清华大学五道口金融学院 公司金融 全英课件1.Investment Rules
公司金融课件chap001
Two or more owners More capital available Relatively easy to start Income taxed once as personal income
Dis liability
General partnership Limited partnership
Does this mean we should do anything and everything to maximize owner wealth?
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The Agency Problem
Agency relationship
Principal hires an agent to represent his/her interests Stockholders (principals) hire managers (agents) to run the company
Know the basic types of financial management decisions and the role of the financial manager Know the financial implications of the different 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 types of financial markets
《金融学》(清华大学出版社)PPT演示课件
简言之，凡与钱有关的都可用Finance这个词。显然，这属于 “宽”口径。但其宽度却是宽口径的金融所难以比拟的。此外， Finance还有金融学的含意。
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第一章 金融导论
【专栏1－1】
（三）西方对Finance的用法 还有介于两者之间的口径，如：The system that includes the circula- tion of money，the granting of credit，the making of investments and the provi- sion of banking facilities(1986年Webster’s Third New international Dictiona- ry)。 其范围与我们的宽口径相当。
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第一章 金融导论
【专栏1－1】
（三）西方对Finance的用法 Palgrave新经济学词典对finance释则是：The primary focus of finance is the working of the capital market and the supply and the pricing of capital as— sets．中文译本是 “金融学最主要的研究对象是金融市场的运行机制，以及资本资产 的供给和价格确定”。 中文金融的窄口径即源于此。
系的货币供给，银行与非银行金融机构体系，短期资金拆借 市场，证券市场，保险系统，以及通常以国际金融概括的这 诸多方面在国际之间的存在，等等。而狭义金融是指有价证 券及其衍生物的市场，指资本市场。
公司理财第五版高等院校双语教材·金融系列-chapter 16(PPT 49页)
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Du Pont system: a breakdown of ROE and ROA into component ratios.
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Other financial ratios
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Times interest earned ratio: 已获利息倍数 Cash coverage ratio: 现金流偿债能力比率 Liquidity ratio: 变现能力比率 Net working capital to total assets ratio: 净 营运资本占总资产比 Current ratio: 流动比率 Quick (or acid-test) ratio: 速动比率或酸性测 试比率 Cash ratio: 现金比率 Marketable securities: 有价证券 Asset turnover ratio: 资产周转率
1. 2.
Leverage ratios show how heavily the company is in debt. Liquidity ratios measure how easily the firm can lay its hands on cash.
3.
Efficiency or turnover ratios measure how productively the firm is using its assets.
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Cash ratio
A company’s most liquid assets are its holdings of cash and marketable securities.
公司价值融资和创业投资清华大学共51页文档
高建 清华大学中国 创业研究中心
投资者的要求所有权份额
假设 初 创 时 初 始 投 资 100 万 元 持有期=5 年
第 5 年 的税 后 利 润 =100 万 元 第 5 年 的 P-E 率 =15
计算要求的所有权份额
投 资 者 的 目 标 收 益 率 /年
市 盈 率 30% 40% 50% 60%
高建 清华大学中国 创业研究中心
企业的阶段融资
融资次 数
第一轮
投资额 10000
投资获 得的股 份
50.0%
投资者 的合计 股份
50.0%
创业者 的合计 股份
50.0%
融资后 企业价 值
20000
第二轮 40000 33.3 66.7 33.3 120000
第三轮 150000 25.0 75.0 25.0
高建 清华大学中国 创业研究中心
600000
融资
高建 清华大学中国 创业研究中心
融资的核心问题
价值生成
投资者 顾客
价值分配
雇员 分配风险和回报 现金—风险—时间
债务 覆盖风险
权益资本
高建 清华大学中国
创业研究中心
创业企业的现金流动规律
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10
盈亏临界点
0
30个月
-10
-20
-30
-40
9.0 0.91 3.842
5 50
15.19 11.0 1.67 5.378
6 40
21.26 11.5 2.45 7.530
7 30
27.64 12.0 3.32 10.541
8 20
33.17 12.0 3.98 14.758
清华大学投资学课件 (1)
Stock return volatility: more fundamental and forward-looking, with legal consequence, focus on downside
Earnings volatility: more forward-looking
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CAPM (Capital Asset Pricing Model)
Recap: Portfolio Optimization
Portfolio expected return is the weighted average of expected returns of single securities in the portfolio.
