公司理财课件英文版
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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.
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.
公司理财实务英文版(ppt 16)
Current Assets
(Financial Decision)
Net Working Capital
Current Liabilitiesssets 1 Tangible 2 Intangible
How much shortterm cash flow does a company need to pay its bills?
Corporate Finance
Shareholders’ Equity
1-1
The Balance-Sheet Model of the Firm
The Capital Budgeting Decision
Current Assets
(Investment Decision)
Current Liabilities
Shareholders’ Equity
© Professor Ho-Mou Wu
Corporate Finance
1-4
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.
1-6
Financial Markets
• Primary Market
– When a corporation issues securities, cash flows from investors to the firm.
– Usually an underwriter is involved
Invests in assets
公司理财英文版课件Chap016
• The firm can increase leverage by issuing debt and repurchasing outstanding shares
• The firm can decrease leverage by issuing new shares and retiring outstanding debt
• Understand the effect of financial leverage on cash flows and the cost of equity
• Understand the impact of taxes and bankruptcy on capital structure choice
16-3
Capital Restructuring
• We are going to look at how changes in capital structure affect the value of the firm, all else equal
• Capital restructuring involves changing the amount of leverage a firm has without changing the firm’s assets
• We can maximize stockholder wealth by maximizing the value of the firm or minimizing the WACC
16-5
The Effect of Leverage
• How does leverage affect the EPS and ROE of a firm?
• The firm can decrease leverage by issuing new shares and retiring outstanding debt
• Understand the effect of financial leverage on cash flows and the cost of equity
• Understand the impact of taxes and bankruptcy on capital structure choice
16-3
Capital Restructuring
• We are going to look at how changes in capital structure affect the value of the firm, all else equal
• Capital restructuring involves changing the amount of leverage a firm has without changing the firm’s assets
• We can maximize stockholder wealth by maximizing the value of the firm or minimizing the WACC
16-5
The Effect of Leverage
• How does leverage affect the EPS and ROE of a firm?
《公司理财》斯蒂芬A.罗斯..-机械工业出版社-英文课件
Chapter Seven
7 Net Present VCaolrupeoraantedFinance
Capital Budgeting Ross • Westerfield • Jaffe
Seventh Edition
Seventh Edition
《公司理财》斯蒂芬A.罗斯..-机械工业出版社-英文
《公司理财》斯蒂芬A.罗斯..-机械工业出版社-英文
Cash Flows—Not Accounting Earnings.
• Consider depreciation expense. • You never write a check made out to “depreciation”. • Much of the work in evaluating a project lies in taking accounting
《公司理财》斯蒂芬A.罗斯..-机械工业出版社-英文
Incremental Cash Flows
• Side effects matter. • Erosion and cannibalism are both bad things. If our new product causes existing customers to demand less of current products, we need to recognize that.
Cost of bowling ball machine: $100,000 (depreciated according to ACRS 5-year life).
• Later chapters will deal with the impact that the amount of debt that a firm has in its capital structure has on firm value.
7 Net Present VCaolrupeoraantedFinance
Capital Budgeting Ross • Westerfield • Jaffe
Seventh Edition
Seventh Edition
《公司理财》斯蒂芬A.罗斯..-机械工业出版社-英文
《公司理财》斯蒂芬A.罗斯..-机械工业出版社-英文
Cash Flows—Not Accounting Earnings.
• Consider depreciation expense. • You never write a check made out to “depreciation”. • Much of the work in evaluating a project lies in taking accounting
《公司理财》斯蒂芬A.罗斯..-机械工业出版社-英文
Incremental Cash Flows
• Side effects matter. • Erosion and cannibalism are both bad things. If our new product causes existing customers to demand less of current products, we need to recognize that.
Cost of bowling ball machine: $100,000 (depreciated according to ACRS 5-year life).
• Later chapters will deal with the impact that the amount of debt that a firm has in its capital structure has on firm value.
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
公司理财原版英文课件第一章
Chapter 1
Introduction to Corporate Finance
McGraw-Hill/Irwin
Copyright © 2010 by the McGraw-Hill Companies, Inc. All rights reserved.
