罗斯《公司理财CorporateFinance》(第七版)英文课件Ch
合集下载
公司理财第七版Chap005课件
Recall: r = the discount rate
公司理财第七版Chap005
Multiple Cash Flows: Example
Your auto dealer gives you the choice to pay $15,500 cash now or make three payments: $8,000 now and $4,000 at the end of the following two years. If your cost of money (discount rate) is 8%, which do you prefer?
D enote: C 1T hecashflowinyear1 C 2T hecashflowinyear2 C t T hecashflowinyeart(w ithanynum berofcashflow sinbetw een)
P V(1 C 1 r)1(1 C r2)2....(1 C rt)t
received today.
公司理财第七版Chap005
Future Values
Future Value: Amount to which an investment will grow after earning interest.
Let r = annual interest rate Let t = # of years
Interest Earned 7 7 7 7 7
Value
100 107 114 121 128 135
Value at the end of Year 5: $135
公司理财第七版Chap005
Compound Interest: Example
公司理财罗斯第11章英文-PPT文档资料
McGraw-Hill/Irwin Corporate Finance, 7/e © 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.
11-11
涌金集团董事长魏东辞世的消息今日得以证实，5月1日下午， 魏东的家属提供了魏东的最后留言--“写给我最亲爱的人们”。 4月29日下午4时许，魏东在北京家中辞世(41岁）。辞世 前将写给亲人的最后留言留在书桌抽屉里，在这份最后留言 中，魏东说自己受到失眠和抑郁的长期困扰，不愿再拖累家 人，并希望亲人和朋友能够好好生活。 事件发生后，由涌金集团控制的两家上市公司国金证券和九 芝堂30日均临时停牌。九芝堂称公司发生重大事项，临时停 牌一天。国金证券当天上午发布公告称因股票交易异动，早 盘停牌一小时，但该公司10点30分后亦一直未复牌。上证所 此后公告，国金证券因重大事项未公告，4月30日全天停牌。
11-1
Chapter Outline
11.1 Factor Models: Announcements, Surprises, and Expected Returns 11.2 Risk: Systematic and Unsystematic 11.folios and Factor Models 11.5 Betas and Expected Returns 11.6 The Capital Asset Pricing Model and the Arbitrage Pricing Theory 11.7 Parametric Approaches to Asset Pricing 11.8 Summary and Conclusions
McGraw-Hill/Irwin Corporate Finance, 7/e
11-11
涌金集团董事长魏东辞世的消息今日得以证实，5月1日下午， 魏东的家属提供了魏东的最后留言--“写给我最亲爱的人们”。 4月29日下午4时许，魏东在北京家中辞世(41岁）。辞世 前将写给亲人的最后留言留在书桌抽屉里，在这份最后留言 中，魏东说自己受到失眠和抑郁的长期困扰，不愿再拖累家 人，并希望亲人和朋友能够好好生活。 事件发生后，由涌金集团控制的两家上市公司国金证券和九 芝堂30日均临时停牌。九芝堂称公司发生重大事项，临时停 牌一天。国金证券当天上午发布公告称因股票交易异动，早 盘停牌一小时，但该公司10点30分后亦一直未复牌。上证所 此后公告，国金证券因重大事项未公告，4月30日全天停牌。
11-1
Chapter Outline
11.1 Factor Models: Announcements, Surprises, and Expected Returns 11.2 Risk: Systematic and Unsystematic 11.folios and Factor Models 11.5 Betas and Expected Returns 11.6 The Capital Asset Pricing Model and the Arbitrage Pricing Theory 11.7 Parametric Approaches to Asset Pricing 11.8 Summary and Conclusions
McGraw-Hill/Irwin Corporate Finance, 7/e
公司理财(罗斯)第1章(英文)
McGraw-Hill/Irwin Corporate Finance, 7/e
What longterm investments should the firm engage in?
Shareholders’ Equity
© 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.