Example: Risks of Toyota Motor (TM)
Introduction of a new model, safety issue/recall of old models, price in raw materials, economic recession, labor strikes, demand for motor vehicles…
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Beta Ranges
The beta of market portfolio =1 Assets with Betas larger(smaller) than 1.0 have more (less)
systematic risk than average. If Beta =2, and market return increases by 10%, then the stock
Reference:
Required: JM (Chapter 12) Recommended: BKM (Chapter 9)
清华大学投资银行学1-Investbankingoverview3
全能银行被认为比专业银行更具备优势。可以为企 业提供范围更广的金融产品，更容易与企业建立长 期稳定的关系，有利于形成规模经济优势。全能银 行可以分析企业运用各种金融产品的表现，而监督 企业支票账户情况，从而获得更多的信息，并运用 到各个方面，而不仅仅用来支持贷款决策。此外， 通过提供各种各样的服务，综合性银行在设计融资 合同的过程中拥有更多的选择工具，并且对企业的 管理决策有更多的影响手段。
5/6/1999 7/19/1999 9/28/1999 12/8/1999
该日前 3 年
11.69
1.23
7.43
1.18
7.13
2/18/2000 5/2/2000
该日前 5 年
北京控股
1998 北京控股 税后利润(百 万港币) 每股收益 派息比率% 息率% 资本回报% 上海实业 税后利润(百 万港币) 每股收益 派息比率% 息率% 资本回报% 1153.8 1.365 24.17 2.84 7.74 474 0.762 32.8 3.31 3.97
华能国际收购山东华能 克莱斯勒与奔驰换股合并 HP收购Compaq
AOL与Time Warner
－兼并收购与重组：作为买方或卖方兼并 收购交易顾问， 决定估价范围，参与谈 判，为客户谋求最有利的交易条件。 －商人银行业务：即投资银行进行直接投 资。作为兼并收购的发起人，参与兼并 收购。
1999-2000上半年全球兼并收购
兼并收购溢价幅度
CISCO1993年以来的兼并收购
InfospaceIPO以来的
兼并收购及股票价格
美国在线利用高估的股票市值换股收购时代华纳
2000年1月10日AOL与时代华纳宣布合并前的交易 日股票市值为$1682.8亿，超过时代华纳市值 ($759.1亿）与迪斯尼市值（$644.3亿）之和。
清华大学经管学院corporate finance课件3
COV(AB)
tends to move together (+) move count to each other (-) randomly (0)
chaper3 mathematics of finance 11
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chaper3 mathematics of finance
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Components of A Stock’s Total Risk
Market, or non-diversifiable, or systematic risk
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Theoretically, it is reasonable to consider the riskness of every security in terms of its contribution to the riskness of portfolio rather than in terms of its riskness if held in isolation.
In general, the risk of a portfolio cannot be diversified completely
For a stock(or a security), its total risk:
公司金融课件chap004
Balance Sheet
Initially assume all assets, including fixed, vary directly with sales Accounts payable will also normally vary directly with sales Notes payable, long-term debt and equity generally do not vary directly with sales because they depend on management decisions about capital structure The change in the retained earnings portion of equity will come from the dividend decision
Case I
Dividends are the plug variable, so equity increases at 15% Dividends = 460 NI – 90 increase in equity = 370
Gourmet Coffee Inc.
