公司理财第七版ppt课件
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罗斯《公司理财Corporate-Finance》(第七版)英文-Ch01课件
2750% Deb50t % 3D0e%bEt quity
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.
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
4
The Balance-Sheet Model of the Firm
罗斯《公司理财Corporate-Finance》(第七版)英文-Ch01
9
Hypothetical Organization Chart
Board of Directors Chairman of the Board and Chief Executive Officer (CEO)
President and Chief Operating Officer (COO)
Shareholders’ Equity
罗斯《公司理财Corporate-Finance》(第七版)英文-Ch01
8
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.
公司理财原书第七版第四章净现值PPT课件
The total amount due at the end of the investment is call the Future Value (FV).
McGraw-Hill/Irwin Corporate Finance, 7/e
© 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.
© 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.
4-6
4.1 The One-Period Case: Present Value
In the one-period case, the formula for PV can be written as:
4-2
Chapter Outline
4.1 The One-Period Case 4.2 The Multiperiod Case 4.3 Compounding Periods 4.4 Simplifications 4.5 What Is a Firm Worth? 4.6 Summary and Conclusions
PV C1 1 r
Where C1 is cash flow at date 1 and r is the appropriate interest rate.
McGraw-Hill/Irwin Corporate Finance, 7/e
© 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.
4-7
4.1 The One-Period Case:
Net Present Value
公司理财第七版33页PPT
Manager
(4a)
Financial
Assets
(3)
(4b)
1. Cash raised from investors (how?) 2. Cash invested in firm 3. Cash generated by operations 4A. Cash reinvested in the firm 4B. Cash returned to investors
Improper corporate structures may lead to “Agency Problems”
1-17
What Is a Corporation?
Who owns the business?
Are managers and owners separate? What is the owner’s liability? Are the owner & business taxed separately?
GE borrows $400 million from bond investors.
Microsoft issues 100 million shares to buy a small technology company.
1-12
Goals and Governance of the Corporation
The Ethics of Maximizing Value
Does value maximization justify unethical behavior?
Recent examples:
Enron WorldCom Bernard Madoff
1-23
Agency Problem
公司理财第七版Chap005课件
$1,600
$1,400
$1,200 $1,000
$800
Simple Interest Compound Interest
$600
$400
$200
$0 1
6
11
16
21
26
31
36
Year
5-6
Present Value
What is it? Why is it useful?
5-7
Present Value
Example - Compound Interest
Today
Future Years
1
2345
Interest Earned
7 7.49 8.01 8.58 9.18
Value
100 107 114.49 122.50 131.08 140.26
Value at the end of Year 5 = $140.26
the remaining variable.
PV
FV
1 (1r )t
5-10
Present Values: Changing Discount Rates
The present value of $100 to be received in 1 to 20 years at varying discount rates:
Discount Rate:
r
Discount Factor:
DF
1 (1r )t
Present Value:
PV
FV
1 (1r )t
Recall: t = number of years
5-8
Present Value: Example
$1,400
$1,200 $1,000
$800
Simple Interest Compound Interest
$600
$400
$200
$0 1
6
11
16
21
26
31
36
Year
5-6
Present Value
What is it? Why is it useful?
5-7
Present Value
Example - Compound Interest
Today
Future Years
1
2345
Interest Earned
7 7.49 8.01 8.58 9.18
Value
100 107 114.49 122.50 131.08 140.26
Value at the end of Year 5 = $140.26
the remaining variable.
PV
FV
1 (1r )t
5-10
Present Values: Changing Discount Rates
The present value of $100 to be received in 1 to 20 years at varying discount rates:
Discount Rate:
r
Discount Factor:
DF
1 (1r )t
Present Value:
PV
FV
1 (1r )t
Recall: t = number of years
5-8
Present Value: Example
公司理财第七版Chap003课件
• The value of assets or liabilities were they to be resold in a market
3-12
Common-Size Balance Sheet
All balance sheet items are expressed as a percentage of total assets.
