精品课程《财务管理基础》英文课件ch(2)
合集下载
CHAPTER1 An Overview of Financial Management (《财务管理基础》PPT课件)
Some actions may cause an increase in earnings, yet cause the stock price to decrease (and vice versa).
1-11
AGENCY RELATIONSHIPS
An agency relationship exists whenever a principal hires an agent to act on their behalf.
Is stock price maximization good or bad for society?
Should firms behave ethically?
1-10
IS STOCK PRICE MAXIMIZATION THE SAME AS PROFIT MAXIMIZATION?
Forecasting and planning Investment and financing decisions Coordination and control Transactions in the financial markets Managing risk
1-3
ROLE OF FINANCE IN A TYPICAL BUSINESS ORGANIZATION
1-8
CORPORATION
Advantages
Unlimited life Easy transfer of ownership Limited liability Ease of raising capital
Disadvantages
Double taxation Cost of set-up and report filing
1-11
AGENCY RELATIONSHIPS
An agency relationship exists whenever a principal hires an agent to act on their behalf.
Is stock price maximization good or bad for society?
Should firms behave ethically?
1-10
IS STOCK PRICE MAXIMIZATION THE SAME AS PROFIT MAXIMIZATION?
Forecasting and planning Investment and financing decisions Coordination and control Transactions in the financial markets Managing risk
1-3
ROLE OF FINANCE IN A TYPICAL BUSINESS ORGANIZATION
1-8
CORPORATION
Advantages
Unlimited life Easy transfer of ownership Limited liability Ease of raising capital
Disadvantages
Double taxation Cost of set-up and report filing
财务管理基础英文课件 (2)
Support Technologies
1. 2.
Chapters will include supporting PowerPoint files that focus primarily on employing tools such as Excel to solve financial problems Chapter 1 will include some basic documentation on the Texas Instruments BAII+. Some instructors may utilize the BAII+ Professional or another vendor in the classroom. These slides will focus only on the traditional BAII+.
Change the decimal places displayed from “2” to “Floating”
Press:
2nd 9 2nd
Format ENTER QUIT
1b.5
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
1b.7 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
财务管理英文课件
Early 20th century:
Concentrated on reporting to outsiders.
Early 21st century:
Insiders managing and controlling
the firm’s financial operations.
Copyright © 2003 Pearson Education Australia Pty Limited
• Interest in these topics grew and in turn spurred interest in security analysis, portfolio theory and caopyright © 2003 Pearson Education Australia Pty Limited
Slide: 1 - 7
Chief accountant is also called financial controller, whose responsibilities include financial reporting to outsiders as well as cost and managerial accounting and financial analysis on behalf of the firm’s managers.
Copyright © 2003 Pearson Education Australia Pty Limited
Slide: 1 - 5
• Capital budgeting became a major topic in finance.
• This led to an increased interest in related topics, most notably firm valuation.
财务管理英文课件Cha
Profit budget
Identify the objectives and goals of the business: It is essential to understand the objectives and goals of the business before preparing a budget This helps to align the budget with the overall strategy of the organization
It provides direction: A financial plan serves as a roadmap, guiding businesses towards their financial goals It identifies the financial objectives and milestones to be achieved, allowing businesses to plot a course towards their desired outcomes
Financial Management PPT Englndamentals of Financial ManagementFinancial statement analysisBudget and financial planInvestment decisionFinancial risk management
It shows the company's assets, liabilities, and equity, and is used to assess the company's financial health and solvency The balance sheet is prepared at the end of each accounting period and is an important tool for investors and credits to evaluate a company's financial strength and creditworthiness
Identify the objectives and goals of the business: It is essential to understand the objectives and goals of the business before preparing a budget This helps to align the budget with the overall strategy of the organization
It provides direction: A financial plan serves as a roadmap, guiding businesses towards their financial goals It identifies the financial objectives and milestones to be achieved, allowing businesses to plot a course towards their desired outcomes
Financial Management PPT Englndamentals of Financial ManagementFinancial statement analysisBudget and financial planInvestment decisionFinancial risk management
It shows the company's assets, liabilities, and equity, and is used to assess the company's financial health and solvency The balance sheet is prepared at the end of each accounting period and is an important tool for investors and credits to evaluate a company's financial strength and creditworthiness
财务管理英文课件
Copyright © 2003 Pearson Education Australia Pty Limited
Slide: 1 - 5
• Capital budgeting became a major topic in finance.
