公司金融 导论
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资金运动的管理 财务总监、公司金融
Board of Directors Chairman President Chief Executive Officer CEO Chief Operation Officer / COO Chief Financial Officer / CFO Treasurer
Current Assets
Fixed Assets 1 Tangible 2 Intangible
What longterm investments should the firm engage in?
Shareholders’ Equity
The Balance-Sheet Model of the Firm
–
2.
• • •
对现金流的重视
权责发生制；收付实现制 现金流具有时间价值 现金流具有风险性
随着公司形式的变迁，对公司本身的研究将和公司金融的 研究密不可分。公司理论的基本问题将逐渐转向公司金融 问题，法律研究和金融研究在这一领域将日益融合。 当前公司金融最有意义的课题： 3.
从法律的角度研究公司金融；以资本成本为核心研究公司金融；资本结 构；公司治理；公司价值评估
Corporate Finance 公司金融
Semester 2, 2008-2009 吴辉凡
General Information
办公室: 办公楼南楼1407 电话: 37215327(O) E-mail: 内部邮箱, Wu_HuiFan@
阿甘正传
• Life was like a box of chocolate ,you never know what you're gonna get. • 人生就像一盒巧克 力，总会有各种意 外发生。
Cash Flows between Firms and Markets
• Market value of the firm ≠ Book value of the firm because of growth assets. • In what situation will the firm create values for the investors? F>A
问题
• 你对“公司金融”了解多少? • 你对这门课程有什么期望？
金融学学科体系图
金融学 微观金融学 金融决策学 证券投资学 公司银行学 保险学 微观银行学 宏观金融学
货币政策分析
金融工程学
金融风险管 理
金融资产定价
金融监管学
国际金融学
两个中心问题
公司金融 VS.财务管理
• Corporate Finance
译作公司金融、公司理财、公司财务， 译作公司金融、公司理财、公司财务，内容包括资金 筹集、资本预算、资本结构、税收、资本成本、 筹集、资本预算、资本结构、税收、资本成本、股利 政策、公司并购和公司治理等问题。 政策、公司并购和公司治理等问题。
If how you slice the pie affects the size of the pie, then the capital structure decision matters.
The Balance-Sheet Model of the Firm
The Net Working Capital Investment Decision （净营运资金）
Current Assets
Fixed Assets 1 Tangible 2 Intangible Shareholders’ Equity
The Balance-Sheet Model of the Firm
The Capital Budgeting Decision（资本预算）
Current Liabilities Long-Term Debt
Corporate Finance or Business finance?
公司金融学的特点
1.
–
以资本成本(Cost Of Capital)理论为核心研究公司金融学
公司金融中的基本假设是，投资者向企业融资，他们期望有一定的 投资回报，这种回报就成了公司的融资成本。公司价值是用资本成 本折现的一系列的现金流。 如何投资(项目价值决策)；如何融通资金(资本结构决策)；为投资 人提供多少回报(股利政策决策)。
What is Corporate Finance?
Corporate Finance addresses the following three questions（公司金融探讨以下三个方面问题 公司金融探讨以下三个方面问题） 公司金融探讨以下三个方面问题
1. What long-term investments should the firm engage in?（公司应该投资于什么样的长期资产项目） 2. How can the firm raise the money for the required investments?（公司如何筹集投资支出所需
要的资金）
3. How much short-term cash flow does a company need to pay its bills?（公司需要多大的现
金流来应对支出）
The Balance-Sheet Model of the Firm
Total Value of Assets: Total Firm Value to Investors: Current Liabilities Long-Term Debt
The Capital Structure Decision（资本结构）
Current Liabilities Long-Term Debt Current Assets
How can the firm raise the money for the required Fixed Assets investments? 1 Tangible
Financial markets
Ultimately, the firm must be a cash generating activity.
Government
The cash flows from the firm must exceed the cash flows from the financial markets.
• Financial Management （财务管理）
目前国内的财务管理隶属于会计学领域，偏重财务分 析和财务控制。
1.2 财务总监与总会计师
To create value, the financial manager should: •Try to make smart investment decisions. •Try to make smart financing decisions.
Shareholders’ Equity
Corporate Financial Decisions
• Capital Budgeting (投资决策） 投资决策） 投资决策 – The process of planning and managing a firm's investments in fixed assets. It is concerned with the size, timing, and riskiness of cash flows. • Financing Decision （融资决策） 融资决策） – The mix of debt and equity used by a firm. – What are the least expensive sources of funds? – Is there a best mix? – When and where to raise funds? • Working Capital Management （营运资金管理） 营运资金管理） – Managing short-term assets and liabilities. – How much cash and inventory to keep around? – What is our credit policy? – Where will we obtain short-term loans?