In the balance sheet below, what was the value of net working capital in 2008? 2009?
3-11
ቤተ መጻሕፍቲ ባይዱ
Book Values vs. Market Values
GAAP (Generally Accepted Accounting Principles)
McGraw-Hill/Irwin
Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved.
Accounting and Finance
Understanding financial accounting is essential to understanding corporate finance.
Current vs. Long-Term Liabilities
Current Assets – Current Liabilities = Net Working Capital
3-9
Liabilities: Example
Which of the following is a current liability?
• Bond debt that matures in 3 years • A bank loan that is due in 24 months • An obligation to pay a supplier within 6 months
3-12
Common-Size Balance Sheet
All balance sheet items are expressed as a percentage of total assets.
In the balance sheet below, what was the value of net working capital in 2008? 2009?
3-11
ቤተ መጻሕፍቲ ባይዱ
Book Values vs. Market Values
GAAP (Generally Accepted Accounting Principles)
McGraw-Hill/Irwin
Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved.
Accounting and Finance
Understanding financial accounting is essential to understanding corporate finance.
Current vs. Long-Term Liabilities
Current Assets – Current Liabilities = Net Working Capital
3-9
Liabilities: Example
Which of the following is a current liability?
• Bond debt that matures in 3 years • A bank loan that is due in 24 months • An obligation to pay a supplier within 6 months
公司理财(第七版) Chap017
Corporations can pay shareholders by paying a dividend or by repurchasing shares.
Dividends and stock repurchases, United States 1980-2008
17-3
Paying Dividends
17-9
Stock Repurchase: Example
After the repurchase, shareholders can sell 10% of their shares and earn $100,000 in cash, yet still retain ownership equal to
This chapter analyzes both options and provides the student with insight into a firm’s payout policy decisions.
17-2
How Corporations Pay Cash to Shareholders
The price should decrease by the amount of the idend.
17-6
Dividends: Example
Imagine a firm has 100,000 shares outstanding, worth $1 million in total. If the firm issues a $1-per-share cash dividend, how is shareholder wealth affected?
that which they had before.
Dividends and stock repurchases, United States 1980-2008
17-3
Paying Dividends
17-9
Stock Repurchase: Example
After the repurchase, shareholders can sell 10% of their shares and earn $100,000 in cash, yet still retain ownership equal to
This chapter analyzes both options and provides the student with insight into a firm’s payout policy decisions.
17-2
How Corporations Pay Cash to Shareholders
The price should decrease by the amount of the idend.
17-6
Dividends: Example
Imagine a firm has 100,000 shares outstanding, worth $1 million in total. If the firm issues a $1-per-share cash dividend, how is shareholder wealth affected?
that which they had before.
公司理财第七版Chap004课件
2009 47,220 30,757 16,463
11,688 49
1,614 287
13,638 2,825 1,042 1,783
Total current liabilities
Long-term debt, excl. current maturities Deferred income taxes - net Other liabilities
Book Rates of Return*
What do they measure? Return on Capital: Return on Assets: Return on Equity:
*Book Rates of Return are also referred to as Accounting rates of Return
Deferred revenue Other current liabilities
Lowe's Income Statement Net sales Cost of sales Gross margin Expenses: Selling, general and administrative Store opening costs Depreciation Interest - net Total expenses Pre-tax earnings Income tax provision Net earnings
M a r k e t V a l u e A d d e d [ S h a r e P r i c e S h a r e s O u t s t a n d i n g ] - E q u i t y B o o k V a l u e
罗斯—公司理财第七版中文PPT—第七章
年度 1 2 3 4 5 6 总量 ACRS % 20.00% 32.00% 19.20% 11.52% 11.52% 5.76% 100.00%
折旧按成本加速回收制度( Accelerated Cost Recovery System，ACRS，具体折旧比例如 右边所示） 本例中基础成本为$100,000 第4年的折旧费用= $100,000×(.1152) = $11,520.
