《公司理财》斯蒂芬A.罗斯..-机械工业出版社-英文课件
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《公司理财》斯蒂芬A罗斯英文》PPT课件讲义
• The rate should be appropriate to the risk presented by the security.
5.1 Definition and Example of a Bond
• A bond is a legally binding agreement between a borrower and a lender: – Specifies the principal amount of the loan. – Specifies the size and timing of the cash flows:
• In dollar terms (fixed-rate borrowing) • As a formula (adjustable-rate borrowing)
5.1 Definition and Example of a Bond
• Consider a U.S. government bond listed as 6 3/8 of December 2009.
N I/Y PV PMT FV
12
5
– 1,070.52
31.875 = 1,000
1,000×0.06375 2
5.3 Bond Concepts
1. Bond prices and market interest rates move in opposite directions.
2. When coupon rate = YTM, price = par value. When coupon rate > YTM, price > par value (premium bond) When coupon rate < YTM, price < par value (discount bond)
5.1 Definition and Example of a Bond
• A bond is a legally binding agreement between a borrower and a lender: – Specifies the principal amount of the loan. – Specifies the size and timing of the cash flows:
• In dollar terms (fixed-rate borrowing) • As a formula (adjustable-rate borrowing)
5.1 Definition and Example of a Bond
• Consider a U.S. government bond listed as 6 3/8 of December 2009.
N I/Y PV PMT FV
12
5
– 1,070.52
31.875 = 1,000
1,000×0.06375 2
5.3 Bond Concepts
1. Bond prices and market interest rates move in opposite directions.
2. When coupon rate = YTM, price = par value. When coupon rate > YTM, price > par value (premium bond) When coupon rate < YTM, price < par value (discount bond)
罗斯的公司理财(第五版)PPT
Ross Westerfield Jaffe
Irwin/McGraw-Hill
. .
政府 (D)
© The McGraw-Hill Companies, Inc., 1999
税收
Corporate Finance
企业发行债券 (A) 企业投资的资产 (B) 流动资产 固定资产] 金融市场
留存现金 (E)
. .
Irwin/McGraw-Hill
© The McGraw-Hill Companies, Inc., 1999
图1-3 企业组织结构图
1-3 Fifth Edition
董 事 会
董事会主席和执行总裁 总裁和经营总监 副总裁和财务总监
Corporate Finance
Ross Westerfield Jaffe
1.3 公司制企业
1.4 公司制企业的目标 1.5 金融市场
1.6 本书概述
. .
Irwin/McGraw-Hill
© The McGraw-Hill Companies, Inc., 1999
公司组织形式
1-2 Fifth Edition
个体业主制：1个人经营管理 合伙制：若干人经营管理，一般合伙人 负无限责任，有限合伙人以其出资负有限责任 一般合伙制：参加人全是一般合伙人。 有限合伙制：参加人至少有1个为一般合伙人。 公司制：公司是独立法人，实行法人财产制度 和法人治理结构。 优点和缺点比较：
财务分析五
Fifth Edition
Ross Westerfield Jaffe
. .
股利支付率（ROE） ROE = 净 利 润 平均的普通股股东权益 ROE = 销售利润率*资产周转率*权益倍数 = 净 利 润 * 总 销 售 收 入 * 平均的总资产 总销售收入 平均的总资产 平均的股东权益 股利支付率 股利支付率 = 现金股利 净利润 留存比率 = 留存收益 净利润
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
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》斯蒂芬A.罗斯..,机械工业出版社 英文课件
McGraw-Hill/Irwin
Copyright © 2004 by The McGraw-Hill Companies, Inc. All rights reserved.
3-9
Financial Requirements
• The plan will include a section on financing arrangements. • Dividend policy and capital structure policy should be addressed. • If new funds are to be raised, the plan should consider what kinds of securities must be sold and what methods of issuance are most appropriate.
McGraw-Hill/Irwin
Copyright © 2004 by The McGraw-Hill Companies, Inc. All rights reserved.
3-10
Plug
• Compatibility across various growth targets will usually require adjustment in a third variable. • Suppose a financial planner assumes that sales, costs, and net income will rise at g1. Further, suppose that the planner desires assets and liabilities to grow at a different rate, g2. These two rates may be incompatible unless a third variable is adjusted. For example, compatibility may only be reached is outstanding stock grows at a third rate, g3.
