财务管理英文版第一章
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Slide 10
T1.5 International Corporations (Table 1.1) Company
Bayerische Moterenwerke AG
Type of Company Translated
Corporation
Country of Origin
Germany
In Original Language
Long-term financing
Capital Structure
Short-term financing
Working Capital Management
百度文库
Risk management
Derivative securities
Irwin/McGraw-Hill
copyright © 2002 McGraw-Hill Ryerson, Ltd.
CLICK MOUSE OR HIT SPACEBAR TO ADVANCE
Irwin/McGraw-Hill
copyright © 2002 McGraw-Hill Ryerson,Ltd.
Outline of the Text
Part I: Part II: Part III: Part IV: Part V: Part VI: Part VII: Part VIII: Part IX: Overview of Corporate Finance Financial Statements and Long-Term Financial Planning Valuation of Future Cash Flows Capital Budgeting Risk and Return Cost of Capital and Long-Term Financial Policy Short-Term Financial Planning and Management Topics in Corporate Finance Derivative Securities and Corporate Finance
T1.6 The Goal of Financial Management
The Goal of Financial Management
What are firm decision-makers hired to do?
“General Motors is not in the business of making automobiles. General Motors is in the business of making money.” --Alfred P. Sloan
Possible goals
Three equivalent goals of financial management:
Maximize shareholder wealth Maximize share price Maximize firm value
Irwin/McGraw-Hill copyright © 2002 McGraw-Hill Ryerson, Ltd
T1.3 A Simplified Organizational Chart (Figure 1.1)
Irwin/McGraw-Hill
copyright © 2002 McGraw-Hill Ryerson, Ltd
Slide 9
T1.4 Forms of Business Organization
TRANSPARENCY ACETATES
to accompany
FUNDAMENTALS OF CORPORATE FINANCE
Stephen A. Ross Randolph W. Westerfield Bradford D. Jordan Gordon S. Roberts
Prepared by Thomas J. Cottrell
Volvo AB
Peugot SA Irwin/McGraw-Hill
Sweden
France
Aktiebolag
Societe Anonyme
Joint stock co.
Joint stock co.
Slide 11
copyright © 2002 McGraw-Hill Ryerson, Ltd
Aktiengesellschaft
Dornier GmBH
Rolls-Royce PLC Shell UK Ltd. Unilever NV Fiat SpA
Germany
United Kingdom United Kingdom Netherlands Italy
Gesellschaft mit Beschrankter Haftung
How do owners’ roles differ across organizational forms?
Economic Considerations
Why are corporations generally larger than other forms of business?
Irwin/McGraw-Hill copyright © 2002 McGraw-Hill Ryerson, Ltd
Organizational Forms Sole Proprietorship Partnership
General Partnership / Limited Partnership
Corporation
Limited Liability Company
Legal Considerations
Slide 12
T1.7 The Agency Problem
The Agency Problem and Control of the Firm
Agency Relationships and Management Goals Do managers Act in the Shareholders’ interests?
Chapter 19
Chapter 20 Chapter 21 Chapter 22
Cash and Liquidity Management
Credit and Inventory Management International Corporate Finance Leasing
Chapter 23
1.3 The Goal of Financial Management
1.4 The Agency Problem and Control of the Corporation 1.5 Financial Markets and the Corporation 1.6 Financial Institutions
Chapter 24 Chapter 25
Mergers and Acquisitions
Risk Management: An Introduction to Financial Engineering Options and Corporate Securities
Irwin/McGraw-Hill
Irwin/McGraw-Hill
copyright © 2002 McGraw-Hill Ryerson, Ltd.
Table of Contents (continued)
Chapter 15 Chapter 16 Chapter 17 Chapter 18 Raising Capital Financial Leverage and Capital Structure Policy Dividends and Dividend Policy Short-Term Finance and Planning
copyright © 2002 McGraw-Hill Ryerson, Ltd.
