公司金融第一章到第二十三章Chap001
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Current assets Fixed assets Firm issues securities (A) Retained cash flows (F)
Financial markets
Short-term debt
Cash flow from firm (C) Dividends and debt payments (E) Long-term debt Equity shares
How should short-term assets be managed and financed?
Shareholders’ Equity
1-7
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
1-10
Forms of Business Organization
源自文库
The Sole Proprietorship The Partnership
General Partnership Limited Partnership
The Corporation
1-11
A Comparison
1-1
Chapter Outline
1.1 What is Corporate Finance?
1.2 The Corporate Firm
1.3 The Importance of Cash Flows
1.4 The Goal of Financial Management 1.5 The Agency Problem and Control of the Corporation 1.6 Regulation
Issuance of Securities (1933) Creation of SEC and reporting requirements (1934) Increased reporting requirements and responsibility of corporate directors
Taxes (D)
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.
1-12
Voting Rights
Taxation Reinvestment and dividend payout Liability
Limited liability
Continuity
Perpetual life
1.3 The Importance of Cash Flow
Firm
Invests in assets (B)
2 Intangible
Shareholders’ Equity
1-6
Short-Term Asset Management
Current Assets
Current Liabilities
Net Working Capital
Long-Term Debt
Fixed Assets 1 Tangible 2 Intangible
Treasurer
Controller
Cash Manager
Capital Expenditures
Credit Manager
Tax Manager
Financial Accounting
Cost Accounting
Financial Planning
Data Processing
1-9
1.2 The Corporate Firm
Maximize profit? Minimize costs? Maximize market share? Maximize shareholder wealth?
1-17
1.5 The Agency Problem
Agency
relationship
Principal
hires an agent to represent his/her interest Stockholders (principals) hire managers (agents) to run the company
Shareholders’ Equity
1-5
The Capital Structure Decision
Current Assets
Current Liabilities
Long-Term Debt
How should the firm raise funds for the selected Fixed Assets investments? 1 Tangible
1-2
1.1 What Is Corporate Finance?
Corporate Finance addresses the following three questions:
1. 2. 3.
What long-term investments should the firm choose? How should the firm raise funds for the selected investments? How should short-term assets be managed and financed?
1-3
Balance Sheet Model of the Firm
Total Value of Assets: Total Firm Value to Investors:
Current Liabilities Long-Term Debt Current Assets
Fixed Assets 1 Tangible Shareholders’ Equity
1-8
Hypothetical Organization Chart
Board of Directors Chairman of the Board and Chief Executive Officer (CEO) President and Chief Operating Officer (COO) Vice President and Chief Financial Officer (CFO)
1-13
Identification of Cash Flows
1-14
Timing of Cash Flows
1-15
Risk of Cash Flows
1-16
1.4 The Goal of Financial Management
What is the correct goal?
Know
the basic types of financial management decisions and the role of the Financial Manager Know the financial implications of the various forms of business organization 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
The corporate form of business is the standard method for solving the problems encountered in raising large amounts of cash. However, businesses can take other forms.
Chapter 1
Introduction to Corporate Finance
McGraw-Hill/Irwin
Copyright © 2010 by the McGraw-Hill Companies, Inc. All rights reserved.
Key Concepts and Skills
Increased growth and size are not necessarily equivalent to increased shareholder wealth
1-19
Managing Managers
Managerial
Incentives
compensation
can be used to align management and stockholder interests The incentives need to be structured carefully to make sure that they achieve their intended goal
1-21
Sarbanes-Oxley (“Sarbox”)
Quick Quiz
What
are the three basic questions Financial Managers must answer? What are the three major forms of business organization? What is the goal of financial management? What are agency problems, and why do they exist within a corporation? What major regulations impact public firms?
1-4
2 Intangible
The Capital Budgeting Decision
Current Assets
Current Liabilities
Long-Term Debt
Fixed Assets 1 Tangible 2 Intangible
What long-term investments should the firm choose?
Agency
problem
of interest between principal and agent
Conflict
1-18
Managerial Goals
Managerial goals may be different from shareholder goals
Expensive perquisites Survival Independence
Corporate
The
control
threat of a takeover may result in better management
Other
stakeholders
1-20
1.6 Regulation
The Securities Act of 1933 and the Securities Exchange Act of 1934
Corporation
Liquidity Shares can be easily exchanged Usually each share gets one vote Double Broad latitude
Partnership
Subject to substantial restrictions General Partner is in charge; limited partners may have some voting rights Partners pay taxes on distributions All net cash flow is distributed to partners General partners may have unlimited liability; limited partners enjoy limited liability Limited life
Financial markets
Short-term debt
Cash flow from firm (C) Dividends and debt payments (E) Long-term debt Equity shares
How should short-term assets be managed and financed?