2 Intangible
McGraw-Hill/Irwin Corporate Finance, 7/e
Shareholders’ Equity
© 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.
1-6
The Balance-Sheet Model of the Firm
© 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.
1-11
Multiple choice
1.Which of the following is not considered one of the basic questions of corporate finance? A) What long-lived assets should the firm invest? B) How much inventory should the firm hold? C) How can the firm raise cash for required capital expenditures? D) How should the short-term operating cash flows be managed? E) All of the above.
What longterm investments should the firm engage in?
Shareholders’ Equity
© 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.
2 Intangible
McGraw-Hill/Irwin Corporate Finance, 7/e
Shareholders’ Equity
© 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.
1-6
The Balance-Sheet Model of the Firm
© 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.
1-11
Multiple choice
1.Which of the following is not considered one of the basic questions of corporate finance? A) What long-lived assets should the firm invest? B) How much inventory should the firm hold? C) How can the firm raise cash for required capital expenditures? D) How should the short-term operating cash flows be managed? E) All of the above.
公司理财(罗斯)第1章(英文
• Structure: This book is organized into several key sections. It begins with an introduction to the field of corporate finance and its importance. Subsequent chapters cover topics such as capital budgeting, risk and return, capital structure, dividend policy, mergers and acquisitions, and international corporate finance. Each chapter includes illustrative examples, case studies, and practical applications to help readers apply the concepts discussed. The book concludes with a summary of key takeaways and additional resources for further study.
03 Valuation Basis
The concept and significance of valuation
要点一
Definition
Valuation is the process of estimating the worth of an asset or a company, typically through the use of financial metrics and analysis.
The Time Value of Money
03 Valuation Basis
The concept and significance of valuation
要点一
Definition
Valuation is the process of estimating the worth of an asset or a company, typically through the use of financial metrics and analysis.
The Time Value of Money
公司理财罗斯(课堂PPT)
McGraw-Hill/Irwin Corporate Finance, 7/e
© 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.
5-4
5.1 Definition and Example of a Bond
Consider a U.S. government bond listed as 6 3/8 of December 2009.
Time to maturity (T) = Maturity date - today’s date Face value (F) Discount rate (r)
$0
$0
$0
$F
0
1
2
T 1
T
Present value of a pure discount bond at time 0:
PV
F (1 r)T
McGraw-Hill/Irwin Corporate Finance, 7/e
© 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.
5-9
Pure Discount Bonds: Example
Find the value of a 30-year zero-coupon bond with a $1,000 par value and a YTM of 6%.
McGraw-Hill/Irwin Corporate Finance, 7/e
© 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.
5-8
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
《公司理财罗斯Ch》课件
投资工具：了解各种投资工具，如股票、债券、基金等
投资风险：评估投资风险，如市场风险、信用风险等
投资组合：构建投资组合，实现投资目标
投资绩效评估：定期评估投资绩效，调整投资策略
融资决策
融资方式：股权融资、债权融资、混合融资等 融资成本：利息、股息、融资费用等 融资风险：市场风险、信用风险、流动性风险等 融资决策的影响因素：公司规模、行业特点、市场环境等
