公司理财Chap020
合集下载
Chap1公司理财概述
– 在此状况下，运营者往往背叛股东目的 – 追求规模最大 – 品德风险 – 逆向思想
– 运营者可以为所欲为吗？不行。由于有制约：一方面来自 股东；另一方面来自外部要挟：
– 股东防止运营者背叛股东目的〔胡罗卜加大棒〕 – 监视——由于信息不对称，运营者了解更多信息。防止〝
品德风险〞和〝逆向思想〞的出路是股东获取更多的信息， 对运营者中止监视。监视需求本钱，可以运用外部审计的 力气〔防〝小偷〞〕。
2021/11/10
第二十五页，共113页。
〔三〕公司(ɡōnɡ sī)财务管理
• 财务管理复杂地讲就是指公司组织财务活 动、协调财务关系
• 片面看法财务管理应思索(sī suǒ)以下几个方 面：
• 财务管理的主体：一切者财务、运营者财 务、财务经理财务、债务人财务
• 财务管理的客体及内容：资金
• 财务管理的依据：外部法规和外部法规
• 财务管理包括一切影响公司财务的企业决策，公司财务决 策分为三个局部：投资决策、筹资决策和股利决策〔参： Aswath Damodaran:«公司财务—实践与实务»，中国人民 大学出版社，2001年版〕。
• …… • 我国学者对财务管理的传统看法 • 财务活动——财务关系——财务管理
2021/11/10
• 代理本钱：委托人与代理人之间利益抵触 本钱。
• 直接代理本钱〔教材1.4.2〕 • 直接代理本钱。有两种类型：〔1.4.2〕 • 有利于管理层但消耗股东(gǔdōng)本钱的公
司支出 • 因监视管理层行为的需求而发作的费用
2021/11/10
第十七页，共113页。
• 从委托代理实践看，委托代理关系主要分 为以下层次：
〔对照资产负债表〕。
2021/11/10
公司理财Chap01
第1 章 公司理财导论
McGraw-Hill/Irwin
Copyright © 2010 by The McGraw-Hill Companies, Inc. All rights reserved.
重要概念与技能
• 了解财务管理决策的基本类型和财务经 理的职责 • 了解不同的企业组织形态在财务方面的 应用 • 了解财务管理的目标 • 理解所有者与管理层之间可能发生的利 益冲突 • 理解金融市场的各种类型
两种不同的信息非对称情形
事前的信息非对称---逆向选择（Adverse Selection） • 投资人在雇佣经理人之前并不了解申请人的 实际能力（签约前） 事后的信息非对称---道德风险（Moral Hazard） • 受雇的经理人是否为投资人的利益努力工作 （签约后）
代理成本的表现形式
为自己支付过高的薪金 在职消费（豪华的办公室、公司的飞机等） 工作中的偷懒行为 自我交易（self-dealing） 盗窃和侵占公司财产 为扩张规模而进行低效率的投资
OPM理论
• To finance：“to raise or provide funds or capital for…” • Corporate finance的直译是企业法人的融 资，即公司的融资 • 关键：Other People’s Money(OPM),无论 是权益资本还是债务资本 • 别人的钱不是easy money • 由此带来理财的其他活动（投资决策、股利 决策），目标为出资人创造财富
• 劣势
– 受业主寿命长短影 响 – 权益资本大小受业 主个人财富的限制 – 需承担无限责任 – 所有权转让困难
1-9
合伙制
• 优势
– 业主为2人或2人以 上 – 可获得更多资本 – 相对公司来说，成 立手续比较方便 – 单一税负，只交个 人所得税
McGraw-Hill/Irwin
Copyright © 2010 by The McGraw-Hill Companies, Inc. All rights reserved.
