公司理财英文版课件(1)

公司理财原版英文课件Chap.ppt

Chapter 8
Interest Rates and Bond Valuation
McGraw-Hill/Irwin
Copyright © 2010 by the McGraw-Hill Companies, Inc. All rights reserved.
Key Concepts and Skills
PV

$31.875 .11 2
1
1 (1.055)10

$1,000 (1.055)10
$825.69
8-9
YTM and Bond Value
When the YTM < coupon, the bond
1300
trades at a premium.
Bond Value
Know the important bond features and bond types Understand bond values and why they fluctuate Understand bond ratings and what they mean Understand the impact of inflation on interest
Bond Concepts
Bond prices and market interest rates move in opposite directions.
When coupon rate = YTM, price = par value
When coupon rate > YTM, price > par value (premium bond)
volatility with respect to changes in the discount rate.

公司理财英文资料31页PPT

公司理财英文资料
21、静念园林好，人间良可辞。 22、步步寻往迹，有处特依依。 23、望云惭高鸟，临木愧游鱼。 24、结庐在人境，而无车马喧；问君何能尔？心远地自偏。 25、人生归有财富 ❖ 丰富你的人生
71、既然我已经踏上这条道路，那么，任何东西都不应妨碍我沿着这条路走下去。——康德 72、家庭成为快乐的种子在外也不致成为障碍物但在旅行之际却是夜间的伴侣。——西塞罗 73、坚持意志伟大的事业需要始终不渝的精神。——伏尔泰 74、路漫漫其修道远，吾将上下而求索。——屈原 75、内外相应，言行相称。——韩非

公司理财课资料新件英文版(ppt 25)

C1
C1 Y1=1.2m
Saver (lending)
B
1+r
Y
1
slope = -(1+r) Spender (borrowing)
A
© Professor Ho-Mou Wu
C0 Y0=1m PV(Y) Y0
Corporate Finance
Y1 (1 r)
C0 2-5
(I) Saving (Financing) Decision
• If you were to be promised $10,000 due in one year when interest rates are at 5-percent, your investment
be worth $9,523.81 in today’s dollars.
© Professor Ho-Mou Wu
(RWJ Ch 3, 4)
© Professor Ho-Mou Wu
Corporate Finance
2-0
Investment Decision
Example 1: Suppose an investment that promises to pay $10,000 in one year is offered for sale for $9,500. Your interest rate is 5%. Should you buy?
© Professor Ho-Mou Wu
Corporate Finvaluation in a Riskless World
Why do we use NPV as the investment criterion ? Assume Perfect Capital Market and Two Period

公司理财(罗斯)第1章(英文

• Structure: This book is organized into several key sections. It begins with an introduction to the field of corporate finance and its importance. Subsequent chapters cover topics such as capital budgeting, risk and return, capital structure, dividend policy, mergers and acquisitions, and international corporate finance. Each chapter includes illustrative examples, case studies, and practical applications to help readers apply the concepts discussed. The book concludes with a summary of key takeaways and additional resources for further study.
03 Valuation Basis
The concept and significance of valuation
要点一
Definition
Valuation is the process of estimating the worth of an asset or a company, typically through the use of financial metrics and analysis.
The Time Value of Money

英文版公司理财chapter-1课件

Making good investment and financing decisions is the chief task of the financial manager.
英文版公司理财chapter-1
7
The Investment Decision
• Investment decision /capital budgeting decision: decision to invest in
2750% Deb50t % 3D0e%bEt quity 5705% Equity
If how you slice the pie affects the size of the pie, then the capital structure decision matters.
英文版公司理财chapter-1
4. Understand why conflicts of interest arise, especially in large, public corporations
5. Explain how corporations mitigate conflicts and encourage ethical behavior
英文版公司理财chapter-1
Current Liabilities Long-Termபைடு நூலகம்Debt
Shareholders’ Equity
13
• The choice between debt and equity financing is often called the
capital structure decision
2
Chapter 1
The Corporation and the Financial Manager