• This led to an increased interest in related topics, most notably firm valuation.
The more risk the firm is willing to assume, the higher the expected return from a given course of action.
Copyright © 2003 Pearson Education Australia Pty Limited
chapter 1 & 3 Scope and environment of
financial management
Copyright © 2003 Pearson Education Australia Pty Limited
Slide: 1 - 1
Development of Financial Management
Copyright © 2003 Pearson Education Australia Pty Limited
Slide: 1 - 10
Shareholder wealth maximisation?
Same as:
1. Maximising firm value 2. Maximising share values
Slide: 1 - 16
Risk and Returns
财务管理ppt英文课件Cha
A
4
Examples of External Uses of Statement Analysis
• Trade Creditors -- Focus on the liquidity of the firm. • Bondholders -- Focus on the long-term cash flow of the firm. • Shareholders -- Focus on the profitability and long-term health of the firm.
A
6
The Balance Sheet
Current Assets
Net
Working Capital
Current Liabilities
Fixed Assets 1.Tangible fixed assets 2.Intangible fixed assets
Total Value of Assets
A
3
Examples of Internal Uses of Statement Analysis
• Plan -- Focus on assessing the current financial position and evaluating potential firm opportunities.
– Accounting liquidity – Debt versus equity – Value versus cost
A
8
Accounting Liquidity
• Refers to the ease and quickness with which assets can be converted to cash. • Current assets are the most liquid. • Some fixed assets are intangible. • The more liquid a firm’s assets, the less likely the firm is to experience problems
财务管理专业英语PPT课件
2020/2/21
山东轻工业学院商学院
9
1）Account、Accounting & Accountant
Accountant：会计师、会计人员 Certified Public Accountant 注册会计师（CPA）
2020/2/21
山东轻工业学院商学院
10
2）Assets、Liabilities & Owner’s Equity
2020/2/21
山东轻工业学院商学院
16
Cash
$50,000 Current liabilities (4)
Accounts receivable 50,000 Long-term debt
(5)
Inventory
(1)
Shareholders’ equity (6)
Plant and equipment
10% Total assets turnover = 2 times Sales = $2 million Debt ratio = 50%
9. Capital Structure 资本结构
10. Dividend Policy 股利政策
11. Working Capital Management 营运资本管理
2020/2/21
山东轻工业学院商学院
5
一、Contents—内容
12. International Financial Management 国际财务管理
会计科目；账户
2020/2/21
山东轻工业学院商学院
8
1）Account、Accounting & Accountant
Accounting：会计、会计学 Financial Accounting and Managerial Accounting are two major specialized fields in Accounting. 财务会计和管理会计是会 计的两个主要的专门领域。 Accounting elements 会计要素
财务管理英文课件Operating-and-Financial-Leverage.ppt
16-4
Impact of Operating Leverage on Profits
(in thousands) Firm F Firm V Firm 2F
Sales
$15
Operating Costs
$16.5 $29.25
Fixed
7
Variable
3
Operating Profit $ 5
Break-Even (Quantity) Point
Break-Even Point -- The sales volume required so that total revenues and total costs are equal; may be in units or in sales dollars.
volume.
When studying operating leverage, profits refers to operating profits before taxes (i.e., EBIT) and excludes
debt interest and dividend payments.
16-1
Operating Leverage
Operating Leverage -- The use of fixed operating costs by the firm.
One potential effect caused by the presence of operating leverage is that a change in the volume of sales results in a more than proportional change in operating profit (or loss).
Impact of Operating Leverage on Profits
(in thousands) Firm F Firm V Firm 2F
Sales
$15
Operating Costs
$16.5 $29.25
Fixed
7
Variable
3
Operating Profit $ 5
Break-Even (Quantity) Point
Break-Even Point -- The sales volume required so that total revenues and total costs are equal; may be in units or in sales dollars.
volume.
When studying operating leverage, profits refers to operating profits before taxes (i.e., EBIT) and excludes
debt interest and dividend payments.
