罗斯《公司理财Corporate-Finance》(第七版)英文-Ch01课件

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The Capital Structure decision can be viewed as how best to slice up a the pie.
5705% Equity
If how you slice the pie affects the size of the pie, then the capital structure decision matters.
The Capital Structure Decision
Current Liabilities
Current Assets
Fixed Assets 1 Tangible 2 Intangible
How can the firm raise the money for the required investments?
Shareholders’ Equity
罗斯《公司理财Corporate-Finance》(第七版)英文-Ch01
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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.
investments? 3. How much short-term cash flow does a company need
to pay its bills?
罗斯《公司理财Corporate-Finance》(第七版)英文-Ch01
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The Balance-Sheet Model of the Firm
罗斯《公司理财Corporate-Finance》(第七版)英文-Ch01
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Hypothetical Organization Chart
Board of Directors Chairman of the Board and Chief Executive Officer (CEO)
President and Chief Operating Officer (COO)
McGraw-Hill/Irwin Corporate Finance, 7/e
CHAPTER
1
Introduction to Corporate Finance
罗斯《公司理财Corporate-Finance》(第七版)英文-Ch01
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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 1.5 Financial Markets 1.6 Outline of the Text
Total Value of Assets:
Current Assets
Total Firm Value to Investors: Current Liabilities
Long-Term Debt
Fixed Assets 1 Tangible 2 Intangible
Shareholders’ Equity
Data Processing
罗斯《公司理财Corporate-Finance》(第七版)英文-Ch01
Long-Term Debt
Shareholders’ Equity
罗斯《公司理财Corporate-Finance》(第七版)英文-Ch01
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The Balance-Sheet Model
of the Firm The Net Working Capital Investment Decision Current Liabilities
Current Assets
Net Working Capital
Long-Term Debt
Fixed Assets 1 Tangible 2 Intangible
How much short-term cash flow does a company need to pay its bills?
罗斯《公司理财Corporate-Finance》(第七版)英文-Ch01
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The Balance-Sheet Model of the Firm
The Capital Budgeting Decision
Current Liabilities Current Assets
Long-Term Debt
Fixed Assets 1 Tangible 2 Intangible
What longterm investments should the firm engage in?
Shareholders’ Equity
罗斯《公司理财Corporate-Finance》(第七版)英文-Ch01
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The Balance-Sheet Model of the Firm
Vice President and Chief Financial Officer (CFO)
Treasurer
Controller
Cash Manager
Credit Manager
Tax Manager
Cost Accounting
Capital Expenditures Financial Planning Financial Accounting
罗斯《公司理财Corporate-Finance》(第七版)英文-Ch01
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What is Corporate Finance?
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