Key Concepts and Skills
1-12
1.3 The Importance of Cash Flow
Firm
Firm issues securities (A)
Invests in assets
(B)
Retained cash flows (F)
Current assets
Cash flow Dividends and
Fixed assets from firm (C) debt payments (E)
Corporate control
The threat of a takeover may result in better management
Other stakeholders
1-17
1.6 Regulation
The Securities Act of 1933 and the Securities Exchange Act of 1934
2 Intangible
Current Liabilities Long-Term
Debt
Shareholders’ Equity
1-6
Short-Term Asset Management
Current Assets
Net Working Capital
Current Liabilities
Introduction to Corporate Finance
McGraw-Hill/Irwin
Copyright © 2010 by the McGraw-Hill Companies, Inc. All rights reserved.
Key Concepts and Skills
1-12
1.3 The Importance of Cash Flow
Firm
Firm issues securities (A)
Invests in assets
(B)
Retained cash flows (F)
Current assets
Cash flow Dividends and
Fixed assets from firm (C) debt payments (E)
Corporate control
The threat of a takeover may result in better management
Other stakeholders
1-17
1.6 Regulation
The Securities Act of 1933 and the Securities Exchange Act of 1934
2 Intangible
Current Liabilities Long-Term
Debt
Shareholders’ Equity
1-6
Short-Term Asset Management
Current Assets
Net Working Capital
Current Liabilities
公司理财原版英文课件Chap020
Understand how securities are sold to the public and the role of investment bankers Understand initial public offerings and the costs of going public Understand the venture capital market and its role in financing new businesses
There are two methods for selecting an underwriter
Competitive Negotiated
20-9
Firm Commitment Underwriting
The issuing firm sells the entire issue to the underwriting syndicate. The syndicate then resells the issue to the public. The underwriter makes money on the spread between the price paid to the issuer and the price received from investors when the stock is sold. The syndicate bears the risk of not being able to sell the entire issue for more than the cost. This is the most common type of underwriting in the United States.
There are two methods for selecting an underwriter
Competitive Negotiated
20-9
Firm Commitment Underwriting
The issuing firm sells the entire issue to the underwriting syndicate. The syndicate then resells the issue to the public. The underwriter makes money on the spread between the price paid to the issuer and the price received from investors when the stock is sold. The syndicate bears the risk of not being able to sell the entire issue for more than the cost. This is the most common type of underwriting in the United States.
公司理财原版英文课件Chap008
volatility with respect to changes in the discount rate.
Par
Short Maturity Bond
C
Discount Rate
Long Maturity
Bond
8-13
Bond Value
Coupon Rates and Bond Prices
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
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
8-4
The Bond-Pricing Equation
Bond
Value
1C
1 (1 r)T
r
F (1 r)Consider a U.S. government bond with as 6 3/8% coupon that expires in December 2013.
8-15
YTM with Annual Coupons
Par
Short Maturity Bond
C
Discount Rate
Long Maturity
Bond
8-13
Bond Value
Coupon Rates and Bond Prices
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
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
8-4
The Bond-Pricing Equation
Bond
Value
1C
1 (1 r)T
r
F (1 r)Consider a U.S. government bond with as 6 3/8% coupon that expires in December 2013.
8-15
YTM with Annual Coupons
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%
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%
理财知识-公司理财英文版课件Chap016 精品
Chapter 16
Financial Leverage and Capital Structure Policy
McGraw-Hill/Irwin
Copyright © 2010 by The McGraw-Hill Companies, Inc. All rights reserved.
ቤተ መጻሕፍቲ ባይዱ
Key Concepts and Skills
16-4
Choosing a Capital Structure
• What is the primary goal of financial managers?
– Maximize stockholder wealth
• We want to choose the capital structure that will maximize stockholder wealth
16-7
Example: Financial Leverage, EPS and ROE – Part II
• Variability in ROE
– Current: ROE ranges from 6% to 20% – Proposed: ROE ranges from 2% to 30%
• Variability in EPS
• The firm can increase leverage by issuing debt and repurchasing outstanding shares
• The firm can decrease leverage by issuing new shares and retiring outstanding debt
• Understand the effect of financial leverage on cash flows and the cost of equity
Financial Leverage and Capital Structure Policy
McGraw-Hill/Irwin
Copyright © 2010 by The McGraw-Hill Companies, Inc. All rights reserved.
ቤተ መጻሕፍቲ ባይዱ
Key Concepts and Skills
16-4
Choosing a Capital Structure
• What is the primary goal of financial managers?