16-1
Operating Leverage
Operating Leverage -- The use of fixed operating costs by the firm.
One potential effect caused by the presence of operating leverage is that a change in the volume of sales results in a more than proportional change in operating profit (or loss).
财务管理ppt英文课件Cha(2)
5
Interest Earned
6
Value
100 106
a
12
Future Values
Example - Simple Interest
Interest earned at a rate of 6% for five years on a principal balance of $100.
a
10
Future Values
Example - Simple Interest
Interest earned at a rate of 6% for five years on a principal balance of $100.
Today
Future Years
1
2
3
4
5
Interest Earned
Interest Earned
6.00
Value
100 106.00
a
21
Future Values
Example - Compound Interest
Interest earned at a rate of 6% for five years on the previous year’s balance.
a
7
Interest Rate Terminology
• Simple interest refers to interest earned only on the original capital investment amount.
• Compound interest复利 refers to interest earned on both the initial capital investment and on the interest reinvested from prior period.
财务管理英文课件
利润分配原则： 公平、公正、公 开
利润分配方式： 现金分红、股票 分红、实物分红 等
利润分配比例： 根据公司经营状 况、股东权益等 因素确定
利润分配时间： 根据公司财务状 况和股东需求确 定
财务预算
预算编制：根据公司战略和经营计划，制定财务预算 预算内容：包括收入、成本、费用、利润等各项财务指标 预算执行：按照预算执行，确保各项财务指标的实现 预算调整：根据实际情况，对预算进行调整，确保预算的准确性和可行性
社会环境：社会文化、价值观等 对企业财务管理的影响
添加标题
添加标题
添加标题
添加标题
法律环境：企业财务管理的法律 框架和规定
技术环境：新技术对企业财务管 理的影响，如云计算、大数据等
财务决策制定
投资决策
投资目标：确定 投资目标，如收 益最大化、风险 最小化等
投资策略：选择 合适的投资策略， 如分散投资、长 期投资等
财务分析
财务比率分析
流动比率：衡量企业短期偿债能力
权益乘数：衡量企业财务杠杆水平
速动比率：衡量企业立即偿债能力 资产负债率：衡量企业长期偿债能力
利息保障倍数：衡量企业偿付利息能 力
现金流量比率：衡量企业现金流量状 况
财务趋势分析
趋势分析的定义和目的 趋势分析的方法和工具 趋势分析的步骤和流程 趋势分析的应用和案例
财务管理基础知识
财务管理的概念
财务管理是组织 对资金、资产、 负债、收入、支 出等财务活动的 管理
财务管理的目标 是实现企业价值 最大化
财务管理的内容 包括财务计划、 财务控制、财务 决策、财务分析 等
财务管理的原则 包括成本效益原 则、风险控制原 则、信息透明原 则等
财务管理 英文版PPT课件
1
Chapter
The Goals and Functions of Financial Management
Copyright © 2008 by The McGraw-Hill CompanieMs, IcnGc.rAalwl r-iHghitlsl/rIerswerivned.
Chapter Outline
– Cash and inventory management – Capital structure theory – Dividend policy
1-5
Modern Issues in Finance
• Focus has been on:
– Risk-return relationships – Maximization of return for a given level of risk – Portfolio management – Capital structure theory
– Income statements – Balance sheets – Statement of cash flows
• Finance links economic theory with the numbers of accounting
1-3
Evolution of the Field of Finance
• At the turn of the century: Emerged as a field separate from economics
• By 1930s: Financial practices revolved around such topics as:
– Preservation of capital – Maintenance of liquidity – Reorganization of financially troubled
Chapter
The Goals and Functions of Financial Management
Copyright © 2008 by The McGraw-Hill CompanieMs, IcnGc.rAalwl r-iHghitlsl/rIerswerivned.