T1.1 Chapter Outline
Chapter 1
Introduction to Corporate Finance Chapter Organization
1.1 Corporate Finance and the Financial Manager 1.2 Forms of Business Organization
T1.2 The Four Basic Areas of Finance
The Four Basic Areas of Finance
Corporate Finance
Investments
Financial Institutions
International Finance
Irwin/McGraw-Hill
copyright © 2002 McGraw-Hill Ryerson, Ltd.
T1.2 The Four Basic Areas of Finance - Corporate Finance
Corporate Finance
Long-term investments
Capital Budgeting
Irwin/McGraw-Hill
copyright © 2002 McGraw-Hill Ryerson, Ltd.
T1.1 Chapter Outline
Chapter 1
Introduction to Corporate Finance Chapter Organization (cont’d)
Agency costs
Direct agency costs Indirect agency costs Mechanisms to ensure Managers are acting in
1.7 Trends in Financial Markets and Financial Management 1.8 Outline of the Text
1.9 Summary and Conclusions
Irwin/McGraw-Hill
copyright © 2002 McGraw-Hill Ryerson, Ltd.
Public limited company Limited Naamloze Vennootschap Societa per Azioni
Limited liability co.
Public limited co. Corporation Joint stock co. Joint stock co.
Irwin/McGraw-Hill
copyright © 2002 McGraw-Hill Ryerson, Ltd.
Table of Contents
Chapter 1 Chapter 2 Chapter 3 Chapter 4 Chapter 5 Chapter 6 Chapter 7 Chapter 8 Chapter 9 Chapter 10 Chapter 11 Chapter 12 Chapter 13 Chapter 14 Introduction to Corporate Finance Financial Statements, Taxes, and Cash Flow Working with Financial Statements Long-Term Financial Planning and Corporate Growth Introduction to Valuation: The Time Value of Money Discounted Cash Flow Valuation Interest Rates and Bond Valuation Stock Valuation Net Present Value and Other Investment Criteria Making Capital Investment Decisions Project Analysis and Evaluation Some Lessons from Capital Market History Return, Risk, and the Security Market Line Cost of Capital
T1.5 International Corporations (Table 1.1) Company
Bayerische Moterenwerke AG
Type of Company Translated
Corporation
Country of Origin
Germany
In Original Language
Long-term financing
Capital Structure
Short-term financing
Working Capital Management
百度文库
Risk management
Derivative securities
Irwin/McGraw-Hill
copyright © 2002 McGraw-Hill Ryerson, Ltd.
CLICK MOUSE OR HIT SPACEBAR TO ADVANCE
Irwin/McGraw-Hill
copyright © 2002 McGraw-Hill Ryerson,Ltd.
Outline of the Text
Part I: Part II: Part III: Part IV: Part V: Part VI: Part VII: Part VIII: Part IX: Overview of Corporate Finance Financial Statements and Long-Term Financial Planning Valuation of Future Cash Flows Capital Budgeting Risk and Return Cost of Capital and Long-Term Financial Policy Short-Term Financial Planning and Management Topics in Corporate Finance Derivative Securities and Corporate Finance
T1.6 The Goal of Financial Management
The Goal of Financial Management
What are firm decision-makers hired to do?
“General Motors is not in the business of making automobiles. General Motors is in the business of making money.” --Alfred P. Sloan
Possible goals
Three equivalent goals of financial management:
Maximize shareholder wealth Maximize share price Maximize firm value
Irwin/McGraw-Hill copyright © 2002 McGraw-Hill Ryerson, Ltd
T1.3 A Simplified Organizational Chart (Figure 1.1)
Irwin/McGraw-Hill
copyright © 2002 McGraw-Hill Ryerson, Ltd
Slide 9
T1.4 Forms of Business Organization
TRANSPARENCY ACETATES
to accompany
FUNDAMENTALS OF CORPORATE FINANCE
Stephen A. Ross Randolph W. Westerfield Bradford D. Jordan Gordon S. Roberts
Prepared by Thomas J. Cottrell
Volvo AB
Peugot SA Irwin/McGraw-Hill
Sweden
France
Aktiebolag
Societe Anonyme
Joint stock co.