• 什么是公司金融？财务经理的作用是什么？ • 公司金融的目标是什么？
1.1 What is Corporate Finance？
• Corporate finance is a specific area of finance that analyzes the financial decisions of corporations.
Firms
Stocks and Bonds Money Bob
Investors securities Sue money
Primary Market Secondary Market
2 公司目标
• 公司的目标是什么？
公司目标：财富最大化
In traditional corporate finance, the objective in decision making is to maximize the value of the firm(公司财富最大 化). A narrower objective is to maximize stockholder wealth(股 东财富最大化). When the stock is traded and markets are viewed to be efficient, the objective is to maximize the stock price(股票价格最大化).
首席财务官 通过资源配置实现企业 的战略目标和长期发展
对外会计报告 总会计师、 公司财务？
Controller
Credit Manager Tax Manager
Cost Accounting Manager
Cash Manager
Capital Expenditure
Financial Planning
Corporate finance or Business Finance?
Every decision that a business makes has financial implications, and any decision which affects the finances of a business is a corporate finance decision. Defined broadly, everything that a business does fits under the rubric of corporate finance.
2 Intangible
Shareholders’ Equity
Capital Structure
The value of the firm can be thought of as a pie.（公司价值可以被假定为一个馅饼） The goal of the manager is to increase the size of the pie.（管理 者的目标就是做大馅饼） The Capital Structure decision can be viewed as how best to slice up the pie. （资本结构决策就是如何最好 地切分馅饼） 70% 30% 25%50% DebtDebt Equity 75% 50% Equity
Financial Accounting Manager Data Processing Manager
The Firm and the Financial Markets
Firm
Invests in assets (B) Current assets Fixed assets Firm issues securities (A) Retained cash flows (F) Short-term debt Cash flow from firm (C) Dividends and debt payments (E) Taxes (D) Long-term debt Equity shares
Current Assets Current Liabilities
Net Working Capital
Long-Term Debt
Fixed Assets 1 Tangible 2 Intangible
How much shortterm cash flow does a company need to pay its bills?
Board of Directors Chairman President Chief Executive Officer CEO Chief Operation Officer / COO Chief Financial Officer / CFO Treasurer
Current Assets
Fixed Assets 1 Tangible 2 Intangible
What longterm investments should the firm engage in?
Shareholders’ Equity
The Balance-Sheet Model of the Firm
–
2.
• • •
对现金流的重视
权责发生制；收付实现制 现金流具有时间价值 现金流具有风险性
随着公司形式的变迁，对公司本身的研究将和公司金融的 研究密不可分。公司理论的基本问题将逐渐转向公司金融 问题，法律研究和金融研究在这一领域将日益融合。 当前公司金融最有意义的课题： 3.
从法律的角度研究公司金融；以资本成本为核心研究公司金融；资本结 构；公司治理；公司价值评估
Corporate Finance 公司金融
Semester 2, 2008-2009 吴辉凡
General Information
办公室: 办公楼南楼1407 电话: 37215327(O) E-mail: 内部邮箱, Wu_HuiFan@
阿甘正传
• Life was like a box of chocolate ,you never know what you're gonna get. • 人生就像一盒巧克 力，总会有各种意 外发生。
Cash Flows between Firms and Markets
• Market value of the firm ≠ Book value of the firm because of growth assets. • In what situation will the firm create values for the investors? F>A
问题
• 你对“公司金融”了解多少? • 你对这门课程有什么期望？
金融学学科体系图
金融学 微观金融学 金融决策学 证券投资学 公司银行学 保险学 微观银行学 宏观金融学
货币政策分析
金融工程学
金融风险管 理
金融资产定价
金融监管学
国际金融学
两个中心问题
公司金融 VS.财务管理
• Corporate Finance
译作公司金融、公司理财、公司财务， 译作公司金融、公司理财、公司财务，内容包括资金 筹集、资本预算、资本结构、税收、资本成本、 筹集、资本预算、资本结构、税收、资本成本、股利 政策、公司并购和公司治理等问题。 政策、公司并购和公司治理等问题。
If how you slice the pie affects the size of the pie, then the capital structure decision matters.
