公司理财本科班第一讲IntroductionToCorporateFinancenew
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• Decision to invest in tangible or intangible assets
1-1 Corporate Investment and Financing Decisions
• Investment Decision
• Purchase of real assets
• Financing Decision
Readings and Assignments: Students will be expected to read the assigned readings after class. Problem sets will be assigned throughout the course to illustrate and reinforce the concepts presented in class as well as in preparation of the case discussions to follow.
Requirements
Attendance: An alert, inquisitive presence in each and every class is mandatory. Attendance in seminar sessions is strongly advised but not required.
Qihoo 360 斥巨资收购国际顶级域名 回购计划。
Technology ，收购价格为1700万
NSYE
美元，约合人民币1.1亿元。
Alibaba 2015年10月16日，阿里巴巴 现金收购。
Group
出资45亿美金收购优酷土豆。 2014年5月完成了优酷土豆
18.3%的股票收购。收购预计
欢迎
The big picture…
Finance Four major topics in Finance (Stephen A. Ross)： Efficient Market (Fama and French 1972) Return and Risk (Portfolio Theory, Markowitz,1952; CAPM,
The Wall Street Journal, The Financial Times or the Business pages of The New York Times is strongly recommended.
Other reading recommandations will be made during the class.
Course Plan
Week 1 2 3
4
5
6 7 8 9 10 11-12
Part of Textbook Ch 1
Ch 2 and 3 Ch 3，4 and 5
Ch 5 and 6
Ch 7-9
Ch 10 Ch 13-15
Part 5 (Part 7) Part 10 Part 11
Major Topics Introduction Present Value and Bond Valuation Bond, Stock Valuation and Introduction of Investment Rules Application of Investment Rules
The role of the financial manager and the opportunity cost of capital
Goals of the corporation Agency problems and corporate
governance
1-1 Corporate Investment and Financing Decisions
Figure 1.1 Cash Flow between Financial Markets and Firm’s Operations
(2)
(1)
Firm's operations
Financial
manager
(4a)
Financial markets
(3)
(4b)
(1) Cash raised from investors (2) Cash invested in firm (3) Cash generated by operations (4a) Cash reinvested (4b) Cash returned to investors
An introductory course provides an overview of corporate finance.
It emphasizes an intuitive, logically rigorous understanding of the theory and practice of corporate finance.
1-2 The Financial Goal of the Corporation
• Stockholders Want Three Things
• To maximize current wealth • To transform wealth into most desirable time pattern of consumption • To manage risk characteristics of chosen consumption plan
Topics covered include: valuation theory, corporate risk management, capital budgeting, financing decisions and financial market efficiency, dividend policy, etc.
Procter & Spends $8 billion on
Raises 100 billion Japanese yen by
Gamble advertising.
an issue of 5-year bonds.
(U.S.)
奇虎360 2015年2月4日，奇虎360公司 2015年2月完成了2亿美元的股票
Sharpe, 1962) Option Pricing Theory (Black, Scholes and Merton 1973) Corporate Finance (Modigliani–Miller Theorem, 1958,
American Economic Review)
Course Description
1-2 The Financial Goal of the Corporation
• Profit Maximization
• Not a well-defined financial objective
• Which year’s profits?
• Shareholders will not welcome higher short-term profits if long-term profits are damaged
• Real Assets
• Used to produce goods and services
• Financial Assets/Securities
• Financial claims on income generated by firm’s real assets
• Capital Budgeting/Capital Expenditure (CAPEX)
Other recommended (but not required) Finance texts: Corporate Finance, 7th edition, Stephen Ross, Jeffrey Jaffe, and
Randolph Westerfield, 2005.
Textbook
会于2016年第一季度完成。
1-1 Corporate Investment and Financing Decisions
• What Is a Corporation?
• Legal entity, owned by shareholders • Can make contracts, carry on business, borrow, lend, sue, and be sued • Shareholders have limited liability and cannot be held personally responsible for corporation’s debts
Asset Pricing in Corporate Finance(WACC)
Project Analysis Financing Decisions (IPO)
IPO in China Payout policy and Capital Structure
Mergers and Acquisitions International Corporate Management,
劣势
融资难 无限责任 有限的生命力
公司制
优势 持续经营 有限责任 股权转让 有利于融资
劣势 双重课税 设立和维持的成本
Chapter 1: Introduction to Corporate Finance
Corporate investment and financing decisions
Exam: 100% *Final Exam
Materials
Textbook: Principles of Corporate Finance, 10th
Edition, by Richard A. Brealey, Stewart C. Myers and Franklin Allen.
中文版
English Version
Materials (contd.)
中国上市公司http://cnlist; 证券之星 http://stockstar.online.sh; 财经（电子版） http://caijing.homeway; 中财网http://cfi; 证券时报 http://securitiestimes; 君安证券研究http://research.jas; 中 国证券报http://chinasecurities; etc.
• Tangible Assets
• i.e. Expanding stores，buying new machine
• Intangible Assets
• i.e. Research and development for new drug, Patent, marketing team
Table 1.1 Recent Investment/ Financing Decisions
Chapter 1 Introduction
Corporate Finance
公司的三种组织形式
单一业主制 (Individual Proprietor) 合伙制 (Partnership) 公司制 (Corporate)
单一业主与合伙制
优势
组成容易 较简单的管理 不用承担公司税
• Sale of financial assets
• Capital Structure
• Choice between debt and equity financing
1-1 Corporate Investment and Financing Decisions
• Capital Budgeting Examples
Company Recent Investment Decisions Recent Financing Decisions
LVMH
LVMH acquires the Italian
Pays for the acquisition with a
(France) Jeweler, Bulgari, for $5 billion. mixture of cash and shares.