重要概念与技能
• 了解财务管理决策的基本类型和财务经 理的职责 • 了解不同的企业组织形态在财务方面的 应用 • 了解财务管理的目标 • 理解所有者与管理层之间可能发生的利 益冲突 • 理解金融市场的各种类型
两种不同的信息非对称情形
事前的信息非对称---逆向选择（Adverse Selection） • 投资人在雇佣经理人之前并不了解申请人的 实际能力（签约前） 事后的信息非对称---道德风险（Moral Hazard） • 受雇的经理人是否为投资人的利益努力工作 （签约后）
代理成本的表现形式
为自己支付过高的薪金 在职消费（豪华的办公室、公司的飞机等） 工作中的偷懒行为 自我交易（self-dealing） 盗窃和侵占公司财产 为扩张规模而进行低效率的投资
OPM理论
• To finance：“to raise or provide funds or capital for…” • Corporate finance的直译是企业法人的融 资，即公司的融资 • 关键：Other People’s Money(OPM),无论 是权益资本还是债务资本 • 别人的钱不是easy money • 由此带来理财的其他活动（投资决策、股利 决策），目标为出资人创造财富
• 劣势
– 受业主寿命长短影 响 – 权益资本大小受业 主个人财富的限制 – 需承担无限责任 – 所有权转让困难
1-9
合伙制
• 优势
– 业主为2人或2人以 上 – 可获得更多资本 – 相对公司来说，成 立手续比较方便 – 单一税负，只交个 人所得税
公司理财chap
•
17、一个人即使已登上顶峰，也仍要 自强不 息。上 午6时6 分30秒 上午6时 6分06: 06:3021 .6.2
Bond Concepts
Bond prices and market interest rates move in opposite directions.
When coupon rate = YTM, price = par value (par bond)
Chapter 5
Interest Rates and Bond Valuation
Key Concepts and Skills
• Understand bond values and why they fluctuate
• Understand bond ratings and what they mean
• What is the value of the bond 2 years after issuing?
When the required market interest rate is 8%
PV2 100 PVIFA8%,8 1000 PVIF8%,8 1114.7
When the required market interest rate is 10%
• The yield to maturity(到期收益率) is the required market interest rate on the bond.
Bond Valuation
• Primary Principle: – Value of financial securities = PV of expected future cash flows
5.1
公司理财chap030
– It involves selling the assets of the firm for salvage value. – The proceeds, net of transactions costs, are distributed to creditors in order of priority.
McGraw-Hill/Irwin
Copyright 2008 by The McGraw-Hill Companies, Inc. All rights reserved
Slide 12
Bankruptcy Liquidation
Straight liquidation under Chapter 7:
Financial distress does not usually result in the firm's death. Firms deal with distress by:
– Selling major assets. – Merging with another firm. – Reducing capital spending and research and development. – Issuing new securities. – Negotiating with banks and other creditors. – Exchanging debt for equity. – Filing for bankruptcy.
McGraw-Hill/Irwin
Copyright 2008 by The McGraw-Hill Companies, Inc. All rights reserved
Slide 3
Chapter Outline
McGraw-Hill/Irwin
Copyright 2008 by The McGraw-Hill Companies, Inc. All rights reserved
Slide 12
Bankruptcy Liquidation
Straight liquidation under Chapter 7:
Financial distress does not usually result in the firm's death. Firms deal with distress by:
– Selling major assets. – Merging with another firm. – Reducing capital spending and research and development. – Issuing new securities. – Negotiating with banks and other creditors. – Exchanging debt for equity. – Filing for bankruptcy.
McGraw-Hill/Irwin
Copyright 2008 by The McGraw-Hill Companies, Inc. All rights reserved
Slide 3
Chapter Outline
公司理财原版配套ppt_chap01ppt
2004/8
Zengping, School of Business Administration
Sole Proprietorship
Advantages
① Easiest to start ② Least regulated ③ Single owner keeps all the profits ④ Taxed once as personal income
Job opportunities
Stockbroker or financial advisor Portfolio manager Security analyst
2004/8 Zengping, School of Business Administration
Financial Institutions
The Function of Finance
DISPLAY MONITOR TACHE BRAIN OF DECISION VALUE CREATION
2004/8
Zengping, School of Business Administration
1.2 BUSINESS FINANCE AND THE FINANCIAL MANAGER
① Treasurer – oversees cash management, credit management, capital expenditures and financial planning ② Controller – oversees taxes, cost accounting, financial accounting and data processing
2004/8
Zengping, School of Business Administration
公司理财chap4-文档资料
4.3 Compounding Periods
Compounding an investment m times a year for T years provides for future value of wealth:
FVC01rFra bibliotekmT
m
For example, if you invest $50 for 3 years at 12% compounded semi-annually, your investment will grow to
$10,000 in one year is offered for sale for
$9,500. Your interest rate is 5%. Should you
buy?