Pro Forma Balance Sheet Case 1
Revenues
Less: costs Net Income
2000
(1600) 400
Total
1000 Total
1000
4-7
Example: Pro Forma Income Statement
Initial Assumptions
Revenues will grow at 15% (2,000*1.15) All items are tied directly to sales and the current relationships are optimal Consequently, all other items will also grow at 15%
公司金融课件Chap007
Chapter 7Net Present Value and Other Investment RulesMcGraw-Hill/IrwinCopyright © 2011 by The McGraw-Hill Companies, Inc. All rights reserved.7.1 7.2 7.3 7.4 7.5 7.6 7.7 7.8Why Use Net Present Value? The Payback Period Method The Discounted Payback Period Method The Average Accounting Return Method The Internal Rate of Return Problems with the IRR Approach The Profitability Index The Practice of Capital Budgeting7-1Net Present Value (NPV) = Total PV of future project CF’s less the Initial Investment Estimating NPV:1. Estimate future cash flows: how much? and when? 2. Estimate discount rate 3. Estimate initial costsMinimum Acceptance Criteria: Accept if NPV > 0 Ranking Criteria: Choose the highest NPV7-2Suppose Big Deal Co. has an opportunity to make an investment of $100,000 that will return $33,000 in year 1, $38,000 in year 2, $43,000 in year 3, $48,000 in year 4, and $53,000 in year 5. If the company’s required return is 12% should they make the investment?Cash Flow (100,000) 33,000 38,000 43,000 48,000 53,000 PV of Cash Flow $ (100,000) $ 29,464 $ 30,293 $ 30,607 $ 30,505 $ 30,074 $ 50,943Year 0 1 2 3 4 5 $ $ $ $ $ $Net Present ValueAnswer: YES! The NPV is greater than $0. Therefore, the investment does return at least the required rate of return.7-3Accepting positive NPV projects benefits shareholders.NPV uses cash flows NPV uses all relevant cash flows of the project NPV discounts the cash flows properlyReinvestment assumption: the NPV rule assumes that all cash flows can be reinvested at the discount rate.7-4Spreadsheets are an excellent way to compute NPVs, especially when you have to compute the cash flows as well. Using the NPV function:◦ The first component is the required return entered as a decimal. ◦ The second component is the range of cash flowsbeginning with year 1.◦ Add the initial investment after computing the NPV.7-5How long does it take the project to “pay back” its initial investment? Payback Period = number of years to recover initial costs Minimum Acceptance Criteria:◦ Set by management; a predetermined time periodRanking Criteria:◦ Set by management; often the shortest payback period is preferred7-6Disadvantages:◦ ◦ ◦ ◦ ◦ Ignores the time value of money Ignores cash flows after the payback period Biased against long-term projects Requires an arbitrary acceptance criteria A project accepted based on the payback criteria may not have a positive NPVAdvantages:◦ Easy to understand ◦ Biased toward liquidity7-7Consider a project with an investment of $50,000 and cash inflows in years 1,2, & 3 of $30,000, $20,000, $10,000The timeline above clearly illustrates that payback in this situation is 2 years. The first two years of return = $50,000 which exactly “ pays back” the initial investment7-8How long does it take the project to “pay back” its initial investment, taking the time value of money into account? Decision rule: Accept the project if it pays back on a discounted basis within the specified time. By the time you have discounted the cash flows, you might as well calculate the NPV.7-9Suppose Big Deal Co. has an opportunity to make an investment of $100,000 that will return $33,000 in year 1, $38,000 in year 2, $43,000 in year 3, $48,000 in year 4, and $53,000 in year 5. If the company’s required return is 12% and predetermined payback period is 3 years should they make the investment?Year 0 1 2 3 4 5 $ $ $ $ $ $ Cash Flow (100,000) 33,000 38,000 43,000 48,000 53,000 PV of Cash Flow $ (100,000) $ 29,464 $ 30,293 $ 30,607 $ 30,505 $ 30,074 Cumulative PV of Cash Flows $ (100,000) $ (70,536) $ (40,242) $ (9,636) $ 20,869 $ 50,943Answer: NO! At the end of three years the