– Maximize stockholder wealth
• We want to choose the capital structure that will maximize stockholder wealth
16-7
Example: Financial Leverage, EPS and ROE – Part II
• Variability in ROE
– Current: ROE ranges from 6% to 20% – Proposed: ROE ranges from 2% to 30%
• Variability in EPS
• The firm can increase leverage by issuing debt and repurchasing outstanding shares
• The firm can decrease leverage by issuing new shares and retiring outstanding debt
• Understand the effect of financial leverage on cash flows and the cost of equity
公司理财原版英文课件Chap008
The yield to maturity is the required market interest rate on the bond.
8-3
Bond Valuation
Primary Principle:
Value of financial securities = PV of expected future cash flows
The Par Value of the bond is $1,000. Coupon payments are made semiannually (June 30 and
December 31 for this particular bond). Since the coupon rate is 6 3/8%, the payment is $31.875. On January 1, 2009 the size and timing of cash flows are:
$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:
N
10
I/Y
2.5
PV
– 1,060.17
PMT
1,000×0.06375 31.875 =
2
FV
1,000
8-8
Bond Example
Now assume that the required yield is 11%. How does this change the bond’s price?
8-3
Bond Valuation
Primary Principle:
Value of financial securities = PV of expected future cash flows
The Par Value of the bond is $1,000. Coupon payments are made semiannually (June 30 and
December 31 for this particular bond). Since the coupon rate is 6 3/8%, the payment is $31.875. On January 1, 2009 the size and timing of cash flows are:
$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:
N
10
I/Y
2.5
PV
– 1,060.17
PMT
1,000×0.06375 31.875 =
2
FV
1,000
8-8
Bond Example
Now assume that the required yield is 11%. How does this change the bond’s price?
公司理财原版英文课件Chap008
PV
$31.875 .05 2
1
1
(1.025)10
$1,000 (1.025)10
$1,060.17
8-7
Bond Example: Calculator
Find the present value (as of January 1, 2009), of a 6 3/8% coupon bond with semi-annual payments, and a maturity date of December 2013 if the YTM is 5%.
C
Low Coupon Bond Discount Rate
8-14
Computing Yield to Maturity
Yield to maturity is the rate implied by the current bond price.
Finding the YTM requires trial and error if you do not have a financial calculator and is similar to the process for finding r with an annuity.
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
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be worth $9,523.81 in today’s dollars.
$9,52.381$10,000 1.05
2.V • The amount that a borrower would need to set
aside today to to able to meet the promised payment
2.2 Project Evaluation in a Riskless World Why do we use NPV as the investment criterion
?Assume Perfect Capital Market and Two Period
C1 Saver (lending)
Investment Criterion
In the one-period case, the formula for NPV can be written aPN sV: P 1C FC V 1r ,dwaho t eeP r1esCFtV 1 is cash flow at If we had not undertaken the positive NPV project considered on the last slide, and instead invested our $9,500 elsewhere at 5-percent, our FV would be less than the $10,000 that investment promised and we would be unambiguously worse off in FV terms as well: $9,500×(1.05) = $9,975 < $10,000.
B C1
1+r Y1=1.2m
Y 1
slope = -(1+r) Spender (borrowing)
A
C0 C0PV Y (Y 0=)1mY0 (1Y 1r)
(I) Saving (Financing) Decision
IIns cCo＝me(CY0,：C1YY)10fea11s.mi2bmle，?
less the cost of the investment.
Back to Example 1:
NPV $9,500 $10,000 1.05
NPV $9,500 $9,523.81 NP$ V 2.8 31: So you should Invest.
Net Present Value as the
公司理财课件英文版
ExampleIn1v: estment Decision
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? • If you were to be promised $10,000 due in one year when interest rates are at 5-percent, your investment
of $10,N0o0t0einthoant e$1y0e,a0r0i0s =call the Present Value
(•iPn$ItVfe1)yr0eoo,$su0f9t0w,05e.2r3e.8to1×in(1ve.0s5t)$. 10,000 at 5-percent for one year, your investment would grow to $10,500 : $10,500 = $10,000×(1.05).
PV(Y)
1 .1
1 .1
1 .325
: not feasib1le. 2
If r＝20%, 0.9＋1 .2 ＝2.004＝PV(C)＞1＋1 . 2
PV(Y)
1 .325
1 .2
1 .3
: not feasib1le. 3
If r＝30%, 0.9＋ PV(Y)
＝1.919＝PV(C)＜1＋
＝2.000＝ ＝1.923＝
The total amount due at the end of the investment is call the Future Value (FV).