THEME TEMPLATE
20XX/01/01
公司理财罗斯 Ch课件大纲
单击此处添加副标题
汇报人：
目录
CONTENTS
单击添加目录项标题 课件简介
公司理财基础知识 公司理财的核心内容 公司理财的实践应用 公司理财的未来发展
单击此处添加章节标题
章节副标题
课件简介
章节副标题
课件背景
罗斯Ch是公司理财领域的经典教材
适用人群
公司财务人员
企业管理者
投资理财爱好者 金融行业从业人员
课件特点
内容全面：涵盖 公司理财的基本 概念、理论、方 法和案例
结构清晰：按照 章节、小节、知 识点进行组织， 便于理解和记忆
案例丰富：结合 实际案例，便于 理解理论知识在 实际中的应用
互动性强：提供 思考题、讨论题 和案例分析，增 强学习效果
THEME TEMPLATE
感谢观看
公司理财基础知识
章节副标题
财务管理的目标
提高企业经济效益
优化企业资源配置
确保企业资金安全 提高企业竞争力
财务管理的原则
成本效益原则：追求成本最小 化，效益最大化
风险控制原则：防范风险，降 低风险损失
资金流动性原则：保持资金流 动性，满足日常经营需求
投资风险：评估投资风险，如市场风险、信用风险等
投资组合：构建投资组合，实现投资目标
投资绩效评估：定期评估投资绩效，调整投资策略
融资决策
融资方式：股权融资、债权融资、混合融资等 融资成本：利息、股息、融资费用等 融资风险：市场风险、信用风险、流动性风险等 融资决策的影响因素：公司规模、行业特点、市场环境等
THEME TEMPLATE
20XX/01/01
公司理财罗斯 Ch课件大纲
单击此处添加副标题
汇报人：
目录
CONTENTS
单击添加目录项标题 课件简介
公司理财基础知识 公司理财的核心内容 公司理财的实践应用 公司理财的未来发展
单击此处添加章节标题
章节副标题
课件简介
章节副标题
课件背景
罗斯Ch是公司理财领域的经典教材
适用人群
公司财务人员
企业管理者
投资理财爱好者 金融行业从业人员
课件特点
内容全面：涵盖 公司理财的基本 概念、理论、方 法和案例
结构清晰：按照 章节、小节、知 识点进行组织， 便于理解和记忆
案例丰富：结合 实际案例，便于 理解理论知识在 实际中的应用
互动性强：提供 思考题、讨论题 和案例分析，增 强学习效果
THEME TEMPLATE
感谢观看
公司理财基础知识
章节副标题
财务管理的目标
提高企业经济效益
优化企业资源配置
确保企业资金安全 提高企业竞争力
财务管理的原则
成本效益原则：追求成本最小 化，效益最大化
风险控制原则：防范风险，降 低风险损失
资金流动性原则：保持资金流 动性，满足日常经营需求
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
Chapter 17 Corporate Finance 公司理财 机械工业出版社 Ross PPT课件
Chapter 17
16
17.4 A Comparison of the APV, FTE, and WACC Approaches
• A Suggested Guideline
– Use WACC or FTE if the firm’s target debt-tovalue ratio applies to the project over its life.
5
17.1 Adjusted-Present-Value Approach
• Conclusion from the example:
– The value of the project when financed with some leverage is equal to the value of the project when financed with all equity plus the tax shield from the debt.
• Capital budgeting techniques in the early
chapters of this text applied to all-equity firms. Capital budgeting for the levered firm could not be handled early in the book because the effects of debt on firm value were deferred until the previous two chapters.
– The costs of Finano Debt Financing • We consider the tax subsidy only in the following
斯蒂芬.A.罗斯《 公司理财》：Chpt014
– Under cumulative voting, the total number of votes that each shareholder may cast is determined first. Usually, the number of shares owned or controlled by a shareholder is multiplied by the number of directors to be elected. Each shareholder can distribute these votes as he wishes over one or more candidates.
McGraw-Hill/Irwin
Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
14-7
Market Value, Book Value, and Replacement Value
• Market Value is the price of the stock multiplied by the number of shares outstanding.
– For example, suppose 1,000 shares of common stock having a par value of $1 each are sold to investors for $8 per share. The capital surplus would be ($8 – $1) × 1,000 = $7,000
• Straight voting works like a U.S. political election.
McGraw-Hill/Irwin
Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
14-7
Market Value, Book Value, and Replacement Value
• Market Value is the price of the stock multiplied by the number of shares outstanding.
– For example, suppose 1,000 shares of common stock having a par value of $1 each are sold to investors for $8 per share. The capital surplus would be ($8 – $1) × 1,000 = $7,000
• Straight voting works like a U.S. political election.