Shareholders’ Equity
1-7
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
1-10
Forms of Business Organization
源自文库
The Sole Proprietorship The Partnership
General Partnership Limited Partnership
The Corporation
1-11
A Comparison
1-1
Chapter Outline
1.1 What is Corporate Finance?
1.2 The Corporate Firm
1.3 The Importance of Cash Flows
1.4 The Goal of Financial Management 1.5 The Agency Problem and Control of the Corporation 1.6 Regulation
Issuance of Securities (1933) Creation of SEC and reporting requirements (1934) Increased reporting requirements and responsibility of corporate directors
Taxes (D)
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.
1-12
Voting Rights
Taxation Reinvestment and dividend payout Liability
Limited liability
Continuity
Perpetual life
1.3 The Importance of Cash Flow
Firm
Invests in assets (B)
2 Intangible
Shareholders’ Equity
1-6
Short-Term Asset Management
Current Assets
Current Liabilities
Net Working Capital
Long-Term Debt
Fixed Assets 1 Tangible 2 Intangible
Treasurer
Controller
Cash Manager
Capital Expenditures
Credit Manager
Tax Manager
Financial Accounting
Cost Accounting
Financial Planning
Data Processing
1-9
1.2 The Corporate Firm
Maximize profit? Minimize costs? Maximize market share? Maximize shareholder wealth?
1-17
1.5 The Agency Problem
Agency
relationship
Principal
hires an agent to represent his/her interest Stockholders (principals) hire managers (agents) to run the company
Shareholders’ Equity
1-5
The Capital Structure Decision
Current Assets
Current Liabilities
Long-Term Debt
How should the firm raise funds for the selected Fixed Assets investments? 1 Tangible
1-2
1.1 What Is Corporate Finance?
Corporate Finance addresses the following three questions:
1. 2. 3.
What long-term investments should the firm choose? How should the firm raise funds for the selected investments? How should short-term assets be managed and financed?
1-3
Balance Sheet Model of the Firm
Total Value of Assets: Total Firm Value to Investors:
Current Liabilities Long-Term Debt Current Assets
Fixed Assets 1 Tangible Shareholders’ Equity
1-8
Hypothetical Organization Chart
Board of Directors Chairman of the Board and Chief Executive Officer (CEO) President and Chief Operating Officer (COO) Vice President and Chief Financial Officer (CFO)
1-13
Identification of Cash Flows
1-14
Timing of Cash Flows
1-15
Risk of Cash Flows
1-16
1.4 The Goal of Financial Management
What is the correct goal?
Know
the basic types of financial management decisions and the role of the Financial Manager Know the financial implications of the various forms of business organization 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
The corporate form of business is the standard method for solving the problems encountered in raising large amounts of cash. However, businesses can take other forms.
Chapter 1
Introduction to Corporate Finance
McGraw-Hill/Irwin
Copyright © 2010 by the McGraw-Hill Companies, Inc. All rights reserved.
Key Concepts and Skills
Increased growth and size are not necessarily equivalent to increased shareholder wealth
1-19
Managing Managers
Managerial
Incentives
compensation
can be used to align management and stockholder interests The incentives need to be structured carefully to make sure that they achieve their intended goal
1-21
Sarbanes-Oxley (“Sarbox”)
Quick Quiz
What
are the three basic questions Financial Managers must answer? What are the three major forms of business organization? What is the goal of financial management? What are agency problems, and why do they exist within a corporation? What major regulations impact public firms?
1-4
2 Intangible
The Capital Budgeting Decision
Current Assets
Current Liabilities
Long-Term Debt
Fixed Assets 1 Tangible 2 Intangible
What long-term investments should the firm choose?
Agency
problem
of interest between principal and agent
Conflict
1-18
Managerial Goals
Managerial goals may be different from shareholder goals
Expensive perquisites Survival Independence
Corporate
The
control
threat of a takeover may result in better management
Other
stakeholders
1-20
1.6 Regulation
The Securities Act of 1933 and the Securities Exchange Act of 1934
Corporation
Liquidity Shares can be easily exchanged Usually each share gets one vote Double Broad latitude
Partnership
Subject to substantial restrictions General Partner is in charge; limited partners may have some voting rights Partners pay taxes on distributions All net cash flow is distributed to partners General partners may have unlimited liability; limited partners enjoy limited liability Limited life