何）。一旦企业决定采用哪个项目，就必须 考虑如何为其融资。与资本预算决策不同，资本结构 决策分析的基础不是个别的投资项目，而是整个企业。 制定资本结构决策的起点是为企业制定一个富有灵活 性的融资方案。一旦得到一个灵活的融资计划，便可 考虑对融资组合进行优化。 • 资本预算决策（如是否建一个新工厂生产新产品。资 本预算决策分析的基础部分是投资项目。资本预算的 过程包括明确新的投资项目的想法，对其进行评估， 决定采取那种方案，然后实施项目）
Financial Management：Theory and Practice (2)
Options
Basic Positions
Call / Put Long / Short (writer) Exercise Price Expiration Date (can let expire unexercised) Assets- Stocks, indexes, currency, and futures
Terms
CBOE
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Forward Contracts
2 parties to contract, each with a basic position:
One party is “long” (buy). Obligates party to buy the underlying asset at some fixed price at a specified date in the future. One party is “short” (sell). Obligates party to sell the underlying asset at some fixed price at a specified date in the future. Forward price Delivery date (expiration date)
Financial Management：Theory and Practice (16)
A smaller percentage of companies now pay dividends. When young companies first begin making distributions, it is usually in the form of repurchases. Dividend payouts have become more concentrated in a smaller number of large, mature firms.
7
Do investors prefer high or low payouts?
There are three dividend theories:
Dividends are irrelevant: Investors don’t care about payout. Dividend preference, or bird-in-the-hand: Investors prefer a high payout. Tax effect: Investors prefer a low payout.
Uses
=
Sources
Interest payments (after tax)
Principal repayments
Dividends
Stock repurchases
Purchase of short-term investments
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{财务管理公司理财}现代理财学的基础理论
《Corporate Finance Theory》
William L.Megginson,associate professor of banking and finance,Terry College of Business at the University of Georgia
Addison-Wesley 1997
of capital,capital budgeting,capital structure and dividend policy decisions,working capital management)
Principles of Finance
Managerial finance,which is the broadest of the three finance areas(financial markets, investments, and corporate finance), deals with decisions that firms make concerning their cash flows.
No.1:完全资本市场
一个完全的资本市场需要具备如下条件： 没有交易成本. 没有税收. 证券买者和卖者的数量足够多，以至于
他们个体的行为不会影响交易中证券的 价格.
个人和企业可以同等地进入市场.
Principles of Finance
Part 1,General Finance Concepts Part 2,General Business Concepts Part 3,Fundamentals of Valuation Part 4,Corporate Decision Making(the cost
Financial Management：Theory and Practice (10)
Financial Management: Theory and Practice 14e
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Portfolio of stocks and risk-free bonds that replicates cash flows of the option
Value of option must be the same as the replicating portfolio
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11
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《ACCA考试之财务管理 FINANCIAL MANAGEMENT》课件PPT 3 Financial Markets and Institutions
11
Major Categories of Financial Assets
5
1.1 Financial intermediation
Key term
A financial intermediary is a party bring together providers and users of finance, either as broker or as principal. A financial intermediary is an institution which links lender with borrowers, by obtaining deposits from lenders and re-lending them to borrowers.
7
Financial Intermediation
Example of intermediaries
Clearing banks Investment banks Savings banks Building societies Finance companies Pension funds Insurance companies Investment/unit trusts
6
1.1 Financial intermediation
Surplus unit
Person
savings funds
Financial_Management_Theory_and_Practice (19)
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19 - 11
Would companies going public use a negotiated deal or a competitive bid?
Send out “offering memorandum” with 20-30 pages of data and information, prepared by securities lawyers. Buyers certify that they meet net worth/income requirements and they will not sell to unqualified investors.
A negotiated deal.
The competitive bid process is only feasible for large issues by major firms. Even here, the use of bids is rare for equity issues. It would cost investment bankers too much to learn enough about the company to make an intelligent bid.
Most capital in fund is provided by institutional investors Managers of fund are called venture capitalists Venture capitalists (VCs) sit on boards of companies they fund
Financial_Management_Theory_and_Practice (10)
0
Copyright © 2002 Harcourt, Inc.
10 - 10
What happens if g > ks?
D 1 P0 requires k s g. ks g
If ks< g, get negative stock price, which is nonsense. We can’t use model unless (1) g ks and (2) g is expected to be constant forever. Because g must be a longterm growth rate, it cannmon Stock Represents ownership. Ownership implies control.
Stockholders elect directors.
Directors hire management.
Management’s goal: Maximize stock price.
(More…)
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10 - 22
During nonconstant growth, dividend yield and capital gains yield are not constant. If current growth is greater than g, current capital gains yield is greater than g. After t = 3, g = constant = 6%, so the t t = 4 capital gains gains yield = 6%. Because ks = 13%, the t = 4 dividend yield = 13% - 6% = 7%.