《公司理财》斯蒂芬A.罗斯
• There are two dimensions:
1. A Time Frame
• Short run is probably anything less than a year. • Long run is anything over that; usually taken to be a
two-year to five-year period.
2. A Level of Aggregation
• •
McGraw-Hill/Irwin
Each division and operational unit should have a plan.
As the capital-budgeting analyses of each of the firm’s divisions are added up, the firm aggregates these small projects as a big project.
McGraw-Hill/Irwin
Copyright © 2004 by The McGraw-Hill Companies, Inc. All rights reserved.
3-6
Sales Forecast
• All financial plans require a sales forecast. • Perfect foreknowledge is impossible since
3-0
Chapter Three
Long-Term FCinoarpnocriaatel Finance
Planning and Growth Ross • Westerfield • Jaffe
公司理财罗斯英文原书第九版第一章课件
How should short-term assets be managed and financed?
公司理财罗斯英文原书第九版第一章
Current Liabilities Long-Term
Debt
Shareholders’ Equity
The Financial Manager
The Financial Manager’s primary goal is to increase the value of the firm by: 1. Selecting value creating projects 2. Making smart financing decisions
Know the goal of financial management Understand the conflicts of interest that can arise between
owners and managers Understand the various regulations that firms face
Current Assets
Current Liabilities
Long-Term Debt
Fixed Assets 1 Tangible 2 Intangible
What longterm investments should the firm choose?
公司理财罗斯英文原书第九版第一章
Shareholders’ Equity
Know the basic types of financial management decisions and the role of the Financial Manager
公司理财(罗斯)第15章(英文
Multinational company capital budget
01
Foreign Project Evaluation
02
Capital Budgeting Decision
Capital Structure Decision
03
04
Divided Policy Decision
Foreign exchange risk management
Corporate Finance (Ross) Chapter 15
目录
• Introduction • Capital Structure and Cost of Capital • Financial stress and financial crisis • Finance of multinational
Bankruptcy or reception
In extreme cases, bankruptcy or reception may be necessary to resolve financial conflicts
Hale Waihona Puke Finance of04 multinational corporations
Master the analysis methods and influencing factors of capital structure decision-making.
Understand the impact of capital structure adjustment on enterprise value and financial condition.
Capital Structure of Multinational Corporations
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%
公司理财(罗斯)第2章(英文)
McGraw-Hill/Irwin Corporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.
2-2
Sources of Information
Annual reports Wall Street Journal Internet
2.1 The Balance Sheet 2.2 The Income Statement 2.3 Net Working Capital 2.4 Financial Cash Flow 2.5 The Statement of Cash Flows 2.6 Financial Statement Analysis 2.7 Summary and Conclusions
McGraw-Hill/Irwin Corporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.
2-6
Debt versus Equity
Generally, when a firm borrows it gives the bondholders first claim on the firm’s cash flow. Thus shareholder’s equity is the residual difference between assets and liabilities.
Total assets
McGraw-Hill/Irwin Corporate Finance, 7/e
$1,879
$1,742
2005 The McGraw-Hill Companies, Inc. All Rights Reserved.
2-2
Sources of Information
Annual reports Wall Street Journal Internet
2.1 The Balance Sheet 2.2 The Income Statement 2.3 Net Working Capital 2.4 Financial Cash Flow 2.5 The Statement of Cash Flows 2.6 Financial Statement Analysis 2.7 Summary and Conclusions
McGraw-Hill/Irwin Corporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.
2-6
Debt versus Equity
Generally, when a firm borrows it gives the bondholders first claim on the firm’s cash flow. Thus shareholder’s equity is the residual difference between assets and liabilities.
Total assets
McGraw-Hill/Irwin Corporate Finance, 7/e
$1,879
$1,742
2005 The McGraw-Hill Companies, Inc. All Rights Reserved.
《公司理财》斯蒂芬A.罗斯..,机械工业出版社 英文课件
Strong Form
– Security prices reflect all information—public and private.
McGraw-Hill/Irwin
Copyright 2004 by The McGraw-Hill Companies, Inc. All rights reserved.
Weak Form
– Security prices reflect all information found in past prices and volume.
Semi-Strong Form
– Security prices reflect all publicly available information.
McGraw-Hill/Irwin
Copyright 2004 by The McGraw-Hill Companies, Inc. All rights reserved.
13-2
13.1 Can Financing Decisions Create Value?
Earlier parts of the book show how to evaluate investment projects according the NPV criterion. The next five chapters concern financing decisions.