Net Present Value
❖ The Net Present Value (NPV) of an investment is the present value of the expected cash flows,
Use PV to Check Feasibility of Consumption plan
Example 2:
Is the consumption plan C0＝0.9m and C1＝1.325m feasible?
UIfsre＝t1h0e%P,V0.f9o＋r1m.32u5 la＝to2e.1v0a5lu＝aPteV(itC. )＞1＋1 . 2 ＝2.091＝
Consumption
C： CC10
0.9m 1.325m
There is only one interest rate in the perfect capital market. Saver (C0＜1m)：C1 1.2＋(1－C0)(1＋r) Spender (C0＞1m)：C1 1.2－(C0－1)(1＋r) or C0(1C1r)Y0(1Y 1r), IfPV(C P) V(Yth)e, C nisfeasib. le Same equation C1 Y1＋(Y0－C0)(1＋r)
R(eaⅡl Inv)estm entIonppvoretusnittiems ent oOutputpportunities
transform input into output：
Consider a farm er with wheat
$9,52.381$10,000 1.05
2.V • The amount that a borrower would need to set
aside today to to able to meet the promised payment
2.2 Project Evaluation in a Riskless World Why do we use NPV as the investment criterion
?Assume Perfect Capital Market and Two Period
C1 Saver (lending)
Investment Criterion
In the one-period case, the formula for NPV can be written aPN sV: P 1C FC V 1r ,dwaho t eeP r1esCFtV 1 is cash flow at If we had not undertaken the positive NPV project considered on the last slide, and instead invested our $9,500 elsewhere at 5-percent, our FV would be less than the $10,000 that investment promised and we would be unambiguously worse off in FV terms as well: $9,500×(1.05) = $9,975 < $10,000.
B C1
1+r Y1=1.2m
Y 1
slope = -(1+r) Spender (borrowing)
A
C0 C0PV Y (Y 0=)1mY0 (1Y 1r)
(I) Saving (Financing) Decision
IIns cCo＝me(CY0,：C1YY)10fea11s.mi2bmle，?
less the cost of the investment.
Back to Example 1:
NPV $9,500 $10,000 1.05
NPV $9,500 $9,523.81 NP$ V 2.8 31: So you should Invest.
Net Present Value as the
公司理财课件英文版
ExampleIn1v: estment Decision
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? • If you were to be promised $10,000 due in one year when interest rates are at 5-percent, your investment
of $10,N0o0t0einthoant e$1y0e,a0r0i0s =call the Present Value
(•iPn$ItVfe1)yr0eoo,$su0f9t0w,05e.2r3e.8to1×in(1ve.0s5t)$. 10,000 at 5-percent for one year, your investment would grow to $10,500 : $10,500 = $10,000×(1.05).
PV(Y)
1 .1
1 .1
1 .325
: not feasib1le. 2
If r＝20%, 0.9＋1 .2 ＝2.004＝PV(C)＞1＋1 . 2
PV(Y)
1 .325
1 .2
1 .3
: not feasib1le. 3
If r＝30%, 0.9＋ PV(Y)
＝1.919＝PV(C)＜1＋
＝2.000＝ ＝1.923＝
The total amount due at the end of the investment is call the Future Value (FV).
Net Present Value
❖ The Net Present Value (NPV) of an investment is the present value of the expected cash flows,
Use PV to Check Feasibility of Consumption plan
Example 2:
Is the consumption plan C0＝0.9m and C1＝1.325m feasible?
UIfsre＝t1h0e%P,V0.f9o＋r1m.32u5 la＝to2e.1v0a5lu＝aPteV(itC. )＞1＋1 . 2 ＝2.091＝
Consumption
C： CC10
0.9m 1.325m
There is only one interest rate in the perfect capital market. Saver (C0＜1m)：C1 1.2＋(1－C0)(1＋r) Spender (C0＞1m)：C1 1.2－(C0－1)(1＋r) or C0(1C1r)Y0(1Y 1r), IfPV(C P) V(Yth)e, C nisfeasib. le Same equation C1 Y1＋(Y0－C0)(1＋r)
R(eaⅡl Inv)estm entIonppvoretusnittiems ent oOutputpportunities
transform input into output：
Consider a farm er with wheat