• 通货膨胀是经济生活中的一个重要事实，而且在资本预 算中必须考虑。 • 考虑利率和通货膨胀之间的关系，即所谓的费雪关系 (Fisher relationship)： (1 + 名义利率) = (1 + 实际利率) × (1 + 通货膨胀率) • 如果通货膨胀率不高，此式经常写为近似式： 实际利率 ≅ 名义利率 – 通货膨胀率 • 虽然在美国的名义利率一直在随通货膨胀波动，但与名 义利率相比，实际利率的方差大多数时间里要小得多。 • 在资本预算中考虑通货膨胀的时候，所比较的对象必须 是用实际利率贴现的实际现金流量或用名义利率贴现的 名义现金流量。
$39.80 $54.19 $66.86 $59.87 $224.66 NPV = −$260 + + + + + 2 3 4 (1.10) (1.10) (1.10) (1.10) (1.10)5 NPV = $51,588.05
Dr. Xiao Ming USTB
17
7.3 通货膨胀和资本预算
13
鲍德温公司现金流量计算表(续)
(单位：千元) (所有现金流量均发生在年末)
第0年 利润： (8)销售收入 (9)经营成本
第1年
第2年 第Leabharlann 年第4年第5年 129.90 87.84
折旧按成本加速回收制度( Accelerated Cost Recovery System，ACRS，具体折旧比例如 右边所示） 本例中基础成本为$100,000 第4年的折旧费用= $100,000×(.1152) = $11,520.
• 通货膨胀是经济生活中的一个重要事实，而且在资本预 算中必须考虑。 • 考虑利率和通货膨胀之间的关系，即所谓的费雪关系 (Fisher relationship)： (1 + 名义利率) = (1 + 实际利率) × (1 + 通货膨胀率) • 如果通货膨胀率不高，此式经常写为近似式： 实际利率 ≅ 名义利率 – 通货膨胀率 • 虽然在美国的名义利率一直在随通货膨胀波动，但与名 义利率相比，实际利率的方差大多数时间里要小得多。 • 在资本预算中考虑通货膨胀的时候，所比较的对象必须 是用实际利率贴现的实际现金流量或用名义利率贴现的 名义现金流量。
$39.80 $54.19 $66.86 $59.87 $224.66 NPV = −$260 + + + + + 2 3 4 (1.10) (1.10) (1.10) (1.10) (1.10)5 NPV = $51,588.05
Dr. Xiao Ming USTB
17
7.3 通货膨胀和资本预算
13
鲍德温公司现金流量计算表(续)
(单位：千元) (所有现金流量均发生在年末)
第0年 利润： (8)销售收入 (9)经营成本
第1年
第2年 第Leabharlann 年第4年第5年 129.90 87.84
罗斯—公司理财第七版中文PPT—第三章
$20,000
$0 $0 $20,000 $40,000 $60,000 $80,000 $100,000 $120,000
今天的消费
Dr. Xiao Ming USTB
12
3.3 竞争性的市场
• 在一个竞争的市场上： – 交易是没有成本的。 – 可以利用关于借贷的信息。 – 有很多的交易者；任何个人都不能够改变市场 的价格。 • 在一个竞争的市场上，只能存在一种均衡的利 率—否则就会产生套利的 机会。
1
内容提要
3.1 金融市场经济 3.2 消费时间的选择 3.3 竞争性的市场 3.4 基本原理 3.5 实践这些原理 3.6 投资决策的示例 3.7 公司的投资决策 3.8 结论与总结
Dr. Xiao Ming USTB
2
3.1 金融市场经济
• 对于不同的人以及不同的机构而言，他们的收入 流是有差别的，跨期的消费偏好也不相同。 • 由于这个原因，就产生了一个资金市场。资金的 价格就是利息率。
$55,000
$0 $0 $15,000 $40,000 $90,000
今天的消费
Dr. Xiao Ming USTB
18
3.6 投资决策示例
注意，我们因可以在今天或明年拥有 更多的消费而改善了境况。
在t+1时的消费
$101,500 $99,000 $85,000 $82,500
$101,500 = $15,000×(1.10) + $85,000 $92,273 = $15,000 + $85,000÷(1.10)
Dr. Xiao Ming USTB
25
Dr. Xiao Ming USTB
26
$30,000×(1+r)
公司理财培训教材(ppt 69页)
例: p248
三获利指数法
n
At PVIFi,t