公司理财英文版

公司理财英文版Company Financial ManagementIntroductionFinancial management is a critical aspect of running a successful business. It involves planning, organizing, controlling, and monitoring the company's financial resources to achieve its objectives. Effective financial management ensures that the company has sufficient funds, optimal utilization of resources, and profitability. This article provides an overview of the key components of company financial management, including financial planning, budgeting, forecasting, cash flow management, and risk management.Financial PlanningFinancial planning is the foundation of effective financial management. It involves assessing the company's current financial position, setting financial objectives, and developing strategies to achieve those objectives. The financial planning process includes analyzing the company's revenue and expenses, cash flow, assets and liabilities, and financial ratios. This analysis helps identify areas of improvement and opportunities for growth.One of the key aspects of financial planning is setting realistic and achievable financial goals. These goals can be short-term or long-term and should align with the company's overall business objectives. Financial goals may include increasing revenue, reducing expenses, improving profitability, or expanding into newmarkets. Setting specific, measurable, attainable, relevant, and time-bound (SMART) goals enhances the effectiveness of financial planning.BudgetingBudgeting is an integral part of financial management as it helps allocate financial resources effectively. A budget is a comprehensive plan that outlines the company's expected revenue and expenses for a specific period, typically a year. It serves as a roadmap for financial decision-making and helps control spending, ensure profitability, and allocate resources efficiently.The budgeting process involves gathering relevant financial data, estimating revenue and expenses, and projecting cash flows. The budget should be realistic, achievable, and aligned with the company's financial goals. It should also be flexible enough to adapt to changing circumstances and market conditions. Regular monitoring and review of the budget help identify variances and take corrective actions if necessary.ForecastingForecasting is an essential component of financial management as it helps anticipate future financial trends and outcomes. It involves analyzing historical data, market trends, and economic indicators to predict the company's financial performance. Forecasting enables companies to make informed decisions, identify potential risks and opportunities, and develop strategies to mitigate risks and exploit opportunities.Cash Flow ManagementCash flow management is crucial for the financial stability and success of a company. It involves monitoring and controlling the company's cash inflows and outflows to ensure sufficient liquidity and meet financial obligations. Effective cash flow management minimizes the risk of cash shortages, improves financial flexibility, and enhances the company's ability to invest in growth opportunities.To manage cash flow effectively, companies need to accurately forecast cash inflows from sales, investments, and financing activities. They also need to monitor and control cash outflows, including payments to suppliers, employee salaries, and loan repayments. Efficient working capital management, such as optimizing inventory levels and extending payment terms with suppliers, can help improve cash flow.Risk ManagementRisk management is an integral part of company financial management. It involves identifying, assessing, and mitigating financial risks that may impact the company's financial stability and performance. Some common financial risks include market risks, credit risks, liquidity risks, and operational risks.To manage financial risks effectively, companies need to develop robust risk management strategies and processes. This includes diversifying investments, hedging against currency or interest ratefluctuations, implementing internal controls and governance structures, and having effective insurance coverage. Regular monitoring and review of risk management strategies help ensure their effectiveness and relevance in the changing business environment.ConclusionEffective financial management is crucial for the success of any company. It involves planning, budgeting, forecasting, cash flow management, and risk management. Financial planning helps set realistic and achievable financial goals, while budgeting allocates financial resources effectively. Forecasting helps anticipate future financial trends and outcomes, and cash flow management ensures sufficient liquidity. Lastly, risk management mitigates financial risks that may impact the company's financial stability and performance. By implementing sound financial management practices, companies can improve profitability, maximize shareholder value, and achieve long-term sustainability.。

公司理财英文版课件Chap.ppt

• Case II – Assumptions – Corporate taxes, but no personal taxes – No bankruptcy costs
• Case III – Assumptions – Corporate taxes, but no personal taxes – Bankruptcy costs
16-15
Figure 16.3
16-16
Case I - Example
• Data
– Required return on assets = 16%; cost of debt = 10%; percent of debt = 45%
• What is the cost of equity?
16-6
Example: Financial Leverage, EPS and ROE – Part I
• We will ignore the effect of taxes at this stage
• What happens to EPS and ROE when we issue debt and buy back shares of stock?
• Proposition II
– The WACC of the firm is NOT affected by capital structure
16-14
Case I - Equations
• WACC = RA = (E/V)RE + (D/V)RD
• RE = RA + (RA – RD)(D/E)
– RA is the “cost” of the firm’s business risk, i.e., the risk of the firm’s assets

公司理财精要版原书第12版英文版最新精品课件Ross_12e_PPT_Ch25

stockholders of both firms
• Consolidation
▪ Entirely new firm is created from combination of existing firms.
25-6
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
KEY CONCEPTS AND SKILLS
• Discuss the different types of mergers and acquisitions, why they should (or shouldn’t) take place, and the terminology associated with them
ACQUISITION OF ASSETS
• A firm can acquire another firm by buying most or all of its assets.
• In this case, the target firm still exists unless the stockholders choose to dissolve it.
CLASSIFICATIONS OF ACQUISITIONS
• Three types of acquisitions according to financial analysts:
▪ Horizontal – both firms are in the same industry

公司理财原版英文课件Chap

Ri Ri βi F εi
RP X 1 ( R1 β1 F ε1 ) X 2 ( R 2 β2 F ε2 ) X N ( R N βN F εN ) RP X 1 R1 X 1 β1 F X 1ε1 X 2 R 2 X 2 β2 F X 2 ε2 X N R N X N βN F X N ε N
R 8%
R 8% 2.30 5% 1.50 (3%) 0.50 (10%) 1% R 12%
12-12
12.3 Portfolios and Factor Models

Now let us consider what happens to portfolios of stocks when each of the stocks follows a one-factor model. We will create portfolios from a list of N stocks and will capture the systematic risk with a 1-factor model. The ith stock in the list has return:
R R 2.30 5% 1.50 (3%) 0.50 FS 1%
12-10
Systematic Risk and Betas: Example
R R 2.30 5% 1.50 (3%) 0.50 FS 1%
If it were the case that the dollar-euro spot exchange rate, S($,€), was expected to increase by 10%, but in fact remained stable during the time period, then: FS = Surprise in the exchange rate = actual – expected = 0% – 10% = – 10%