Chapter Outline
– Cash and inventory management – Capital structure theory – Dividend policy
1-5
Modern Issues in Finance
• Focus has been on:
– Risk-return relationships – Maximization of return for a given level of risk – Portfolio management – Capital structure theory
– Income statements – Balance sheets – Statement of cash flows
• Finance links economic theory with the numbers of accounting
1-3
Evolution of the Field of Finance
• At the turn of the century: Emerged as a field separate from economics
• By 1930s: Financial practices revolved around such topics as:
– Preservation of capital – Maintenance of liquidity – Reorganization of financially troubled
财务管理财务会计会计学基础双语讲义
财务管理财务会计会计学基础双语讲义choiceshehas?Suchaswhichpany?4．向学生介绍所选教材的特点及使用方法，让学生掌握正确的学习方法，便于学生课后自学，提高学习效果。
Textbook:IntroductionHowtousethisbook参见part1.ppt第二课程段：教师讲解（60分钟）1．以教材内容为主讲授相关概念，注意讲授中尽量结合日常生活中的事例，使抽象的概念变得浅显易懂。
KeyTerms:accounting,financialstatement,balancesheet,accountingelement,assets,liabilities,equity,accountingequation,thedual-aspectconcept,creditor,investor,themoney-measurementconcept,theentityconcept.2．依据教材特点，边讲边练。
从1-1至1-55，共55小段。
具体内容参见教材及幻灯片。
第三课程段：学生实战（35分钟）1．对教材中出现的实例，由学生自己动手解决问题。
如：1-15，1-16，1-20，1-22，1-23，1-28，1-35，1-36，1-44,etc.2．教师提供部分练习素材，供学生讨论、练习。
并找两名同学在黑板上练习。
3．教师总结本章重点、难点，再次讲解学生在实务练习中存在的问题。
第四课程段：布置课后作业（10分钟）Homework:✶ReviewPart1✶CompletePosttext1onpage229byyourself✶Checktheansweronpage245.✶ReviewPart1again.✶Doexercises1to4.✶PleasepreparingPart2.Exercise11.Junehasabusinesswithassetsintheamountof$60,000andliabilitiesthattotal$35,000.Whatistheamountofherowner’sequity?2.Black’sbusinesshasassetsof$80,000andowner’sequityof$42,000.How mucharetheliabilitiesofhispany?3.SharlaKnox’shasabusinesswithliabilitiesthattotal$21,000andowner ’sequityintheamountof$72,000.Whatisthetotaloftheassets?Exercise2DanPike’spanyhasthefollowingaccountbalanceasofOctober31,2001:Cash$25,000AccountsPayable$5,000Equipment50,000DanPike,capital100,000Automobile36,780DanPike,Drawing15,000Retainedearnings21,780Required:PrepareabalancesheetinaccountformasofOctober31,2001.Exercise3ThetotalassetsandtotalliabilitiesofToys“R”UsInc．andEsteeLauderCompaniesInc.follow．Toys‘‘R’UsEsteeLauderCompanies(in millions) (in millions)Assets$8,003$3,219Liabilities4,5851,867Required:Determinethestockholders’equityofeachpany.Exercise4Determinethemissingamounts(inmillions)forthe2001balancesheets(sum marizedbelow)forTheLimitedInc．，FederalExpressCorporation，andEastmanKodakCo．FederalEastmanThe Limited Express KodakAssets$4,088(b)$13,362Liabilities(a)$5,32310,468Stockholders’equity2,3174,248(C)Part2MoreAbouttheBalanceSheet所需课时：3课时授课时间：2005.9.2910.10课程目标：1．理解并掌握以下会计原则：---持续经营原则---资产计价原则成本（历史成本）市价（公允价格）2．进一步了解和认识资产负债表3．明确资产负债表各具体项目的含义--课程设计：第一课程段：复习前章要点（20分钟）1．会计的定义及特点2．资产负债表的基本要素3．会计基本要素的概念4．会计等式5．3个会计原则第二课程段：教师讲解（70分钟）1以教材内容为主讲授相关概念，并结合企业是计和日常生活中的实例，使抽象的概念变得浅显易懂。
财务管理英文版(PPT 60页)
13-2
13-3
Proposed Project Data
Julie Miller is evaluating a new project for her firm, Basket Wonders (BW).
She has determined that the after-tax cash flows for the project will be
$40,000 = $10,000(.909) + $12,000(.826) + $15,000(.751) + $10,000(.683) + $ 7,000(.621)
$40,000 = $9,090 + $9,912 + $11,265 + $6,830 + $4,347
= $41,444 [Rate is too low!!]