获利指数PI t1 C
PI 1可行
PI 1不可行
例 p248
四动态回收期法
回收期PP关系式 :
PP
At PVIFi,t C
t 1
P 目标回收期可行 PP目标回收期不可行
例 p248
五.平均报酬率法
平均报酬率ARR A C
ARR 目标平均报酬率入选
第二部分 公司理财风险与杠杆理论
公司风险 经营风险—经营杠杆理论 财务风险—财务杠杆理论 综合风险—联合杠杆理论
一.经营杠杆理论与实践
（一）经营杠杆现象 经营风险效益 本量利公式:P=px-bx-a 相关范围内
设: P : 基期利润
P : 计划期利润变动额
x : 基期销量
x : 计划期销量变动量
ARR目标平均报酬率弃选
例: p248
(六)静态回收期法
pp
At ＝C
t 1
例（P248）
三.投资风险的考虑
稳健原则 不低估成本—上调贴现率 资本资产定价模型 风险等级评价法 风险报酬率模型 不高估收益—下调现金流量 约当系数法
第六部分 营运资金及其组合策略
营运资金 广义 狭义 特点 短期性 变现性 波动性 变动性 多样性
（四）用途 风险分析 DFL 愈大 财务风险愈大 DFL 愈小 财务风险愈小 DFL=1 财务风险为零
● 预测股东权益
EPS DFL P
EPS
P
或
EPS / EPS(1 DFL P ) P
● 预测目标利润
P EPS EPS
P
DFL
或
EPS
P/ P(1
三获利指数法
n
At PVIFi,t
获利指数PI t1 C
PI 1可行
PI 1不可行
例 p248
四动态回收期法
回收期PP关系式 :
PP
At PVIFi,t C
t 1
P 目标回收期可行 PP目标回收期不可行
例 p248
五.平均报酬率法
平均报酬率ARR A C
ARR 目标平均报酬率入选
第二部分 公司理财风险与杠杆理论
公司风险 经营风险—经营杠杆理论 财务风险—财务杠杆理论 综合风险—联合杠杆理论
一.经营杠杆理论与实践
（一）经营杠杆现象 经营风险效益 本量利公式:P=px-bx-a 相关范围内
设: P : 基期利润
P : 计划期利润变动额
x : 基期销量
x : 计划期销量变动量
ARR目标平均报酬率弃选
例: p248
(六)静态回收期法
pp
At ＝C
t 1
例（P248）
三.投资风险的考虑
稳健原则 不低估成本—上调贴现率 资本资产定价模型 风险等级评价法 风险报酬率模型 不高估收益—下调现金流量 约当系数法
第六部分 营运资金及其组合策略
营运资金 广义 狭义 特点 短期性 变现性 波动性 变动性 多样性
（四）用途 风险分析 DFL 愈大 财务风险愈大 DFL 愈小 财务风险愈小 DFL=1 财务风险为零
● 预测股东权益
EPS DFL P
EPS
P
或
EPS / EPS(1 DFL P ) P
● 预测目标利润
P EPS EPS
P
DFL
或
EPS
P/ P(1
公司理财(第七版)
所有者权益变动表
反映公司所有者权益的变动情况，包括股本、资本公积 、盈余公积和未分配利润等。
财务比率分析
偿债能力比率
包括流动比率、速动比率、资产负债率等， 用于评估公司的短期和长期偿债能力。
运营效率比率
包括存货周转率、应收账款周转率等，用于 评估公司的资产管理和运营效率。
盈利能力比率
包括销售毛利率、净利润率、资产收益率等， 用于评估公司的盈利能力。
成长性比率
包括收入增长率、净利润增长率等，用于评 估公司的成长潜力。
财务综合分析
杜邦分析法
通过分解股东权益回报率，深入了解公 司的盈利能力、运营效率和财务杠杆。
财务趋势分析
通过比较公司连续几年的财务报表， 分析财务状况和经营业绩的变化趋势。
财务比率综合分析
将各项财务比率进行综合分析，以全 面评估公司的财务状况和经营业绩。
公司理财(第七版)
contents
目录
• 公司理财概述 • 财务报表与财务分析 • 长期投资决策 • 筹资决策 • 短期财务决策 • 公司理财专题
公司理财概述
01
公司理财的定义与目标
定义
公司理财是对公司财务活动进行的管 理，包括投资决策、融资决策和营运 资金管理。
目标
实现公司价值最大化，即长期盈利能 力最大化。
06
公司理财专题
企业并购
并购动机
企业通过并购实现规模扩张、市场占有、协同效应等目标。
并购流程
包括尽职调查、估值分析、交易结构设计、并购后整合等步骤。
并购风险
并购过程中存在信息不对称、估值风险、整合风险等问题。
并购监管
政府和监管机构对并购活动进行监管，防止市场垄断和维护公平竞争。
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Financial Assets