{财务管理公司理财}公司理财经典讲义英文版

of the Firm
The Capital Structure Decision
Current
Current Assets
Liabilities
How can the firm
raise the money Fixed Assets for the required
Long-Term Debt
1 Tangible investments?
investments?
McGraw-Hill/Irwin
© 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.
1-4
The Balance-Sheet Model
of the Firm
Total Value of Assets:
Total Firm Value to Investors:
Current
Current Assets
Liabilities Long-Term
Debt
Fixed Assets
1 Tangible
2 Intangible
McGraw-Hill/Irwin
Shareholders’ Equity
© 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.
2750%50%30% DebtDeEbtquity
5705%
Equity
McGraw-Hill/Irwin
If how you slice the pie affects the size of the pie, then the capital structure decision matters.

公司理财罗斯英文原书第九版第一章

1-16
现金流量的时点
年份
1 2 3 4 总计
新产品（方案A）
0 0 0 20000 20000
新产品（方案B）
4000 4000 4000
？
4000 16000
哪个方案更好？
1-17
现金流量的风险
悲观一般乐观
欧洲
75000
100000
125000
日本
0
100000
200000
选择日本投资吗？
1-1
Chapter Outline
1.1 What is Corporate Finance?
1.2 The Corporate Firm
1.3 The Importance of Cash Flows
1.4 The Goal of Financial Management 1.5 The Agency Problem and Control of the Corporation 1.6 Regulation
1-13
Voting Rights
Taxation Reinvestment and dividend payout Liability
Double Broad latitude
Limited liability
Continuity
Perpetual life
1.3 The Importance of Cash Flow

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.

公司理财实务英文版

2 Intangible
Current Liabilities Long-Term
Debt
Shareholders’ Equity
What is 城市轨道交通 urban rail transport
精品ppt模板
The Net Working Capital Investment Decision
• If the value of the firm is less than the amount promised to the debtholders, the shareholders get nothing.
What is 城市轨道交通 urban rail transport
精品ppt模板
Max[0,$X – $F] = $X – $F and the debt holder’s claim is:
Debt holders are promised $F.
Min[$F,$X] = $F. The sum of these is = $X
What is 城市轨道交通 urban rail transport
pie, then the capital structure decision
matters.
What is 城市轨道交通 urban rail transport
精品ppt模板
Firm
Firm issues securities (A)
Invests in assets
(B)
Retained cash flows (F)
• Primary Market
– When a corporation issues securities, cash flows from investors to the firm.

公司理财英文版

公司理财英文版Company Financial ManagementFinancial management is an essential aspect of running a successful company. It involves planning, organizing, controlling, and monitoring financial resources to achieve the company's goals and objectives.The first step in financial management is creating a budget. A budget is a detailed plan that outlines the company's projected income and expenses for a specific period. It helps in allocating resources effectively and identifying areas where expenses can be reduced.To ensure effective financial management, companies need to have a system for tracking and recording financial transactions. This includes maintaining accurate and up-to-date financial statements, such as income statements, balance sheets, and cash flow statements.Another important aspect of financial management is financial analysis. This involves evaluating the company's financial performance, identifying areas of strength and weakness, and making strategic decisions based on the analysis.One of the key objectives of financial management is maximizing profitability. This can be achieved by implementing cost-cutting measures, increasing sales revenue, and optimizing financial resources.Companies also need to manage their cash flow effectively. This includes monitoring cash inflows and outflows, ensuring there is enough cash to cover expenses and investments, and managing short-term liquidity.In addition, companies need to consider long-term financial planning. This involves setting financial goals and developing strategies to achieve them, such as investment planning and capital structure management.Risk management is another important aspect of financial management. Companies need to identify and analyze potential risks, such as financial market volatility, credit risk, and operational risks, and implement strategies to mitigate them. Ultimately, effective financial management is crucial for the success and sustainability of a company. It helps in making informed decisions, maximizing profitability, and ensuring financial stability.。

公司理财英文版PPT34页

40、人类法律，事物有规律，这是不容忽视的。— —爱献生

46、我们若已接受最坏的，就再没有什么损失。——卡耐基 47、书到用时方恨少、事非经过不知难。——陆游 48、书籍把我们引入最美好的社会，使我们认识各个时代的伟大智者。——史美尔斯 49、熟读唐诗三百首，不会作诗也会吟。——孙洙 50、谁和我一样用功，谁就会和我一样成功。——莫扎特
公司理财英文版
36、如果我们国家的法律中只有某种神灵，而不是殚精竭虑将神灵揉进宪法，总体上来说，法律就会更好。—— 马克·吐温 37、纲纪废弃之日，便是暴政兴起之时。— —威·皮物特
38、若是没有公众舆论的支持，法律是丝毫没有力量的。 ——菲力普斯 39、一个判例造出另一个判例，它们迅速累聚，进而变成法律。 ——朱尼厄斯