公司理财原版英文课件Chap
Ri Ri βi F εi
RP X 1 ( R1 β1 F ε1 ) X 2 ( R 2 β2 F ε2 ) X N ( R N βN F εN ) RP X 1 R1 X 1 β1 F X 1ε1 X 2 R 2 X 2 β2 F X 2 ε2 X N R N X N βN F X N ε N
R 8%
R 8% 2.30 5% 1.50 (3%) 0.50 (10%) 1% R 12%
12-12
12.3 Portfolios and Factor Models
Now let us consider what happens to portfolios of stocks when each of the stocks follows a one-factor model. We will create portfolios from a list of N stocks and will capture the systematic risk with a 1-factor model. The ith stock in the list has return:
R R 2.30 5% 1.50 (3%) 0.50 FS 1%
12-10
Systematic Risk and Betas: Example
R R 2.30 5% 1.50 (3%) 0.50 FS 1%
If it were the case that the dollar-euro spot exchange rate, S($,€), 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%
罗斯公司理财Chpt007ppt课件
McGraw-Hill/Irwin
Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
7-3
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
• For now, it’s enough to assume that the firm’s level of debt (hence interest expense) is independent of the project at hand.
Method 7.5 Summary and Conclusions
McGraw-Hill/Irwin
Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
7-2
7.1 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.
7-0
《公司理财》斯蒂芬A.罗斯..,机械工业出版社 英文课件
19-1
Executive Summary
This chapter looks at how corporations issue securities to the investing public. As the basic procedure for selling debt and equity securities are essentially the same. This chapter focuses on equity.
McGraw-Hill/Irwin
Copyright 2004 by The McGraw-Hill Companies, Inc. All rights reserved.
19-3
19.1 The Public Issue
The Basic Procedure
– Management gets the approval of the Board of Directors. – The firm prepares and files a registration statement with the SEC. – The SEC studies the registration statement during the waiting period. – The firm prepares and files an amended registration statement with the SEC. – If everything is copasetic with the SEC, a price is set and a full-fledged selling effort gets underway.
19-8
Firm Commitment
公司理财(罗斯)第14章(英文)PPT课件
Par and No-Par Stock Authorized versus Issued Common Stock Capital Surplus Retained Earnings Market Value, Book Value, and Replacement Value Shareholders’ Rights Dividends Classes of Stock
Authorizing a large number of shares may worry investors about dilution because authorized shares can be issued later with the approval of the board of directors but without a vote of the shareholders.
McGraw-Hill/Irwin Corporate Finance, 7/e
© 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.
14-3
Par and No-Par Stock
The stated value on a stock certificate is called the par value.
Chapter Outline
14.1 Common Stock 14.2 Corporate Long-Term Debt: The Basics 14.3 Preferred Stock 14.4 Patterns of Financing 14.5 Recent Trends in Capital Structure 14.6 Summary and Conclusions http://highered.mcgraw-
- 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)。
5705% Equity
If how you slice the pie affects the size of the pie, then the capital struቤተ መጻሕፍቲ ባይዱture decision matters.
1-9
Hypothetical Organization Chart
Board of Directors Chairman of the Board and Chief Executive Officer (CEO)
Shareholders’ Equity
1-5
The Balance-Sheet Model
of the Firm
The Capital Budgeting Decision
Current
Current Assets
Liabilities
Long-Term Debt
Fixed Assets 1 Tangible 2 Intangible
Cost Accounting Data Processing
1-10
The Financial Manager
To create value, the financial manager should: 1. Try to make smart investment decisions. 2. Try to make smart financing decisions.
How much shortterm cash flow does a company need to pay its bills?
Shareholders’ Equity
1-8
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.
The Capital Structure decision can be viewed as how best to slice up a the pie.