$1,444 $4,603
X
$1,444
.05 = $4,603
13-15
IRR Solution (Interpolate)
X .05
.10 $41,444 IRR $40,000 .15 $36,841
$1,444 $4,603
X
$1,444
.05 = $4,603
13-16
IRR Solution (Interpolate)
13-13
IRR Solution (Try 15%)
$40,000 = $10,000(PVIF15%,1) + $12,000(PVIF15%,2) + $15,000(PVIF15%,3) + $10,000(PVIF15%,4) + $ 7,000(PVIF15%,5)
13-3
Proposed Project Data
Julie Miller is evaluating a new project for her firm, Basket Wonders (BW).
She has determined that the after-tax cash flows for the project will be
$40,000 = $10,000(.909) + $12,000(.826) + $15,000(.751) + $10,000(.683) + $ 7,000(.621)
$40,000 = $9,090 + $9,912 + $11,265 + $6,830 + $4,347
= $41,444 [Rate is too low!!]
$1,444 $4,603
X
$1,444
.05 = $4,603
13-15
IRR Solution (Interpolate)
X .05
.10 $41,444 IRR $40,000 .15 $36,841
$1,444 $4,603
X
$1,444
.05 = $4,603
13-16
IRR Solution (Interpolate)
13-13
IRR Solution (Try 15%)
$40,000 = $10,000(PVIF15%,1) + $12,000(PVIF15%,2) + $15,000(PVIF15%,3) + $10,000(PVIF15%,4) + $ 7,000(PVIF15%,5)
精品课程《财务管理基础》英文课件ch
4-6
Bond Valuation
Important Terms Types of Bonds Valuation of Bonds Handling Semiannual Compounding
4-7
Important Bond Terms
A bond is a long-term debt instrument issued by a corporation or government. The maturity value (MV) [or face value] of a bond is the stated value. In the case of a U.S. bond, the face value is usually $1,000.
4-9
Different Types of Bonds
A perpetual bond is a bond that never matures. It has an infinite life.
V=
I
(1 + kd)1
I + (1 + kd)2
I + ... + (1 + kd)
I
=S
t=1
(1 + kd)t
4-8
Important Bond Terms
The bond’s coupon rate is the stated rate of interest; the annual interest payment divided by the bond’s face value. The discount rate (capitalization rate) is dependent on the risk of the bond and is composed of the risk-free rate plus a premium for risk.
Bond Valuation
Important Terms Types of Bonds Valuation of Bonds Handling Semiannual Compounding
4-7
Important Bond Terms
A bond is a long-term debt instrument issued by a corporation or government. The maturity value (MV) [or face value] of a bond is the stated value. In the case of a U.S. bond, the face value is usually $1,000.
4-9
Different Types of Bonds
A perpetual bond is a bond that never matures. It has an infinite life.
V=
I
(1 + kd)1
I + (1 + kd)2
I + ... + (1 + kd)
I
=S
t=1
(1 + kd)t
4-8
Important Bond Terms
The bond’s coupon rate is the stated rate of interest; the annual interest payment divided by the bond’s face value. The discount rate (capitalization rate) is dependent on the risk of the bond and is composed of the risk-free rate plus a premium for risk.
相关主题
- 1、下载文档前请自行甄别文档内容的完整性，平台不提供额外的编辑、内容补充、找答案等附加服务。
- 2、"仅部分预览"的文档,不可在线预览部分如存在完整性等问题,可反馈申请退款(可完整预览的文档不适用该条件!)。
- 3、如文档侵犯您的权益，请联系客服反馈,我们会尽快为您处理(人工客服工作时间：9:00-18:30)。
Chapter 17
Capital Structure Determination
17-1
© Pearson Education Limited 2004 Fundamentals of Financial Management, 12/e
Created by: Gregory A. Kuhlemeyer, Ph.D. Carroll College, Waukesha, WI
17-4
A Conceptual Look -Relevant Rates of Return
ki = the yield on the company’s debt
I
Annual interest on debt
ki = B = Market value of debt
Assumptions: • Interest paid each and every year • Bond life is infinite • Results in the valuation of a perpetual bond • No taxes (Note: allows us to focus on just
stock outstanding
Assumptions: • Earnings are not expected to grow • 100% dividend payout • Results in the valuation of a perpetuity • Appropriate in this case for illustrating the
Explain the traditional approach to capital structure and the valuation of a firm.