1-12
Investment and Financing Decisions
Are the following capital budgeting or financing decisions?
Apple decides to spend $500 million to develop a new iPhone.
Capital Structure
The mix of long term debt and equity financing.
Investment and Financing Decisions
The Investment Dnancing Decision
3. 《财务报表分析》（技巧 . 策略) 戴欣苗编著 清华大学出版社
． 4.《上市公司虚假会计报表识别技术》 刘姝威 经济科学出版社
5.《现代公司理财》 姚益龙 中山大学出版社
6.《沃伦巴菲特的投资组合》 [美]罗伯特.哈格斯特朗 机械工业出版社
7.《百万富翁的智慧》[美]托马斯.J.斯坦利博士 中国大百利全书出版公司
◆ A single large amount of outlay vs. A stream of smaller amount of cash inflows.
◆ It is difficult to withdraw from an investment. ◆ Time is vital to investment decision–making
Corporation-A business organized as a separate legal entity owned by stockholders.
Types of Corporations:
Public Corporations Private Corporations
大学能做的最重要的事是，学生从学校毕业50 年以后，学生还能顺应时代的发展变化而继续学习、 进取、改变，这将能造就社会的领导者。
—— 哈佛大学荣誉校长陆登庭教授
于北京首届中外大学校长论坛
参考书目
1. 《公司理财》（第五版，双语教材） 理查德.A.布雷利等著 中国人民大学出版社
． 2.《公司理财》（第九版，双语教材） 斯蒂芬.A.罗斯 等著 机械工业出版社
Investment and Financing Decisions
To make corporate investment or financing decision
Capital Budgeting Decision
Decision to invest in tangible or intangible assets.
Investment and Financing Decisions
Financing Decision
Raising money that the firm needs for its investments and operations.
Determining the amount, maturity and type of funds raised in financial markets.
GE borrows $400 million from bond investors.
Microsoft issues 100 million shares to buy a small technology company.
1-13
Goals and Governance of the Corporation
8. 《公司理财》（第二版） 蒋 屏编著 清华大学出版社 2013年4月
1 CHAPTER
Goals and Governance of the Corporation
McGraw-Hill/Irwin
Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved.
Investment and Financing Decisions
Capital investment affects the amount of future cash flows generated, the timing of those cash flows, and the variability or risk of those future cash flows and thus, the value or worth of the capital budgeting decisions.