project has still not broken even or “ paid back”. Therefore, it must be rejected.7-10Average Net Income AAR = Average Book Value of InvestmentAnother attractive, but fatally flawed, approach Ranking Criteria and Minimum Acceptance Criteria set by management7-117-12Disadvantages:◦ Ignores the time value of money ◦ Uses an arbitrary benchmark cutoff rate ◦ Based on book values, not cash flows and market valuesAdvantages:◦ The accounting information is usually available ◦ Easy to calculate7-13IRR: the discount rate that sets NPV to zero Minimum Acceptance Criteria: Ranking Criteria:◦ Accept if the IRR exceeds the required return ◦ Select alternative with the highest IRR ◦ All future cash flows assumed reinvested at the IRRReinvestment assumption:7-14Consider the following project:$50 $100 $1500 -$200123The internal rate of return for this project is 19.44%$50 $100 $150 NPV = 0 = −200 + + + 2 (1 + IRR) (1 + IRR) (1 + IRR) 37-15If we graph NPV versus the discount rate, we can see the IRR as the x-axis intercept.0% 4% 8% 12% 16% 20% 24% 28% 32% 36% 40% 44% $100.00 $73.88 $51.11 $31.13 $13.52 ($2.08) ($15.97) ($28.38) ($39.51) ($49.54) ($58.60) ($66.82)$120.00 $100.00 $80.00 $60.00 $40.00 $20.00 $0.00 ($20.00) -1% ($40.00) ($60.00) ($80.00)NPVIRR = 19.44%9% 19% 29% 39%Discount rate7-16You start with the cash flows the same as you did for the NPV. You use the IRR function:◦ You first enter your range of cash flows, beginning with the initial cash flow. ◦ You can enter a guess, but it is not necessary. ◦ The default format is a whole percent – you will normally want to increase the decimal places to at least two.7-17Disadvantages:◦ Does not distinguish between investing and borrowing ◦ IRR may not exist, or there may be multiple IRRs ◦ Problems with mutually exclusive investmentsAdvantages:◦ Easy to understand and communicate7-18Multiple IRRs Are We Borrowing or Lending The Scale Problem The Timing Problem7-19Mutually Exclusive Projects: only ONE of several potential projects can be chosen, e.g., acquiring an accounting system.◦ RANK all alternatives, and select the best one.Independent Projects: accepting or rejecting one project does not affect the decision of the other projects.◦ Must exceed a MINIMUM acceptance criteria7-20There are two IRRs for this project:$200 0 -$200NPV $100.00 $50.00 $0.00 -50% 0% ($50.00) ($100.00)7-21$800 2 3 - $8001Which one should we use?100% = IRR20% = IRR150%100%150% 200% Discount rateCalculate the net present value of all cash outflows using the borrowing rate. Calculate the net future value of all cash inflows using the investing rate. Find the rate of return that equates these values. Benefits: single answer and specific rates7-22Would you rather make 100% or 50% on your investments? What if the 100% return is on a $1 investment, while the 50% return is on a $1,000 investment?7-23$10,000 Project A 0 -$10,000 $1,000 Project B 0 -$10,000 1 1$1,000$1,00023$1,000$12,000237-24$5,000.00 $4,000.00 $3,000.00 $2,000.00Project A Project B10.55% = crossover rate10% 20% 30% 40%NPV$1,000.00 $0.00 ($1,000.00) 0% ($2,000.00) ($3,000.00) ($4,000.00) ($5,000.00)12.94% = IRRB16.04% = IRRADiscount rate7-25Compute the IRR for either project “A-B” or “B-A”Year Project A Project B Project A-B Project B-A 0 ($10,000) ($10,000) $0 $0 1 $10,000 $1,000 $9,000 ($9,000) 2 $1,000 $1,000 $0 $0 ($11,000) $11,000 3 $1,000 $12,000$3,000.00 $2,000.00 $1,000.00 $0.00 ($1,000.00) 0% ($2,000.00) ($3,000.00) Discount rate NPV10.55% =5% 10% 15% 20%A-B IRR B-A7-26NPV and IRR will generally give the same decision. Exceptions:◦ Non-conventional cash flows – cash flow signs change more than once ◦ Mutually exclusive projectsInitial investments are substantially different Timing of cash flows is substantially different7-27Total PV of Future Cash Flows PI = Initial InvestentMinimum Acceptance Criteria:◦ Accept if PI > 1Ranking Criteria:◦ Select alternative with highest PI7-28Disadvantages:◦ Problems with mutually exclusive investmentsAdvantages:◦ May be useful when available investment funds are limited ◦ Easy to understand and communicate ◦ Correct decision when evaluating independent projects7-29Varies by industry:◦ Some firms use payback, others use accounting rate of return.The most frequently used technique for large corporations is IRR or NPV.7-30。