The Balance-Sheet Model of the Firm
The Net Working Capital Investment Decision （净营运资金）
Current Assets
Fixed Assets 1 Tangible 2 Intangible Shareholders’ Equity
The Balance-Sheet Model of the Firm
The Capital Budgeting Decision（资本预算）
Current Liabilities Long-Term Debt
Corporate Finance or Business finance?
公司金融学的特点
1.
–
以资本成本(Cost Of Capital)理论为核心研究公司金融学
公司金融中的基本假设是，投资者向企业融资，他们期望有一定的 投资回报，这种回报就成了公司的融资成本。公司价值是用资本成 本折现的一系列的现金流。 如何投资(项目价值决策)；如何融通资金(资本结构决策)；为投资 人提供多少回报(股利政策决策)。
What is Corporate Finance?
Corporate Finance addresses the following three questions（公司金融探讨以下三个方面问题 公司金融探讨以下三个方面问题） 公司金融探讨以下三个方面问题
1. What long-term investments should the firm engage in?（公司应该投资于什么样的长期资产项目） 2. How can the firm raise the money for the required investments?（公司如何筹集投资支出所需
要的资金）
3. How much short-term cash flow does a company need to pay its bills?（公司需要多大的现
金流来应对支出）
The Balance-Sheet Model of the Firm
Total Value of Assets: Total Firm Value to Investors: Current Liabilities Long-Term Debt
The Capital Structure Decision（资本结构）
Current Liabilities Long-Term Debt Current Assets
How can the firm raise the money for the required Fixed Assets investments? 1 Tangible
Financial markets
Ultimately, the firm must be a cash generating activity.
Government
The cash flows from the firm must exceed the cash flows from the financial markets.
• Financial Management （财务管理）
目前国内的财务管理隶属于会计学领域，偏重财务分 析和财务控制。
1.2 财务总监与总会计师
To create value, the financial manager should: •Try to make smart investment decisions. •Try to make smart financing decisions.
Shareholders’ Equity
Corporate Financial Decisions
• Capital Budgeting (投资决策） 投资决策） 投资决策 – The process of planning and managing a firm's investments in fixed assets. It is concerned with the size, timing, and riskiness of cash flows. • Financing Decision （融资决策） 融资决策） – The mix of debt and equity used by a firm. – What are the least expensive sources of funds? – Is there a best mix? – When and where to raise funds? • Working Capital Management （营运资金管理） 营运资金管理） – Managing short-term assets and liabilities. – How much cash and inventory to keep around? – What is our credit policy? – Where will we obtain short-term loans?
• 什么是公司金融？财务经理的作用是什么？ • 公司金融的目标是什么？
1.1 What is Corporate Finance？
• Corporate finance is a specific area of finance that analyzes the financial decisions of corporations.
Firms
Stocks and Bonds Money Bob
Investors securities Sue money
Primary Market Secondary Market
2 公司目标
• 公司的目标是什么？
公司目标：财富最大化
In traditional corporate finance, the objective in decision making is to maximize the value of the firm(公司财富最大 化). A narrower objective is to maximize stockholder wealth(股 东财富最大化). When the stock is traded and markets are viewed to be efficient, the objective is to maximize the stock price(股票价格最大化).
首席财务官 通过资源配置实现企业 的战略目标和长期发展
对外会计报告 总会计师、 公司财务？
Controller
Credit Manager Tax Manager
Cost Accounting Manager
Cash Manager
Capital Expenditure
Financial Planning
Corporate finance or Business Finance?
Every decision that a business makes has financial implications, and any decision which affects the finances of a business is a corporate finance decision. Defined broadly, everything that a business does fits under the rubric of corporate finance.
2 Intangible
Shareholders’ Equity
Capital Structure
The value of the firm can be thought of as a pie.（公司价值可以被假定为一个馅饼） The goal of the manager is to increase the size of the pie.（管理 者的目标就是做大馅饼） The Capital Structure decision can be viewed as how best to slice up the pie. （资本结构决策就是如何最好 地切分馅饼） 70% 30% 25%50% DebtDebt Equity 75% 50% Equity
Financial Accounting Manager Data Processing Manager
The Firm and the Financial Markets
Firm
Invests in assets (B) Current assets Fixed assets Firm issues securities (A) Retained cash flows (F) Short-term debt Cash flow from firm (C) Dividends and debt payments (E) Taxes (D) Long-term debt Equity shares
Current Assets Current Liabilities
Net Working Capital
Long-Term Debt
Fixed Assets 1 Tangible 2 Intangible
How much shortterm cash flow does a company need to pay its bills?