2750%50%30% DebtDeEbtquity
of the Firm
The Net Working Capital Investment Decision
Current
Current Assets
Net Working Capital
Liabilities
Long-Term Debt
Fixed Assets 1 Tangible 2 Intangible
President and Chief Operating Officer (COO)
Vice President and Chief Financial Officer (CFO)
Treasurer
Controller
Cash Manager
Credit Manager
Tax Manager
Capital Expenditures Financial Planning Financial Accounting
Liabilities
Fixed Assets 1 Tangible
How can the firm raise the money for the required investments?
2 Intangible
Long-Term Debt
Shareholders’ Equity
1-7
The Balance-Sheet Model
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
1-3
What is Corporate Finance?
Corporate Finance addresses the following three questions:
McGraw-Hill/Irwin Corporate Finance, 7/e
1-1
CHAPTER
1
Introduction to Corporate Finance
1-2
Chapter Outline
1.1 What is Corporate Finance? 1.2 Corporate Securities as Contingent Claims on
What longterm investments should the firm engage in?
Shareholders’ Equity
1-6
The Balance-Sheet Model
of the Firm
The Capital Structure Decision
Current
Current Assets
1. What long-term investments should the firm engage in?
2. How can the firm raise the money for the required investments?
3. How much short-term cash flow does a company need to pay its bills?
1-4
The Balance-Sheet Model
of the Firm
Total Value of Assets:
Total Firm Value to Investors:
Current
Current Assets
Liabilities
Long-Term Debt
Fixed Assets 1 Tangible 2 Intangible
1-11
The Firm and the Financial Markets
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)
If how you slice the pie affects the size of the pie, then the capital struቤተ መጻሕፍቲ ባይዱture decision matters.
1-9
Hypothetical Organization Chart
Board of Directors Chairman of the Board and Chief Executive Officer (CEO)
Shareholders’ Equity
1-5
The Balance-Sheet Model
of the Firm
The Capital Budgeting Decision
Current
Current Assets
Liabilities
Long-Term Debt
Fixed Assets 1 Tangible 2 Intangible
Cost Accounting Data Processing
1-10
The Financial Manager
To create value, the financial manager should: 1. Try to make smart investment decisions. 2. Try to make smart financing decisions.
How much shortterm cash flow does a company need to pay its bills?
Shareholders’ Equity
1-8
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.
The Capital Structure decision can be viewed as how best to slice up a the pie.
2750%50%30% DebtDeEbtquity
of the Firm
The Net Working Capital Investment Decision
Current
Current Assets
Net Working Capital
Liabilities
Long-Term Debt
Fixed Assets 1 Tangible 2 Intangible
President and Chief Operating Officer (COO)
Vice President and Chief Financial Officer (CFO)
Treasurer
Controller
Cash Manager
Credit Manager
Tax Manager
Capital Expenditures Financial Planning Financial Accounting
Liabilities
Fixed Assets 1 Tangible
How can the firm raise the money for the required investments?
2 Intangible
Long-Term Debt
Shareholders’ Equity
1-7
The Balance-Sheet Model
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
1-3
What is Corporate Finance?
Corporate Finance addresses the following three questions:
McGraw-Hill/Irwin Corporate Finance, 7/e
1-1
CHAPTER
1
Introduction to Corporate Finance
1-2
Chapter Outline
1.1 What is Corporate Finance? 1.2 Corporate Securities as Contingent Claims on
What longterm investments should the firm engage in?
Shareholders’ Equity
1-6
The Balance-Sheet Model
of the Firm
The Capital Structure Decision
Current
Current Assets
1. What long-term investments should the firm engage in?
2. How can the firm raise the money for the required investments?
3. How much short-term cash flow does a company need to pay its bills?
1-4
The Balance-Sheet Model
of the Firm
Total Value of Assets:
Total Firm Value to Investors:
Current
Current Assets
Liabilities
Long-Term Debt
Fixed Assets 1 Tangible 2 Intangible
1-11
The Firm and the Financial Markets
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)