金融理财投资PPT模板
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Financial Investment PPT
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公司金融课件 Chapter05
5.1 Why Use Net Present Value? 为什么使用净现值？
• Accepting positive NPV projects benefits shareholders. 接受正的净现值项目对股东有益
NPV uses cash flows 净现值使用现金流 NPV uses all the cash flows of the project
• Payback Period = number of years to recover initial costs 回收期=弥补初始成本所需的时间
PT
(CI CO) t 0
t 1
5-6
5.2 The Payback Period Method 回收期法
•
5-7
回收期法存在的问题
2015-10-13
– Add the initial investment after computing the NPV. 在计算完净现值后加上初始投资
5-5
5.2 The Payback Period Method 回收期法
• How long does it take the project to “pay back” its initial investment? 项目需要多长时间才能收回初始投资？
• Be able to compute the internal rate of return and profitability index, understanding the strengths and weaknesses of both approaches 能够计算内部收益率和盈利指数 ，理解两种方法的优点和 缺陷
• Estimating NPV: 估计净现值 1. Estimate future cash flows: how much? and when? 估计未来现金流：多少？何时？ 2. Estimate discount rate 估计贴现率 3. Estimate initial costs 估计初始成本
清华经济学原理课件-储蓄、投资与金融体系
银行通过允许人们依据储蓄来开支票，帮助创 造了一种交易媒介。 Banks help create a medium of exchange by allowing people to write checks against their deposits. 交易媒介是人们用来方便地从事交易的一种东 西。 A medium of exchanges is an item that people can easily use to engage in transactions. 它便利了物品和服务的购买。 This facilitates the purchases of goods and services. 15
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股票市场 The Stock Market
一个公司的收益（或利润）是按照会计标准衡量到的从出售产 品中获得销售额与生产成本之差。 A corporation’s earnings, or profit, is the amount of revenue it receives for the sale of its product minus its costs of production as measured by its accountants. 价格－收益比，简称P/E值，是过去一年公司的股票价格除以 每股收益额（包括股息和未分配利润）。 The price-earnings ratio, often called the P/E, is the price of a corporation’s stock divided by the amount the corporation earned per share over the past year. 历史上，典型的P/E值约为15（中国：2011年新股发行市盈率 为20-40。） Historically, the typical price-earnings ratio is about 15. 高的P/E值表明着公司的股票相对于它的近期收益来说是昂贵 的。这既有可能表明人们预期未来的收益增加；也可能表明股 票被高估了。 A higher P/E indicates that a corporation’s stock is expensive relative to its recent earnings; this might indicate either that people expect earnings to rise in the future or that the stock is overvalued.
公司理财第五版高等院校双语教材·金融系列-chapter-13英文课件
公司理财第五版高等院校双语教材·金融系列-chapter-13英 文
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14
Content
• Creating value with financing decisions
• Common stock
• Preferred stock
• Corporate debt
• Convertible securities
• Patterns of corporate financing
Retained earnings: 留存收益 Board of directors: 董事会 Outside directors: 外部董事 Majority voting: 多数表决投票制度 Cumulative voting: 累积投票权 Proxy contest: 代理权争夺
公司理财第五版高等院校双语教材·金融系列-chapter-13英 文
公司理财第五版高等院校双语教材·金融系列-chapter-13英 文
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Content
• Creating value with financing decisions
• Common stock
• Preferred stock
• Corporate debt
• Convertible securities
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Lenders are not regarded as owners of the firm, they don’t normally have any voting power. Also, the company’s payments of interest are regarded as a cost and are therefore deducted from taxable income. Thus interest is paid out of beforetax income, whereas dividends on common and preferred stock are paid out of after-tax income.
清华五道口金融学院公司金融内部课件 考研必备 4.Capital Structure
Leverage and Financial Risk
• A new
business requires $100,000 investment. The project can either be entirely equity financed, or ½ of the investment can be funded by a 10 year bank loan at 8%. The corporate tax rate is 43%. EBIT is expected to be $25,000, but it could be as high as $45,000, or as low as $5,000. Calculate ROE for all 6 scenarios. Comment.