NPV $9,500 $10,000 1.05
NPV $9,500$9,523.81
NPV $23.81
The present value of the cash inflow is greater than the cost. In other words, the Net Present Value is positive, so the investment should be purchased.
$10,500 = $10,000×(1.05)
The total amount due at the end of the investment is called the Future Value (FV).
Future Value
❖In the one-period case, the formula for FV can be written as: FV = C0×(1 + r)
公司理财Chap011-PPT课件
公司理财Chap011-PPT
4
Cost of Capital – Baker Corporation
公司理财Chap011-PPT
5
Cost of Debt
• Measured interest rate, or yield, paid to bondholders
• Example: $1,000 bond paying $100 annual interest – 10% yield • Calculation is complex discount rate or premium from par value bonds
公司理财Chap011-PPT
8
Adjusting Yield for Tax Considerations
• Yield to maturity indicates how much the firm has to pay on a before-tax basis
• Interest payment on a debt is a tax-deductible expense
• Capital asset pricing model (CAPM)
• Where:
= Required return on common stock; = Risk-free rate of return, usually the current rate on Treasury bill securities; = Beta coefficient (measures the historical volatility of an individual stock’s return relative to a stock market index; = return in the market as measured by an approximate index
公司理财原版英文课件Chap008_523
公司理财原版英文课件 Chap008
8-1
8-2
8.1 Bonds and Bond Valuation
A bond is a legally binding agreement between a borrower and a lender that specifies the:
Par (face) value Coupon rate Coupon payment Maturity Date
$31.875 $31.875 $31.875 $1,031.875
1/1/09 6/30/09 12/31/09 6/30/13
12/31/13
8-6
Bond Example
On January 1, 2009, the required yield is 5%. The current value is:
Bond Value
1200
1100
When the YTM = coupon, the
bond trades at par.
1000
800 0
0.01 0.02 0.03 0.04 0.05 0.06 0.07 0.08 0.09 0.1
6 3/8
Discount Rate
When the YTM > coupon, the bond trades at a discount. 8-10
8-4
The Bond-Pricing Equation
Bo
Hale Waihona Puke nVdalueC1-(11r)T r
F (1r)T
8-5
Bond Example
Consider a U.S. government bond with as 6 3/8% coupon that expires in December 2013.
8-1
8-2
8.1 Bonds and Bond Valuation
A bond is a legally binding agreement between a borrower and a lender that specifies the:
Par (face) value Coupon rate Coupon payment Maturity Date
$31.875 $31.875 $31.875 $1,031.875
1/1/09 6/30/09 12/31/09 6/30/13
12/31/13
8-6
Bond Example
On January 1, 2009, the required yield is 5%. The current value is:
Bond Value
1200
1100
When the YTM = coupon, the
bond trades at par.
1000
800 0
0.01 0.02 0.03 0.04 0.05 0.06 0.07 0.08 0.09 0.1
6 3/8
Discount Rate
When the YTM > coupon, the bond trades at a discount. 8-10
8-4
The Bond-Pricing Equation
Bo
Hale Waihona Puke nVdalueC1-(11r)T r
F (1r)T
8-5
Bond Example
Consider a U.S. government bond with as 6 3/8% coupon that expires in December 2013.
公司理财教学资料 chap010
4 .0741 .0741(110,000) = 8,151
BV in year 6 = 110,000 – 36,663 – 48,895 – 16,291 – 8,151 = 0
for tax purposes
• MACRS (Modified Accelerated Cost Recovery System) p. 316
– Need to know which asset class is appropriate for tax purposes
– Multiply percentage given in table by the initial cost
• These cash flows are called incremental cash flows
• The stand-alone principle - analyze each project in isolation from the firm (on its own merits) by focusing on incremental cash flows
Project Cash Flows • More about Project Cash Flow • Alternative Definitions of Operating Cash
Flow • Some Special Cases of Discounted Cash
Flow Analysis
2019/11/10
10-4
Common Types of Cash
Flows
2019/11/10
• Sunk costs – costs that have accrued in the past
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Foreign bonds: bonds issued in another nation’s capital market by a foreign borrower
Gilts: British and Irish government securities LIBOR: the London Interbank Offer Rate is the
Articulate the basics of international capital budgeting
Describe the impact of political risk on international business investing
20-1
20Markets and
Chapter 20
International Corporate Finance
CMocpGyraigwh-tH©ill2/I0r1w1inby The McGraw-Hill Companies, Inc. All rights reserved.