Discuss the relationship between financial leverage and the cost of capital as originally set forth by Modigliani and Miller (M&M) and evaluate their arguments.
After studying Chapter 17,
you should be able to:
Define n the net operating income (NOI) approach to capital structure and valuation of a firm; and, calculate a firm's value using this approach.
Assumptions:
• V = B + S = total market value of the firm • O = I + E = net operating income = interest
Concerned with the effect of capital market decisions on security prices.
Assume: (1) investment and asset management decisions are held constant and (2) consider only debt-versus-equity financing.
theory of the firm
17-6
A Conceptual Look -Relevant Rates of Return
ko = an overall capitalization rate for the firm
OO
ko = VV
=
Net operating income Total market value of the firm
Describe various market imperfections and other "real world" factors that tend to dilute M&M’s original position.
Present a number of reasonable arguments for believing that an optimal capital structure exists in theory.
capital structure issues.)
17-5
A Conceptual Look -Relevant Rates of Return
ke = the expected return on the company’s equity
ke =
EE SS
=
Earnings available to common shareholders Market value of common
Explain how financial structure changes can be used for financial signaling purposes, and give some examples.
17-2
Capital Structure Determination
A Conceptual Look The Total-Value Principle Presence of Market Imperfections and Incentive Issues The Effect of Taxes Taxes and Market Imperfections Combined Financial Signaling Timing and Flexibility Financing Checklist
17-3
Capital Structure
Capital Structure -- The mix (or proportion) of a firm’s permanent long-term financing
represented by debt, preferred stock, and common stock equity.
Capital Structure Determination
17-1
© Pearson Education Limited 2004 Fundamentals of Financial Management, 12/e
Created by: Gregory A. Kuhlemeyer, Ph.D. Carroll College, Waukesha, WI
17-4
A Conceptual Look -Relevant Rates of Return
ki = the yield on the company’s debt
I
Annual interest on debt
ki = B = Market value of debt
Assumptions: • Interest paid each and every year • Bond life is infinite • Results in the valuation of a perpetual bond • No taxes (Note: allows us to focus on just
stock outstanding
Assumptions: • Earnings are not expected to grow • 100% dividend payout • Results in the valuation of a perpetuity • Appropriate in this case for illustrating the
Explain the traditional approach to capital structure and the valuation of a firm.
Discuss the relationship between financial leverage and the cost of capital as originally set forth by Modigliani and Miller (M&M) and evaluate their arguments.
After studying Chapter 17,
you should be able to:
Define n the net operating income (NOI) approach to capital structure and valuation of a firm; and, calculate a firm's value using this approach.
Assumptions:
• V = B + S = total market value of the firm • O = I + E = net operating income = interest
Concerned with the effect of capital market decisions on security prices.
Assume: (1) investment and asset management decisions are held constant and (2) consider only debt-versus-equity financing.
theory of the firm
17-6
A Conceptual Look -Relevant Rates of Return
ko = an overall capitalization rate for the firm
OO
ko = VV
=
Net operating income Total market value of the firm
Describe various market imperfections and other "real world" factors that tend to dilute M&M’s original position.
Present a number of reasonable arguments for believing that an optimal capital structure exists in theory.
capital structure issues.)
17-5
A Conceptual Look -Relevant Rates of Return
ke = the expected return on the company’s equity
ke =
EE SS
=
Earnings available to common shareholders Market value of common
Explain how financial structure changes can be used for financial signaling purposes, and give some examples.
17-2
Capital Structure Determination
A Conceptual Look The Total-Value Principle Presence of Market Imperfections and Incentive Issues The Effect of Taxes Taxes and Market Imperfections Combined Financial Signaling Timing and Flexibility Financing Checklist
17-3
Capital Structure
Capital Structure -- The mix (or proportion) of a firm’s permanent long-term financing
represented by debt, preferred stock, and common stock equity.