• Operating leverage – Fixed costs of production. Arises from fixed cost associated with production • Measure % change in EBIT for a given % change in sales or revenue. The greater the operating leverage, the greater the change in EBIT as sales / revenues change. • Operating leverage is the degree to which a company’s costs of operation are fixed as opposed to variable costs. • Operating leverage increases as fixed costs rise and as variable costs fall. • Financial leverage – Fixed costs of finance. Arises from the debt/equity mix in a firm. • Measure % change in EPS (or ROE) for a given % change in EBIT. (EPS is earnings available to common shareholders and is after interest and taxes.) • Extent to which a firm relies on debt. • Financial leverage = long term debt / (long term debt + equity).
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Payback Method
Notation:
CFt = after tax incremental cash flow in year t. Usually t=0 is the initial investment in the project.
Payback period is the number of years it takes a firm to recover its initial investment. Define such that
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Criteria for Capital Budgeting Decision
• Assume managers maximize firm's value. • To satisfy the value-maximization goal, we need a budgeting system that:
• Summarizes the profitability of a project; • Correctly ranks mutually exclusive projects; • Considers all of the cash flows associated with a project; And…. • Takes into account the time value of money:
• Replacement
• Replace assets that have become obsolete. • E.g. purchase a new computer system.
• Mandatory
• Legislated by government or other regulatory body. • E.g. pollution controls, retrofitting to increase accessibility.
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Discounted Payback Period Rule
• Improves upon the Payback rule by accounting for the time value of money. Suppose k is the cost of capital:
Discounted Payback:
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Project Classification con’t
• Classify projects by relationship
• Mutually exclusive:
• Acceptance of 1 precludes adoption of 2nd. • Example: Deciding between 2 computer systems or 2 production locations.
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Payback Method
Advantages • Simple to calculate, easy to explain. • Popular for small business and/or small projects. • Favours short term projects, therefore biases towards lower risk and higher liquidity.
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= 400 / (1+.1)2
Discounted Cash Flow
Model S
Year Annual Discounted Cumulative Annual
CF
t 1
t
CF0
and let T be the maximum payback period. • Accept (reject) the project if < (>) T.
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Rainbow Products
• Rainbow Products is considering purchasing one of two paintmixing machines to reduce labour costs: Model L or Model S. Both machines cost $1,000 and are expected to last for 4 years. • Rainbow's cost of capital (the rate of return that it must earn on its projects) is 10%. • The President of Rainbow, Hugh “Red” Black, wants you to advise him on best choice using: • Payback period. • Discounted payback period. • Net Present Value (NPV). • Internal Rate of Return (IRR). • Profitability Index (PI).
• That is, that near dollars are more valuable than far dollars and that a project has to cover its opportunity cost of funds.
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Acceptance/Rejection Criteria
t 1
CFt
1 k
t
CF0
And accept (reject) project if payback period (>) T. From the Rainbow Products example, Suppose k = 10%.
What is the discounted payback period for Model S? What is the discounted payback period for Model L? Suppose the firm set T = 3, which project would be accepted?
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Project Classification
• Classify projects by type:
• Expansion
• Increase product line, improve productivity; Most risky. • Improves the firm’s ability to produce or market its products.
• Independent:
• Cash flows of 2 projects and decision to accept are unrelated. • The proposal to upgrade a computer system is independent of building a new warehouse. • Independent projects may still be subject to capital rationing.
• Unsophisticated methods:
• Payback period.
• Discounted cash flow methods:
• Net present value. • Internal rate of return. • Profitability index.
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Evaluation techniques used by companies
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Annual After-Tax Cost Savings
Net Cash Flows Year 0 1 2 3 4 Model S -1000 500 400 300 100 Model L -1000 100 200 500 700
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Payback Period
Model S Year 0 1 2 3 4
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Payback Period
• The payback period for Model S is?
2 2 yrs 1000 and ( 500 400 ) 2 . 33 300 (.33 12 ) 4 months yrs
• The payback period for Model L is?
• • • • Payback and Discounted Payback Net Present Value Internal Rate of Return Profitability Index
• Why NPV is preferred capital budgeting criteria.
3 3 yrs 1000 and ( 100 (.28 200 500 ) 3 . 28 700 12 ) 3 months yrs
• Suppose the firm set T = 3, which project would be accepted? Model S
Investment Rules
Topics Covered
• Capital budgeting defined. • Project classification. • Capital budgeting selection criteria, and advantages and disadvantages of each.