McGraw-Hill/Irwin
Copyright 2004 by The McGraw-Hill Companies, Inc. All rights reserved.
13-10
Why Technical Analysis Fails
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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: $100,000 (depreciated according to ACRS 5-year life).
• Later chapters will deal with the impact that the amount of debt that a firm has in its capital structure has on firm value.
• For now, it’s enough to assume that the firm’s level of debt (hence interest expense) is independent of the project at hand.
numbers and generating cash flows.
《公司理财》斯蒂芬A.罗斯..-机械工业出版社-英文
Incremental Cash Flows
• Sunk costs are not relevant • Just because “we have come this far” does not mean that we should continue to throw good money after bad.
《公司理财》斯蒂芬A.罗斯..-机械工业出版社-英文
7.2 TheCBoastsldofwteinst mCaorkmetinpga(anlryea:dAy snpeEntx):a$m250p,0l0e0.
Current market value of proposed factory site (which we own): $150,000.
Chapter Outline
7.1 Incremental Cash Flows 7.2 The Baldwin Company: An Example 7.3 The Boeing 777: A Real-World Example 7.4 Inflation and Capital Budgeting 7.5 Investments of Unequal Lives: The Equivalent Annual Cost
• Opportunity costs do matter. Just because a project has a positive
NPV that does not mean that it should also have automatic acceptance. Specifically if another project with a higher NPV would have to be passed up we should not proceed.
《公司理财》斯蒂芬A.罗斯..-机械工业出版社-英文
Estimating Cash Flows
• Cash Flows from Operations • Recall that: Operating Cash Flow = EBIT – Taxes + Depreciation
• Net Capital Spending • Don’t forget salvage value (after tax, of course).
Method 7.6 Summary and Conclusions
《公司理财》斯蒂芬A.罗斯..-机械工业出版社-英文
7.1 Incremental Cash Flows
• Cash flows matter—not accounting earnings. • Sunk costs don’t matter.
• Incremental cash flows matter.
• Opportunity costs matter. • Side effects like cannibalism and erosion matter. • Taxes matter: we want incren matters.
• Changes in Net Working Capital • Recall that when the project winds down, we enjoy a return of net working capital.
《公司理财》斯蒂芬A.罗斯..-机械工业出版社-英文
Interest Expense
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: $100,000 (depreciated according to ACRS 5-year life).
• Later chapters will deal with the impact that the amount of debt that a firm has in its capital structure has on firm value.
• For now, it’s enough to assume that the firm’s level of debt (hence interest expense) is independent of the project at hand.
numbers and generating cash flows.
《公司理财》斯蒂芬A.罗斯..-机械工业出版社-英文
Incremental Cash Flows
• Sunk costs are not relevant • Just because “we have come this far” does not mean that we should continue to throw good money after bad.
《公司理财》斯蒂芬A.罗斯..-机械工业出版社-英文
7.2 TheCBoastsldofwteinst mCaorkmetinpga(anlryea:dAy snpeEntx):a$m250p,0l0e0.
Current market value of proposed factory site (which we own): $150,000.
Chapter Outline
7.1 Incremental Cash Flows 7.2 The Baldwin Company: An Example 7.3 The Boeing 777: A Real-World Example 7.4 Inflation and Capital Budgeting 7.5 Investments of Unequal Lives: The Equivalent Annual Cost
• Opportunity costs do matter. Just because a project has a positive
NPV that does not mean that it should also have automatic acceptance. Specifically if another project with a higher NPV would have to be passed up we should not proceed.
《公司理财》斯蒂芬A.罗斯..-机械工业出版社-英文
Estimating Cash Flows
• Cash Flows from Operations • Recall that: Operating Cash Flow = EBIT – Taxes + Depreciation
• Net Capital Spending • Don’t forget salvage value (after tax, of course).
Method 7.6 Summary and Conclusions
《公司理财》斯蒂芬A.罗斯..-机械工业出版社-英文
7.1 Incremental Cash Flows
• Cash flows matter—not accounting earnings. • Sunk costs don’t matter.
• Incremental cash flows matter.
• Opportunity costs matter. • Side effects like cannibalism and erosion matter. • Taxes matter: we want incren matters.
• Changes in Net Working Capital • Recall that when the project winds down, we enjoy a return of net working capital.
《公司理财》斯蒂芬A.罗斯..-机械工业出版社-英文
Interest Expense