Joint stock co.
Slide 11
copyright © 2002 McGraw-Hill Ryerson, Ltd
Aktiengesellschaft
Dornier GmBH
Rolls-Royce PLC Shell UK Ltd. Unilever NV Fiat SpA
Germany
United Kingdom United Kingdom Netherlands Italy
Gesellschaft mit Beschrankter Haftung
How do owners’ roles differ across organizational forms?
Economic Considerations
Why are corporations generally larger than other forms of business?
Irwin/McGraw-Hill copyright © 2002 McGraw-Hill Ryerson, Ltd
Organizational Forms Sole Proprietorship Partnership
General Partnership / Limited Partnership
Corporation
Limited Liability Company
Legal Considerations
Slide 12
T1.7 The Agency Problem
The Agency Problem and Control of the Firm
Agency Relationships and Management Goals Do managers Act in the Shareholders’ interests?
Chapter 19
Chapter 20 Chapter 21 Chapter 22
Cash and Liquidity Management
Credit and Inventory Management International Corporate Finance Leasing
Chapter 23
1.3 The Goal of Financial Management
1.4 The Agency Problem and Control of the Corporation 1.5 Financial Markets and the Corporation 1.6 Financial Institutions
Chapter 24 Chapter 25
Mergers and Acquisitions
Risk Management: An Introduction to Financial Engineering Options and Corporate Securities
Irwin/McGraw-Hill
Irwin/McGraw-Hill
copyright © 2002 McGraw-Hill Ryerson, Ltd.
Table of Contents (continued)
Chapter 15 Chapter 16 Chapter 17 Chapter 18 Raising Capital Financial Leverage and Capital Structure Policy Dividends and Dividend Policy Short-Term Finance and Planning
copyright © 2002 McGraw-Hill Ryerson, Ltd.
T1.1 Chapter Outline
Chapter 1
Introduction to Corporate Finance Chapter Organization
1.1 Corporate Finance and the Financial Manager 1.2 Forms of Business Organization
T1.2 The Four Basic Areas of Finance
The Four Basic Areas of Finance
Corporate Finance
Investments
Financial Institutions
International Finance
Irwin/McGraw-Hill
copyright © 2002 McGraw-Hill Ryerson, Ltd.
T1.2 The Four Basic Areas of Finance - Corporate Finance
Corporate Finance
Long-term investments
Capital Budgeting
Irwin/McGraw-Hill
copyright © 2002 McGraw-Hill Ryerson, Ltd.
T1.1 Chapter Outline
Chapter 1
Introduction to Corporate Finance Chapter Organization (cont’d)
Agency costs
Direct agency costs Indirect agency costs Mechanisms to ensure Managers are acting in
1.7 Trends in Financial Markets and Financial Management 1.8 Outline of the Text
1.9 Summary and Conclusions
Irwin/McGraw-Hill
copyright © 2002 McGraw-Hill Ryerson, Ltd.
Public limited company Limited Naamloze Vennootschap Societa per Azioni
Limited liability co.
Public limited co. Corporation Joint stock co. Joint stock co.
Irwin/McGraw-Hill
copyright © 2002 McGraw-Hill Ryerson, Ltd.
Table of Contents
Chapter 1 Chapter 2 Chapter 3 Chapter 4 Chapter 5 Chapter 6 Chapter 7 Chapter 8 Chapter 9 Chapter 10 Chapter 11 Chapter 12 Chapter 13 Chapter 14 Introduction to Corporate Finance Financial Statements, Taxes, and Cash Flow Working with Financial Statements Long-Term Financial Planning and Corporate Growth Introduction to Valuation: The Time Value of Money Discounted Cash Flow Valuation Interest Rates and Bond Valuation Stock Valuation Net Present Value and Other Investment Criteria Making Capital Investment Decisions Project Analysis and Evaluation Some Lessons from Capital Market History Return, Risk, and the Security Market Line Cost of Capital