公司金融第一章
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Corporation 代理问题和控制 1.6 Regulation 法规
Copyright © 2016 McGraw-Hill Education. All rights reserved.
No reproduction or distribution without the prior written consent of McGraw-Hill Education. 1-2
Chapter 1
Introduction to Corporate Finance
Know the basic types of financial management decisions
and the role of the Financial Manager
Know the financial implications of the various forms of
Total Firm Value to Investors: Current Liabilities 流动负债
Long-Term Debt 长期负债
Shareholders’ Equity
所有者权益
Copyright © 2016 McGraw-Hill Education. All rights reserved.
Cost Accounting Data Processing
Copyright © 2016 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
No reproduction or distribution without the prior written consent of McGraw-Hill Education. 1-3
Total Value of Assets: Current Assets流动资产
Fixed Assets固定资产 1 Tangible 有形固定资产 2 Intangible无形固定资产
Debt
Shareholders’ Equity
Copyright © 2016 McGraw-Hill Education. All rights reserved.
No reproduction or distribution without the prior written consent of McGraw-Hill Education. 1-6
1-11
Liquidity
Corporation
Shares can be easily exchanged
Partnership
Subject to substantial restrictions受到很大限制
Voting Rights
Usually each share gets one vote一股一投票权
1-9
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. 企业形式是解决筹集大量现金遇到的问题的标准
Limited life
Copyright © 2016 McGraw-Hill Education. All rights reserved.
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 了解财务管理决策的基本类型和财务经理的作用
All net cash flow is distributed to partners
Liability Continuity
Limited liability Perpetual life
General partners may have unlimited liability; limited partners enjoy limited liability
方法。然而，企业可以采取其他形式。
Copyright © 2016 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
人，有限合伙人不参与企业管理
Copyright © 2016 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
1.1 What is Corporate Finance? 什么是公司金融 1.2 The Corporate Firm 1.3 The Importance of Cash Flows 现金流的重要性 1.4 The Goal of Financial Management 财务管理目标 1.5 The Agency Problem and Control of the
财务经理的主要目标是通过以下方式提高公司的价 值： 选择价值创造项目（投资） 制定明智的融资决策（融资）
Copyright © 2016 McGraw-Hill Education. All rights reserved.
No reproduction or distribution without the prior written consent of McGraw-Hill Education. 1-8
1-10
The Sole Proprietorship个人独资 The Partnership 合伙制
◦ General Partnership普通合伙人 ◦ Limited Partnership 有限合伙人
The Corporation 公司制 普通合伙人：无限责任 有限合伙制至少有一个普通合伙
Board of Directors董事会 Chairman of the Board and 董事会主席 Chief Executive Officer (CEO)首席执行官
Vice President and 副总裁 Chief Financial Officer (CFO)财务总监
财务长负责 现金流管
No reproduction or distribution without the prior written consent of McGraw-Hill Education. 1-4
Current Assets 流动资产
Current Liabilities
Long-Term Debt
Fixed Assets 1 Tangible 2 Intangible
Corporate Finance addresses the following three questions:
1. What long-term investments should the firm choose? 2. How should the firm raise funds for the selected
了解各种形式的企业组织的财务影响（implication，含 义、影响）
了解财务管理的目标
了解所有者和管理者之间可能发生的利益冲突
了解公司面临的各种法规
Copyright © 2016 McGraw-Hill Education. All rights reserved.
No reproduction or distribution without the prior written consent of McGraw-Hill Education. 1-1
1-7
The Financial Manager’s primary goal is to increase the value of the firm by:
1. Selecting value creating projects（投资） 2. Making smart financing decisions（融资）
Байду номын сангаас
Current Assets
Fixed Assets 1 Tangible 2 Intangible
Net Working Capital
净营运资本
Current Liabilities
Long-Term Debt
How should short-term assets be managed and financed?
如何管理和融资 短期资产
Shareholders’ Equity
Copyright © 2016 McGraw-Hill Education. All rights reserved.
No reproduction or distribution without the prior written consent of McGraw-Hill Education..
Taxation
Double双重税制
Reinvestment and dividend payout再投资和股息支付
Broad latitude
General Partner is in charge; limited partners may have some voting rights
Partners pay taxes on distributions
1-5
Current Assets
Fixed Assets 1 Tangible 2 Intangible
How should the firm raise funds for the selected investments? 公司如何为选定 的投资筹集资金
Current Liabilities Long-Term
理、资本支出决策管理 ，制定财务计划
主机长负责会计方面 职能，包括税务、成本 会计、财务会计和信息 系统
Treasurer财务长
Controller主计长
Cash Manager
Credit Manager
Tax Manager
Capital Expenditures Financial Planning Financial Accounting
What long-term investments should the firm choose?
公司应该选择 什么长期投资
Shareholders’ Equity
Copyright © 2016 McGraw-Hill Education. All rights reserved.
No reproduction or distribution without the prior written consent of McGraw-Hill Education.
investments? 3. How should short-term assets be managed and financed? 公司应该选择什么长期投资？ 公司应如何为选定的投资筹集资金？ 如何管理和融资短期资产？ 答案：资本预算 资本结构 营运资金
Copyright © 2016 McGraw-Hill Education. All rights reserved.
