Bodie2e_Chapter01 Financial Economics 英文版PPT金融学(第二版) 教学课件
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– Capital structure’s unit of analysis is the firm
as a whole (not an investment project )
14
Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
Financial Decisions of Firms
• The capital structure also determines who controls the firm under different contingencies
– Common stock holders usually determine the membership of the board of directors
Financial Decisions of Firms
• The Financing Process
– Once a new set of approved projects has been identified, it must be financed with retained earnings, stock, bonds, et cetera
5 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
Defining Finance
• Financial theory consists of:
– the set of concepts that help to organize one’s thinking about how to allocate resources over time
– they vary widely in size from part-time businesses run from a spare room, to giant corporations (e.g. Mitsubishi or General Motors) with hundreds of thousands of employees, and an even larger ownership
8 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
1.3 Financial Decisions of Households
• Consumption and saving decisions • Investment Decisions • Financing Decisions • Risk-management decisions
Chapter 1:
Financial Economics
Objective
To Define Finance The Value of Finance
Introduction to the Players
1 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
– Capital structure is the amount of the firm’s
market value allocated to each category of issued securities. It determines ownership and risk level of the firms future cash flows
– loss of investor and creditor confidence
• delayed in investment schedules • sub-optimal temporary finance • unscheduled sale of the firms assets
16 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
6 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
Defining Finance
• A basic tenet of finance is that the existence of economic organizations (e.g. firms and governments) facilitate the
satisfaction of people’s consumption preferences
7 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
1.2 Why Study Finance?
• To manage your personal resources
Defining Finance
• When implementing decisions, people
make use of the Financial System defined as the set of markets and other institutions used for financial contracting and exchange of assets and risks
11 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
Financial Decisions of Firms
• Strategic plans specify the business the firm is in
– Preferred stock holders usually gain some control if preferred dividends are not paid
– Bondholder covenants restrict decisions that could adversely affect bond values
– The basic unit of analysis is the investment project. Investment projects are identified,
triaged, and implemented in the capital budgeting process
13 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
10 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
1.4 Financial Decisions of Firms
Baidu Nhomakorabea• Business Firms
– entities whose primary function is to produce goods and services
flows are often known only probabilistically
• Understanding finance helps you evaluate these uncertain cash flows
4 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
• To deal with the world of business
• To pursue interesting and rewarding career opportunities
• To make informed public choices as a citizen
• The intellectual challenge
1.1 Defining Finance
• Finance is the study of how people
allocate scarce resources over time
– costs and benefits are distributed over time – but the actual timing and size of future cash
17 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
Forms of Business Operation
– the set of quantitative models used to help evaluate alternatives, make decisions, and implement them
• These concepts and models apply at all levels and scales of decision making
Financial Decisions of Firms
• The Capital Budgeting Process
– The preparation of a plan for acquiring factories, machinery, research laboratories, show rooms, warehouses, and human assets to implement the strategic plan
15 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
Financial Decisions of Firms
• Working Capital
– all firms (including highly profitable ones) that do not pay sufficient attention to working capital management may be seriously damaged by the resulting
– strategic plans may change radically over time
– the firm’s business may be defined in terms of a group of products, technologies or customers
12 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
1.5 Forms of Business Operation
• Sole Proprietorship
– a firm owned by an individual or family – the assets and liabilities are the personal
assets and liabilities of the proprietor – unlimited liability – low administrative costs
9 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
Important Terms
• Assets • Personal investing & Asset allocation • Liability, Debt • Net Worth = Assets - Liabilities • Exogenous and endogenous elements
as a whole (not an investment project )
14
Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
Financial Decisions of Firms
• The capital structure also determines who controls the firm under different contingencies
– Common stock holders usually determine the membership of the board of directors
Financial Decisions of Firms
• The Financing Process
– Once a new set of approved projects has been identified, it must be financed with retained earnings, stock, bonds, et cetera
5 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
Defining Finance
• Financial theory consists of:
– the set of concepts that help to organize one’s thinking about how to allocate resources over time
– they vary widely in size from part-time businesses run from a spare room, to giant corporations (e.g. Mitsubishi or General Motors) with hundreds of thousands of employees, and an even larger ownership
8 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
1.3 Financial Decisions of Households
• Consumption and saving decisions • Investment Decisions • Financing Decisions • Risk-management decisions
Chapter 1:
Financial Economics
Objective
To Define Finance The Value of Finance
Introduction to the Players
1 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
– Capital structure is the amount of the firm’s
market value allocated to each category of issued securities. It determines ownership and risk level of the firms future cash flows
– loss of investor and creditor confidence
• delayed in investment schedules • sub-optimal temporary finance • unscheduled sale of the firms assets
16 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
6 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
Defining Finance
• A basic tenet of finance is that the existence of economic organizations (e.g. firms and governments) facilitate the
satisfaction of people’s consumption preferences
7 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
1.2 Why Study Finance?
• To manage your personal resources
Defining Finance
• When implementing decisions, people
make use of the Financial System defined as the set of markets and other institutions used for financial contracting and exchange of assets and risks
11 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
Financial Decisions of Firms
• Strategic plans specify the business the firm is in
– Preferred stock holders usually gain some control if preferred dividends are not paid
– Bondholder covenants restrict decisions that could adversely affect bond values
– The basic unit of analysis is the investment project. Investment projects are identified,
triaged, and implemented in the capital budgeting process
13 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
10 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
1.4 Financial Decisions of Firms
Baidu Nhomakorabea• Business Firms
– entities whose primary function is to produce goods and services
flows are often known only probabilistically
• Understanding finance helps you evaluate these uncertain cash flows
4 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
• To deal with the world of business
• To pursue interesting and rewarding career opportunities
• To make informed public choices as a citizen
• The intellectual challenge
1.1 Defining Finance
• Finance is the study of how people
allocate scarce resources over time
– costs and benefits are distributed over time – but the actual timing and size of future cash
17 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
Forms of Business Operation
– the set of quantitative models used to help evaluate alternatives, make decisions, and implement them
• These concepts and models apply at all levels and scales of decision making
Financial Decisions of Firms
• The Capital Budgeting Process
– The preparation of a plan for acquiring factories, machinery, research laboratories, show rooms, warehouses, and human assets to implement the strategic plan
15 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
Financial Decisions of Firms
• Working Capital
– all firms (including highly profitable ones) that do not pay sufficient attention to working capital management may be seriously damaged by the resulting
– strategic plans may change radically over time
– the firm’s business may be defined in terms of a group of products, technologies or customers
12 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
1.5 Forms of Business Operation
• Sole Proprietorship
– a firm owned by an individual or family – the assets and liabilities are the personal
assets and liabilities of the proprietor – unlimited liability – low administrative costs
9 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
Important Terms
• Assets • Personal investing & Asset allocation • Liability, Debt • Net Worth = Assets - Liabilities • Exogenous and endogenous elements