1-1 Corporate Investment and Financing Decisions
• Investment Decision
• Purchase of real assets
• Financing Decision
Readings and Assignments: Students will be expected to read the assigned readings after class. Problem sets will be assigned throughout the course to illustrate and reinforce the concepts presented in class as well as in preparation of the case discussions to follow.
Requirements
Attendance: An alert, inquisitive presence in each and every class is mandatory. Attendance in seminar sessions is strongly advised but not required.
Qihoo 360 斥巨资收购国际顶级域名 回购计划。
Technology ，收购价格为1700万
NSYE
美元，约合人民币1.1亿元。
Alibaba 2015年10月16日，阿里巴巴 现金收购。
Group
出资45亿美金收购优酷土豆。 2014年5月完成了优酷土豆
18.3%的股票收购。收购预计
欢迎
The big picture…
Finance Four major topics in Finance (Stephen A. Ross)： Efficient Market (Fama and French 1972) Return and Risk (Portfolio Theory, Markowitz,1952; CAPM,
The Wall Street Journal, The Financial Times or the Business pages of The New York Times is strongly recommended.
Other reading recommandations will be made during the class.
Course Plan
Week 1 2 3
4
5
6 7 8 9 10 11-12
Part of Textbook Ch 1
Ch 2 and 3 Ch 3，4 and 5
Ch 5 and 6
Ch 7-9
Ch 10 Ch 13-15
Part 5 (Part 7) Part 10 Part 11
Major Topics Introduction Present Value and Bond Valuation Bond, Stock Valuation and Introduction of Investment Rules Application of Investment Rules
The role of the financial manager and the opportunity cost of capital
Goals of the corporation Agency problems and corporate
governance
1-1 Corporate Investment and Financing Decisions
Figure 1.1 Cash Flow between Financial Markets and Firm’s Operations
(2)
(1)
Firm's operations
Financial
manager
(4a)
Financial markets
(3)
(4b)
(1) Cash raised from investors (2) Cash invested in firm (3) Cash generated by operations (4a) Cash reinvested (4b) Cash returned to investors
An introductory course provides an overview of corporate finance.
It emphasizes an intuitive, logically rigorous understanding of the theory and practice of corporate finance.
1-2 The Financial Goal of the Corporation
• Stockholders Want Three Things
• To maximize current wealth • To transform wealth into most desirable time pattern of consumption • To manage risk characteristics of chosen consumption plan
Topics covered include: valuation theory, corporate risk management, capital budgeting, financing decisions and financial market efficiency, dividend policy, etc.
Procter & Spends $8 billion on
Raises 100 billion Japanese yen by
Gamble advertising.
an issue of 5-year bonds.
(U.S.)
奇虎360 2015年2月4日，奇虎360公司 2015年2月完成了2亿美元的股票
Sharpe, 1962) Option Pricing Theory (Black, Scholes and Merton 1973) Corporate Finance (Modigliani–Miller Theorem, 1958,
American Economic Review)
Course Description
1-2 The Financial Goal of the Corporation
• Profit Maximization
• Not a well-defined financial objective
• Which year’s profits?
• Shareholders will not welcome higher short-term profits if long-term profits are damaged
• Real Assets
• Used to produce goods and services
• Financial Assets/Securities
• Financial claims on income generated by firm’s real assets
• Capital Budgeting/Capital Expenditure (CAPEX)
Other recommended (but not required) Finance texts: Corporate Finance, 7th edition, Stephen Ross, Jeffrey Jaffe, and
Randolph Westerfield, 2005.
Textbook
会于2016年第一季度完成。
1-1 Corporate Investment and Financing Decisions
• What Is a Corporation?
• Legal entity, owned by shareholders • Can make contracts, carry on business, borrow, lend, sue, and be sued • Shareholders have limited liability and cannot be held personally responsible for corporation’s debts
Asset Pricing in Corporate Finance(WACC)
Project Analysis Financing Decisions (IPO)
IPO in China Payout policy and Capital Structure
Mergers and Acquisitions International Corporate Management,
劣势
融资难 无限责任 有限的生命力
公司制
优势 持续经营 有限责任 股权转让 有利于融资
劣势 双重课税 设立和维持的成本
Chapter 1: Introduction to Corporate Finance
Corporate investment and financing decisions
Exam: 100% *Final Exam
Materials
Textbook: Principles of Corporate Finance, 10th
Edition, by Richard A. Brealey, Stewart C. Myers and Franklin Allen.
中文版
English Version
Materials (contd.)
中国上市公司http://cnlist; 证券之星 http://stockstar.online.sh; 财经（电子版） http://caijing.homeway; 中财网http://cfi; 证券时报 http://securitiestimes; 君安证券研究http://research.jas; 中 国证券报http://chinasecurities; etc.
• Tangible Assets
• i.e. Expanding stores，buying new machine
• Intangible Assets
• i.e. Research and development for new drug, Patent, marketing team
Table 1.1 Recent Investment/ Financing Decisions
Chapter 1 Introduction
Corporate Finance
公司的三种组织形式
单一业主制 (Individual Proprietor) 合伙制 (Partnership) 公司制 (Corporate)
单一业主与合伙制
优势
组成容易 较简单的管理 不用承担公司税
• Sale of financial assets
• Capital Structure
• Choice between debt and equity financing
1-1 Corporate Investment and Financing Decisions
• Capital Budgeting Examples
Company Recent Investment Decisions Recent Financing Decisions
LVMH
LVMH acquires the Italian
Pays for the acquisition with a
(France) Jeweler, Bulgari, for $5 billion. mixture of cash and shares.