Copyright © 2016 McGraw-Hill Education. All rights reserved.
No reproduction or distribution without the prior written consent of McGraw-Hill Education. 1-2
Chapter 1
Introduction to Corporate Finance
Know the basic types of financial management decisions
and the role of the Financial Manager
Know the financial implications of the various forms of
Total Firm Value to Investors: Current Liabilities 流动负债
Long-Term Debt 长期负债
Shareholders’ Equity
所有者权益
Copyright © 2016 McGraw-Hill Education. All rights reserved.
Cost Accounting Data Processing
Copyright © 2016 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
No reproduction or distribution without the prior written consent of McGraw-Hill Education. 1-3
Total Value of Assets: Current Assets流动资产
Fixed Assets固定资产 1 Tangible 有形固定资产 2 Intangible无形固定资产
Debt
Shareholders’ Equity
Copyright © 2016 McGraw-Hill Education. All rights reserved.
No reproduction or distribution without the prior written consent of McGraw-Hill Education. 1-6
1-11
Liquidity
Corporation
Shares can be easily exchanged
Partnership
Subject to substantial restrictions受到很大限制
Voting Rights
Usually each share gets one vote一股一投票权
1-9
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. 企业形式是解决筹集大量现金遇到的问题的标准
Limited life
Copyright © 2016 McGraw-Hill Education. All rights reserved.
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 了解财务管理决策的基本类型和财务经理的作用
All net cash flow is distributed to partners
Liability Continuity
Limited liability Perpetual life
General partners may have unlimited liability; limited partners enjoy limited liability
方法。然而，企业可以采取其他形式。
Copyright © 2016 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
人，有限合伙人不参与企业管理
Copyright © 2016 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
1.1 What is Corporate Finance? 什么是公司金融 1.2 The Corporate Firm 1.3 The Importance of Cash Flows 现金流的重要性 1.4 The Goal of Financial Management 财务管理目标 1.5 The Agency Problem and Control of the
财务经理的主要目标是通过以下方式提高公司的价 值： 选择价值创造项目（投资） 制定明智的融资决策（融资）
Copyright © 2016 McGraw-Hill Education. All rights reserved.
No reproduction or distribution without the prior written consent of McGraw-Hill Education. 1-8
1-10
The Sole Proprietorship个人独资 The Partnership 合伙制
◦ General Partnership普通合伙人 ◦ Limited Partnership 有限合伙人
The Corporation 公司制 普通合伙人：无限责任 有限合伙制至少有一个普通合伙
Board of Directors董事会 Chairman of the Board and 董事会主席 Chief Executive Officer (CEO)首席执行官
Vice President and 副总裁 Chief Financial Officer (CFO)财务总监
财务长负责 现金流管
No reproduction or distribution without the prior written consent of McGraw-Hill Education. 1-4
Current Assets 流动资产
Current Liabilities
Long-Term Debt
Fixed Assets 1 Tangible 2 Intangible
Corporate Finance addresses the following three questions:
1. What long-term investments should the firm choose? 2. How should the firm raise funds for the selected
了解各种形式的企业组织的财务影响（implication，含 义、影响）
了解财务管理的目标
了解所有者和管理者之间可能发生的利益冲突
了解公司面临的各种法规
Copyright © 2016 McGraw-Hill Education. All rights reserved.
No reproduction or distribution without the prior written consent of McGraw-Hill Education. 1-1
1-7
The Financial Manager’s primary goal is to increase the value of the firm by:
1. Selecting value creating projects（投资） 2. Making smart financing decisions（融资）
Байду номын сангаас
Current Assets
Fixed Assets 1 Tangible 2 Intangible
Net Working Capital
净营运资本
Current Liabilities
Long-Term Debt
How should short-term assets be managed and financed?
如何管理和融资 短期资产
Shareholders’ Equity
Copyright © 2016 McGraw-Hill Education. All rights reserved.
No reproduction or distribution without the prior written consent of McGraw-Hill Education..
Taxation
Double双重税制
Reinvestment and dividend payout再投资和股息支付
Broad latitude
General Partner is in charge; limited partners may have some voting rights
Partners pay taxes on distributions
1-5
Current Assets
Fixed Assets 1 Tangible 2 Intangible
How should the firm raise funds for the selected investments? 公司如何为选定 的投资筹集资金
Current Liabilities Long-Term
理、资本支出决策管理 ，制定财务计划
主机长负责会计方面 职能，包括税务、成本 会计、财务会计和信息 系统
Treasurer财务长
Controller主计长
Cash Manager
Credit Manager
Tax Manager
Capital Expenditures Financial Planning Financial Accounting
What long-term investments should the firm choose?
公司应该选择 什么长期投资
Shareholders’ Equity
Copyright © 2016 McGraw-Hill Education. All rights reserved.
No reproduction or distribution without the prior written consent of McGraw-Hill Education.
investments? 3. How should short-term assets be managed and financed? 公司应该选择什么长期投资？ 公司应如何为选定的投资筹集资金？ 如何管理和融资短期资产？ 答案：资本预算 资本结构 营运资金
Copyright © 2016 McGraw-Hill Education. All rights reserved.