…also called the Investment Decision
Investment and Financing Decisions
The nature of capital investment decisions
◆ Making an outlay immediately vs. Yielding benefits in the distant future.
This chapter introduces the corporation, its goals, and the roles of financial managers.
Source: U.S. Census 2008 SUSB Annual Data
1-14
What is a Corporation?
Corporate Finance
School of International Trade & Economics
Professor Shao Xueyan
课程宗旨
创造财富 谋之有道 取之有术 管之有方
学习方法
学而不思则罔 思而不学则殆
选自《论语》
哈佛学生学习不是与未来就业相匹配的，他们 学的东西可能与他们将来所要做的工作完全不一样。 广泛的知识面、有专业技能、有一定的远见、有能 力在职业生涯中继续学习是哈佛对学生的培养目标。
1-12
Investment and Financing Decisions
Are the following capital budgeting or financing decisions?
Apple decides to spend $500 million to develop a new iPhone.
Capital Structure
The mix of long term debt and equity financing.
Investment and Financing Decisions
The Investment Dnancing Decision
3. 《财务报表分析》（技巧 . 策略) 戴欣苗编著 清华大学出版社
． 4.《上市公司虚假会计报表识别技术》 刘姝威 经济科学出版社
5.《现代公司理财》 姚益龙 中山大学出版社
6.《沃伦巴菲特的投资组合》 [美]罗伯特.哈格斯特朗 机械工业出版社
7.《百万富翁的智慧》[美]托马斯.J.斯坦利博士 中国大百利全书出版公司
◆ A single large amount of outlay vs. A stream of smaller amount of cash inflows.
◆ It is difficult to withdraw from an investment. ◆ Time is vital to investment decision–making
Corporation-A business organized as a separate legal entity owned by stockholders.
Types of Corporations:
Public Corporations Private Corporations
大学能做的最重要的事是，学生从学校毕业50 年以后，学生还能顺应时代的发展变化而继续学习、 进取、改变，这将能造就社会的领导者。
—— 哈佛大学荣誉校长陆登庭教授
于北京首届中外大学校长论坛
参考书目
1. 《公司理财》（第五版，双语教材） 理查德.A.布雷利等著 中国人民大学出版社
． 2.《公司理财》（第九版，双语教材） 斯蒂芬.A.罗斯 等著 机械工业出版社
Investment and Financing Decisions
To make corporate investment or financing decision
Capital Budgeting Decision
Decision to invest in tangible or intangible assets.
Investment and Financing Decisions
Financing Decision
Raising money that the firm needs for its investments and operations.
Determining the amount, maturity and type of funds raised in financial markets.
GE borrows $400 million from bond investors.
Microsoft issues 100 million shares to buy a small technology company.
1-13
Goals and Governance of the Corporation
8. 《公司理财》（第二版） 蒋 屏编著 清华大学出版社 2013年4月
1 CHAPTER
Goals and Governance of the Corporation
McGraw-Hill/Irwin
Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved.
Investment and Financing Decisions
Capital investment affects the amount of future cash flows generated, the timing of those cash flows, and the variability or risk of those future cash flows and thus, the value or worth of the capital budgeting decisions.
…also called the Investment Decision
Investment and Financing Decisions
The nature of capital investment decisions
◆ Making an outlay immediately vs. Yielding benefits in the distant future.
This chapter introduces the corporation, its goals, and the roles of financial managers.
Source: U.S. Census 2008 SUSB Annual Data
1-14
What is a Corporation?
Corporate Finance
School of International Trade & Economics
Professor Shao Xueyan
课程宗旨
创造财富 谋之有道 取之有术 管之有方
学习方法
学而不思则罔 思而不学则殆
选自《论语》
哈佛学生学习不是与未来就业相匹配的，他们 学的东西可能与他们将来所要做的工作完全不一样。 广泛的知识面、有专业技能、有一定的远见、有能 力在职业生涯中继续学习是哈佛对学生的培养目标。