Financial Management：Theory and Practice (32)
1
Chapter 29
Pension Plan Management
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2
Topics in Chapter
Pension plan terminology Defined benefit versus defined contribution plans Pension fund investment tactics Retiree health benefits
3
How important are pension funds?
They constitute the largest class of investors. They hold about 33% of all U. S. stocks.
Financial Management：Theory and Practice (22)
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(More...)
4
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9
Bond With Warrants
Consider a 20-year bond with 27 warrants. Each warrant has a strike price (also called an exercise price) of $25 and 10 years until expiration. Each warrant’s value is estimated to be $5. rd of 20-year annual payment bond without warrants = 10%. What coupon rate must be set on the bond with warrants to make the total package sell for $1,000?
The theory and practice of corporate finance全文翻译
The theory and practice of corporate finance全文翻译公司金融的理论与实践：来自实地的证据关于资本成本、资本预算和资本结构问题，我们调查了392位首席财务官。
大的公司主要依靠现值技术和资本资产定价模型，而小公司相对地比较喜欢使用回收期标准。
当发行债务时，公司比较注重维护财务弹性和比较好的信用等级；当发行股票时，比较注重每股收益稀释和近期股票价格升值情况。
我们发现了对于支持优序融资假说和交易资本结构假说的支持，但是却很少找到经理关心资产替换、不对称信息、交易成本、自由现金流或者个人税务方面的证据。
关键词：资本结构资本成本股权成本资本预算折现率项目估值调查 1. 简介在这篇文章中，我们对一项描述公司金融的现行实践的综合调查作了一个分析。
在这个领域中，最著名的实地研究也许就是约翰.林特纳的开创新的股利分配策略分析理论。
那个研究的结论至今仍被引用，并深刻地影响着股利分配策略的研究方式。
在很多方面，我们的目标和林特纳的有点相似。
我们的调查描述了公司金融的现行实践。
我们希望研究者们能利用我们的结果来发展新的理论―并且潜在地修改或者放弃已经存在的观点。
我们也希望从业者们能够从我们的结果中得到启发，通过观察其他的公司是怎样运行的以及确认其他学术文献没有完成的地方。
我们的调查跟以前的一些调查在很多方面都有不同。
首先，我们的调查的范围很广。
我们检测了资本配置，资本成本和资本结构。
这让我们可以把跨领域的结果联系在一起。
例如，有些公司在考虑资本结构问题时会优先考虑财务弹性，我们就调查了这些公司在考虑资本预算决定时是否也会注重实物期权。
我们在每个领域都进行了深入的探索，总共询问了100多个问题。
其次，我们抽样调查了接近4440个公司的大范围截面数据。
总计有392为首席财务官回应了我们的调查，回复率为9%。
我们所知道的第二大范围的调查是摩尔和理查特做的，调查了298个大公司。
我们研究了可能的未回复偏差，得出结论是我们的样本可以作为全部人口的代表。
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1
Chapter 23
Enterprise Risk Management
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1680, London 1752, Benjamin in and the Union Fire Company
10
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Free cash flow (FCF)
=
FCF∞ Value = + +· · · + (1 + WACC)∞ (1 + WACC)1 (1 + WACC)2
Market risk aversion Firm’s debt/equity mix Weighted average cost of capital (WACC) Firm’s business risk
Risk management allows firms to (Continued):
Minimize negative tax effects due to convexity in tax code. Example: EBT of $50K in Years 1 and 2, total EBT of $100K,
*Example is shown later.
(More...)
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3
Intrinsic Value: Risk Management
Foreign exchange rates
Product prices and demand Input costs
Net operating profit after taxes
−
Required investments in operating capital
9
The Evolution of Risk Management
Commodity futures contracts
2000 B.C.E in India 1800s: grain traders in Midwest Maritime: 1300s, Genoa Fire:
Insurance
4
Do stockholders care about volatile cash flows?
If volatility in cash flows is not caused by systematic risk, then stockholders can eliminate the risk of volatile cash flows by diversifying their portfolios. Stockholders might be able to reduce impact of volatile cash flows by using risk management techniques in their own portfolios.
How can risk management increase the value of a corporation?
Risk management allows firms to: Have greater debt capacity, which has a larger tax shield of interest payments. Implement the optimal capital budget without having to raise external equity in years that would have had low cash flow due to volatility.
2
Topics in Chapter
Reasons to manage risk. An enterprise risk management (ERM) system. Assessing and managing risk.
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Risk management allows firms to:
Avoid costs of financial distress.
Weakened relationships with suppliers. Loss of potential customers. Distractions to managers.
Utilize comparative advantage in hedging relative to hedging ability of investors.
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© 2014 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.
Brigham & Ehrhardt
Financial Management: Theory and Practice 14e
© 2014 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.
Tax = $7.5K each year, total tax of $15.
EBT of $0K in Year 1 and $100K in Year 2,
Tax = $0K in Year 1 and $22.5K in Year 2.
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© 2014 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.
5
© 2014 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.