Interpret exchange rate quotes and describe their meaning
20-2
American Depository Receipt (ADR): a security issued in the U.S. to represent shares of a foreign stock
Cross rate: the exchange rate between two foreign
of another.
rate most international banks charge one another for loans of Eurodollars overnight in the London market
20-4
Without a doubt, the foreign exchange market is the world’s largest financial market.
20-5
The FOREX market is a two-tiered market:
◦ Interbank Market (Wholesale)
About 700 banks worldwide stand ready to make a market in Foreign exchange.
20-3
Eurocurrency: money deposited in a financial center outside the home country. Eurodollars are dollar deposits held outside the U.S.; Euroyen are yen denominated deposits held outside Japan.
◦ Client Market (Retail)
Market participants include international banks, their customers, nonbank dealers, FOREX brokers, and central banks.
20-6
The price of one country’s currency in terms
Differentiate between spot and forward rates
Specify the distinction between purchasing power parity and interest rate parity, and the implications for changes in exchange rates
Nonbank dealers account for about 20% of the market. There are FX brokers who match buy and sell orders but
do not carry inventory and FX specialists.
Exchange Rates 20.3 Purchasing Power Parity 20.4 Interest Rate Parity, Unbiased Forward
Rates, and the International Fisher Effect 20.5 International Capital Budgeting 20.6 Exchange Rate Risk 20.7 Political Risk
currencies, e.g., the exchange rate between £ and
¥ Euro (€): the single currency of the European
Monetary Union which was adopted by Member States on 1 January 1999. Eurobonds: bonds denominated in a particular currency (usually the issuer’s home currency) and issued simultaneously in the bond markets of several countries
In this market, one country’s currency is traded for another’s.
Most of the trading takes place in a few currencies:
◦ U.S. dollar ($) ◦ British pound sterling (£ ) ◦ Japanese yen (¥ ) ◦ Euro (€)
Gilts: British and Irish government securities LIBOR: the London Interbank Offer Rate is the
Articulate the basics of international capital budgeting
Describe the impact of political risk on international business investing
20-1
20Markets and
Chapter 20
International Corporate Finance
CMocpGyraigwh-tH©ill2/I0r1w1inby The McGraw-Hill Companies, Inc. All rights reserved.
Interpret exchange rate quotes and describe their meaning
20-2
American Depository Receipt (ADR): a security issued in the U.S. to represent shares of a foreign stock
Cross rate: the exchange rate between two foreign
of another.
rate most international banks charge one another for loans of Eurodollars overnight in the London market
20-4
Without a doubt, the foreign exchange market is the world’s largest financial market.
20-5
The FOREX market is a two-tiered market:
◦ Interbank Market (Wholesale)
About 700 banks worldwide stand ready to make a market in Foreign exchange.
20-3
Eurocurrency: money deposited in a financial center outside the home country. Eurodollars are dollar deposits held outside the U.S.; Euroyen are yen denominated deposits held outside Japan.
◦ Client Market (Retail)
Market participants include international banks, their customers, nonbank dealers, FOREX brokers, and central banks.
20-6
The price of one country’s currency in terms
Differentiate between spot and forward rates
Specify the distinction between purchasing power parity and interest rate parity, and the implications for changes in exchange rates
Nonbank dealers account for about 20% of the market. There are FX brokers who match buy and sell orders but
do not carry inventory and FX specialists.
Exchange Rates 20.3 Purchasing Power Parity 20.4 Interest Rate Parity, Unbiased Forward
Rates, and the International Fisher Effect 20.5 International Capital Budgeting 20.6 Exchange Rate Risk 20.7 Political Risk
currencies, e.g., the exchange rate between £ and
¥ Euro (€): the single currency of the European
Monetary Union which was adopted by Member States on 1 January 1999. Eurobonds: bonds denominated in a particular currency (usually the issuer’s home currency) and issued simultaneously in the bond markets of several countries
In this market, one country’s currency is traded for another’s.
Most of the trading takes place in a few currencies:
◦ U.S. dollar ($) ◦ British pound sterling (£ ) ◦ Japanese yen (¥ ) ◦ Euro (€)